Economy
In reply to the discussion: STOCK MARKET WATCH -- Tuesday, 22 May 2012 [View all]Tansy_Gold
(17,874 posts)Paul Craig Roberts writes:
Try to get your mind around these figures. The US GDP, the largest in the world, is about 15 trillion. What Haldane is telling us is that the financial crisis will end up costing the world lost real income between 4 and 13 times the size of the current Gross Domestic Product of the United States. This could turn out to be an optimistic forecast...
Tansy Gold replies, as she always has,
But this is just as much scare tactics as anything coming from Faux Snooze, MSNBC, or the freakin' White House. None of the money tied up in the "crisis" is real. When the collapse comes, all the dominoes will fall. One player will default, the rest will in turn call in their markers, the markees will default and call in their markers, and someone will be left holding the entire bag for gazillions of dollars/euros/drachmai/rubles/pesos/blinis/whatevers, and there will be major chaos.
But this kind of rhetoric makes it appear that the collapse has to be prevented because it will cost all of us all kinds of "money." BUT THAT MONEY DOESN'T EXIST AND IT NEVER DID. It's all gonna domino through to the end, and someone, yes, will end up holding the Old Maid card or whatever. That's the way the game works. But all the losses get passed along. They don't all have to paid at once as a cumulative amount, because they're all bets that have been placed against each other.
Let the suckers fail. All they're doing anyway is pulling resources out of the economy, not putting anything in. LET THE SUCKERS FAIL.
Or as one of those idiot self-help gurus put it 20+ years ago, Feel the fear and do it anyway.