Wake-Up Call - 08/29/11

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Europe: The Unthinkable Is At Hand

We have not learned from the 2008 crisis. They still want to bail out zombie institutions and throw yet more debt at the problem, promising everything to everyone. The 2008 ‘solution’ has produced no job growth, no income growth, only an illusion of prosperity created by inflating asset prices. Protectionism is around the corner. The current situation is far worse than that which preceded the great depression. A discussion of what we knew before the Fed was forced to divulge its secret bailout of the country’s big banks vis-à-vis what we now know as a result of the new revelations. Conclusion: the Fed is entirely and utterly corrupt and its officers should be prosecuted and imprisoned. I talk about the Icelandic experience and how it should be a model for the world to follow. Its success is precisely why the mainstream media never discuss it. The current reckless behavior is condoned by Washington. Stephen Roach’s comments. Five rules to follow when buying a house, by Mike Shedlock.