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Advisor

nox, Sam......either way you look at it...toast.

 http://kunstler.com/blog/2010/06/say-what.html

 

SNIP: What banks and governments have been doing for the past eighteen months is a dumbshow meant to distract the public from the fact that the world financial system has been effectively destroyed. There isn't enough money left in the known reaches of the universe to pay off the outstanding claims. In fact, not even close.

 

 

The politics that comes of this all may become our best source of comedy. Maybe Millie will get himself a late night network slot.

21 Replies
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Re: nox, Sam......either way you look at it...toast.

Mornin' Bruce,

 

I have some thoughts on the topic but, beluieve it or not also have some matters of the real world that demand my attention at the moment. I'll get back to you.

 

FWIW, some stuff here is highly relevant and, as ususal, I don't know that I fully endorse so much as find him to get at the essence of thigs as directly as anyone.

 

 

 

 

 

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7857595/RBS-tells-clients-to-prepa...

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Veteran Advisor

Re: nox, Sam......either way you look at it...toast.

good link....a very good post on it is under the name BazzaMckenzie....not computer savvy enough to link to it, but it paints a pretty good picture of what is yet to come.

 

It puts the tea party revolt into the bigger perspective of those tied to government, vs. those trying to create wealth and income in the world.

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Advisor

Re: nox, Sam......either way you look at it...toast.

Thanks.

 

Evans-Pritchard always a good future source.

 

 

For reference, here is the ultimate in an apoligist's giving up of the hot horseshoe:

 

 

http://www.foreignpolicy.com/articles/2010/06/21/bubble_bath?sms_ss=email

 

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Advisor

Re: nox, Sam......either way you look at it...toast.

Once the work to peel the layers away begins the protion of the total dollars that are presumed to be the spawn private wealth and income producing that would never be constituted if it were not for some degree of subsidization, cronyism or just plain necessary projects and activities that would not be were it not for government will be astounding.

 

That's not an opinion, or a policy suggestion, but just a plain old observation. And it brings to mind John R's post. Everything disappears into the dark hole of consolidation and massive budget and expense numbers, too big to comprehend.

 

Had a neighbor tell me once that his banker told him in the early 80s that it was OK to "buy that boat", and keep his vehicles current because with as much money as he was handling in his farming operation those expenditures were a "drop in the bucket".

 

That boat would have been on the farm sale a few years later, but he'd somehow manged to exempt it in his bankruptcy judgement.

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Advisor

Re: nox, Sam......either way you look at it...toast.

Check out Krugman's latest, still crying to spend more, hasn't figured out that the economy only appears to improve as more money is spent.  Money runs out and so does the economy.

 

I can tell you that ancedotal evidence around here says things are getting worse.  More empty houses, more for sale signs.  This weekend it seemed everyone was having a yard sale trying to raise money.   One yard sale I would swear the people were gutting the house.  Bathroom fixtures, yard decorations, kitchen cabinets, and yes even the sink.

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Honored Advisor

Re: nox, Sam......either way you look at it...toast.

Sam, just a report from the cheap seats. Winnebago Industries 2 years ago was laying off workers with 25 yr seniority. You couldn`t give away a motorhome. Today Winnebago turned a profit last quarter, they`ve hired most back and they`re working overtime!! Those that buy motorhomes went from not trading and attending rallies to buying big time. Cummins Filtration moved a local plant to Mexico, layed off 400, they seem to find other work after alot of looking. The county unemployment rate is 8.5%. Don`t know what to make of it.

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Advisor

Re: nox, Sam......either way you look at it...toast.

Retiring boomers?
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Honored Advisor

Re: nox, Sam......either way you look at it...toast.

Yes, Boomers with bucks that are not hunkering down.

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Advisor

Re: nox, Sam......either way you look at it...toast.

Seeing some of that here but it's not looking like it's as big a component as it was predicted to be not so long ago. Too many with the kids back in the house, home equity fractured, etc. Now with pensions and savings under threat as a result of the depression I doubt it will play out to be anything very sustainable.