The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.
- Matt Tabbi, “Inside the Great American Bubble Machine”
The Great Vampire Squid
'For years, it was hard for many of us to fathom the psychopathic nature of our financial elites, or to expand the meaning of Matt Tabbi’s marvelous description of Goldman Sachs, the great vampire squid. Squid seems a fitting name for the financial cartel that drives what I have traditionally called the Tapeworm.
There were some who saw the danger immediately and tried to warn us, like Sir James Goldsmith. There were some, like myself, who tried to prevent the housing bubble and find alternatives to investing our life savings in it.
While those efforts did not stop the squid, they certainly made it clear that the squid take down of the planet was, indeed, part of a plan. That’s all documented now.'
Read more...Key Points
"This market continues to be propped up by government intervention and manipulation."
"They're trying to prop this market up on a daily basis and they're doing a good job."
"Every single day we have some kind of backstop from the government."
"These markets are not free markets any more."
"We're at a point where no capital transactions are getting done without some intervention from Washington and I wonder how we ever get off these vitamin pills."
"It's not really healing if you're just passing liabilities from private debt to the public debt - from one balance sheet to the other."
How to get ready
People often ask me where the economy is headed.
Isn't it obvious?
Here's the scoop:
1. The world runs on credit - and not just credit cards and mortgage loans. Shippers, manufacturers, miners, retailers, farmers...they're all dependent on credit.
2. The credit markets are still in disarray and the structural problems are on an epic scale
3. The only reason the credit markets are functioning is because they're being propped up by non-stop government intervention.
So you tell me...
If you pay a visit on a friend and he has eighteen tubes in him and is on a ventilator, how healthy do you think he is? What do you think his prospects are?
My recommendations are simple:
1. Stop spending money on non-essentials
2. Don't make any purchases (real estate especially) that requires credit and don't take on new debt
3. Save every nickel you make
4. Make sure whatever cash assets you have are distributed among several financial institutions that have the highest possible rating
5. Learn to cook healthy food - grains and greens - and get acquainted with where your food comes from and other practicalities of survival
6. Remember that there's life beyond the consumerist frenzy that has characterized the last 30 years
If you think this is "alarmist" and "negative" do your own homework. The numbers don't lie.
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