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Other Respected Views
Economist Michael Hudson is unequivocal explaining a debt deflation caused Depression. The game is over. The global ponzi scheme ran its course. Papering over conditions only works so long before hitting a wall. Tunnel vision assures trouble. Wrecking economies to save banks is lunacy, and forced austerity when stimulus is needed guarantees disaster. It's not a matter of if, just when, how deep and protracted.
Economist Paul Craig Roberts, trends analyst Gerald Celente, and others worry whether Washington will choose greater war to distract public attention from economic distress. In 2009, in fact, Celente warned about the oldest trick in the book, saying:
"Given the pattern of governments to parlay egregious failures into mega-failures, the classic trend they follow, when all else fails, is to take their nation to war."
In 2011, he called it a worrisome wild card, perhaps preceded by a major 9/11 type false flag to enlist public support.
Bet on it, in fact, if conditions become bad enough, public anger grows, and Obama's approval rating crashes ahead of the 2012 election. War based on heightened fear is how to raise it perhaps high enough to win.
Highly respect analyst Jeremy Grantham began his August letter to investors headlined, "Danger: Children at Play" with a "Stop Press Addendum," saying:
"My worst fears about the potential loss of confidence in our leaders, institutions, and 'capitalism itself' are being realized. We have been digging this hole for a long time. We really must be serious in our attempts to resuscitate the 'average (number of) hour(s) worked' and the fortunes of the average worker."
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