Another Step Closer To Economic Armageddon
Monty Pelerin * EconomicNoise.com
Draghi introduced additional ease into Europe this morning.
A surprise rate cut (67 of 70 economists did not see it coming, which provides a proxy IQ test for these geniuses) created turmoil in markets.
What this means by noon today is unknowable. What it means in a larger context is not:
- Europe is not in good shape. Anyone who believed they were, should be disabused of such notions.
- The forcing down of interest rates once again further exacerbates the longer-term mis-allocation of resources. Such actions may buy time, but only at the cost of greater problems down the road.
- Maco-economics is failed witchcraft which should be apparent to anyone paying attention. Yet it will continue to be used to justify “remedial” actions out of desperation.
- Governments around the world have only this hammer (liquidity/stimulus). They will hammer away even though that cannot solve the problem(s).
- Liquidity and stimulus will not end in the US or Europe until markets end it. The market ending will be either an implosion or a crack-up boom. Either is possible at this stage.
- Governments are in full pretend mode. They have no control over the situation other than to fool people into believing that things are getting better.
- The policies employed by governments ensure the destruction of economies and themselves. Governments spiral downward toward defaults and bankruptcy that will take economies with them.
- Currencies are being destroyed in terms of purchasing power.
- Nothing is being done to correct economic problems. Politics has deemed true remedies too severe. They are off the table, replaced by extend and pretend actions.
- The shelf-life of this government fraud is limited. Economic Armageddon is coming.
The frustrations of watching this play out are huge. So too is the knowledge that this entire scheme jeopardizes more than living standards and economies. It threatens the very future and quality of civilizations themselves.
http://www.economicnoise.com/2013/11/07/another-step-closer-economic-armageddon/
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