But before the reset it will look like this: http://video.google.com/videoplay?d...wgO1iaWzBQ&q=Argentina:+Ahora+o+Nunca&view=2# Denninger has a good spiel on it: http://market-ticker.denninger.net/archives/2104-How-Far-Down-The-Rabbit-Hole-Must-We-Go.html
The root of the problem is guberments. They destroy wealth. Not the banks, but the central guberment does by printing money. Banks can't print money, but the fractional reserve system almost does that. The USD has been devalued 99% since it was introduced. They promise the welfare state and the proponent's go for it....for vote's and nipples feeding off the machine. But, there is NO WAY they will ever pay off the debt. EVER. You want a job? Go start a business and employ. Don't protest. Don't bitch. Take a risk and go for it. But, now the new term is this: "If you can't do it....I'll legislate it.". It used to be, "If you can't do it.....go teach it." If you want a job, don't let europe spread here. Greece is just the beginning. 1 n 3 work for the guberment.
I don't think it is that simple. Canada is loaded with people working for the government and is a socialist state. But they are not coming apart at the seams. They have commodities to sell. That is our problem--nothing unique to sell-- just food and weapons, arenas in which the Chinese and Brazilians are catching up to us.
Natural resources are not unique, just rare enough to be valuable. In a knowledge and information based economy like the one we have now, it's impossible to compete with the asians since they work for less. Direct medical care is about the only thing that can't be outsourced anymore. I agree, what is lost on all these money printing theoretical economists is that in the end you must produce something of value to others, that is the the foundation of any economy. Last gamble monetary schemes and bailouts are games- just legal games among the ruling class, that only serve to degrade real productivity. This week I was at a meeting and the presenters were an american firm that is designing and producing next generation data comm hardware. It's truly sad, their best competitors were Chinese of course and they themselves were considering manufacturing in China. The Chinese internet infrastructure is fast overtaking the United States. Our clock is being cleaned on all fronts an all the people want now is a government handout. Our future, represented by the minorities, produce even less. Everyone knows it, but nobody in public will say it. These ridiculous government programs and policies are the desperate acts of a failing society.
Banks do print money. It's called "making a loan". Bernanke is even proposing taking the "reserve" part out of fractional reserve banking, allowing banks unlimited power to print as much as they want.
Looks like endgame to me. Desperate measures to stockpile assets, before.... I guess wild swings and market volatility look like....wild swings and market volatility...to some. To me, they look just like innumerable old charts...the standard and expected activity that always seems to occur just before....everybody starts saying the same thing, all at once. "How come nobody saw this coming?" :eek: