Wednesday, November 10, 2010

Could it really be this bad?

Bernanke's Cowardice Has Sealed Our Fate

The Madoff Model of government just ended. There are no longer enough bond buyers or taxpayers to pay for the profligate spending of the US government.

Posted by james stephenson @ 11:18 AM (1164 views)
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4 thoughts on “Could it really be this bad?

  • james stephenson says:

    Sorry about the source – but the article is worth looking at (as well as the linked article).

    http://www.economicnoise.com/2009/11/28/spiraling-to-bankruptcy/

    Would be very greatful to get people’s thoughts on it. The usual suspects are calling the end of the dollar – Gerald Solente, Max Keiser, Peter Schiff etc. Are they right?

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  • This is a great article because it doesn’t mention the G0!D word, however I do not think that we will have a total collapse reduced to a barter system.

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  • if you keep prining money then history says you end up with germany in 1920’s or zimbabwe now…this is fact…bernanke thinks he can print enough to force a recovery where debt and our problems will inflate away.

    Trouble is that you only do what he did if things are really really bad…and things are really really bad…if this was a good call then it would form the basis of sound economics…which it does not!

    You need to go right back to why money exists and as my economics professor said…money exists so prople who proce useful things don’t have to carry their chickens in a rucksack.

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  • There are some nice lines of thought in there, I quite like his approach of thinking from the point of view of herds of interested parties and herds with power; however I’m not that convinced that his proposals are accurate – are there really such coordinated groups of the very rich and if there are, will none of them attempt to screw over the others for self-gain in such a scenario? I don’t think so! I would imagine they are pitted against each other on the whole, although they certainly do not want a financial Armageddon as that would put them right back in the middle of the pack (and that’s if they are lucky!) – so there is certainly argument for a coordinated effort there, but not to cooperative financial gain itself.

    Looking into it I also see zero credentials for the author in this field, but that does not mean he has no insight, as I said I like his line of thought.

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