To me its been a 35 year credit bubble fueled by debt and gerrymandered by the arcane magic of central banks trying to keep the Ponzi scheme alive for a another few years. I have attached two charts which plots the past and the future as I see it. As I look at oil prices, commodity prices and collapsing currencies, I see the serious cracks in the Keynesian ice. Cities, states and whole countries are careening helplessly into insolvency, with pensions systems and the safety net being increasingly rolled back and repudiated in bankruptcy. The credit bubble of the 1920s collapsed in the Great Depression. Can we expect something different now? I hope Im wrong but if Im right, the suffering will be catastrophic. Id like some comments.
Posted on: Thu, 18 Dec 2014 19:14:26 +0000
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