Debt Rattle Sep 25 2014: It’s The Dollar, Stupid!
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Wyland Stanley Studebaker motor car in repair shop, San Francisco 1919 There are substantial and profound changes developing in the global economy, an
[See the full post at: Debt Rattle Sep 25 2014: It’s The Dollar, Stupid!]Wow, Raul, a true tour de force today.
Debt, Ukraine, EU, Japan, China, debt, American Imperialism/hubris/hyperbole (America’s)/impunity/dollar, did I miss anything?
I’m glad I agree with you, because otherwise there would be a lot to get upset about.Debt is interesting; my ex-partner (stateside) was a financial planner and constantly droned on about why debt was/is good. She treated her inflating home value as an ATM.
I told her that I wasn’t buying any of it and no matter how much she was schooled in investing she was dead wrong.
My point is this; most Americans (people(?) have no idea about debt, because the government and the cult of financial planners and investment brokers are all chanting the mantra of debt is good. What’s largely missing all round is common sense.
I was going to suggest you do a “debt for dummies” column.
Our only debt is a house bought 10 years ago with 20% down (not borrowed) and a house payment of roughly 9% of income. I learned my lesson many years ago. Now, just why don’t I feel secure? Because all I see is shit…
I will, however try to enjoy it while still possible.Frankly, without a stable economy, how can the U.S. government “help” Blacks,Hispanics, and poor Whites with buying houses? Maybe rent control/subsidies, but purchasing? No way, IMO.
I think “its finished.The power of accurate observation is commonly called cynicism by those who have not got it.
George Bernard ShawCheers
It’s usually the wackos talking about gold. Peter schiff, on RT;
https://rt.com/shows/sophieco/190800-economy-dollar-financial-armageddon/
said that Switzerland was backing it’s franc with gold. I have read (here[?]) China and Russia are as well. Hmm…
He went on to say that fiat currencies were ultimately doomed and only countries that backed their currencies with gold would enjoy relevancy in the international markets. At least, that’s what I heard. He’s backing the gold standard; going back to it, at least to some degree.
He also said most of the global economists were way more stupid than he ever would have thought.
I’m a fair hand at personal finances, but that’s at a micro level (sub-atomic) not the macro level (Newtonian). 😉Who is Peter Schiff? Is he a wacko? He sounded pretty knowledgeable.
He owns a bank in the Caribbean apparently.I have heard Schiff on video a couple of times and get the suspicion he’s a sociopath. But why psychoanalyze?
So, I guess it’s time to smash AfD like the yes bunch in Scotland. The Central Banks will put their media divisions right on it. If they can’t get ‘er done, Diebold will fix it.
Equal opportunity debt?
Start up the liars loans again. That will get the economy firing on all 8, just like last time. Do it under the guise of “equality.” Why not, even minorities should be allowed to be put into debt up to their eyeballs. It’s the American way.
Schiff a wacko? How is he anymore a wacko than all the fringe bloggers that have called for deflations and market collapses in light of fantastic stock gains since 09 and almost equally as good housing gains over the same period?
Or those who call for substantial interest rate hikes,,,in the face of deflation predictions???
Might be Schiff has it right, just way too early. At least he isn’t calling for stuffing ever depreciating cash in mattresses.
On gold, how many link war preparations with gold falling in price, as nations build foreign reserves? Not sure even Schiff has figured that one out.
Oh, well, Kettles and pots. Carry on.
Yeah, Arnold,
Not as sure if it’s debt folks don’t understand, as much as it is the concept of deferred gratification.
Since Lehmann the trick has been to feed precisely as much stimulus into the economy to prevent deflation and excessive inflation, and they have kept the show on the road for six years, which is not bad. But the road has been getting narrower and narrower, until now it is like a knife edge. One wobble and it comes off the knife edge in one of two unpleasant ways.
As the Fed and all the other central banks are working with data that is out of date as soon as it is collected, no one can predict which wobble will be the critical one, or which side of the knife edge we will fall into.
The big banks are even more constrained in how they can react to circumstances, tied up as they are in derivative contracts and “making markets” for yet more of the things.
So when the crash comes it is bound to be a black swan event. The only sure-fire thing Washington can do is start WW3 and put the economy on a war footing. This will allow them to do all kinds of “emergency” things that makes analysis based on the current rules meaningless. Fuel and electricity rationing. Currency controls. Increased censorship, surveillance and police/FBI/HS/NSA crackdown on dissent. Getting angry young men off the streets and into the army or internment camps. Directing labor and factories into war-time production.
And if/when we come out the other side, we can all start again, only there won’t be the energy available to rebuild until humanity is prepared to struggle to get up to a modest, sustainable lifestyle in harmony with what remains of the Earth.
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