Mish: "Greece was a side show"

Over the past 18 months I have seen Mish slowly but assuredly grow more and more negative in his economic views.  The data is piling up and the conclusion is that global levels of debt are unsustainable.  In other words, we are in the end days of a global debt Ponzi, just as I have been writing for years now.  Mish is now looking at the slow motion collapse of Italian banks, which he (and I) believe is inevitable, and has now issued the same warning to Italians as he did in the past for Cypridiots and Greeks,"Get your money out of Italian banks now!".  Sooner or later, the people of the world are going to be reminded the hard way that bank deposits OF ANY KIND are legally viewed as an investment in the banks.  

I feel sorry for the victims of this scam like the quoted Italian man in the article who said, “They stole it all, I’m living on the edge”.  Too bad he didn't read my blog because I have been telling everyone in the world no matter where they live that the Ponzi collapse will come as a chain reaction with the marginal players getting hit the worst and the first.

The idea that a bank account is "savings" is a fabrication just as having retirement "savings" in the 401k-driven stock market are savings.  It APPEARED to be true for a long time and so people forgot the underlying economic truths and listened to the good-sounding bullshit instead.  People will be learning the very hard way over the next 10-20 years that:
- No paper asset is savings.  Paper is not an asset.  It is a CLAIM TICKET on an asset.
- All stock accounts, bank accounts, bonds and other paper investments are GAMBLING.  They are the pursuit of something for nothing.  I'm not saying this is a bad thing but I am saying that few people see the blunt truth of it.  I only have a small portion of my net worth in the stock market folks and I believe that my physical metals holding are a hedge against a market collapse that could BK my broker and evaporate my account.  In that case gold and silver physical metal will rise rapidly in value because they are real and all paper will become untrusted in a broad market collapse.
- Putting paper money in your home safe is much safer than handing it to someone else and asking them not to screw you over but at the end of the day the fake paper currency will lose its value as well. Paper money is not savings either.

Gold metal in hand is savings.
Silver metal in hand is savings.
Modern weapons and bullets are savings.
Nonperishable food is savings.
A paid off house is good capital.

All of these things will sustain your life and your lifestyle when the fake, liberal world made up of Wimpy Promises implodes of its own corrupt weight.  That's what makes them real savings.

Today Mish is warning of Italian banks but soon enough it will be Spanish banks and then French banks and yes folks then it will be German banks.  A loooong time before anyone was talking like this, I was warning that in the end days of the global debt Ponzi it would be discovered that French and German banks were in fact no less of PIIGS than Greeks.

I strongly urge all new readers to take a few minutes and read this 2011 post of mine for clear understanding.  What I wrote there is economic truth, pure and simple, completely devoid of the typical mainstream sophistry and bullshit whose only possible purpose is to obfuscate the facts. 

Even today many brainwashed people will argue these concepts with me from an emotional perspective which is akin to "CNBC and the governments of the world say that exports drive economies so you, Captain, are an idiot".   Those who I get this kind of feedback from can never debate the logic that I present.  That is not how herd think works!  Herd think assigns leadership to a few individuals and then blindly follows what those few say, repeating what they say without considering the logic of it.  Herd logic is always that some infallible higher authority has said it and thus it must be true.  As I have postulated before, I think this is a form of information compression at the societal level which is why it is so difficult to get those who operate under it to think clearly - they have essentially delegated their thinking to some herd icon on the matter so that they can spend their time playing fantasy football and doing other equally unproductive things.

Like any Ponzi collapse, the debt Ponzi collapse will be exponential in nature.  It starts slow with spider cracks but at some point the structural integrity just gives way.  Remember folks, the global economy is a debt Ponzi, no Ponzi ever ran forever, and no, it won't be different this time.