"...So, if virtually bankrupt nations don’t cut their deficits, they will definitively go under and if they try to cut, they will also go under due to collapsing output and tax revenues and colossal debts. Thus whatever actions governments take or don’t take, they are damned.
...Eventually there will be a new monetary and financial system and the world will start afresh. The adjustment period will be very long and will involve economic and human misery, leading to social unrest and major political change. It will be a horrible experience for the world during this extended period of adjustment. But it will be like a forest fire that clears out the deadwood and creates the conditions for strong new growth."
Matterhorn Asset Management
H/T The Coming Depression
No matter how much happy talk the Pollyanna's in government and the media speak, the article excerpted above is the truth. We have gone past the tipping point and it's just a matter of time now.
Stop pretending the good times are coming back because they aren't and they can't. Our future has been determined in the larger context with only the details left to be worked out.
Pray, pray, pray. And prepare.
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