The looting phase is finished

Next up, full blown economic and social collapse.

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Billionaires Dumping Stocks, Economist Knows Why
In 2006, Wiedemer and a team of economists accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States. They published their …

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  1. Brian Rush
    Brian Rush says:

    I began to get leery when the article started touting this guy's credentials. That's argument by authority, a logical fallacy.

    I stopped reading when it spoke of printing money out of thin air.

    I can see very good reasons to believe that the stock market is going to correct downward. However, they have nothing to do with deficit spending or with printing money to stimulate the economy, both of which at this stage of the game are GOOD actions with ZERO downside. Rather, the problem is massive maldistribution of wealth and income, causing a very shaky consumer-demand base for the economy, and that appears to be why those billionaires are dumping stocks, especially when you look at WHICH stocks they are dumping.

    There's reason for economic worries, but there's no reason at all to take this writer seriously.

  2. risa bear
    risa bear says:

    Yes, the article looks a little thin, and that "limited time only" stuff always leaves me feeling a bit stiffed. That said, I'm not sure why these things are any necessary detraction to the truth of the principal argument which comes down to: if you punish the poor and middle class for your mistakes, you will wonder where your customers went.

  3. Theo Fenraven
    Theo Fenraven says:

    I never quite trust what someone says if, at the end, they're trying to sell you something. ;/

  4. Chris George
    Chris George says:

    His opinion is his opinion. I was looking at the actual evidence showing that "the smart money" was getting out of consumer stocks.

    It is simply amazing to me how willing we are to shoot the messenger and then using that to justify ignoring the message.

    Sometimes idiots are correct too.

  5. Theo Fenraven
    Theo Fenraven says:

    Very true, Chris. I didn't dismiss the article entirely, but I read it judiciously and will watch and see what happens. 

    I think it's inevitable that the entire house of cards eventually falls, and unfortunately for us, I think it will happen in our lifetime. Maybe in the next 10-20 years. What are your thoughts?

  6. Chris George
    Chris George says:

    10 -20 years is the end of the ride down. I think the economy is the walking dead already. Like a dinosaur the heart has stopped pumping but the brain hasn't got the message yet. Food production is dropping due to climate effects. Unemployment grows as the net energy in a barrel of oil equivalent shrinks. A growth economy is now a dream that is relying on borrowing and printing to keep growing. Once this inevitably stops it is over. 2 degrees warming is now a dream after a record setting year in carbon emissions in 2012. 4 degrees warming means the end of humanity. 6 degrees means the end of life on the planet.

    Where would you like to go from there?

  7. Theo Fenraven
    Theo Fenraven says:

    To another planet.

  8. J.R. Jones
    J.R. Jones says:

    Perhaps if humanity spent less on killing each other (to secure limited resources) and more on expanding usable resources (getting off this dust mote), everyone could win ; and I don't mean just humans.

  9. Edward Morbius
    Edward Morbius says:

    NewsMax is a pretty scammy low-rent news organization:

    I think this article has been getting recycled (or simply reprinted outright — note the "last three months" construction — it works just as well in May as in November) for months if not years.  I've seen very similar in the referred articles sections of multiple websites.

    There are reasons to be concerned about economic collapse.  How pressingly imminent it might be is anyone's guess.

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