Trying not lose sight of the big picture: Wall Street Bear Discussion Board
- Trying not lose sight of the big picture.
Rasputin - Fri, Feb 27, 2009
Posted at Wall Street Bear Discussion Board
At this point, I am trying to remain focused on the big picture and not get distracted by the day-to-day events, although admittedly that is difficult to do as the economic convulsions are coming faster-and-faster.
And that picture is this:
The "Great Disintegration I" is not only continuing, but also accelerating.
In the approximately one year that has passed since this disintegration began, the following institutions have failed outright:
1. Bear Stearns
2. Fannie Mae, Freddie Mac, FHLBs
3. Lehman Brothers
5. Merrill Lynch
In addition, the following institutions are, at best, mortally wounded:
1. Bank of America
3. Morgan Stanley
5. Goldman Sachs
And that is just the financials, and also just in the U.S. And trust me when I tell you that these criminals have also brought down every pension fund, mutual fund, money market fund and other "dumb money" player.
As well, virtually every single large bank in Europe and the U.K has failed. Back here in the U.S., all three domestic automakers are on life-support, the entire housing industry has been decimated and many former powerhouse retailers are filing bankruptcy or will soon do so.
Entire states here in the U.S. (California) and countries (Iceland, with Ireland and all of Eastern Europe soon to follow) have also failed outright. World GDP and exports have fallen at an unprecedented pace--even greater than the "Great Depression".
Furthermore, all the minor "Ponzi Schemes" which have been floating under the radar are also being exposed--ala Madoff and Stanford, with more to come.
And what makes this epic, unprecedented, worldwide, collapse even more stunning that it normally would be is that the central banks and governments of the world--in the space of just one year--have flung or committed to fling approximately:
...at the debt and derivatives collapse, yet despite this coordinated, concerted effort, all of the above players have still failed or are failing.
This wasn't supposed to happen, according to every central bank and mainstream economist. The Keynsian/Miltyanism model of fiat currency/fractional reserve lending/central banking/sercuritization/derivatives, all interacting as cogs in the "Great Economic Machine" and operating under "Bretton Woods II" were supposed to supply infinite asset appreciation and fees for the financial gamblers.
But it didn't work out that way. The whole fraudulent edifice collapsed of its own weight, beginning one year ago.
At this point, the panicked propping of Citi is nothing more than a desperate attempt by the feds to keep the daisy-chain of derivatives from finishing off the world's moribund financial system. This is why we are witnessing unprecedented moves, week-after-week, to keep Citi (and the other failed financial gamblers) alive. To let one more bank or financial player go down will finish us off for good.
Yet, I am now beginning to really, truly believe that the Fed, feds and other central banks and governments are not going to win this war against "Great Disintegration I" and therefore we are only days to weeks away from some serious "Mad Max" scenarios.
Scenarios such as:
1. An extended "Bank Holiday" to keep the sheeps from making a run on the banks
2. Conversion of checking, savings, CDs and perhaps even 401(k)s/IRAs to long-term government bonds.
3. More countries collapsing, especially Eastern Europe. All of it, that is.
4. Some form of martial law will be instituted because the crime rate (which is already rising precipitously) will skyrocket. Street protests are going to turn ugly
5. Needless to say, continued stock market collapse, with the exchanges also being closed for extended periods.
(Ras Conclusion): Many who have followed my posts over the last five years are aware that I have made many predictions, most of which have come true. At this point, I am the most pessimistic, the most mordant, the most frightened I have been in my entire "Doom and Gloom" career.
Without attempting to sound hyperbolic or getting into specifics, I am going to urge every reader of this board to immediately begin to make whatever moves they deem prudent to protect themselves, their families and their wealth/property.
There may not be much time left to do so.