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overtheedge
Member since May 2012
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Huge Cracks in US Financial Fortress

- Jim Willie CB - Hat Trick Letter

"The same citizens have seen their pension plans largely depleted, long depended upon for future retirement income. "
No, no, no. Seen is past tense. Seeing is present tense, but will see is what the citizens will experience in the fullest sense. There is still full nationalization of pension plans and conversion of 401Ks to USTs coming down this highway to hell.

"The Von Mises School of sound money, of asset backed monetary systems, or Gold reinforced trade systems, will take over from the mad professors, the criminal bankers, and the narco dripped militarist hands."
Eventually perhaps. It is the transition that will kill most of us (US)[Starship Earth passengers].

I'm a bit reticent to lay all the blame on bankers. Politicians enabled the banks. The electorate made unconscionable demands on the politicians and by extension the banks. The electorate actively sought instant gratification and got it. But instant gratification is never enough. The buzz afforded by cheap and unlimited credit is momentary at best. Should the politicians known better? Yes, but they face elections. Would the bankers have been wise to bust up this orgy of credit? You bet, but the shareholders demanded maximum ROI and in return offered obscene bonuses for embracing risks that only offered profits in the short term (next quarter).

"They have agreed on a $7000/oz gold price, with a similarly exalted silver price of at least $250/oz. "
That tells me absolutely nothing. What would be far more relevant would be what is the trade value of gold and silver in commodities. Any valuation in USD is comparable to valuations in magic beans.

Before we condemn the 1%ers, it would be wise to point out that most have encumbered assets. The reset will revalue the assets way down leaving debts just where they are. When your debts exceed the value of your assets, game over. A goodly share of the top 1%ers will join the bottom 1%. Those of us who live long enough will see the rise of the new (old) middle class. For detailed information of who this new (old) middle class will be composed of, just look back in history (pre-Depression for the US and mid to late 1800's for Europe).

All in all, a good article. Excess wordiness warranted a downgrade to 4 stars.

Commented 3819 days ago

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Beginning of the headline :Many analyst writers choose the Black Swan analogy to describe deeply ominous events in progress, with little forward notice. The analogy simply does not fit anymore, as an armada of black swans is more appropriate, spotted on regular and frequent sightings. The Jackass preference is to describe a series of major cracks in the financial fortress that defends the USDollar system and its decrepit USTreasury Bond shuttle buggy. The vehicle is overloaded with supply and bereft of investors, upheld b... Read More

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