Well, not BOOM! yet, but we're getting closer.
The definition of insanity is what it is. SSDD. But what if this insanity is some sort of measured move by a bunch of really greedy mofos that knew what they were doing all along? Or, a bunch of greedy mofos that royally screwed up trying to build massive wealth, got bailed out and in the face of disaster wound up owning everything anyway?
Bottom line, luck or planned, the banks have pwned society. They now have all the money, all the power and we are all indebted to them basically forever (yes, even those of you that have paid off everything). This sad situation that began (for purposes of this point) in the early 90's with the blow out of regulatory powers is now ending with a ponzi scheme that will destroy the global financial system.
Financial fraud is rampant. From The Rumor Bag: Financial Firms Receiving Widespread Subpoenas For Euro Shorting Collusion from Zero Hedge is the latest and greatest on wire. Maybe the Europeans have a bigger set of regulatory testicles than we have and something may actually come of the persecution rather than the obligatory fine and admission to NOTHING.
Yes, I said destroy the global financial system. Zero Hedge also found this one from Chris Wood on CNBS - CLSA's Chris Wood "In Five Years The US Dollar Paper Standard Will Collapse". I agree on the total collapse of the dollar paper standard but not with any of his optimism surrounding anything regarding strength in any markets. He tells the tale I tell. It all statrts with a meltdown in Europe and the tsunami winds up here where it was all created.
I enjoyed this Ron Paul vid Broken Us Government with Ron Paul.avi Listen to the man. He's been the only one warning us of the truth and crisis for years. "We are insolvent...Governments always liquidate debt by destroying the currency." If you don't listen to me will you listen to RP?
Denninger has (via ZH) Balance Sheet Fraud Is Not Just For Enron (Or Banks). I bring it you you from Karl cause he dubs it down better. "That is no hedge, it is a loan. It was done to cook the book and, in my opinion, falsely present the "health" of the nation - in this case Italy - involved. It was done over the counter with no paper trail or exchange trading for the explicit purpose of secrecy, so that nobody would discern that the government in question had borrowed the money." Countries, states, pensions, Social Security - you name it - ALL INFLATED BULLSHIT. Kicking the can down the road borrowing and spending like there is no tomorrow. Well, tomorrow is finally here. We have been living above our means and creating bullshit Ponzi style financing for a couple of generations now. It is time to pay the band and we've nothing left.
One final note, just to bring it home to the state level (since most of our states are bigger than some of the sovereigns that are in trouble) Mish has - Rep. Suzie Bassi: "Illinois in Utter Crisis, Next to Bankruptcy, $13bn Hole in a $28bn Budget"; Ambrose Evans Pritchard Inflicted with FIV "I do not know why economists believe in fairy tale economics and free lunches when the average 6th grader would know better. The only theory I can come up with to explain this phenomenon is a renewed outbreak of the Fiscal Insanity Virus rapidly spreading the globe. Ambrose Evans-Pritchard is no doubt, infected." I keep harping on basic math. Simple math that says none of this can be afforded or paid off. None of it.
And now we have proof of TUNGSTEN? Gold bugs beware. Now no one knows what is real and what is not. Can this be real? I'll have to dig for the study, but i believe it has been proven that there is much more gold claimed to be owned that there has ever been mined in the history of the world.German ProSieben TV Channel Finds 500 Gram Tungsten Bar At W.C.Heraeus Gold Foundry With Bank Origin
You see, tick, tick, tick, the clock is ticking to global insolvency. The lies and fraudulent accounting have caught up to the countries and states that have fed at the debt trough for far to long (at the expense of the taxpayers around the globe so the banks could make billions). Don;t believe anyone that says this will be OK or that will be alright. Screw Swine Flu, the global financial system has something worse than the Ebola virus. The contagion was passed around in the money orgy. It has spread to every sovereign nation now. The only question that remains is what or who will survive the final meltdown.