I would also add mainstream media & mainstream economists to your list of the 'lobotomised' by gangsta capitalism.

And the last days events certainly add weight to 'implosion'. But I guess you'd agree that implosion would not be seen by banksters as really in their interests? (If you believe so, I'd be interested to hear views on that?)

Massive greed and corruption is a given, & also stupid & sufficiently out of control to cause total collapse is highly plausible.

But I'm still hanging on to the idea (just) that the gangstas are pushing things to the brink in order to turn the ECB into a 'Fed' run by the major players exclusively in their interests & with even less oversight (if that's possible?). (As part of the major ramping up of all the other assaults of the ongoing economic warfare on citizens, that is.)

I think Golem deserves credit for that belter!

I rather fell over laughing at that one too and I will be spreading Charlies' comment far and wide. I love this this site.

My own favourite, I cna't remember wether hawkeye (aka FS) or golem asked this question.

Banks for decades have had the entire system rigged in their favour, recieved trillions in bail outs and still they manage to monumentally f+++ things up.

Just how rotten can a system be?

Mr Osborne thinks everything is fine and dandy:

"And stick to our plan that has made Britain a safe haven in the global debt storm."

That's right. Austerity and inflation to socialise the losses while privatising the gains is the perfect strategy for weathering this little storm.

Or maybe those words will come back to haunt him…….

Ass Prof Bill Black (UMKC) on Real News

http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=7147

"The same people that called on government to stop interfering with 'market efficiency' now complain about lack of political leadership!"

I also like the way that in a free market economy, where the market is deemed to be an expert at price discovery, there are "interventions" such as this by the CME to prevent Gold from rapidly rising:

"The CME announced margin requirements on gold will rise by over 22% by close of business today. This saw an initial slight sell off prior to further gains."

If these "interventions" can then drive prices in a desired direction, then surely we can't call them "free markets" can we!

Governments have been lobotimised by gangsta capitalism. Over the years they have painted the system into an ever narrowing corner by trying to chase away all risk for the gangstas', at everyone and everything else's expense. Now, the system cannot move forwards or back. It can only implode…

Real recovery & a far more sustainable system can be achieved far quicker if government(s) (as sovereign currency issuer net 'deficit' spend into the economy free of debt (MMT monetary economics). This will have a particularly strong effect in reducing the debt/monetary base ratio in present circumstances, because substantial net government spend is required to aggregate demand back up to optimal use of resources (esp labour).

See Prof Yamaguchi's substantially researched modelling here:

http://www.monetary.org/yamaguchipaper.pdf

Great one! 🙂

It will be one for the ages when it all goes down. Typically, it takes 1 hour to process a standard serve of alcohol. 10 standard drinks – 10 hours. If we might be so audacious as to apply this analogy to our 30 year credit binge, then is a 20 or even 30 year period of "recovery" out of the question? Where excessive risk, extreme bullishness and wishful thinking – also known as Neoliberalism, will need a generation to be erased from the memory of man, for all time.