Does anyone else feel really bad for Obama? That he has inherited a mess he probably can't fix? He's such a great guy I think it will be a shame if "tshtf" with him in office because it will be mostly blamed on him.Politics operates in an inverse world. They love crises because it gives them an excuse to exercise more power. Roosevelt screwed up badly for two terms and came out a hero. Obama has the rhetorical skills to do the same. He can blame all this on Bush like Roosevelt blamed Hoover - for eight years too.
I don’t feel bad for Obama because he voted for the bailout package, so in reality, he is inheriting his own problem. Yes he is also inheriting an enormous amount of garbage from the Bush administration, but how can I feel sorry for someone who followed the same rules of deceit and lies, promises that cannot be possibly kept, and basically ignoring economics throughout his campaign until the very end?
Yes I am proud history has been made, and we still have the spirit of change in America, but this may be just another pacifier to keep our minds off the real issues. The president really does not matter, and it does not address the root problems, corruption on a large scale in our government. You don’t become president without accepting this corruption as well.
The market is already correcting itself to what I believe where it should be, around 6500 or possibly lower. The Market Makers are setting us up for a big fall. A wave of shorting and phantom short selling to pound even more more of the little money the typical American has, the shell of what money people have and capitalizing on hope with the quick rise before the elections.
I think we are about to see a short selling level never seen before. It’s so much easier to invest in failure right now, it’s guaranteed that this will happen.
pinecarr -
Yes, I also read Chris Laird’s article as well.
I think that the USTreas, the FED and the global CB’s (IMF, BIS, BOE, etc) certainly have reviewed the possible scenarios, and would likely be "proactive" to entrench their fiat-currency reign further, prior to a complete collapse of the $USD.
It would need to fall far enough, within the context of a poor economic landscape, to insure that the populus would be "on-side" for a currency devaluation or change.
Too early - and their would be too much resistance. Too late - and the dollar may just carry the global economy with it in a slide.
The Week of Nov 15 should produce some interesting headlines, with the G20 dmin and Finance Heads meeting in the US on this very topic (i.e., "Bretton Woods II", or such).
hewittr and kogroth -
No reason to feel bad for Obama - he has been prepped for this position for years.
Further, the timing of this economic collapse is not the singular result of the GW Bush Admin, nor the Clinton Admin, nor HW Bush, Reagan or Carter.
Certainly if you’ve watched Chris’ Crash Course, it should be obvious that the implosion and exponential changes are "hitting the wall" now, as a result of a very long (over 80 years) process, of:
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Fiat-currency unbacked
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Private Central Bank issuing the currency of the Nation
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Fractional Banking
Obama "just happens" to be taking the wheel at this time.
He IS, however, certainly going to continue the same path already set. You can COUNT ON IT.
Pinecarr:
I read the article by Laird as well. I thought it was an excellent read.
I still feel no one can perdict the future given all the variables.
Having said that: All the variables stink - so I think he is probably right on target.
On a personal note, I embraced the idea of debt foregiveness, but I’m sure, as is he, that if debt foregiveness occurs it will be in the form of a redenomination of our currency and likely all others…
2 days ago my wife and I went to the bookstore and came home with a dozen books, we are now picking sectors to short via puts, this weekend we will have a written plan and on Monday we will be funded and executing that plan.
A few years ago when we emptied our 401’s and ira’s and put them into paying down debt/house I left the brokerage accounts open and added option trading to them thinking that if things went to hell at least we could earn a living. Pretty sad. My family thought, and still thinks I’m nuts.
I feel as if the waves are crashing onto the shore now and there is going to be a lot of erosion. I pitty the people who listened to the mainstream media and consider themselves well informed. Today I skimmed an article on CNN where a person asked an "expert" if he should by gold. The answer was predicated on golds performance this past year. I could tell the author hadn’t a clue to what a fiat currency is or will do. Sadly, a lot of "well informed" people are going to see their life savings and more get washed out to sea.
Soros said in his book something that I read in O’Neill/Suskind’s book in 2004. In that book O’Neill said a guiding principle of this administration is that "Reality lags perception." In Soros’s book he tells of Suskinds summons to the WhiteHouse where it sounds like Rove chewed him out. The gist was that he was told: "guys like me were in what we call the reality-based community, which he defined as people who believe that solutions emerge from your judicious study of discernicble reality… Thats not the way the world really works anymore, we’re an empire now and when we act we create our own reality."
To that I can say, gret jobs boys, your reality sucks!!!
Soros says in his new book that the swaps outstanding are 42 trillion. Chris’s article said if I recall 1000 trillion of deleveraging and the fed’s of the world only have 7 trillion. I think that when you take everything into account using real numbers for unemployment, inflation, debt and so on the writing on the wall is crystal clear. There also seems to be a shadow economy of trash out there, and this is nebulous to me in some ways. In others, I know it is clear that this shadow economy is going to block out the sun.
So, I just hope and pray that they redenominate sooner rather than later and that we embrace green and become a manufacturing nation again, instead of a nation that uses homes as ATM’s and debt as earnings. I also hope that our new currency is gold backed.
Chances of that happening? Optomistically, in my opinion 1%. But that is just my optimism.
Hope that answers your question on what I thought of the article…