James Kunstler - OMG DOOOOOM. Quote:
As it were, all credit these days looks shopworn and threadbare, as if the capital markets had by stealth turned into a swap meet of previously-owned optimism. Who believes in anything these days besides the allure of fraud? Capital is supposedly plentiful these days — look how much has rushed into the dollar from the nervous former go-go nations with their wobbling ziggurats of bad loans and surfeit of production capacity — but what actually constitutes that capital? Answer: the dwindling faith anyone will pay you back next Tuesday for a hamburger today.
We now enter the “discovery” phase of financial collapse, where things labeled “capital” and “credit” turn out to be mere holograms. Fed Chair Janet Yellen herself had a sort of hologramatic look last Wednesday when she stepped onto her Delphic platform to reveal the long-heralded interest rate news. Perhaps Mrs. Yellen is a figment conjured by George Lucas’s Industrial Light & Magic shop (now owned by Disney). What could be more fitting in a smoke-and-mirrors culture? Anyway, the rude discovery that capital is not what it has appeared to be is now underway, with the power to derail political systems and societies.
Yeah buddy, that's why 10Y USTs are trading at around 2.2%. Because all credit looks shopworn and threadbare.
And inflation at zero percent totally for sure indicates that there is dwindling faith anyone will pay you back next Tuesday for a hamburger today.
I eagerly await your "discovery" phase of financial collapse. I wonder if it's going to look anything like a massive repudiation of debt as a dishonest system comes apart at the seams? What, has this guy become besties with Gary Wordsalad? He sure is laying the linguistic diarrhea on thick. Is this going to be as epic as Mr. Losemoney's epic crash-call bottom-tick of June 24, 2013?
What a fucking queer. I guess Kunstler's joined the rest of the tea partiers and started working for Vladimir Putin.