To underscore how ridiculous the entire the entire economic situation has become Robert Prechter, one financial analyst who actually understands what is going on and tells it like it is, appears to go loopy. In his column on The Market Oracle, on October 15, Prechter lambastes Michael Woodford, of Columbia University, who wrote what Prechter says is an "execrable and totally idiotic piece is titled 'Bernanke Needs Inflation for QE2 to Sail.'" Prechter goes on to say “he writes, unbelievably, ‘The Fed should allow a one-time only inflation increase, with a plan to control it when the economy recovers.’ Hahahaha!”
In excoriating him Prechter goes off the deep end with this:
Instead, he says, apparently anxious to show he has no idea what he is talking about and is ignorant of economics in general and the Austrian school of economics in particular, that instead of more stimulus, the Fed should "offer a credible, long term program to prevent the next inflation." Hahaha! Another plan!
Hahaha! A "credible program!" Hahaha! It makes you want to scream out, "And just what in the hell would be a credible program to get out of a monstrous monetary inflation that has been raging exponentially for almost 50 years, which produced the economic disaster of constant, simmering inflation and the suicidal growth of a giant, bloated, twisted and disgusting government-centric economy supporting half the population and a bizarre economy based on the continual financing of grubby, childish, insatiable final consumption, so that all debt in the USA now totals somewhere around $60 trillion (with the federal government having accrued liabilities of at least five times as much), and where the entire freaking GDP is only $13.5 trillion? Exactly what in the hell is a 'credible program' to reverse that kind of horrible, end-stage metastasized cancer? Hahahaha!"
In case you were wondering, as apparently Bigshot Economic Blowhards (BEB) wonder, the only "credible program" in an economy that relies exclusively on creating more and more money out of more and more debt, with which people buy more and more things and the government gives more and more money to more and more people, is different after these kinds of things have gone on too long (two weeks max), like this one that has gone on for Fifty Freaking Years (FFY)!
And caps it all by quite correctly explaining exactly what is going on:
So, if you see this Meltzer guy, you tell him that the Fab Fab Fabulous Mogambo (FFFM) says that "the most important restriction on investment spending" today is that all the customers are up to their freaking eyeballs in debt, staggering under the crushing weight of debt from two insane decades of the loathsome Alan Greenspan at the demonic Federal Reserve constantly creating more and more money to finance bubble economies in raw, naked consumption, insane speculative bubbles in stocks, bonds, houses, derivatives and the cancer-like growth of a treacherous, corrupt system of governments, from local to state to federal, as trillions and trillions of dollars were deficit-spent to add to the orgiastic deluge of tax revenues already pouring in, and then going right back out again as new spending, from the aforementioned bubble economies in stocks, bonds, houses and derivatives spawned by, at the root, the Federal Reserve creating the money necessary!
I got quite a laugh out of it, but if it wasn't so funny we would cry.
It all signals the end of an era, and it is quite easy to see what's coming. As you can understand by reading the above, the entire system is functioning on tamo-guna to the Nth degree. And the result of tamo-guna is what? Destruction. Dissolution.
It's the destruction of the world's economic system (and likely social system) and it's going on before our very eyes. And the really incredible part is that most people are oblivious. What can be done? Even if they are shown in no uncertain terms what is coming there is nothing that the average person can do. So the result is cognitive dissonance. WHAT problem? Oh, the French? Well, that's how the French are! Why can't they work till 62? After all, the Americans go at it (if they are lucky enough to have a job) till 65! Oh, the Irish have a problem, or the Greeks have a problem. Well, hey what can be done? As long as it's not my problem.
Come to the Dark Side Luke
In any case The End is Near. Not a problem as long as we know that the end spells a new beginning. The real question is therefore, the beginning of what exactly?
I had explained that in a post here about a year ago, but then later took it down so that on this blog I could focus on the spiritual side of economics instead of the Dark Side. Well, the spiritual side doesn't actually fore go the dark side. It's all there in the Bhagavad-gita -- chapter 16 -- The Divine and Demonic Natures. In any case reality is too frightening for some so we have moved all of the Dark Side of our economic analysis to another blog exclusively earmarked for such topics, and it is appropriately named (guess) "The Dark Side of Economics." You can get there easily by going to my profile with the link on the right side of this page next to my photo.
I'll likely make some references here to what is going on over there, but maybe not. So have a look over there if you can handle the truth.
