Why isn’t Hypothesis Number 1 or 2 a Massive Default followed by a Massive Bail-in? The government and the banks are broke with massive debt. If the “big event” happens if will arrive like a thief in the night and things will happen so quickly from that point it will make the events of 2008 look like they moved at glacial speed.
Americans don’t even know what a Bail-in is much less what the consequences of a national or even global Bail-in would look like and feel like. Everything is frozen - your bank and brokerage accounts, everything. From there it just gets worse. Talk to us about this scenario. I believe its’ likelihood is way north of 50% within the next 5 minutes to 3 years.
Your headline question reminded me of something a college professor taught me many years ago. He asked his class to define an Expert, and then wryly said that an Expert is simply “someone who is smart enough to know what he is getting paid to say”. That was in 1978, and some things never change. If you get money, power, position and prestige by adopting the party line, the ideology of the ruling class, or simply the position of your boss, the unprincipled genius will do it every time. Never mind how ridiculous or anti-science it is.
Why isn’t Hypothesis Number 1 or 2 a Massive Default followed by a Massive Bail-in? The government and the banks are broke with massive debt. If the “big event” happens if will arrive like a thief in the night and things will happen so quickly from that point it will make the events of 2008 look like they moved at glacial speed.
Americans don’t even know what a Bail-in is much less what the consequences of a national or even global Bail-in would look like and feel like. Everything is frozen - your bank and brokerage accounts, everything. From there it just gets worse. Talk to us about this scenario. I believe its’ likelihood is way north of 50% within the next 5 minutes to 3 years.
Where is Tom and the Wednesday report? Is he ok?
Your headline question reminded me of something a college professor taught me many years ago. He asked his class to define an Expert, and then wryly said that an Expert is simply “someone who is smart enough to know what he is getting paid to say”. That was in 1978, and some things never change. If you get money, power, position and prestige by adopting the party line, the ideology of the ruling class, or simply the position of your boss, the unprincipled genius will do it every time. Never mind how ridiculous or anti-science it is.
Speaking of Tom— where was his weekly report from Wednesday yesterday. Is he still with BPR ? Sherilyn Allen