Dr. Nouriel Roubini (a.k.a. Dr Doom) harshes the US government for a) massively subsidizing the wealthy with the on-going bail-outs, and b) allowing massive accounting fraud to continue even now because they are terrified of triggering an economic collapse. All in all, this is the most bearish article I've read in some time! For example, he is predicting that the S&P 500 has only fallen half way from its highs, and that the recession will last 18 months or more... etc. etc.
One of his main predictions, towards the end of
the article, is that currency "pegs" -- which
keep foreign currencies at a fixed exchange
rate -- with the dollar will be broken by the
time this is all over. And so the dollar's reign
as king will be ended -- along with the American
Empire. (And there is yet another chance to
sell dollars while everyone is looking the other
way believing the official propaganda.)
I am amazed at how thoroughly Bush destroyed
not just 50 years of diplomacy and foreign
policy work, but
Excerpt: Regular readers of this blog are familiar with my views. But here below is a detailed summary of the reasons for my views -- as presented in this blog in the last few months -- that this will turn out to be the worst financial crisis since the Great Depression and the worst US recession in decades (hyperlinks to my relevant recent writings are provided for each argument) ...
Note: If you don't want to register for Dr Roubini's site, which is free, you can prefix the link above with "cache:" and search for the cached article using google. (Found that out at WRH today...) --LL
America's financial future, through his apathetic, ignorant
pudding-headed efforts.
Wanda Sykes, the comedienne, sez, "Men, you
gotta stick to your lie!" That is the GOP
mode 100%. No matter what happens they keep
telling the same lies. Even when all evidence
proves the exact opposite, they stick to their
lies. At most, they invent a new word or phrase.
So, they "believe in a strong dollar" 100% but
have done nothing but destroy value. They don't
want a withdrawal "timeline", but a "time
horizon" is great. They don't "torture", they
"harshly interrogate". They don't "arrest", they
"detain". Yada yada.
This time though they've
gone too far because it is affecting every man
woman and child in America and I think people
actually will be mighty pissed if this turns
out the way Dr. Roubini is predicting. It won't just
be the end of the "empire", but the end of
a generation of politicians and bureaucrats --
they're fucked if Roubini is right!
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