We Are All Debt Slaves: Why Should Anyone Continue To Expose Truth When No One Fights Back?


…..or they don’t.

Let’s look at what just happened.

Tsipras himself said tonight that there is no purpose to elections in Greece.  Did you get that folks?  There is no purpose to electionsyou are not selecting the direction of your country, you are beholden to an outside interest.   You have no right to self-determination.  Yet the people did not put a stop to that crap — even when they were told directly by their elected leadership exactly what was happening.

This is not just my opinion.  The IMF says it is impossible to resolve the problems in Greece without major write-downs of the existing debt.  Virtually everyone that has an opinion on this including the ECB and BIS along with others are reporting that roughly a third of loans held by Greek banks are 90 days or more delinquent!

If this is recognized on any sort of honest accounting basis then the ECB — the European Central Bank — is rendered insolvent.  That’s right — as of right now, based on everyindependent financial analytical opinion out there including the IMF, the BIS, the now-resigned Greek finance minister and Tsipras himself the European Central Bankis factually bankrupt as its bad debts exceed the entity’s capital (by a hell of a lot.)  That’s because all of that bogus Greek debt, official and otherwise, was shoved onto the ECB’s balance sheet over the previous four years so the various banks, including most of the big banks in Europe, that had “loaned” Greece money wouldn’t have to take the loss themselves and potentially blow up.  Understand this folks: There is no way to prevent the blowup from happening other than to literally enslave the entire nation of Greece and kill anyone who resists.

THE ENTIRE GREEK NATION IS NOW A CONFIRMED SLAVE COLONY AND ON THIS NEWS WE GET A NICE POP IN THE S&P FUTURES!  And oh by the way, Greece has an impossible output (labor) demand in front of them, they will fail as a consequence, and as a result it will blow up in their — and the ECB’s — face.  This is a reason for the market to advance?

Tonight the cash furnace otherwise known as “Netflix” reported “earnings.”  It has no actual “earnings”; the company has negative operating cash flow, exactly as it has had for a long time.   That is, it spends more than it makes.  The result?  The stock is up roughly 10% after hours and more than 100% this year.

This for a company that not only is a cash furnace the firm says it will continue to do the same thing, burning money like toilet paper.  Content costs are rising at double the rate of subscriber increases!  In other words, it’s not “investing for the future” in a reasonable time frame it is simply taking your money as an investor with no reasonable belief you will ever get a single nickel of it back, buying customers by pricing below cost of operations, yet you continue to buy the shares!

Likewise Amazon has made zero money for 20 years.  Yet the stock continues to advance in price.  Based on what, exactly?  Is Bezos Jesus?  Apparently so, according to the media and so-called “analysts” — and you, Mr. and Mrs. American, who keep buying that trash.  Amazon may be a good company to buy from as a consumer but that does not make the firm a reasonable investment when for more than two decades there as been zero return of capital to its owners!

Intel, this evening, supposedly “beat the street.”  No, it didn’t.  It dropped its tax provisioning and operating income was down big, confirming the fact that it actually lost in real terms on both a sequential and year-over-year basis.  I’m not the only one to note this; Motely Fool also picked up on it.  Well, duh, I can read a balance sheet and income statement (and so can they, apparently.)  Yet the firm did not see its stock price get slammed; yes, the big pump came off to a material degree, but it’s still up.

You know what all this means?

More debt is good, no matter what it goes to — including paying off monopolists or just people who sit on their ass.

Your children and grandchildren along with the younger generation, in short, are being literally sold as slaves to be exploited for the purpose of driving markets higher in price; fuck them, they deserve to get it up the ass and they will by design.

You’re not only ok with it you are causing it on an active and daily basis.

You won’t demand it stop, in fact you cheer it on, despite the inevitable mathematical conclusion and by the way, it’s no longer just me warning you (along with a few others like David Stockman), it is now in the data with real growth in the economy running around 1% annually which is one third, approximately, of what it was 20 years ago.

That damage, unless we stop this shit, is permanent and once that maximum growth rate drops below zero, which it will within the next five to seven years (10 if you believe the optimistic CBO estimates), there is utterly nothing we can do to prevent what is happening in Greece right now from happening here.

Eight years.  That’s how long I’ve been at this writing on this very subject.

Eight years.

For how many more do you think I should continue?  You got half of the time from when I started this until we’re likely to have it blow up in our faces — why should I give you any more given that nothing has changed and from what I see nothing is going to either.

Be honest — given the events of the last 72 hours, say much less back to 2008 and then the 2011 “debt ceiling” horsecrap what’s the point and why shouldn’t I take the last few good years we all have and go have fun instead of sitting in front of a computer, when I know good and damn well what’s coming and so do you — but nobody, literally nobody, will do a damn thing to change course?

Not here, not there, not anywhere.

Go ahead, make your case.

I’m listening.

What I won’t do is tilt at windmills.

The Market-Ticker