I have to admit to being baffled by the aptitude of the Wall Street and K Street financial elite to keep their Ponzi scheme growing. I consider myself to be a rational, sane human being who understands math and bases his assessments upon facts and a sensible appraisal of the relevant information obtained from trustworthy sources. Of course, finding trustworthy sources is difficult when you live in a corrupt, crony-capitalist, fascist state, controlled by banking, corporate and military interests who retain absolute control over the mainstream media and governmental propaganda agencies.
Those seeking truth must pursue it through the alternative media and seeking out unbiased critical thinkers who relentlessly abide by what the facts expose. This is no time for wishful thinking, delusions and fantasies. In the end, the facts are all that matter. As Heinlein noted decades ago, the future is uncertain so facts are essential in navigating a course that doesn’t lead you to ruin upon the shoals of ignorance
Facts are treasonous and dangerous in an empire of lies, fraud and propaganda.
It is maddening to watch the country spiral downward, driven to ruin by a psychotic predator class, while the plebs choose to remain willfully ignorant of reality and distracted by their lust for cheap Chinese crap and addicted to the cult of techno-narcissism. We are a country running on heaping doses of cognitive dissonance and normalcy bias, an irrational belief in our national exceptionalism, an absurd trust in the same banking class that destroyed the finances of the country, and a delusionary belief that with just another trillion dollars of debt we’ll be back on the exponential growth track. The American empire has been built on a foundation of cheap easily accessible oil, cheap easily accessible credit, the most powerful military machine in human history, and the purposeful transformation of citizens into consumers through the use of relentless media propaganda and a persistent decades long dumbing down of the masses through the government education system.
The insane amassing of debt since 2008 has put a final nail in the coffin of the ridiculous Keynesian theory, as the Federal government has increased annual spending by 35% over the last five years and the economy is still moribund. Our fearless leaders have driven the national debt from $7.8 trillion to $16.7 trillion in less than five years, a 110% increase. The country continues to add $2 to $3 billion of debt per day. Consider how insane it is that we now accumulate more debt in half a year than we did cumulatively over the first 182 years of our existence as a country. And our elected, or should I say selected, leaders, cheer on the intellectually bankrupt academics like Bernanke whose only solution to every crisis is to print moar and then lie to the American people about his true purpose, act as if annually spending $1 trillion more than we collect while knowing there are over $200 trillion of unfunded promises to fulfill is a reasonable and realistic way to manage the national finances. Any sane person knows our current path will lead to ruin. When you need to issue new debt in order to honor old debt, the end is in sight.
The multitude of insane responses to a financial crisis created by a few greedy psychopathic bankers will be looked upon by historians with contempt and scorn. Future generations will wonder “What were they thinking?”
Since the 2009 low, the household net worth of the wealthiest 7% has grown by 28%, while the other 93% have seen their net worth decline by a further 4%. The profits accrue to those who run the show, buy the politicians, write the laws, command the media propaganda machine and control the currency. As a sane person in this insane world I’m flabbergasted that there is virtually no outrage at the perpetrators of these crimes against humanity. Americans have earned the moniker – ignorant masses. Bread and circuses have won the day in our declining empire. The oligarchs thank you.
Since 2007 real GDP has gone up $500 billion while total credit market debt has gone up by $6 trillion. Only an insane society would allow itself to be convinced by the perpetrators of the financial crimes that collapsed our economic system that accelerating the level of debt in our system will resolve the dilemma of Too Big to Trust banker insolvency. Transferring the immense losses of greedy sham capitalist gambling addicts from their insolvent balance sheets onto the balance sheets of the taxpayer has allowed the criminals to retain and expand their wealth, while sovereign states shift the pain and suffering onto the backs of the sinking middle class.
Clearly we’ve entered the final phase of our debt financed orgy of narcissistic materialism and self-absorbed avarice. The unsustainability of our course is a fact. Our society has gone mad en-masse but we are only recovering our sanity one by one. The global financial system is insolvent. A fractional reserve fiat money based system requires continuous growth or it collapses. The global banking system is overleveraged and real global growth is stagnant.
The existing social order continues to hold the reins of power, but their grip is growing precarious. The anger, dismay and resentment in the country simmer beneath the surface. The average person senses that all is not well, but most absurdly continue to believe the lies and propaganda spewed at them on a daily basis by the ruling class and their corporate media pawns. When the next shoe drops and billions of stock market and housing wealth are wiped out again, the national anger will sweep away the corrupt social order in a torrent of blood and retribution. Innocent and guilty alike will suffer the consequences. Michael Lewis is somewhat perplexed by the lack of outrage and violence so far.
Staying sane in a society gone mad is not easy. Millions of people believe themselves to be sane, but they have really just adapted to an insane society, so they appear sane within the warped paradigm of that insane society.
The truly sane people appear to be insane in an insane society.
It’s enough to drive a man crazy. The immense forces of normalcy bias and social inertia have led millions to refuse to understand the mathematical certainty of the coming collapse.
The worldwide banking system is like a great white shark that needs to keep moving or it dies. Exponential growth and continuous credit expansion have been the essential ingredients to expanding the American empire, but the growth has stopped, while the debt keeps growing. Infinite growth on a finite planet is impossible. As natural resources deplete and become more expensive to obtain, while the planet’s population continues to grow, the fractional reserve banking system and the nation states who continue to pile up trillions in debt will suddenly suffer a catastrophic collapse.
We are in the end stages of a confidence game.
Your government will not give you warning. We need to come to our senses one by one, until there are enough sane people to tip the scales in our favor.
I’ve concluded that I live in a dishonest, insane, intolerable world and consider it my duty to spread discontent among those I can reach. I’m a dangerous man in the eyes of our corporate fascist surveillance state. So be it.
Great article Scott . I've been saying for years now that we are one more financial crises away from an "American Spring" . I can't believe America allowed 7 trillion dollars of their wealth to be literally stolen from them and did nothing about it . I always tell my wife we are "over medicated" and "under educated " . The only group that tried to do something about it was Occupy Wall St but the media instantly called it a Communist / Marxist movement . You may disagree with me but I was there . Yes there was a small fringe group of communist but the overwhelming majority were just infuriated with Wall St . Of course the small fringe group got all the coverage . Anyway , if another crash happens I think America will FINALLY wake up . If not then we get exactly what we deserve .
The article precisely expressed my feelings. Anyone that can run a family budget knows we've been living in a financial house of cards for years now. The clown in the WH now just put the push to collapse the dollar on steroids.
Actually, the way things are anything in the world that upsets the applecart just a tad is going to crash the world wide economy. We're not the only one traveling this road.
My shock and amazement is the blindness out there.....so few seem to see this train coming. And its so clear you can't miss it. Just open your eyes or ears or thought process....well, just open something and maybe you'll see it before it runs you over.
Just amazin watching most drink the Kool Aid and blindly follow the leader. Shucks, not only ain't the king got no cloths...but nobody else at this "blindness party"....and they're all complimenting each taste in attire.
Yep - to all of the above comments...I think the author captured it best:
"Staying sane in a society gone mad is not easy. Millions of people believe themselves to be sane, but they have really just adapted to an insane society, so they appear sane within the warped paradigm of that insane society.
The truly sane people appear to be insane in an insane society."
Great article that tells me we are near the end of "business as usual" The clock is ticking on the world economies as well as in the Middle East. It continues to build to a slow or fast (depending on your perspective) crescendo!
Come Lord Jesus!
and yet, we are at RECOREDS again
on the dow, intraday trading saw
15,600 printed SEVERAL times.
Positive social mood is causing
all this. But current EWI counts
suggest TOPPING action here.
Nate Krupp prediction of an AUG
CRASH looks to be reality...
any one that likes to BUY PUTS as
a way to play the downside should
consider the following strategy.
EVERY JAN buy puts that EXPIRE the following JAN.....in stocks like
Ford and BAC....
SOONER OR LATER the collapse will
hit and your GAINS will MORE
then offset losses....BIG TIME...
Bulls can only play this for so
and they know that.
PLEASE GO HERE >>>>>
and LOOK CLOSELY at the Wilshire
5000 chart 60 MIN bar, and u will
see ALOT OF divergences....
bulls are walking on eggs...
And then comes The Lord Jesus with his 'iron rod' (ouch)!!
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