The game is over »
Posted By jovial 5 months, 1 week ago in Business & FinanceFed chairman Bernanke has been on a spree lately, delivering three speeches in the last two weeks. Every chance he gets, he talks tough about the strong dollar and "holding the line" against inflation.
Read Full Story at michael-hudson.com »
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jovial
Grew up In Brooklyn. Joined the Navy in 1976 stayed in 10 years. Aircraft Electronics tech. Worked for Major Govt. contractor then settled in California ...
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miklkit5 months, 1 week ago
It works for me. It's a very interesting article from a straight shooter. I didn't see any spin in it.
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jovial5 months, 1 week ago
If you don't see the story click on the link that says, "The game is over" on Hudson's main page.
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Spadecaller5 months, 1 week ago
Many of us have known this was coming for a long time, inspite of all the hot air coming out of Wall Street and the White House.
great article! I spent several years traveling throughout the state of Florida as a financial advisor. When my health began to fail, it took me all the time and energy I could to get to my elderly investors and to get them to transfer their funds into safe vehicles. Those that listened to me, protected their life savings. A few didn't. That was 1999.
We are, indeed, heading into a long dark period of financial struggle. It will get a lot worse.
Our corporate regime has killed the goose that lays the golden egg, which is our middle class. Without a thriving middle class, this country can not remain the bastion for world stability that it had been. Unrestricted globalization and short term profit taking has ruined us.
And until the middle class recoups its power and ability to thrive economically, we will suffer even greater losses.
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Spadecaller5 months, 1 week ago
Could Obama or McCain get elected and also come clean about the real mess that we are in? I doubt it.'
Personally, I have more confidence in Obama's willingness to deal with the problems without throwing the middle class out of the floundering vessel that we have become.
However, most Americans don't want to know the complexity of the trouble that we are in and prefer to believe the false platitudes, "just a bad cycle". This is not a bad cycle; this is an unprecedented collapse of the false bubble, and must be addressed from top to bottom.
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eugenegerard5 months, 1 week ago
We are in a cycle of bubbles. Since we DO NOT have a manufacturing base. The money flows from one betting boondoggle to the next. As one industry implodes the betting money moves to the next. Eventually the pot is owned by a very few and the rest of us are bankrupt. Welcome to fuedalism.
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jimdoze5 months, 1 week ago
We have ALWAYS been in a cycle of "bubbles"... and we ALWAYS will be... no matter how much government control the economy is subjected to.
Back in the 1920s a Russian economist, Nikolai Kondratiev, was the first to bring international attention to the concept of long (50 - 60 year) waves in capitalist economies. He ended up in the gulag primarily because his work indicated that, when left to their own devices, capitalist economies recusitate and revitalize cyclically to the greater benefit of all.
Nikolai was shot by firing sqad, at the ripe old age of 46, during one of Stalin's periodic purges. As with many here, Stalin was not keen on the inherent hopefulness of Kondratiev's message about free market capitalism.
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jovial5 months, 1 week ago
FTA:
" The idea that we're even in a business "cycle" is whistling in the dark. To think of the economy being in a cycle is to imply an automatic recovery is in store. This free-market idea was developed at the National Bureau of Economic Research by opponents of government regulatory policy. The fantasy is that the economy oscillates in a fairly smooth and regular sine curve. But this always has been a fiction. 19th-century writers didn�t speak of economic cycles, but rather of periodic financial crises. There is a slow buildup, and a sudden plunge, so the shape is ratchet-shaped. (cont.)
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saintetienne5 months, 1 week ago
You better watch it, jimdoze. Many on propeller might try to snuff you out for speaking about basic, economic, free-market truths. All they want to hear is how the government is going to make everything all better. They want to hear about the "Change We Can Believe In!"
HAHAHAHAHAHAHAHA!!!!!
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flyonthewallzz5 months, 1 week ago
Hi Jimdoze:
I think there is a bit of misperception about the way many folks on the right think folks on the left think. And Visa-Versa.
Personally I think using public funds to prop up an industry that should have failed is mercantile instead of Free Market.
I think doing so closes the market to competition and shackles the "Invisible Hands".
I do not think Free Market means Stock Market, although I do see its value for raising startup capitol.
If an industry is paying out a huge percentage of its receipts to service its dept. I do not understand why a competitor can not come in and wipe them out.
I have nothing against making a profit, but that is not an "entitlement".
Sure there is tons of investment money flowing blindly into industry through our 410k's ect., and regular folks could get hurt bad if industry does not make its profit margin.
I am probably not being clear, but I think the current situation and the intent of free market are different at present.
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flyonthewallzz5 months, 1 week ago
Don't know about third world.
but I think the money changers will have a much harder time reaping where they did not sow from fallow fields.
It all comes down to a dude making something and another dude buying it.
A whole lot of folks are expecting to make a lot of money by being in the middle.
If the chain breaks from its moring at either end, it may swing for a while and ultimately pull loose at the other from the shear wieght of all those fancy links.
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simonsez5 months, 1 week ago
Capitalism is a transaction based system and in every transaction, somebody gains ... somebody loses.
Housing prices are excellent values right now, a new possibility for couples that were shut out a year or so ago.
Stocks are a good value. You will not see financials this low again in your lifetime.
It's always worthwhile to look at the other side of a problem to find the opportunity that it has created.
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jovial5 months, 1 week ago
If it's "kool-aid", let's hear your argument against his statements.(Jeopardy theme plays in the background..)
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bonaroo5 months, 1 week ago
Plan for the worst and hope for the best is my motto. Pay attention to what you can control in you own financial domain, and try to budget at least 2 years if not 5 into the future. Don't expect the Government or Fed to bail you out but watch them like a hawk. What new Fed functions are Bernanke and Paulson cooking up? I read yesterday were John Bolton said that the best time for Israel to attack Iran would be after Obama won the election. WWIII. We're talking chaos theory here.
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raza95 months, 1 week ago
Too many politicians and lobbyists are spending America into ruin. We are nine trillion dollars in debt as a nation. Our mounting government debt endangers the financial future of our children and grandchildren. If we don't cut spending now, higher taxes and economic disaster will be in their future, and yours.
In addition, the Federal Reserve, our central bank, fosters runaway debt by increasing the money supply ; making each dollar in your pocket worth less. The Fed is a private bank run by unelected officials who are not required to be open or accountable to "we the people."
Worse, our economy and our very independence as a nation is increasingly in the hands of foreign governments such as China and Saudi Arabia, because their central banks also finance our runaway spending.
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raza95 months, 1 week ago
We cannot continue to allow private banks, wasteful agencies, lobbyists, corporations on welfare, and governments collecting foreign aid to dictate the size of our ballooning budget. We need a new method to prioritize our spending. It's called the Constitution of the United States.
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