One big lie

A lire de Zero Hedge sur un papier de John Hussman intitulé "Extend and Pretend". Extrait du commentaire de ZH:

Nothing reall new here, just more confirmation from John Hussman, who tends to be somewhat more diplomatic than us, in highlighting what all those who care already know (the rest are buying AIG, Fannie and Freddie): the banking system is completely insolvent. And to make matters worse everyone in this administration from the very top, to the regulators, to the accountants, to the investors, and to the firms themselves, is in on it. The only thing that makes it palatable - the complete lack of any information about just how bankrupt America is and will continue to be for years, even as we hear every single day from the administration propaganda business stations how everything is doing great. Ignore all the talk about an economic recovery - with the cornerstone of the financial system still in default if it weren't for a variety of accounting gimmicks, not to mention the trillions in fiscal and monetary boosts, and the transfer of resurrection costs from the present to the future via the steep debt curve, real GDP would be down 10% or more, and all public financial firms would be undergoing liquidation (and their management teams likely in prison). Of course, public recognition of just how much of a ponzi the entire economy has become is never a good thing going into midterm elections. And with the Fed directly and indirectly monetizing, with Primary Dealers complicit in realizing full well their 4th Hamptons house would be on the block if they don't, with China forced to keep buying our debt as the alternative is a nor so glorious revolution, we all not only live in Wonderland, but are fully aware of this sad reality, yet happily will continue to do so until the day this lie can not be rolled into tomorrow.

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The take home is that the "success" of the USA is now based on one big lie: its economy, its finance, its consumer culture, even its integrity and reporting standards. Unfortunately, without historical exception, this is a preamble into various forms of armed conflict, either domestic or external, once the lie is sufficiently grasped by the majority, who care to read between the lines of the inexhaustible daily rally.