"I am one of those who do not believe the national debt is a national blessing...it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country."
—Andrew Jackson, letter, April 26, 1824
You regulars to ZH have seen this one. If you have not, it is a must listen. If I were an intelligent hedge fund manager that was rich as all hell and really well spoken, this is what I would sound like. We all know that is not true, so listen to Eric and imagine me! This one should blow you away and should be enough to satisfy your doom and gloom desires for one night (that is unless you are sadistic like me and listen to it multiple times with a giant grin).
"Money is being poured down the drain and we have lost headway."
"The risk in the system is unbelievably immense relative to the capital involved." All the banks will have to delever.
"We've oriented the world to try and save the banks."
"We've had to go from green shoots to what we're looking at today is almost like cliff diving."
"I don't even know if there is a tool left in the tool box."
"Weakness begets weakness, and if you don't turn that around it just implodes on its self."
"You have got to get down to a level where people can either reneg on their debts or just start over again."
"You're building a foundation made on sand here that we're falling into."
"Increases in these prices (gold) are always measured."
On unemployment and people falling off the dole - "There is going to be a legitimate state of desperation as you just can't make ends meet and people will have to find other means of survival. ....We're getting closer to it by the day."
"All fiat currencies become worthless. They all become worthless."
That is just a sampling of the conversation. If we had a real truthful administration that delivered transparency, this is what you would hear every night. Wait, that is what you hear, naaah, just kidding. Give Eric a listen. This is one of the best I have heard in a long time.