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Friday, December 9. 2011

Worrying about globalistical worming? We have bigger problems

From Egon von Greyerz: There Is No Deus Ex Machina Left:


“THERE IS NO MEANS OF AVOIDING THE FINAL COLLAPSE OF A BOOM BROUGHT ABOUT BY CREDIT EXPANSION. THE ALTERNATIVE IS ONLY WHETHER THE CRISIS SHOULD COME SOONER AS A RESULT OF A VOLUNTARY ABANDONMENT OF FURTHER CREDIT EXPANSION, OR LATER AS A FINAL OR TOTAL CATASTROPHE OF THE CURRENCY SYSTEM INVOLVED”


Ludwig von Mises


Posted by The News Junkie in Hot News & Misc. Short Subjects at 12:09 | Comments (5) | Trackbacks (0)

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Welcome to the massive deleveraging that Mr. Dalio talks about. Not pretty.
#1 Bird Dog on 2011-12-09 12:07 (Reply)
Been worrying about this for 30 yrs.
#2 feeblemind on 2011-12-09 14:41 (Reply)
An increasing number of intelligent people are no longer worried about globalistical warming, if they ever were. They are well informed enough to be aware of the fatal flaws of the computer program which spawned the "hockey stick graph", a program which left out entirely both the Medieval Warming Period and the Little Ice Age. Big, unforgivable Oopsie. So that con game will eventually die an inevitable death. Sorry Al Bore. It's over.

Von Mises is a more difficult problem, one which intellectually limited folks will have great trouble understanding, and the rest of us will probably just feel nauseated about.

Marianne
#3 Marianne Matthews on 2011-12-09 15:26 (Reply)
The interesting thing is there is a 'solution'.
It's ugly, it's painful, but it can work - and that means a reversion to Austrian Economics within the political structure.

Sadly, there's only one candidate familiar with the concept, let alone talking about it. The rest are kicking the can down the road.

As a 'solution', it's not got much to recommend it, politically. That's the problem. It means holding people accountable. We know how much politicians love that.
#4 Bulldog on 2011-12-09 19:58 (Reply)
Debt financing requires real confidence in growth (belief in the power to defray the debt while creating profit to capitalize the future). Low fecundity and high debt bias against growth, leaving the confidence as the variable.

Ergo the bubble. Then the double bubble, then the Bubba trouble, then the rubble double trouble bubble.

Then, the rebuilding of the rubble resets real confidence in growth.
#5 buddy larsen on 2011-12-10 10:17 (Reply)

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