The morons at the Federal Reserve and European Central Bank have been producing trillions of dollars from thin air, to keep up with their shamelessly immoral lies and spending charade ...
Here are the results:
Fiscal crises threaten Europe's generous benefits
The system known as the European welfare state was built after World War II as the keystone of a shared prosperity meant to prevent future conflict. Generous lifelong benefits have since become a defining feature of modern Europe.
Now the welfare state - cherished by many Europeans as an alternative to what they see as dog-eat-dog American capitalism - is coming under its most serious threat in decades: Europe's sovereign debt crisis.
Deep budget cuts are under way across Europe. Although the first round is focused mostly on government payrolls - the least politically explosive target - welfare benefits are looking increasingly vulnerable.
"The current welfare state is unaffordable," said Uri Dadush, director of the Carnegie Endowment's International Economics Program. "The crisis has made the day of reckoning closer by several years in virtually all the industrial countries."
Euro down sharply as banking concerns resurface
The euro dropped sharply Monday after the weekend's de facto nationalization of a regional bank in Spain reignited fears about the continent's debt crisis and its impact on the banking system.
By early afternoon London time, the euro was down 1.3 percent at $1.2378.
The latest bout of jitters arose in the wake of the decision by the Bank of Spain take over regional savings bank CajaSur after merger talks with Unicaja broke down.
Yes. It's all the governments fault. Anyone who tells you otherwise, is either lying or simply doesn't know what they're talking about.
No mythical virtuous society nor magical unicorn Big Government, could (or would) have stopped this freight train of disaster from coming. Only the economics and finance of austerity works. But faith in government blinds us all.
We convinced ourselves government can provide what God cannot. And both sides of the political aisle are guilty.
Danger in Numbers: The Decline of Paper Currency
I waited until I had sobered up to re-read Agora Financial’s 5-Minute Forecast, where it reported that “Bill Clinton shocked us the other day when he came out and suggested the financial crisis would never have happened if the dollar was still tethered to gold.”
Notice that they used the word “shocked,” because that was when I realized that I was too blotto to be likewise “shocked” at such an admission, but was obviously too plastered to feel shock, much less have any sensation left in my lips or even feel myself drooling into my lap.
And speaking of shocking, Jim Willie CB of GoldenJackass.com wrote an essay titled “Shock Events & Gold Breakout” in a thorough, connected way, but without screaming his guts out in anger and fear, perhaps because his lips are also numb from trying to drown his outrage and fear with alcoholic excess, although he doesn’t admit it, he does admit that “public disgust and anger is growing fast” a fact to which he ascribes the notion that “The Tea Party movement has gained acceptance and vigor at the grassroots level” which is certainly true enough about me!
But this is not to talk about how “we, the People” referred to in the Constitution, are in the Tea Party, or how “we, the People” referred to in the Constitution who are in the Tea Party have the smarts to say we have had it Up To Here (UTH) with the Republican and the Democrat scumbags exceeding the 17 enumerated duties in the Constitution, allowed a fiat currency even though the Constitution requires money to be gold, and how, as a result, We’re Freaking Doomed (WFD).
But, wait! Perhaps it IS about that, as Mr. Willie says, “We are witnessing the end convulsions of the fiat paper monetary system. The currencies are all dying.”
Yes. Paper money is dying ... Have you ever wondered why we still don't use greenbacks? Or any other ancient paper money for that matter?
We don't, because they don't last. "Active" governments rely on the printing press ... and their chickens always come home to roost.
One false move in Europe could set off global chain reaction
If the trouble starts -- and it remains an "if" -- the trigger may well be obscure to the concerns of most Americans: a missed budget projection by the Spanish government, the failure of Greece to hit a deficit-reduction target, a drop in Ireland's economic output.
But the knife-edge psychology currently governing global markets has put the future of the U.S. economic recovery in the hands of politicians in an assortment of European capitals. If one or more fail to make the expected progress on cutting budgets, restructuring economies or boosting growth, it could drain confidence in a broad and unsettling way. Credit markets worldwide could lock up and throw the global economy back into recession.
This is the kind of pop culture "analysis" we've come to expect from the worshippers of government. Nevermind economics and finance, it's the "psychology" that matters!
Um, sorry. The crisis at hand isn't a matter for Sigmund Freud or Carl Jung ... Reality is we need the austerity of Mises and Hayek.
Denninger takes on the worshippers of Baal ...
There are times that so-called "pundits" and "editors" display such idiocy that it just must be responded to. This is one of those times.
Posted last eve when I was well beyond the time when I'd allow my blood pressure to get jacked was this nonsense:
Austerity has suddenly become the universally prescribed cure for the fallout from the financial collapse. If widely adopted, it will prove worse than the disease.
It's called fiscal balance Robert. We had the inflation. Punishing, cruel, ridiculous inflation. Yeah, I know, you don't think it happened because it was "only" a doubling of gasoline and diesel prices in a five year span (well, actually, it was closer to a tripling, but who's counting, right?)
Of course this very same inflation showed up in other things, like houses and stock prices. This made people "feel rich", but in fact they were not, because their wages did not accelerate at anywhere close to the same rate, nor could they.
If this doesn't make clear that the financial collapse resulted from the excessive debt then you're blind - or an idiot who is unfit to scrub toilets with a toothbrush, say much less be "a senior fellow" at Demos.
There are plenty of people who are simply wrong because they have examined the facts and reached incorrect conclusions, and then there are those who simply ignore the facts and spout bald LIES in an attempt to drive an agenda that will lead directly to ruin.
A look into the future of our government worshipping society ...
Food Riots, Tent Cities, Mob Rule
Here we are in 2012. Food riots, tax protests, farmer rebellions, student revolts, squatter digins, homeless uprisings, tent cities, ghost malls, general strikes, bossnappings, kidnappings, industrial saboteurs, gang warfare, mob rule, terror. How could it have come to this? Across the nation and around the world, it was a variation of the same theme. In the United States it was called “Obamageddon,” in the rest of the world it was “The Greatest Depression.” Did no one see it coming? Yes and no. There were intelligent, informed people who saw it. But for the most part they didn’t want to believe their eyes and didn’t want to hear it. They could do the math, but too terrified to face the big, bad ugly truth, they were afraid to add up the numbers. If you didn’t see the future through rose-colored glasses, they called you names: “Gloom and Doomer.” A purveyor of “Pessimism Porn” sniggered the New York Times ...
Paper money is dying, the global economy is collapsing, self-serving governments are making things worse ... we're in trouble folks. Big Trouble.
