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When the former Chief Economist of BIS starts talking about ''debt jubilees', well......
Quote:
"The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," said William White, the Swiss-based chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS).
"Debts have continued to build up over the last eight years and they have reached such levels in every part of the world that they have become a potent cause for mischief," he said
Quote:
"The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly. Debt jubilees have been going on for 5,000 years, as far back as the Sumerians."
I have watched the talking heads tonight on the evening news telling people not to panic and sell their equity positions. It is much the very same rhetoric we all heard before and during the 2008 crash.
Funny how none of these talking heads ever tell you when it is time to get out, instead they tell you to be brave and just face the train that is about to run you down.
S&P 500 at time of this post = 1880
S&P 500 today = 1999
I'm no fan of the talking heads, (they say whatever they need to have viewers) but in this case the talking heads you saw were correct, the better move was not to sell low.
The rationale is basically that the Feds will bail out the gamblers for the third time. Who knows. They may be crazy enough to set off a currency war to end all currency wars. Either way it's going to be very bad for billions of people who had absolutely nothing to do with creating this mess.
But the Billionaire Class and fellow gamblers don't care. They believe they are entitled to be saved no matter what. It's their birthright or something like that.
The day you turn bullish is the day something terrible happens on the stock market.
Take your pick. All zero prime does is make more debt. When you have to much write off as bad or inflate it away. US minimum wage world wide and then crank it.
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