It's about 9 years since the Y2K rollover, and one thing's clear: the
doomers were wrong about Y2K, but they were right in spades about
doom. Remember how Y2K was going to vaporize the banking system? Well
guess what, it got vaporized. Hahaha. bks and the other pollies in
csy2k won the battle but lost the war.
The problems are compounding: fractional reserve system failing,
insane levels of debt, fevered printing of fiat money, cities
bankrupt, Mexico collapsing, food riots, mass unemployment, peak oil,
global warming, fish stocks failing, bird flu... the list goes on and
So... did you bail out of the stocks/banking system and switch to gold
yet? Or are you planning to be one of pollyanna dumbshits who goes
down with the ship?
Won't be long now suckers. LOL
I have no idea what you intend 'vaporised' to convey... but I know that I
can go out to an ATM, put in a card and get green pictures of dead
presidents as I see fit (and the transfer rules allow).
>The problems are compounding: fractional reserve system failing,
>insane levels of debt, fevered printing of fiat money, cities
>bankrupt, Mexico collapsing, food riots, mass unemployment, peak oil,
>global warming, fish stocks failing, bird flu... the list goes on and
You appear to have skipped over the Heartbreak of Psoriasis and Ring
Around the Collar.
>So... did you bail out of the stocks/banking system and switch to gold
I still keep my monies tied up in Very Sound Investments called 'debts'...
and those remain, rock-bottomed and copper-sheathed.
>Won't be long now suckers. LOL
Been hearing that one for a while, now... any idea when the statute of
limitations will run out on it?
Quite the contrary. Despite the crash, there are plenty of
Honda generators in the store. Go figure.
Sorry, but cute one-liners aren't going to cut it this time, bks:
Dow falls to 1997 levels:
AIG to book $60 billion quarterly loss. Black hole company seeks more
federal funds on top of $150 already consumed:
Zbigniew Brzezinski warns of riots if economy continues its downward
US auto industry bankrupt:
Soros and Volcker -- it's worse than the Great Depression:
Highest unemployment in 3 decades. 600,000 jobs lost in the US in
The shit is hitting the fan, and everybody knows it. The herd is
starting to panic.
>The shit is hitting the fan, and everybody knows it. The herd is
>starting to panic.
Saying 'it is only a matter of time' can be done until one lies on one's
deathbed... and even then one might ask 'what counts as 'proof'?' and not
be able to do much with a response.
Seen many more people running red lights lately, have you?
How many more shopping days, John?
Wonderful to be back!
The whole problem with the world is that fools and fanatics are always so
certain of themselves, but wiser people so full of doubts.
-- Bertrand Russell
> >Sorry, but cute one-liners aren't going to cut it this time, bks:
> How many more shopping days, John?
Rice and beans are already in short supply. In certain midwestern
locations, shoppers fight over the last available package of Froo Froo
Brand Pilaf Supreme.
Why don't you ask the 3.5 million people who lost their jobs last
year? Or the 600,000 people who lost their job last month? Or the
millions of people who've seen their 401Ks get mauled? Or buzz on down
to the queue at your local food bank? I'm sure they'd be happy to
answer that question for you.
BTW, did you see that Gary North's back in action? Yep, he knows which
way the wind is blowing.
The Looming Collapse of European Banking
by Gary North
Well, at least the Bush economic collapse created one job.
Answering a question with a question is no answer at all... but when they
begin posting here perhaps Mr Sherman might deign to respond.
"As ordinary citizens with no power over the levers of policy, we
watch from the sidelines, and weep. The whole global economy has
tipped into a downward spiral. Trade and output are contracting at
rates that outstrip the leisurely depression of the 1930s. Debt
deflation has simply washed over the drastic measures taken by
governments everywhere. Judging by the latest Merrill Lynch survey of
fund managers, investors have a touching faith that China is going to
rescue us all and re-ignite the commodity boom. How can this be?
Taiwan's exports to China fell 55pc in January, Japan's fell 45pc.
These exports are links in the supply chain for China's industry.
Manufacturing output in the Shanghai region fell 12pc in January.
My favourite China guru, Michael Pettis from Beijing University, is in
despair – as you can see on his blog (http://mpettis.com). The
property bubble is bursting. Developers have built more offices in
Beijing since 2006 than the entire stock in Manhattan. There is a 14-
year supply glut. We have seen this movie before. Factory output is
collapsing at the fastest pace everywhere. The figures for the most
recent month available are, year-on-year: Taiwan (-43pc), Ukraine
(-34pc), Japan (-30pc), Singapore (-29pc), Hungary (-23pc), Sweden
(-20pc), Korea (-19pc), Turkey (-18pc), Russia (-16pc), Spain (-15pc),
Poland (-15pc), Brazil (-15pc), Italy (-14pc), Germany (-12pc), France
(-11pc), US (-10pc) and Britain (-9pc). Norway sails blissfully on
(+4pc). What do they drink up there?
This terrifying fall has been concentrated in the last five months.
The job slaughter has barely begun. Social mayhem comes with a 12-
month lag. By comparison, industrial output in core-Europe fell 2.8pc
in 1930, 5.1pc in 1931 and 3.9pc in 1932, according to RBS. Stephen
Lewis, from Monument Securities, says we have been lulled into a false
sense of security by the lack of "soup kitchens". The visual cues from
Steinbeck's America are missing. "The temptation for investors is to
see this as just another recession, over by the end of the year. But
this is not a normal cycle. It is a cataclysmic structural breakdown,"
he said. Fiscal stimulus is reaching its global limits. The lowest
interest rates in history are failing to gain traction. The Fed seems
paralyzed. It first talked of buying US Treasuries three months ago,
but cannot seem to bring itself to hit the nuclear button.
As the Fed dithers, a flood of bond issues from the US Treasury is
swamping the debt market. The yield on 10-year Treasuries has climbed
from 2pc to 3.04pc in eight weeks. The real cost of money is rising as
deflation gathers pace. US house prices have fallen 27pc (Case-Shiller
index). The pace of descent is accelerating. The 2.2pc fall in
December was the worst month ever. January looks just as bad.
Delinquenc-ies on prime mortgages were 1.72pc in September, 1.89pc in
October, 2.13pc on November and 2.42pc in December. This is the
trajectory eating away at the banking system. Graham Turner, from GFC
Economics, fears the Dow could crash to 4,000 by summer unless there
is a "quantum reduction" in mortgage rates."
Sorry Doc, but the old "off-topic" ploy isn't going to cut it either.
I noted in the OP that the Y2K doomers were wrong about Y2K. But they
weren't wrong about doom. Today's economic panic may not relate to
date arithmetic, but it is extremely relevant to the doomer vs. polly
controversy which raged here about 9 years ago. Should you go back to
the land? Should you prepare to be unemployed? Should you grow your
own food? Should you pull your money out of the bank? Should you
prepare for a stock market crash? Should you prepare for a total
breakdown of the banking system? etc. etc. Those questions were argued
here at length, as you well know. And the polly position was that you
don't need to do anything because doom isn't going to happen. And as
far as Y2K was concerned, the pollies were right.
But guess what, you fucking dolts. A mere 9 years later, doom is
happening. The shit is hitting the fan, big time. TEOTWAWKI! The
pollies won the battle but lost the war. LOL. It's very "ironic".
I asked a question of causation; feel free to speak with others of
'ploys'. Second time: this is caused by errors in date-arithmetic... how?
Why? We've been through a depression before without society collapsing.
The last depression occurred 80 years ago, when conditions were very
different. There were way less people. 2 billion on the entire planet,
compared to 7 billion and rising by 2012. The population of the US was
123 million, compared to 303 million today. People were tougher and
far more self-sufficient. They went to church, and had strong extended
families. 20% of the workforce was employed in agriculture, compared
to less 0.7% in 2005. Most of the population wasn't addicted to drugs.
Mexico was a quaint travel destination, not a failed narcostate
collapsing into anarchy. The prison population was 200,000, not
More importantly, resources and food were plentiful for the last
depression. The US wasn't a debtor nation. It was increasing its
supplies of cheap high-yield energy. Today, those supplies are rapidly
dwindling. Did you miss the energy and food price spike last summer?
Grain stocks are at historic lows. World per capita grain production
peaked in 1985, and has been dropping ever since. Climate change will
make that worse.
The analogy simply doesn't hold up. The US has already spent so much
borrowed money on the current crisis -- they're totally anemic and
wobbly for the next blow. Which will certainly come.
Y2K was just the appetizer -- the foreshadowing -- of a decades-long
full-course dinner of doom. Protectionism, food riots, hyperinflation,
peak oil, climate change, war, panic etc.
Doom is a growth industry. It's blossoming into a major mainstream
phenomenon. This little group was just a toy sandbox for doom
demagogery, but now that trend has grown up and gone pro.
In the 30s, freedom of the press was for people that owned one, and
there was a considerable degree of media decorum. Now, thanks to the
power of blogging and youtube, the mainstream media is falling away
and the lunatics are taking over the asylum. Which gives doomers a
whole new level of mojo. It's one thing to stand on a corner, or post
in an obscure usenet group, to predict the demise of banks. It's
another to do the same thing with a huge bullhorn called the Internet.
And mobilize the power of shorting and CDS to profit handsomely off
the ensuing carnage. The doomsayers this time were proven right in
spades, and they've got the articles, books and videos to prove it.
Those who spoke against doom, like Greenspan, have been totally
Check out this video, and note the interviewer girl's face at the 1:55
and 4:22 mark:
That says it all, doesn't it?
The doomers are pulling ahead, and there's nothing you can do about
it. They're literally driving the events they are predicting. So their
predictions come true, and they become bankable prophets. Which gives
their predictions even more power to drive events. Rinse, lather and
repeat. It's like Paul Milne, on steroids, and there's dozens of them.
Celente, Peter Schiff, Karl Denninger, Orlov etc. etc.
>Doom is a growth industry.
It'd be interesting to see the numbers supporting this... but given it as
a fact, without documentation, then you might be seen as just another
huckstering profiteer. Do you remember Gary North?
>Now, thanks to the
>power of blogging and youtube, the mainstream media is falling away
>and the lunatics are taking over the asylum.
This statement can be seen in a variety of contexts... it might be, for
example, your own hopes for your position in the situation.
> But guess what, you fucking dolts. A mere 9 years later, doom is
> happening. The shit is hitting the fan, big time. TEOTWAWKI! The
> pollies won the battle but lost the war. LOL. It's very "ironic".
"Doom" is not happening. If this is doom, then we've never had all that
much to worry about.
> Y2K was just the appetizer -- the foreshadowing -- of a decades-long
> full-course dinner of doom.
I'm sorry, but a non-event a foreshadowing of nothing.
Protectionism, food riots, hyperinflation,
> peak oil, climate change, war, panic etc.
Keep your fingers crossed for another 9 years, boy.
And please keep posting.
Hi y'all! Good to see DD is still King of England, and a few others
still posting here, hi Arnold, Eskwired and all. The End Of The World
Did Not Happen ... Yet :-)
Interestingly, the root causes behind the almost y2k disaster are the
same as that of the current banking collapse - and the economical
collapse that are going with it. To mention a few:
Lies (perhaps a diffferent form of dishonesty)
Irresponsibility (give me my bonus and I don't care)
And the cure would be the same:
Hmmmm, some things never change.