Sunday, Mar 16, 2008
"We have all been talking about a 1970s-style crisis but as each day goes by this looks more like the 1930s. No one has any clue as to where this is going to end; it's a self-feeding disaster."
Independent: Wall Street fears for next Great Depression
You heard it here long ago. Great depressions are a natural result of debt fuelled fiat currency. They happen every 80yrs or so to re-set the debt levels once they get too high. Protect your assets, batten down the hatches. Difference this time is that people have access to information beyond the vested interest media and can understand that the financial system itself is the issue. This has nothing to do with politics, economics, anything of any tangible value. It is a design fault of the system. Expect the establishment to react violently to lie their way out of this. But there is nobody to blame except for them, and they have known this would happen all along.
Posted by planning4acrash @ 07:58 PM (1347 views) Add Comment
16 Comments
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1. japanese uncle said...
Is it a news?
2. paul said...
It's news to the mainstream, JU.
That's the really interesting thing - its almost criminal that the wider public know nothing of this - if you go to work tomorrow and tell people that the US is heading for another Great Depression, they'd tell you you were a bit nutty.
3. Stevie Dee said...
@p4c.. We've been saying it for months.. but hey don't listen to us.. we're just NUTS!!!!! flobba-lobba-lob.... eeeeeeeeeeee ;)
4. planning4acrash said...
For us it is a de-ja-vu, for others it is a shot out of the blue. People have laughed off the UK rising its national debt by 20% to bail out Northern Rock as some kind of off the cuff jolly good joke.
5. tyrellcorporation said...
A BTL uber-bull I know is only now thinking to herself that maybe things aren't looking too rosy anymore. Quite amazing really as she's got 100's of 1000's tied up in a big inverted pyramid of leverage.
6. alan said...
Bloomberg TV was today warning that a bumpy ride was ahead, but all containable. It seemed that it had been given a sharp dose of political correctness.
I'm waiting for all those loans to have their AAA status cut. Interestingly, the rating agencies are sitting on their hands.
7. alan said...
Bloomberg TV was today warning that a bumpy ride was ahead, but all containable. It seemed that it had been given a sharp dose of political correctness.
I'm waiting for all those loans to have their AAA status cut. Interestingly, the rating agencies are sitting on their hands.
8. symo said...
Shhhhhh! Don't talk us into recession!!! Now normally the bulls on this site would be saying the only people talking about a 1929 style collapse are us, but it appears that cleverer people than us are finding the same conclusions. Strange eh? Still if Morgan Stanley want to hire my negative outlook then I will be available for £100k a year plus bonus. Of course that assumes that Morgan Stanley still exists after all this is over.
9. Stevie Dee said...
@ symo.. lol.. keep your eye on the Nikkei tonight.. midnight
10. planning4acrash said...
Hows about we wait a couple of months, unmask, with the benefit of our predicts coming true, then set up a spacious office at Canary Wharf (Will be empty by then, you will be able to get two seats on the Jubilee Line in the morning at 8.30am by then!!) And, we can all give ourselves million pound bonuses!!!!!!
11. harold said...
"We have all been talking about a 1970s-style crisis but as each day goes by this looks more like the 1930s."
Er, no. It looks more like 1789 - Vive la France!
12. Jackas said...
Crashes, by definition, can only happen when no-one expects, or everyone refuses refuses to admit, that its coming.
Its coming.
13. planning4acrash said...
Maybe you should look back as far as the black death that preceeded the dark ages. 1930 occured prior to the 20th Century oil boom. This depression is happening at peak oil, peak food, peak commodities, global warming, sheish kebab!!
14. harold said...
Sorry to be pedantic, but the Black Death (1340s) didn't preceed the Dark Ages (ca 476 to 1000 AD). Now, was there a gold standard back then...
15. Titaniccaptian said...
The asteroid crash that killed the dinosaurs will be the only crash that compared to this one
16. European-bear said...
Guys...perhaps it is not THAT bad! remember what they say about the last bull.....
The loans have to be repaid or the banks etc go bankrupt. But where has the money gone that was loaned out. The guys who made money in real estate and then brought cheap chinese goods. Thats why there are huge amounts of $$$ in china and some other places looking for a home. Perhaps at the end of this much of Wall Street and the City will be owned by China....
Bear Sterns has gone, more will follow, a recession is inevitable. But I do not believe there will be a 1930's type depression....The real economy is about making things, producing food etc etc. And this financial crisis is not destroying infrastructure.... The banks have stupidly redistributed the money and nobody knows where....
my predictions....for what they are worth. First US gets a sharp recession, maybe as bad as early 1990s. The UK gets a really bad recession, possibly the worst since 1970s (the UK has a far worse trade inbalance and government debt problems than the US, and cannot trade its way out because the UK no longer manufactures anything). Continental Europe will probably escape with a slowdown as German manufcaturing is second to none and there is huge demande for machinary, parts etc from emerging economies.....(and Germany has an excellent trade surplus...)
Oh...and Ireland is really f..ked