This about sums it up today:
The world is a scary place right now:
Bernanke is in complete denial as inflation continues to strengthen it's grip on the world.
Tanks are rolling through the streets of Bahrain, Libya, and Egypt as the Middle East remains on the brink of total chaos.
Goldman Sachs takes another hit to it's permanently scarred reputation as one of their board members gets accused of insider trading by the SEC.
Congress prevents the government from shutting down after making a last second deal that lasts for a whopping two weeks.
The US consumer takes another blow to the head as oil rips through $100.
States, the US government, and the banks are all bankrupt!
I could keep going but I will end it there.
The Bottom Line
I don't know what to say folks. I am speechless at this point. All I can do at this point is pray that we somehow find a way to keep things together.
The rising stock market over the past few years has been very effective at hiding the Ponzi scheme that our whole world has morphed into. It's now all beginning to burst, and I don't see how it can be stopped.
Our 2 year economic recovery was built on a foundation of sand which means it had no hope from the beginning.
The debts that were created during a 30 year credit bubble have become insurmountable as inflation rears it's ugly head. Rates will inevitably rise as a result which will then make our debt too costly to service.
All we can do is hope for a miracle because that's the only thing that will save us at this point.