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November 6, 2011

The Collapse of Our Corrupt, Predatory, Pathological Financial System Is Necessary and Positive

The only way to clear a zombie economy is to write off
uncollectable debt and liquidate all the assets, loans and hedges. That would collapse our financial system, but since it is the cause of our political and economic dysfunction, that would be the highest possible good and extremely positive. -- charles hugh smith-

Posted by gerardvanderleun at November 6, 2011 8:28 AM. This is an entry on the sideblog of American Digest: Check it out.

Your Say

That's an excellent article. It sounds very similar to what Karl Denninger has been saying. I think I'll go link it over there and see if I can get his take on it.

Posted by: rickl at November 6, 2011 8:52 AM

Socialism, the lamprey of commerce has just about killed the host. This post only shows how the elite "Socialists" have tried to juice up the corpse for one more go around.

Europe is nothing but a husk now. We're next.

Posted by: Peccable at November 6, 2011 12:10 PM

Interestingly, I think a lot of the OWS crowd would support this. Unfortunately, the statist clique within them has steered the dialog into talking about government bailouts for everyone, heavy student and mortgage debtors included.

Government subsidy of anything is a cancer on that thing that will kill it in time.

Posted by: Umbriel at November 6, 2011 1:18 PM

I didn't get a response from Denninger when I linked the article in the Ticker Forum, but I just now ordered his book "Leverage", and discovered that Charles Hugh Smith wrote the foreword. Well, okay then.

Posted by: rickl at November 9, 2011 7:02 PM

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