The end is Nigh...

[Julia]

It was light on content, dumbed down and didn't credibly explain how the next wave of this thing will unfold. That is not to say that they had it wrong but that the thing had the flavor of a Climate Change Doco... lots of melting ice and scary ideas, loose connections but no proof, no credible discussion of the threat moving forward.

Well I suppose the only 'proof' is going to be when it all does actually go to *****, and then the majority will wail "why didn't someone warn us!!"

It is interesting to see guys like Schiff hit our airwaves, he was a loan voice that was ridiculed (still is) for so long it is not funny. Yet in the broad scheme of things he has been on the money, GFC cross currents aside, lots of short term silliness went on there!

I don't care who ridicules Schiff. He talks a lot of sense imo.

TS you may not like it but the Austrian School of Economics has this pegged in the broader scheme of things. Schiff is an Austrain and he has a great ability to strip away the BS and present the reality of the situation in a straight forward manner. We don't pay that approach in this modern world, we'd much rather have the indecipherable mutterings of Greenspan!

Not just Greenspan, you can toss Bernanke in there too.

Anywhoooo the only complex part of this is how it washes out for Australia! We will be effected but it could be quite mildly if we do the right things. Sofa so good Countries will go broke here, interest rates and the derivatives surrounding them will come under big pressure and it will take people out on a stretcher down here! When, who, how many are the questions to be resolved and we can still impact the latter two IMO. This storm will break and it is likely the last bubble before some major changes in our global financial world.... when? Sooner than YOU probably think and longer than I probably think! We have certainly seen the first tremors this year with the PIIGS, I think that the patches applied will hold for a year or three but I don't see that we are at the end of this story. The next time we are all feeling very confident... start to worry :

The only argument I'd have with you here, Mr Z, is the time span. I reckon it will be closer than up to three years, depending, I suppose, on how much additional patching up governments continue to do. Hell, they could even do another whole stimulus package just to save their short term political skin.

LOL... but it is the truth! Big government completely set the scene for all of this! There is nothing extreme about that idea, they are the cancer in the system! They fostered all of the crappy things that went on in soooo many ways it is hard to know where to begin.

Yep, going right back to the Clinton era when they decided even people with no asset base, no savings, and no job could perfectly safely be lent the money to buy their own home, this being a god given right of every American.