While I thank you for the kind words, I’m not only NOT the only one (and you’re not saying that, of course....you know Denninger, Schiff, and Roubini... they have called this with fierce accuracy) but I’ve been wrong on plenty of things.
But make no mistake about it, we are headed for some very challenging times. Nobody can predict how this will play out, more accurately, how much pain will be sustained. The core concept is the coming dislocation in the credit markets. It appears we’re headed into a Japan-like condition, with the Fed fighting off asset deflation with all their might. I cannot encapsulate it; I don’t think it’s quite as dire as Denninger states, but he is much much more right than wrong.
My mantra is as follows: The game must go on. “The game” is the survival of the Wall St. cabal. That cabal has shrunk massively of late, of course. But the most dangerous thing we face, IMHO, is the credit dislocation that can and unfortunately, ultimately MUST occur as we stare at a 10 year bond in the 3.6% range while (consumables) price inflation is running rampant and money creation is going ballistic. Like all counterfeiting operations, the elites who get the money first will benefit, or at least, will suffer the least. Those at the bottom are going to be taken care of by Obamas’ GDP II programs. The middle class is headed for the hamburger grinder, I’m afraid.