Of Two Minds.com
Every once in awhile it pays to stand back and locate one’s position in reality, by dead reckoning if no better tools are at hand. With all the financial legerdemain in our system–bogus unemployment and CPI numbers, Level 3 assets held safely off balance sheet, and innumerable other financial rats scurrying for cover–we have no choice but dead reckoning. And by my reckoning, our financial system is dead. Right now, Bernanke and Paulson and Congress and the rest of the power elite have the shock paddles frantically pressed to the chest of the American financial system, hitting the erratic heart of our Debt Empire with shock after shock, hoping and praying the debt bubble of the past 25 years can somehow be extended.
Alas, the patient is already dead. But with reporters’ noses pressed against the window a few feet away, the stalwart crew around the corpse is making a heroic show of lying: “The patient is stabilizing,” “the patient is recovering nicely,” and so on, and by artificially stimulating the heart to keep producing a weak but visible pulse for all to see. But rather than be reassured, we are disgusted by the lies, for we have seen the patient bloat up and sicken and then weaken unto death for years. Rather than try to describe the Empire’s plight in words alone, here are some graphic illustrations for your review. Let’s start with the housing bubble: More
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