Credit swaps have all players mutually held hostage, that’s why they are calling it the Great Unwinding. Done carefully, with a proper gyroscope, it will hold.

We are looking now at the longer game, and whether someone will decide to throw the board and pieces into the air. So far, so good.

Everyone was riding the gravy train, and no one wanted to see the foreseeable problem.

That’s a great summary of insider delusion for the last 8 years.

But I find myself feeling cautiously optimistic that gradual decline need not become precipitous.

As for your Canada link, if we go down, Canada goes down. I don’t see how that can be avoided. Need to work together to avoid calamity.

We need to set limits to growth and mergers and monopolies. In the end small investors whose savings retirement is invested in “funds” get trashed, while the deal makers, management and so forth make out like bandits.’

Who will stop this? America worships at the alter of wealth and so many aspire to it. We pay idjits who read the news 10s of millions of dollars a year, sports “stars” hundreds of millions and idjit entertainers 10s of millions. Everyone else works for the equivalent of a wage to support these millionaires.

This is capitalism at work. And that is the problem. It will always result in impoverishment of the masses and effectively slavery. They told us we would all work less, earn more, do “high paid service” jobs while manufacturing was moved to (slave) markets. hahaha.

Now they take your tax dollars to support their corrupt gambling system and pass the bigger bill to your children will turning your dollars into usless toilet paper. We are the Wiemar republic again. Excellent work by the corporatists and the finance “sector” (the people who get paid the most and do nothing at all).

Perhaps when this system collapses and the thieves are run off the continent, a more equitable socially conscious economic system will rise up. I’ll be dead by that time. But the next 3 years are going to be hell. More and more failures and the “economy” shrinks to 1/2 it’s size or less.