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"Now is the time to become grounded"

There's much sobering news out there, most of which I tend to dismiss out of hand, learning the lessons of the Y2K scare and all the hysteria that led up to the predicted disaster that never took place.

But this piece from Dr. Bob (and you must read it all) is more than a little unsettling:

I'm no economist, but it seems blindingly obvious that the current global economic climate is extraordinarily fragile, and seems poised for an cataclysmic meltdown. Even without a black swan -- a hot war in the Middle East or Korea; a mass casualty terrorism attack here or abroad; a huge natural disaster or another financial meltdown like September 2008 -- the whole house of cards is poised to collapse, catastrophically. The timing is unknown, but the inevitability clear. The players are hard-wired: the Ponzi scheme of being paid today with tomorrows dollars is a powerful drug, intoxicating to both those who deal and those strung out on its increasingly delusional indulgence. And the addicts will not lie down meekly when the dealer runs dry.

Beyond the obviousness of this impending crisis lies our stunning unpreparedness to face the chaos which most surely ensue. As David Warren writes,

Europeans, outside the Nazi-Fascist Axis, and North Americans were as utterly unprepared for the horsemen of the apocalypse riding their way in the 1930s, as we are today. In fact, they were materially less well-prepared, though spiritually perhaps rather sounder. Nevertheless, the spirit of denial, which includes the desire to focus on problems that aren't real, to avoid staring at the real ones, was so alive in our predecessors that their naiveté has become our cliché.

But I think the tests we face from abroad may, this time around, be matched by the tests we face domestically. And for those I think we are even less prepared... we are living out lives in which the focus of our attention is constantly displaced from the here and now, towards any number of fidgeting external distractions, in a "virtual reality" that disappears in the first moment of a power failure. So that, when something happens in the here and now, transcending the technological order, and muting all sources of external entertainment, we are at a loss.

How or when this cataclysm will play out is pure speculation -- a speculation in which I may indulge, time and grace permitting, in coming days. Our leaders have arrogantly boasted: "Never let a crisis go to waste." While theirs is the opportunism of self-destructive power, we too should not waste the opportunity afforded us by this impending implosion to make the most of that which soon threatens to burst upon us in ways most frightening and unpredictable.

Now is the time to become grounded, to set aside frivolous things and focus on that which is permanent, unshakable, and sure. The time to do so surely is short.

It's never a bad time to be grounded. Never. But it does seem, given the litany of pieces Dr. Bob has linked to, that the man is doing more than simply playing chicken little.

How grounded are you?

How grounded am I?

Crossposted at Brutally Honest.


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Comments (17)

My father lived through the... (Below threshold)

My father lived through the Great Depression of the late 20s and early 30s. He said back then there were alot of people including his family that didn't have all that much. He said people mad due for the most part without any violence or sense of entitlement. I am lucky to still have him around and he is pretty happy guy. Yet he says that he does not expect there will be the same relative civility associated with the next economic collapse that there was 80+ years ago. You can probably take it from there. I don't expect much from the current administration. It presents a formn of leadership which this country has never seen on domestic soil before. The President tells us we must accept the world as it is and not the way we want it to be yet is constantly trying to remake our world to align with his twisted ideology. He blows off unpleasant items with which he does not want to deal as distractions. Yet he proceeds to create distractions to distance himself from difficult issues that he fears he must deal with. The current prime example is the oil disaster in the Gulf. All he wants to do is to focus on the future and how our energy use must change rather than aggressively mustering the available resources - both foreign and domesitic - necessary to help stem the insidious environmental threat. I have heard elsewhere that the United States can probably survive Barack Obama. The United States probably cannot survive the mentality of the type of people who elected him. I think that's why my dad thinks the coming economic meltdown will not be so civil.

It is like watching a game ... (Below threshold)
Don L:

It is like watching a game -a match of sorts, between the manipuated pavlovian children,who have the same power as the spiritually, economically, intellectually and historically well-grounded adults of the world.

I weep because it is the salivating children whom we have allowed to take charge and there is no doubt that they are winning in this game of destroying America and with it-the world.

You are right -it is not Chicken Little to realize that the sky (of freedom) is indeed falling.

Ya know, the journey of a t... (Below threshold)

Ya know, the journey of a thousand miles...or sumtin' like that...begins with the first step.
Our first step will come in November! Ass kickin' anyone?

god bless our troops and god bless America,

Get a hunker-down spot some... (Below threshold)

Get a hunker-down spot somewhere outside the cities, and stick with like-minded people...and you can survive what's coming.

When the dependant mobs in the cities get hungry then social order will indeed break down. They have been told they are "entitled" to whatever they need...and when that is no longer provided to them they will go in search of it.

Hold fast.

I remember when the origina... (Below threshold)

I remember when the original TARP was proposed: the US Govt buying the toxic assets with cold cash to immediately stabilize the world economy, then tracing the individual mortgages involved, re-rating the assets, and auctioning them back to the banks, now with their true value known. Crisis over.

That plan was canned, and replaced with Obama's TARP, which was TARP in name only. It was loans to the banks to keep them afloat, in exchange for partial ownership until the US Govt could be paid back, along with Federal home mortgage help. The toxic assets remained without definite value, and remained on the banks' books. Crisis postponed.

You are correct that this is a very scary situation; the market is right to not have confidence.

Greed and fear are the yin ... (Below threshold)
Mac Lorry:

Greed and fear are the yin yang of economics just as much as supply and demand are. There's lots of money to be made in promising people wealth as can be seen by all the get rich quick schemes on late night cable TV. There's just as much money to be made in scaring people and a whole preparedness industry has blossomed selling everything from firearms to survival equipment, to freeze dried food with a 25 year shelf-life.

The purveyors of the scare market have to delicately balance their disaster scenarios so that potential customers feel they can benefit from whatever is being sold. There's little money to be made, other than from a movie, by convincing people a black hole is going to swallow the Sun. The goal is to create enough fear to bring out the Burt Gummer in people without scaring them to the point that they believe there's nothing they can do to help themselves.

The real genius, however, is in marking to both greed and fear and the masters of that scheme are the purveyors of gold.

On the fear side is the threat that fiat money will collapse. Yes, they try to sell it as a hedge against inflation, but there are better ways to protect your assets from inflation than gold, so it's really about the collapse of fiat money.

If fiat money collapses you'll need physical gold on-hand as institutions holding gold may close and others may charge a huge emergency distribution fee (in gold, of course). Without fiat money the economy will collapse as will the distribution channels, so you better also have a source of water and at least a year's worth of food on hand for everyone in your family. You'll need fuel for lighting and cooking and if you live in a cold climate you'll need fuel for heating for at least one winter. Also think about clothing, medicine, communications, tools, and spare parts. You'll also have to protect all this stuff from people wanting to take what you have, so you'll need plenty of guns and ammo. Even then, you would be better to move to a remote area where there will be fewer people after your stuff, and thus, fewer people you'll need to kill. You see, if you buy gold out of fear you need to become Burt Gummer or it won't do you much good.

On the greed side is the idea that you can make lots of money by investing in gold. Problem is that the gold market is like any other commodity market. Timing is everything. Yes gold has tripled since 2005, but Apple stock tripled in just 18 months. The reason not to buy Apple stock now is that it's near its historic peak, so there's a lot of downside. The same is true of gold. Unlike stock, however, there are several other reasons not to invest in gold.

That all said, the movie I would really like someone to make is "Jurassic Park IV - Burt Gummer's Vacation". It would be a great movie, but only if it's not made by anti-gun types.

Welcome to the reality goin... (Below threshold)

Welcome to the reality going on outside the political theater that is Washington D.C.

An economic collapse, potentially greater than the "Great" depression is likely to occure. I'd guesstimate 3-5 years.

The economy of Argentina collapsed in 2000. Argentine society did not stop. Things got bad and are slow to imporve, but they still exist, still function etc.

I suggest the site Surving in Argentina http://ferfal.blogspot.com/ for a good glimpse of what could be ahead of america.

@Lee Ward, did you used to ... (Below threshold)

@Lee Ward, did you used to post as "Ward" on Intruderalert.com?

Our economy is a house of c... (Below threshold)
Constitution First:

Our economy is a house of cards and our currency is a pyramid scheme.

Having to pay debt to a central bank (foreigners) for every dollar printed is insanely suicidal. Why do we have a private bank doing the job the Constitution vested in Congress only?

Just by dumping the Federal (which is not Federal) Reserve (which has no such reserve), would save us billions in interest every year. It isn't all the answer, but is one that we do have control of, and will positively help.

By issuing our own currency, we will only owe ourselves, and that would force the crack whores in Washington to cut back on their drug habit (spending).

"Good. Something new for... (Below threshold)

"Good. Something new for the bedwetters to fret about. Keeps 'em busy and writing checks to the Tea Party and/or the GOP"

You'll be the one wettin your drawers when the entitled masses start burning cars in your neighborhood.

No wait, you'll probably be one of them hurlin' molotov cocktails all over suburbia, burning the flag and Bush in effigy.

#10As if any regul... (Below threshold)


As if any regular joe could not do a better job then the assclowns running the pay for puppet pawnsy payoff scam now going on.

We dont need the "crack whores", to cut back, we need them gone from our neighborhood period.

Lee Ward quotes:"I'm... (Below threshold)

Lee Ward quotes:
"I'm no economist, but it seems blindingly obvious that the current global economic climate is extraordinarily fragile, and seems poised for an cataclysmic meltdown."

Then adds his own comment:
Since economists can't see this it can't be all the blindly obvious, in which case it's a hallucination.

I don't know what you are reading Lee but the quote does not support your snarky inference that economists cannot see the fragility of the economy. If you have a point to make, then make it, but don't make stuff up. Oh wait....

Since economists can't s... (Below threshold)
Jay Guevara:

Since economists can't see this it can't be all the blindly obvious, in which case it's a hallucination.

'Cause economists never get things wrong, or fail to anticipate events, economics being an exact science and all.

And all those Nobel Laureates in economics at Long Term Capital Management? Hammered by a hallucination.

Wee Lard:<blockquote... (Below threshold)

Wee Lard:

Congratulations, you've ferreted out a new nutcase and put him on display.

...and then Kevin closed WizbangBlue down.

<a href="http://www.surviva... (Below threshold)


If it's not a daily read it should be.

What's even more frightenin... (Below threshold)
Caesar Augustus:

What's even more frightening is that our house-of-cards economy in 20 years will need to be supported largely by Generation Y and that generation overall is the most useless collection of spoiled brats in the history of Western civilization.

Lee Ward'Since eco... (Below threshold)
retired military:

Lee Ward

'Since economists can't see this it can't be all the blindly obvious, in which case it's a hallucination."

Here let me save you the trouble.

Republicans were for hallucinations before a black man became President.

Also ref economists "not seeing it"

You only have to look at the headlines to SEE it.

From Drudge this morning.

EU Chief lays out 'apocalpytic' vision as some countries run out of money...

Warns 'democracy could disappear' in Greece, Spain and Portugal...

OWN YOU: China's US govt debt holdings hit high...






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