For the record, Albert Edwards is the co-head of global strategy at Societe General (big European bank), a position he took in 2007. Here is a 2.5 minute video in which he is quoted.
Sometimes these videos contain so much information that it is hard to absorb. Let me recap using quotes from Mr. Edwards:
- “it is too late to prevent the collapse of the G7”
- “we are all now insolvent”
- “there is no other way out but to default”
- “economic prosperity over the past decade has been a sham, a totally unsustainable Ponzi scheme built on a mountain of private sector debt” (this should sound familiar by now…)
While the commentators of the video are laughing and joking this is really not funny and the world is starting to wake up to it. I don’t believe that Societe General would allow one of its officers to make these statements lightly. Keep in mind that Societe General was one of the very few banks that cautioned about the 1st wave of the collapse 2 quarters before it happened.
If you want to read more, this link is a good starting point:
The timing is the only thing that is unknown IMO but if anyone big fails there will be a chain reaction that takes everyone down pretty quickly. Remember, the damage has already been done and the reveal really doesn’t take long to occur. What we have to do is stop the government from making new laws at a record pace (AKA “reforms” which are really just power grabs). IMO the main purpose of these is to allow them to stay in power after the crash.
