Posted today on Market-Ticker by Karl Denninger:
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I believe the alarm has now rung. The market calls all bluffs and that’s exactly what it’s doing right here, right now, today. The lies have been overwhelmed by the functional facts – that you cannot make payroll or pay the light bill with imaginary money – you need real money, and there isn’t any. The time has run out on the fraud pulled in 2009 by Kanjorski with his “mark to fantasy” crap game.
We are doing the same thing right here in the United States with Obama’s demands for “more stimulus” with no way to pay for it, games being run by banks suppressing price discovery and hiding losses on mortgages engendered by nine trillion in residential property value loss, the asset-stripping that was performed on the citizens of Jefferson County Alabama and more. Not one damn thing has been done to fix the underlying problems and nobody has gone to jail for these acts.
You cannot solve a debt crisis with more debt any more than you can fix a drunk with a case of whiskey. Yet that is exactly what we’ve tried to do both in the United States and internationally. The end point of that process here is exactly the same as it is there. You’re getting a preview America, and if you think that a 20% sell-off in the stock market is what we get when it happens here, you’re wrong. Try a 90% loss on for size followed by the utter failure of every pension fund and insurance company that has sold annuities – including yours.
Our economic system and quite-possibly our government is finished if we allow this to occur.
The claims that “it will all be ok if we just help these people bridge the gap” is now being exposed as an outright and intentional fraud. That fraud has been perpetrated against you, the American taxpayer, by your government and central bank.
Three years into this since the 2008 collapse and not a damn thing has been addressed or fixed. You can see that proof in the employment statistics which, incidentally, are about to get much worse.
YOU have been seduced by the siren song of “Guns, Gays and God” (or “Obama’s gonna pay my mortgage!” if you prefer) instead of the truth – a bunch of *******s stole your future sequentially over more than 30 years by levering up on your back, knowing full well they couldn’t cover their debts. These intentional acts, which are acts of fraud — all of them — occurred in Washington DC and on Wall Street, and they were not limited to the United States. This is a worldwide phenomena.
We’re now in the endgame. Greece, if you recall, showed up in early 2010 as a problem. Did our government take this warning and act on it, stop the frauds, prosecute the wrongdoers, close the insolvent banks, and force the recognition of the nine trillion in lost value in residential housing? Did we see bankruptcy occur for those who are in fact bankrupt?
NO.
EVERY ONE OF THE POLITICIANS ON BOTH SIDES OF THE AISLE – ALL OF THEM WITHOUT EXCEPTION – HAVE LIED, CHEATED AND STOLE FROM YOU TO PROTECT A GANG THAT HAS REPEATEDLY ABUSED LEVERAGE TO ROB YOU BLIND. NOW THE PONZI SCHEME IS COLLAPSING AS WE ARE OUT OF SUCKERS – GLOBALLY – WITH WHICH TO PERPETUATE IT.
While I write this CNBC runs claims of “we’re going to show you how to protect yourself in this market.” Oh really? Why didn’t you just tell people to get the hell out in 2007 as I advised and sit back with a bunch of popcorn? You’d still have all your damn money and none of the heartburn. NOW, after the market is down nearly 20% off the recent highs, you want to talk about “protection”? NOW?
You have one final opportunity to choose America: Watch Dancing With the Stars or demand and enforce your demand that this crap stop right now.
Just be aware – if you choose “Dancing With The Stars” that it won’t be long before you have no job, no money and perhaps no electricity with which to power your TV and no “free stuff” coming from a bankrupt government either. Yes, it can happen here, and if you think not you’re dumber than a box-of-rocks and deserve exactly what is coming.
Choose now, choose here and choose wisely.
