I have spent a few hours today rereading certain relevant chapters of "This Time is Different" by Reinhart and Rogoff. I have to say, this is one of the most well written books I have ever read. It is thoroughly researched and written in very plain and concise style. It is not academic jargon.

It is mesmerizing to read given the uncanny relevance to what is happening here and now.

They leave little to the imagination. Everything that we are seeing has clearly happened many times before. 

This time is not different and those of you who are trading are absolutely right to be wary of the bull shit and hype being tossed around by the shills.

Fear is the most basic form of crowd manipulation. The obvious problem for the assholes throwing it at us is they are the same old assholes who threw it at us big time three years ago.

As for Mr IMF, God only knows how a guy with his history makes it to his station in world affairs. He may or may not be innocent. But the situation is no surprise given the past history of Les Dodo, as he has been called.

Time to change all the mechanics...

WB7