The End is Near: We Just Enjoyed the Last Christmas in America

[mai]

Aeolus451 said:

mai said:

Yes it is, Captain Obvious. The article by itself is not about Christmases though, the core quote of the article.

Borrowed money and phony financial legerdemain (mortgage-backed securities, derivatives based on the MBS, etc. etc.) from 2000-2007 created what I have termed a "bogus prosperity": no actual new productive wealth was created, only a brief and self-liquidating bubble of debt-based housing and stock valuations.

Today it's 2008-2009 all over again, except MBS have been replaced by a mountain of shale oil and gas derivatives.

So it's about another bogus prosperity? No wonder they used click bait to get people to read it.

It's about the same "bogus prosperity" in author's terms, a few quotes from Guan Jianzhong I posted earlier:

This crisis was transmitted to the entire world through the policy of quantitative easing and the use of the printing press. All the countries had to pay for that... These countries [US, EU] develop only if there is consumer demand while the main potential for this consumption is based on borrowings. The US, the EU and Japan are increasing consumption through growth in crediting, which poses a risk... global economy has been based on the model that promotes consumption through funds that will be earned in the future.

Essentially they're talking about the same thing.