Predators and parasites recently gathered in Davos to discuss the mounting problems of their prey. All present agreed the problem needed urgent attention. Historian David Hackett Fisher describes this passing era as the period of Victorian Equilibrium. England’s Victorian Equilibrium, however, was built on banker’s credit, a foundation of sand; and like the story of Cinderella where the carriage turns into a pumpkin at midnight, the banker’s credit has now turned into defaulting debt and the fairy-tale world it built is collapsing.
Lies, lies and more lies
On February 5th, a Bloomberg headline reported: US Economy, Unemployment Unexpected Falls To 9.7%. Bloomberg’s headline wasattempting to convey a more positive outlook for those considering additional borrowings to help restart the banker’s stalled engine of credit and debt (their credit and your debt); but the following chart tells the real story about US unemployment, a far different version than the optimistic story being spun by Bloomberg: (more)
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