Denninger is getting to be a bit over-the-top.
I think he believed he’d be a political leader or at least that world leaders would be calling him for consultation at this point in his blogger’s career.
He is taking himself way too seriously these days and finds fault in everyone but himself.
He is not the first and certainly will not be the last to make his economic predictions from the Austrian school of economics. Our prosperity and our entire financial system is based upon debt, which must collapse eventually. Mel Tappan was making this claim at the end of the 70’s. The viewpoint is correct, in my humble opinion, and the system must collapse eventually. “When” is anyone’s guess. Who could have believed they could keep printing/borrowing-and-spending for so long. It could be that they could continue this charade until they are talking about tens-of-trillions in stimulus and quadrillions of national debt. Who knows.
Regardless if he is correct regarding his timing, check the tag line that I’ve had for a long time now.
If you need some basic details, freepmail me or google any of the older survivalist forums.
Yes, according to common sense and every logical analysis of human behavior, the system must eventually collapse. Here’s why it hasn’t yet ...
As long as the public believes the greenback has value, it actually does. Gold is valuable because people believe in it. At one time, spices had value as a currency.
The general public doesn’t understand what economists “understand” about why and how gold holds its value. If things got bad enough, flour would be more valuable than gold because one cannot eat gold and one can buy flour with gold only if the people who have the flour believe gold has value.
The public decides what has value and what doesn’t.
You are right about Denninger.
Two things that I find particularly annoying. First, he goes out of his way to fault the Tea Party and Republicans. He fails to recognize that the Democrats, and a subset of the Republican party, are exclusively to blame for our current predicament. It wouldn’t fit into his “I am the only smart person in the universe” theme.
The second is that he fails to understand how moral decay forms the basis for our inability to solve these problems.
Having said that, however, he is quite right that we have gone off the cliff. But, as you say, there are many others out there who realize this.
“Denninger is getting to be a bit over-the-top.”
He sees a person making $50,000 a year (with no hope of increasing), living in a $300,000 house, with another $150,000 short term loan due in the next year or two - and the guy has also promised his parents $2,000,000 over the course of their retirement, for expenses, including all medical expenses...and he see’s this country becoming Third World because of it.
He’s simply done the math. Anyone in his area can do the math...it MUST end this way. He tries to tell the right people, but they ignore him - and in a way they have to, because the populace won’t believe how bad things are anyway.
So he’s a bit upset...so would I be (and I am).
I’m aware of prepping etc., having been raised that way. (Dad’s valid response to the then-looming Y2K disaster: “I’ll throw another log on the fire and go back to my book.”)
I was just whining that the whole Chicken Little thing is getting kinda tiresome. Yes, Little, the sky is falling - can we move on to the next obvious topic already?