Yet another 'Duh!' moment...

Greetings good citizen,

How are you today? May we dispense with the ‘niceties’ and get down to business?

Good.

Rewind to the post where I patiently explain ’why’ I write this blog. I explained then that I am NOT an economist BUT I am savvy enough to know that the state of the economy will ’dictate’ the conditions I’ll be expected to live my life under.

With that in mind you surely know that this applies to your life as well.

This blog contains my daily ‘observations’ (along with my proposed ’solution’ to the rapidly growing crisis, A Simple Plan.)

What do you suppose is going to happen when the ‘on again-off again’ rescue of the Eurozone reaches its obvious conclusion?

The (worthless) stock market ‘rallied’ yesterday afternoon to close up more than a hundred points (their bar tab must have fallen due!)

Where is that same ‘indicator of economic health’ this morning, 16 hours later?

Down 300 points!

Worse, good citizen this is on the heels of major run up in stock prices associated with the proposed ‘rescue’ of the Eurozone.

The major difference being, this morning’s NY Times top headline are ‘war drums’.

Is it just me or has it become SOP that every time the economy starts to tank, the hunt for someone to bomb/invade begins?

PARIS — Stocks and the euro fell sharply on Wednesday, as Italian sovereign bond yields rose to levels suggesting the much-feared financial contagion has reached the euro zone’s third-largest economy, raising fears about the future of the common currency.

There had been hope that Italy would move aggressively before its own finances came under the kind of pressure that has led Greece, Ireland and Portugal to seek bailouts. With pressure on his government growing, Silvio Berlusconi, the Italian prime minister, agreed late Tuesday to step down, but only after Parliament approves an austerity plan for which the prospects are currently unclear. [can’t leave without giving the Italian people one last good shot up the poop chute, eh Silvio?]

That has proved enough to convince investors that the problems of Italy and the euro will not be solved by his departure, especially as bickering political parties in Greece were working for a third day to form a new government able and ready to implement the painful measures needed to win funding from the European Union and International Monetary Fund.

Damn this ‘stick ‘em up’ thing, Greece won’t be able to restore its economy until they retake control of their own currency OR A Simple Plan is instituted.

Yeah, I’m an asshole with an agenda but I don’t hide that fact.

Why would the institution of A Simple Plan ‘save’ the Euro-zone?

Automatic Jubilee, followed immediately with the outlawing of ALL debt.

No ‘magic’ here good citizen. As I have stated repeatedly, NONE OF THIS IS NECESSARY! The entire global ‘debt crisis’ could be over tomorrow IF we took the necessary steps to insure it never happened again!

Which brings us full circle to A Simple Plan. The only holistic solution to both debt AND corruption!

But no! The current ‘fuck you, pay me’ crowd wants to keep you under their thumb, strangling the life out of you as they force you to pay more and more…and for what? They already have (almost) everything they want…so why keep pushing?

Oh yeah, they don’t have the fucking planet to themselves!

In "Half of US Mortgages Are Effectively Underwater," CNBC's Realty Check (yes, really) cites research from mortgage analyst Mark Hanson suggesting that the equity position of U.S. home "owners" (I use that term loosely) is far worse than the official tallies would have you believe.

On US totals, if you figure average house prices use conforming loan balances, then a repeat buyer has to have roughly 10 percent down to buy in addition to the 6 percent Realtor fee to sell. Thus, the effective negative equity target would be 85%. You also have to factor in secondary financing, which most measures leave out.

Based on that, over 50 percent of all mortgaged households in the US are effectively underwater — unable to sell for enough to pay a Realtor and put a down payment on a new purchase without coming out of pocket. Because repeat buyers have always carried the market as the foundation, this is why demand has not come back. It's as if half the potential buyers in America died over a two-year period of time.

My ‘point’ in asking your permission to proceed this morning was to draw your attention (once again) to the fucking Kabuki dance being performed by the corporate owned press.

Yesterday the stock markets ‘rallied’ to close in positive territory, today, not so much…

Is it beginning to look like they think we are stupid or are they too stupid to realize they aren’t fooling, er, most of us. (They routinely fool the average conservative!)

Claiming that they fool no one would be ‘inaccurate’…

How do I start my day? I begin by reading my mail then I go to the best damn aggregator on the web

All kidding aside, I’d be lost without my daily dose of CKM!

Thanks for letting me inside your head,

Gegner

Unwelcome

Greetings good citizen,

You know as well as I do that nothing has been done to address our badly broken economy.

The current ‘kabuki dance’ over the inevitable Greek default makes you wonder just how far these manipulating assholes are willing to push things.

As it stands the ‘adjustments’ to the economy (they’re shrinking it a far below the current population level) promises there won’t be anything resembling a recovery now or ever.

But the rich won’t care, they’ll have theirs…for a while.

Which is to say nobody can deny that this nonsense is deliberate

As usual, the investors are ‘made whole’ while nothing is done for the people that got stuck with exploding mortgages

Bank of America is completing an agreement to pay $8.5 billion to settle claims by investors that purchased mortgage securities that soured when the housing bubble burst, according to people briefed on the deal. It represents what is likely to be the single biggest settlement tied to the subprime mortgage boom and the subsequent financial crisis of 2008.

The settlement would wipe out all of the company’s earnings in the first half of this year, and it could also provide a template for deals with other big banks that face tens of billions in similar claims.

How much do you want to bet the amount in the ‘bonus pool’ will be mysteriously ‘unavailable’ come the end of the year?

On a related note the stupidity market is on the rise again due to ‘irrational exuberance’ over the (they still can’t pay it) Greek debt.

PARIS — Stock prices were broadly higher in Europe but mixed in the United States on Wednesday as the Greek Parliament passed a vote on an austerity plan demanded by international lenders as a condition for providing more funds and preventing a default.

Concerns over the euro zone debt problems have been a focus of the financial markets for weeks. Investors had been bracing for the outcome of the Greek Parliament’s decision on Wednesday on the package, a set of unpopular measures that include wage cuts, tax increases and privatizations.

European shares were up about 2 percent as the voting was underway.

It’s a truly frightening thing to witness, the lockstep movements of the ‘stupidity markets’.

It is proof that the global economy is now one…so when it crashes it ALL goes down.

While I call this the ‘collapse of civilization’ I mean specifically it is Western civilization that is facing extinction.

More than a few twisted capitalists would say ‘good riddance’, which should really worry you.

Understand, these are the same assholes who think Americans would make good slaves!

(First thing to do with anybody who is ‘cool’ with slavery is to castrate ‘em because you definitely don’t want ‘em breeding!)

The only thing worse than a slaver is a preacher…and absolutely no irony should be lost on the fact that the preacher will not only tolerate but endorse slavery if it suits him!

But, and you know it will go this way, the fuckers who think the collapse of the USA is a good thing will be brought low not by a populace thirsting for justice but by the desperate who will seize the upper hand in a rapidly deteriorating situation.

Just like the ‘hard money’ nitwits, gold will be more dangerous than dynamite once the government collapses.

Did I mention that the collapse of the government is only a few months away?

Understand the Plan is for our democracy to fizzle, the right wing is standing ready to provide us with a new government, one that only a few will be offered the protection of.

Worse, one of the first things the ‘new government’ will do is start demonizing the, er, ‘surplus population.’

And that will be when the trouble will start…and a formerly disorganized populace starts to organize for its own defense.

Which is to ask how ‘surprised’ will you be to learn that the government no longer ‘has your back’?

Most will be shocked!

We already know ‘intellectually’ that the courts are beyond our reach. If you aren’t a millionaire then you can’t afford to seek justice.

But most of us ‘assume’ that we still enjoy ‘equal treatment under the law’ which is a big mistake!

This land is not ‘your’ land by any stretch of the imagination…and now that resources are running low, your presence is no longer welcome.

The landlords appreciate you are a ‘native’ without anywhere else to go and they regret they don’t have anything useful for you to do (something that is still put on YOU to fix…if only you had continued your education!)

Yup, they’ve got big things in store for us, their mismanagement of the economy and their manipulation of the data were just opening features…

The main show is about to begin!

Thanks for letting me inside your head,

Gegner

Informed consent

Greetings good citizen,

As you know I’m chock full of little sayings and one of them I haven’t had cause to use in quite a while charged to the forefront this morning.

Are you ready?

It’s stupid really…and it is a sad indictment of our species to even go there but, it is what it is.

‘You can’t make (fill in the adjective here) decisions without accurate information’ (but, sadly, we do it all the time because most things can’t wait until the truth is dragged out into the light, kicking and screaming…)

The sad part here is the notorious ‘poor quality’ of the information we do have access to.

The hope here is that those actually acting upon the part of the story you’ve been allowed to glimpse have ‘more’ information than you do. The scary part is this is often a ‘sometimes yes and sometimes no.’ proposition.

Worse, we are often subject to the ‘prejudices of the observer’ so the information is ‘tainted’ from the get-go.

That said, and totally ‘tangential’ to the subject, is the debate over ‘hyper-inflation vs. deflation’.

I have stuck to my guns because it is picking fly shit out of pepper to argue that ‘falling value’ is any different from ‘increased worthlessness’.

WTF is wrong with these people?

Anyway, at least Mr. Panzer agrees with me:

Hyperinflation is a fiscal phenomenon borne out of a bankrupt state that can’t service its debts. Monetization is a trigger while a rise in consumption and velocity is a psychological effect, as Hazlitt notes. After all, if massive inflation is coming, what's the first thing you want to do? You’ll position yourself in hard assets well ahead of thinking “I need to spend now because this money will be worthless later.”

It’s not ‘too much money chasing too few goods’ as the idiots explained it back in the Eighties, it’s people trying to ‘rid’ themselves of increasingly worthless ‘cash’ as fast as they could/can.

To claim that lower producer prices is the cause of this is, well, insane (not that there is any shortage of whackos out there…)

This, ironically, brings us full circle to our original premise…you can’t make, er, ‘decisions’ without, er, ‘solid’ information.

Yet we do it all the time.

Because we have to…

Indecisiveness has its price too.

Did I mention that this little tidbit had a ‘dumb’ side to it? There it is. Probably why I haven’t wheeled out this little nugget in a long time, it’s a ‘paradox’.

Conundrum or not, it is still something important to be mindful of.

Which is to say your decisions will only be as good as the information they’re based on.

Garbage in = Garbage out.

Shifting back to our supply line example here, hyper-inflation is driven by scarcity. As more and more people try to ‘convert’ their cash into a dwindling supply of resources, prices go ballistic.

So the knot heads preaching the ‘danger’ of falling prices have it exactly backwards, it is the rapidly shrinking ‘supply line’ that will be the cause for, er, ‘panic’.

What, good citizen, have I been telling you for over three years now?

That ‘collapse’ will come when the global supply lines ‘crash’. (There are dozens of ‘drivers’ of this scenario but the end result is the same…)

Ironically, the single largest likely driver is the ‘value’ of the global reserve currency.

Any ‘disagreement’ about the value of the dollar could trigger the ‘vaporization’ of the world’s financial markets.

You can play out this ‘thought experiment’ in your own head, good citizen.

How likely do YOU think it is that the USA will ‘default’ on its debts?

Thank you for letting me inside your head,

Gegner

About Face

Greetings good citizen,

Do you smell at rat? After months of insisting that everything economic was ‘on the mend’, all of sudden they (the punditry) have done an abrupt about face…

It seems all of those ‘less bad’ bits of economic data that were heralded as ‘green shoots’ were actually pretty horrific after all.

As you are already well aware, the reason behind the sudden reversal has less to do with saving ‘credibility’ than with the potential to spark widespread civil unrest for not occasionally making a passing acknowledgement of reality.

That and our boy Ben Bernanke is up for ‘re-appointment’ in January.

Understand that Uncle Ben is the one who started the ‘green shoot’ nonsense as a defense of his (so far) reckless financial policies that obviously aren’t working.

Let’s phrase this question differently: How many of you would be willing to ‘take it to the streets’ if Obama re-appoints ‘Helicopter Ben’?

He got away with appointing Geithner and Summers because we (foolishly) believed he had the situation under control. That these ‘out of touch’ policy advisors would in fact be ‘advising’ him and not making policy, as they obviously are.

This, naturally, points to another ‘rat’ entirely but let’s not go there, the whole damn thing is confusing enough.

At this point in time, Mr. ‘Green Shoots’ looks like an idiot…but he is apparently a ‘useful idiot’ for those calling the shots.

Which is to say not only will there not be a ‘recovery’ in the second half of this year, if things continue on the path they’re on, there won’t be a recovery in the second half of this century!

In fact, there won’t be a recovery period! (But I’m pretty sure you already realize that.)

Not that there won’t be tons of ‘eyewash’ to the contrary, like we’ve seen since the crisis began and those of us old enough to know better realize the crisis started long before 2007, it goes all the way back to 1980, if not 1972.

History provides us with countless examples of capitalism turned predatory and tonight’s first offering gives us a peek at the precursor to the ‘Zimbabwe syndrome’.

Then we arrive at tonight’s second offering which makes a hell of a lot more sense after you’ve read the first part.

Postscript on the Inflation and Deflation Question

First, thanks to the many readers who mailed in a link to the book by Adam Fergusson at the Mises Institute. It is a good read, and free is much more attractive a price than $1,000 which is the price for a hard copy in good condition on Amazon. I purchased my own copy some years ago at a bookstall in Brighton. The online version is available here.

As to the discussion on inflation and deflation, I feel the need to make it clear that that inflation / deflation is a "policy decision" in a fiat currency regime with nothing preordained. In other words, either outcome is possible within a wide range of gradation. Most outcomes in the real world follow a similar pattern, not black and white but many shades of gray.

But not all things are equally possible. "Life is a school of probability."

If the Fed came out tomorrow and raised short-term rates to 22% we would see a stronger dollar and the beginnings of a monetary deflation.

This arbitrariness of a fiat currency is intellectually difficult for most people because their domestic money has a natural patina of 'confidence' and objective value to it.

It is an assumption, one of those shorthand beliefs that help us through day to day life without having to intellectualize and analyze every aspect of every decision. It comes from using that currency as a store of wealth and medium of exchange, almost every day of our life (presumably even an American can take a day off shopping occasionally) and assuming that it (money) will hold its value in the short term.

So we tend to invent 'rules' for the creation of money that preclude 'arbitrariness' and help us maintain our assumption set against 'black swan' thinking. When an assumption begins to conflict with the underlying reality it can become a 'prejudice.'

It is this very arbitrariness that is the goal of the central bank and statists whose preference is aggressive financial engineering. The limitation on the Treasury/Fed in a fiat regime is ultimately the value of the dollar and the sovereign debt. While people accept it, they can print it. This is a soft limitation with much more latitude than a hard external standard.

Having added the important caveat of possibility, given that the US is an enormous net debtor, it would be suicidal for the monetary authority to choose deflation as the Japanese did for their own particular reasons.

Almost all money issuing entities will choose inflation if they have the option. Sometimes they lose control of the process, the confidence game, and fall into a more serious and pernicious inflation and even hyperinflation. But this is not 'the norm.'

Our own Fed is rather arrogant these days, fully confident they know how to stop inflation given the Volcker experience. This may cause them to fall into a serious policy error on the inflationary side. In many ways our fate is no longer in their hands, but in those of our creditors, such as the Chinese.

Paul Volcker gave the odds of inflation in the current crisis as 99% for, allowing only for a serious policy blunder against it.

I wanted to highlight the Weimar experience to debunk the 'output gap' and the 'bank lending' restraints on the inflationary outcome. Much of what we hear on the financial channels smacks of propaganda, the 'confidence game.'

As for the need to create more debt, let us just say that the Fed and Treasury would have yeoman's work to monetize the debt obligations the US already has, which recent estimates put at north of 40 trillions. Even with inflation at their backs, the government will be pressing the default button selectively but surely in the coming years.

The most probably outcome is stagflation, perhaps quite serious IF the economy and financial system is not reformed. This could have the vestiges of a monetary deflation were we not a net importer and net debtor.

This is an important distinction between the US experience and that of Japan whose industrial policy is well known to be in the bureaucratic clutches of MITI and the various kereitsu. Japan sought to stimulate the economy while aggressively exporting their domestic productivity and inflation.

So, deflation is possible, but not probable. If people understand that, I will feel that I have done a good job in raising the level of understanding about monetary economics.

But isn't all this debate and too often name-calling amongst the bloggers a distraction from the real problem facing the average person, in the same sense as Paris Hilton, Survivor, big time wrestling, the McLaughlin Group and American Idol?

The banks must be restrained, and the economy brought back into balance, before there can be any sustained recovery.

This is as close as I’ve ever come to having a financial expert point directly to the ‘purely hypothetical’ nature of money.
If there is one thing people consistently fail to grasp it is that money isn’t the ‘fixed and immutable’ substance they ‘imagine’ it to be.

We think a buck is a buck…until we start moving that buck back and forth in time. Which is to say a 2009 ‘buck’ (in terms of purchasing power) is worth less than three cents of what a 1913 dollar would buy, yet both are ‘represented’ by very similar looking pieces of paper.

Much has been made over the public’s ‘reluctance’ to save. A big part of this is due to the ‘average’ person being unable to earn enough interest on their money to offset the rate of inflation.

You put a buck in the bank and withdraw it two years later you’ll only get 95 cents back. Which is to say you’ll get a whole buck back but it will only buy 95% of what it would have bought had you spent it immediately.

If you’ve got tons of money, there are ways of beating this ‘penalty’…but if you don’t then there isn’t. Which is to point out that it would take many (perhaps too many) years of ‘privation’ to accumulate enough to purchase a bond big enough that the interest rate does better than the rate of inflation.

And since the rate of, er, ‘depreciation’ is accelerating, most of us won’t live long enough to accumulate such a sum without experiencing a ‘windfall’ that puts us over the top.

So it is that the ‘utility’ of money is becoming less and less.

Work harder, work smarter and still make less.

For most of us ‘saving’ has already become an ‘exercise in futility’ and we’re rapidly approaching the point where work will prove similarly frustrating…because we have a huge ‘parasite’ problem.

We have people that have never lifted a finger in their entire lives that rake in more money in a day than you will earn in your lifetime.

I could go on about this for hours but best not to chew up too much of your valuable time good citizen, there’s little ‘profit’ in reading what you already know.

So we arrive at tonight’s final offering, one I didn’t dare to steal so I’ll link to it instead because these economic newsletters are ‘subscription only’ affairs and these guys WILL come after you.

Me likie this ‘King’ fellow, it’s hard not to like anyone that comes right out and calls investors ‘Patsies’.

Remember, these ‘Patsies’ are the same people driving the ‘global race to the bottom’, which might be better termed as the global race for higher ‘yield’…

When it’s all said and done, globalization isn’t about lower prices for consumers, it’s about higher profits for investors!

Globalization wouldn’t exist if there weren’t something in it for the investor that has repeatedly proven they don’t give a damn about the underpaid and over charged consumer.

Thanks for letting me inside your head,

Gegner

We're Broke!

Greetings good citizen,

Do you have a clue what or who to believe anymore? I think few will disagree with me when I posit that what passes for ‘information’ in the world is, to a large degree, very carefully, um, ‘couched’.

You’re only told part of the story, even when the report is on issues that don’t cast either the media (or our corporate overlords) in a particularly favorable light.

Which is to point out that even bad news is reported with a ‘positive spin’ or at the very least, wrapped in a degree of ‘deniability’.

It’s time for a little ‘thought experiment’…what do you think would happen if the President of the US came right out and admitted the US was ‘broke’?

Let us look into precisely this phenomenon before we venture once again into ‘money is meaningless’ land.

The source of tonight’s offering is the highly respected market analyst Jesse over at Jesse’s crossroads café.

Jesse's Café Américain

"What is crooked cannot be made straight, and what is lacking cannot be counted." Ecclesiastes

23 May 2009
Ladies and Gentlemen: the US Is Insolvent

"We are out of money." Barack Obama May 23, 2009

Obama openly says what anyone with common sense has known for quite some time: the US is broke, and will not be able to honor its financial and fiduciary obligations.

The question remains how the US restructures that debt and how big a haircut the debt holders will take.

20%? 30%? More like upwards of 50% at least in real terms.

And who are these debt holders?

Anyone who hold Treasury debt obligations and financial assets, from the Long Bond to the US Dollar, and assets guaranteed by the Federal Reserve and the Treasury.

Technically, the debt will be serviced and the interest paid according to the terms of the agreements, with devalued US dollars. [Understand these, are the same ‘US dollars’ you will be forced to make ends meet with…so the devaluation train doesn’t ‘stop’ with investors in US government debt…it extends to anyone who is paid US dollars!]

The process will continue until the debt is restructured and the dollar is replaced with a new dollar. This may take some years.

But we are now in the endgame. [Below are links to related commentary on the original document.]

The Incontrovertible Truth About Debt, Deleveraging, Devaluation and Recovery

Why the US Has Gone Broke: Chalmers Johnson

Marc Faber Sees Bankruptcy for the US

In 2009 the US Will Be Forced to Selectively Default and Devalue Its Debt

A Credit Bubble of Historic Proportion

Shhhhhh.... Here is a Secret Worth Remembering

Didn't you just know they would spill it over a long holiday weekend?

Don't be too concerned, there will be more spin and denials after this trial balloon has been floated, and life will go on.

"Oh, that's not what Obama meant. He means we have a problem but there are the means and the time to address and repair it before it becomes too great."

People have an enormous capacity for delusion bordering on selective amnesia. Go back and read the posts on this blog starting in September 2008. Then reflect on what has been said recently on Wall Street and you will see what we mean.

We are now in the endgame of an historic credit bubble that will result in a currency crisis of epic proportions.

[Jesse usually prints the ‘source’ article below his own commentary…so I am ‘assuming’ his ‘source’ was someone at ‘Drudge’.]


DrudgeReport:

'WE'RE OUT OF MONEY'
Sat May 23 2009 10:32:18 ET

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.

So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.

So, one option is just to do nothing. We say, well, it's too expensive for us to make some short-term investments in health care. We can't afford it. We've got this big deficit. Let's just keep the health care system that we've got now.

Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything"...

It’s hard to tell without examining the source article if it actually stops so abruptly…but what you see is what there was.

Without launching into another screed about the meaninglessness of money, this news sure kicks the ‘deflationista’s’ solidly in the crotch!

Deflation only exists when the value of currency drops slower than the value of assets.

In a case of peculiar timing, the dollar has recently resumed its long downward trend.

Worse, we must now ask ourselves if the ‘explanation’ for rising oil prices (in light of a global oil glut) isn’t physical evidence of our falling purchasing power?

Ironically, this will spark some serious repercussions for the ‘green shoots’ crowd. Calls for these people’s ‘heads on a platter’ will be deafening.

How can there be any ‘credible’ discussion of an economic recovery when our currency is falling off a cliff, ‘Zimbabwe style’?

Bizarrely (at least in the beginning) things will chug along as they always have. It will be the coming tsunami of rapidly rising commodity prices that will cause our now global supply lines to collapse.

Understand that our ‘creditors’ have a vested interest in ‘re-capturing’ as much value as they can from their rapidly declining dollar holdings.

They’ll still ship to us on credit…but at greatly inflated prices. Wide categories of consumer goods are no longer produced here; they will use this ‘leverage’ to recoup what they can.

Some of you may wonder why I keep insisting that ‘money is meaningless’ yet I decline to say money is worthless.

Money is an abject failure when it comes to ‘simplifying’ barter, a phenomenon we have witnessed repeated with the creation of the ‘cheaper there’…which is merely the product of currency manipulation and nothing more.

If a duck is a duck and a pig is a pig then a dollar must be a dollar! (Equal in value no matter where it is minted or what it is called!)

But today we have a Chinese yuan that can be had six for a dollar, while a single yuan buys four times what a dollar will! (Which is why the average Chinese worker doesn’t starve to death.)

Well good citizen, that shit is about to do a mad about face! No irony should be lost on the fact that US workers will ‘suddenly’ become competitive again and it will happen almost virtually overnight!

Not that this will do any of us any good.

The stooges that put us in this position will bleed money at an incredible rate as their overseas operations suddenly become ‘uncompetitive’.

And we will all learn an important lesson about the ‘value’ of money and the danger of letting the privileged few manipulate it to their own advantage.

Tens of millions of people lost their livelihoods and whole sector lost their productive capacity so a few could wax rich…

I’ll leave it to your imagination what should be done to the people responsible for such selfishness, selfishness that devastated the entire global economy.

Did I give the Obama administration 30 weeks? Yes I did…he had a chance to pull us back from the precipice…but he was beholden to a different agenda when he took the helm.

Well good citizen, there are only a couple of weeks remaining and things are going to get ‘mighty interesting’ soon.

If I’m not mistaken, week 30 falls either at the end of July or the beginning of August.

I predict things will be in ‘full swing’ by then.

Thanks for letting me inside your head,

Gegner