If you haven't heard about Chris Martenson, PhD, then you should. He is first and foremost a scientist, earning a PhD at Duke University in neuro-toxicology. He also calls himself a obsessive financial observer. Whatever he is, his blog is outstanding. Cowboys and Tea Parties reader should bookmark his blog or sign up for his newsletter.
Just a sample of what he offers on the 27 August 2011 post on his
blog:
The Second Great Depression
The 2nd Great Depression was not avoided, it was delayed. Our two decade long delusional credit boom could have been voluntarily abandoned in 2008. The banks at fault could have been liquidated in an orderly bankruptcy with stockholders and bondholders accepting the consequences of their foolishness. Unemployment would have soared to 12%, GDP would have collapsed, and the stock market would have fallen to 5,000. The bad debt would have been flushed from the system. Instead our Wall Street beholden leaders chose to save their banker friends, cover-up the bad debt, shift private debt to taxpayer debt, print trillions of new dollars in an effort to inflate away the debt, and implemented every wacky Keynesian stimulus idea Larry Summers could dream up. These strokes of genius have failed miserably. Bernanke, Paulson, Geithner and Obama have set in motion a series of events that will ultimately lead to a catastrophic currency collapse. We have entered the 2nd phase of the Greater Depression and there are no monetary or fiscal bullets left in the gun. Further expansion of debt will lead to a hyper-inflationary collapse as the remaining confidence in the U.S. dollar is exhausted. We are one failed Treasury auction away from a currency crisis.
Cowboy's comment: Yes, it would have been much better to take the economic ass whooping then, as opposed to the severe, life threatening beating that we are most likely in for. The Democrats, and those who think like them, will ride their ideology to this Country's grave.
About The Fiscal Debacle in Greece
Jason Manolopoulos, author of Greece ’s 'Odious’ Debt, says the state has become a hydra with seven heads: cronyism, statism, nepotism, clientelism, corruption, closed shops and waste. Kleptocrats have been running the show and their predilection for thieving and bribery has poisoned the nation.
Cowboy's comment: "Kleptocrats?"...............sounds like the U.S. Senate. A close watch should be on Greece. I think that what happens there could very well happen here. Hence, my opposition to raising the debt ceiling under any circumstances.
