We Are In A Depression Right Now

Discussion in 'Politics' started by UncleJoe, Feb 27, 2010.

  1. UncleJoe

    UncleJoe Well-Known Member

    An essay by Karl Denninger

    Karl Denninger of the Market Ticker asks How Long Before You Wake Up, Politicos?

    So let’s cut the crap - we are in a Depression right now. We are pretending we are not, just like you can pretend you didn’t really lose your job so long as your credit card does not reach its limit. We have been in that depression for about 18 months and there is no evidence that we will exit it, as we have yet to find a way to pull back the deficit spending without an instantaneous collapse in the economy.

    Yet at some point we must and will stop. We will either do so of our own volition, or we will do so when the cost of borrowing skyrockets, as others get tired of funding our profligacy. If we attempt to “print” our way out of it the cost of petroleum products will shoot the moon and destroy our economy anyway.

    You haven’t seen the half of what happened though - not yet. It appears that AIG - the company we have bailed out (thus far) to the tune of some $100 billion plus, in fact isn’t done. It appears they may have written credit protection on Greece. If this allegation by the German equivalent to The New York Times is true Americans are going to be asked to pay billions of dollars - or more likely, hundreds of billions (since Greece is almost certainly not the only place - try Spain, Portugal, Ireland, etc) to bail out a bunch of FOREIGN NATIONS.
    Do you both think Americans can and will pay that bill? A bill that has been forced on us, and yet benefits not The United States economy, but foreigners?

    Wars - big wars - start over much less, my friends.

    The rest of the essay can be found here

    Denninger: Let's Cut the Crap - We Are in a Depression Right Now
  2. Jason

    Jason I am a little teapot

    That was a sobering read. Very good points all around, but I thought that the part about the fed. law enforcement helping-or not helping- the local boys was excellent.

  3. Ponce

    Ponce Well-Known Member

    In a depression for the last 18 months........but........is like when you hit your finger with a hommer and it take a few micro senconds for the pain to reach your brain :dunno:
  4. spacestuff4me

    spacestuff4me Active Member

    We're just seeing the first signs of the media reporting "credit problems" and our "unsustainable debt" as being real issues. The people who called people like me "doom & gloomers" for the last 2-3 years, are now starting to see what a horrific position the US and the world is going to face in a few short months.

    Like I've said before, things are going to get ugly, the likes of which have never been seen and it's almost too late to do much but watch the carrnage unfold. Finally everyone has seen the devastation and criminal dealings by this administration, to economically destroy the US and turn it into a 3rd world country.

    Make friends with your neighbors to protect your area, sell your stocks, get your money out of the US dollar and into a currency that will not competely collapse & devalue and take care of your families future.
  5. HozayBuck

    HozayBuck Well-Known Member

    I can not possibly be in a depression!! The VA gives me pills for that!!:D
    I was one of those Y2K is coming people who piled up "stuff" to prep for it, my friends who also did it donated most of their preps to groups like food share, I kept mine because...ready for this???....because!!! Y3K is coming!!! and I've been adding more...

    Good read! well ..not good, but I happen to believe he's right, I have no idea what I personally can do about it more then I'm doing right now anyway, I send all this stuff to my friends and never hear a word back, I won't stop sending it but I don't think they even read it any more .

    Truthfully, non of us little fish can do anything because the big fish rule the pond, so I guess I will keep on with my personal plan for a way of life and I guess if the world goes to hell it will regardless, sad attitude huh?