Inspired by the awful news at Zero Hedge.
I can’t recall if I posted this before. Even if I did it is topical today. In my estimation these guys are in some ways the successors to Flanders and Swann
So what is happening? We are going into Phase II of the Depression. General economic collapse. We need to clear the Dead Weight Off the Books. Had we done this at the beginning the trough would have been much deeper but we would be on the mend by now.
Great is Bankruptcy: the great bottomless gulf into which all Falsehoods, public and private, do sink, disappearing; whither, from the first origin of them, they were all doomed. For Nature is true and not a lie. No lie you can speak or act but it will come, after longer or shorter circulation, like a Bill drawn on Nature’s Reality, and be presented there for payment, — with the answer, No effects. Pity only that it often had so long a circulation: that the original forger were so seldom he who bore the final smart of it! Lies, and the burden of evil they bring, are passed on; shifted from back to back, and from rank to rank; and so land ultimately on the dumb lowest rank, who with spade and mattock, with sore heart and empty wallet, daily come in contact with reality, and can pass the cheat no further. – Thomas Carlyle
Carlyle quote via Meadia.