The truly amazing nuggets of wisdom are found in media outlets based outside America's borders. A major U.K. newsgroup cites sources within Citibank projecting two different outcomes resulting from our force-feeding cash and guarantees to the Greedy Beast we created...
Gold is poised for a dramatic surge and could blast through $2,000 an ounce by the end of next year as central banks flood the world's monetary system with liquidity, according to an internal client note from the US bank Citigroup.
The bank said the damage caused by the financial excesses of the last quarter century was forcing the world's authorities to take steps that had never been tried before.
This gamble was likely to end in one of two extreme ways: with either a resurgence of inflation; or a downward spiral into depression, civil disorder, and possibly wars. Both outcomes will cause a rush for gold.
Neither scenario will be acceptable to us, but the Beast cares not for our opinion.
The American Dream was plundered by growth for growth's sake... the ideology of the cancer cell. We created, and still nurture, a society where money is a magnet for more money. Wall Street's best and brightest succeeded in creating a demand for more demand, which supplied the illusion of eternal prosperity long enough to sucker most of us into the game. There was never any mental defense against this attack; accusations of ignorance, stupidity, "they brought it on themselves," or, "they should have read the fine print" kept those apparently more fortunate arrogantly blind to the fact that it could just as well have been you or I who got caught in the financial trap.
Now the whole world is trapped, and there is egg on the wisest faces. Unfathomably large amounts of money and guarantees are being thrown at the problem, and with the exception of inevitable and brief bear market rallies, our and our childrens' money only appears to make the monster hungrier. A happy ending in the immediate future seems quite unlikely.
The new economic reality, born of vainglory and lust for comfort and convenience, marks this generation's greatest gift to our impoverished progeny, who as yet have no idea their futures have been so inexorably mortgaged. We have unleashed a kind of economic slavery upon them and upon ourselves; in effect, we are now indentured to creditors whose faces we will never see. I hope the word ‘captors’ is not a more accurate descriptor, but I fear they will be anything but benevolent.
Follower Paladin offers the following insight:
Greed, and the myth of mandatory growth, are forces too powerful to resist. That doesn't mean that the natural dynamics of economics and the environment (and, by the way, while some consider those two to be separate issues that are at odds with each other, I consider them hard connected -- in other words, they benefit or suffer together) will lose out to human misconduct. Just the opposite. In the end, both will win; they just will win ugly. And, frankly, neither will care what happens to us humans.
--Paladin
This would make for great reality TV if it were happening on somebody else's planet.
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