But there was no container large enough to hold the subprime losses. Each time one was set out, it quickly overflowed. The latest reports tell us that the bilge is now 500 times deeper than the Fed head forecast…and still rising. And this comes after $11.7 trillion has been committed in the US alone to pumping it out. Whether the plumbers are plain idiots or clever rogues, we can’t say, but it should be obvious after two years of watching them, their pumps don’t work.
March 16th, 2009 | Bill Bonner | 0 comments | ContinuedAll Posts Tagged With: "Asian Development Bank"
A Period of Positive Collapse
The commentators have it all wrong. Look on the bright side. The world economy is not in a period of negative growth. It’s in a period of positive collapse! That’s why the Great Depression was so great, after all. What’s positive about this depression is that it is clearing away a generation’s worth of mistakes, misallocations of resources and misplaced confidence.
March 10th, 2009 | Bill Bonner | 0 comments | Continued