Posted on 03/31/2013 2:58:25 PM PDT by blam
David Stockman Writes Huge Unhinged Screed About How America Is Doomed And How You Should Get Out Of The Market NOW
Joe Weisenthal
March 31, 2013, 1:05 PM
Former Reagan budget director David Stockman has a new book coming out on Tuesday, and he's warming up the public with a massive piece in today's New York Times titled Sundown in America, which basically says the future of America bleak because of massive government debts, crony capitalism, bailouts, megabanks, the removal of the gold standard, and even green energy.
The piece can truly be characterized as Hard Money Buzzword Bingo, as Stockman tries to get in as many scare lines as possible.
Check out this one sentence where he talks about bubbles, Wall Street casinos, the Crucifixion of savers, commodities Main Street, a "Great Deformation", and a rogue central bank:
Instead of moderation, what’s at hand is a Great Deformation, arising from a rogue central bank that has abetted the Wall Street casino, crucified savers on a cross of zero interest rates and fueled a global commodity bubble that erodes Main Street living standards through rising food and energy prices — a form of inflation that the Fed fecklessly disregards in calculating inflation.
It just goes on and on like this, but his final suggestion is to run for the hills:
The United States is broke — fiscally, morally, intellectually — and the Fed has incited a global currency war (Japan just signed up, the Brazilians and Chinese are angry, and the German-dominated euro zone is crumbling) that will soon overwhelm it. When the latest bubble pops, there will be nothing to stop the collapse.
(snip)
(Excerpt) Read more at businessinsider.com ...
The reason is the Fed is pumping 85 billion a month in funny money that has to go SOMEWHERE.
Now lets see, should I believe Krugman and the Bernank who both have been 100% wrong or Stockman?
I worked for the company that developed and patented the technology for the clad coins and could tell you a few stories about the coins being introduced.
economics bump for later....
David Stockman: How America Is Doomed And How You Should Get Out Of The Country NOW
Under the circumstances, some of the friendlier countries that are net exporters of important commodities (like oil) would seem to be among the safest.
There’s a problem with all that foreign money flowing into the US for protection.
In past, the major blocs, America-Canada, Europe, Japan and China, worked to stabilize the others with the idea that an international depression could ruin everybody’s day. The trouble is that the US was paying for the lion’s share of stabilization.
However, between Obama and the Europeans going into a spending frenzy, they are forcing everyone to do the same, isolate and look out after their own interests. Insulate themselves as much as possible from the others.
International finance was even more irresponsible, such as encouraging insane types of “gambling” investments such as derivatives. Their idea was that they could make fantastic sums of money, yet if everything went south, governments would bail them out.
Today some of the largest banks in the world are holding debts worth theoretically $75 trillion or more dollars.
Of course that means they are all insolvent, and their real assets need to be transferred to a stable bank, probably created for just that purpose. But that will not be, because due to intense lobbying, these derivatives trade have *priority* over everyone else in recovering their nonsensical debts.
Pray tell...
“Bumpy ride ahead...
5.56mm”
I’ll have to settle for .22 and .40....
Vince you are wrong in your assessment, the market is going up because the banksters get cheap money from the Fed, they know this will create inflation so they buy into the markets and sell when they have driven up prices. This usually happens after Joe Public decide’s to get back in the market.
Soon when the music stops there will be no chairs for anyone, then it falls apart.
The problem is that when fiat money breaks down, you have no way to fix the problem. Only real money with real value will work. You cannot bailout a debt problem with more debt notes. They need real money with real value and no one on this corrupt Kleptocratic Planet will give it away. Although Obama and his Homeland Security Forces are fixing to solve that problem in the same manner that every socialist tyrant on the planet solves that problem.
I don’t disagree with anything Stockton said. Just because America’s not a smoldering heap, does not mean the collapse hasn’t occurred. It’s like saying, “I’ve still got checks. I can’t be out of money.”
My God. It’s like Saul on the road to Damascus.
Liberal elites have bankrupted the country... eventually they won’t be able to hide that fact...
I have an acquaintance who had dinner with Stockman, discussed finance, and says he is truly brilliant.
My first thought exactly.
If this socialist Ubama shill, Joe Weisenthal, doesn't like him then he must be on the right track. But then again, it's David Stockman, who seems to blow whichever way the wind blows. Wasn't he a big Clinton / rat supporter in the '90s?
Cordially,
About 30 cents, IIRC.
Not really, he smacked Obama and that is why Krugman went after him.
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