Economic woes will return.
There are just a handful of people who will tell it is like it is. Most of these folks can be found on the Internet because they are not obligated by contracts or have to pretend to adhere to some corporate standard, these people simply speak from the heart without attempting to gain anything in return. One such person, Karl Denninger is worthy of this mention. While I do not always agree with his views regarding how to solve our problems, we seem to be completely in tune with recognizing some of the core failures.
As Europe slowly enters self-destruct mode and the ECB has finally humiliated itself by generously accepting downgraded Greek debt, it is important consider one very crucial aspect. America is standing on the precipice of the exact same problem. Failure to understand this will come as a rude awakening as within a relatively short time our financial, economic and civil health suffer another tremendous blow. For those still long in their 401Ks, those investing into the Real Estate market, for anyone believing that we will see a recovery just because we have recovered before - it is not too late to carefully examine the situation unfolding before your eyes. I strongly recommend the reading of Karl's recent piece: Moral Hazard -> Mortal Hazard.
What is absolutely crucial in understanding is that these kinds of widespread failures that we are seeing in Greece and that will shortly spread into Europe culminating in the breakdown of the European Union, can only be caused by powerful forces at the federal level. While the free market is not perfect, the major case to do away with government intervention is the idea that the free market corrects it's mistakes locally and quickly. Instead we have socialist Greece drowning in a sea of entitlements and threatening to drag down every single European bank that is neck deep in Greek promises to pay, promises that were built on lies and fraud. Fraud committed at the GOVERNMENT LEVEL. Everyone lies, thus is human nature, but when we empower select individuals such that human nature is allowed to cause widespread damage then we are committing a terrible sin.
Protect yourself and going forward, be keenly aware of the failed policies that have brought us where we are today. Be keenly aware of all the public officials, central bankers and so-called economists that are promising an economic recovery and the rebound of America. Be keenly aware of all those that are issuing warnings today and right now.
Going forward, we will need to know who to trust.
As Europe slowly enters self-destruct mode and the ECB has finally humiliated itself by generously accepting downgraded Greek debt, it is important consider one very crucial aspect. America is standing on the precipice of the exact same problem. Failure to understand this will come as a rude awakening as within a relatively short time our financial, economic and civil health suffer another tremendous blow. For those still long in their 401Ks, those investing into the Real Estate market, for anyone believing that we will see a recovery just because we have recovered before - it is not too late to carefully examine the situation unfolding before your eyes. I strongly recommend the reading of Karl's recent piece: Moral Hazard -> Mortal Hazard.
"There are schools closing right now, today, due to being out of money. That's right - a month early the kids are going home. Los Angelas is just about broke, Illinois hasn't been paying Medicaid bills (or anyone else for that matter) and dozens of other state and local governments are pretending to be solvent and a "going concern" when they are not - usually by failing to pay vendors for extended periods of time.That is right. The situation is much worse than meets the eye and of course our beloved media in the name of confidence building is missing in action. Virtually every level of government is suffering from massive debt, commitments in the form of insane public pensions, corruption and bribery. We still do not have enough Americans cognizant of this situation and instead insist on popular liberal agendas of handing out aid, injecting stimulus, federal spending and other Keynesian proposals that have long failed us.
We are, right here and right now, in America, on the edge of what is happening in Greece. I know you're not being told this on ToutTV, but it is nonetheless true. Look around you; Illinois cannot even buy ammunition from some vendors for their State Police because they haven't paid their suppliers, who are now in turn refusing orders.
What is absolutely crucial in understanding is that these kinds of widespread failures that we are seeing in Greece and that will shortly spread into Europe culminating in the breakdown of the European Union, can only be caused by powerful forces at the federal level. While the free market is not perfect, the major case to do away with government intervention is the idea that the free market corrects it's mistakes locally and quickly. Instead we have socialist Greece drowning in a sea of entitlements and threatening to drag down every single European bank that is neck deep in Greek promises to pay, promises that were built on lies and fraud. Fraud committed at the GOVERNMENT LEVEL. Everyone lies, thus is human nature, but when we empower select individuals such that human nature is allowed to cause widespread damage then we are committing a terrible sin.
Protect yourself and going forward, be keenly aware of the failed policies that have brought us where we are today. Be keenly aware of all the public officials, central bankers and so-called economists that are promising an economic recovery and the rebound of America. Be keenly aware of all those that are issuing warnings today and right now.
Going forward, we will need to know who to trust.
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