No healthy lending can take place without collateral. The world has run through most available collateral so now they have to find new ways of pushing money into the system. They will all fail. Phantom-asset leverage is a game everyone can play and at which everyone will lose. The only question is as to how long it will take for this ridiculous charade to play itself out. China is imploding fast now, said to be headed for a hard landing of epic proportions. It seems 71% of homeowners in Las Vegas are underwater and the unemployment rate is a 12.4%. This is not a good mixture. Vegas is an excellent example of where kicking the can down the road will lead to much worse results than if they had left well alone.
- Expanding Mind – Magic and the Corporation – 07/05/12 (prn.fm)
- Wake Up Call – 07/02/12 (prn.fm)
- Progressive Radio News Hour – 07/08/12 (prn.fm)