I am now almost as certain as I am of my own name that attempts to prop up the western financial system will end reasonably soon, and result in an entirely new paradigm. Unfortunately, the pain that will ensue on the way to the new paradigm will be unlike anything modern civilization has ever experienced. That includes the last Great Depression. In the meantime, President Obama, who has somehow managed to at least equal his predecessor in awfulness, has nominated a Goldman Sachs stooge to the Supreme Court.
Monday, May 10, 2010
Candles Burn Brightest Just Before Extinguishing.
The Eurozone, with critical U.S. assistance, has decided to go all in and pull a U.S. banking cabal response to a justifiable attack by market participants on the EU's flagging monetary system. Everyone, at least for the moment, is jumping wildly back into the pool, but all that has changed is that more funds (that no one actually has except by creating more debt) have been thrown at a system that is untenable due to an excess of unserviceable debt.