The Bad News is Just Getting Rolling... Gary North

This is a cheery synopsis of what has been happening to the Macro economics of our nation. I have heard no one argue that his facts are wrong. Whether or not we are actually on an abyss I don't know. But I have no doubt that we will be in a recession or possibly a depression?!? Everything the King and his men are doing to save Humpty Dumpty does nothing to address the real problem. We have spent way to much money that we don't have. Nationally and on an individual level.

This is a longer column that gives a pretty good look at what's going on.

At the Edge of the Abyss
by Gary North

This week has been filled with surprises. It began with bad news for international stock markets. It got rolling with unprecedented news from the Federal Reserve System. It got wild with nutty news from a bureaucrat in New York. Then it settled down to wild swings on the American stock market.

All in all, this week was a sign that the economy is headed toward the falls. Keep close watch on the canoe 100 yards ahead of you. If, without warning, it disappears, start paddling for the shore. Either shore. Fast.

On Monday, Americans were home, celebrating the birth of Martin Luther King. Well, maybe not celebrating. But home.

The American stock markets were closed. That left foreign markets to set the pace. They fell. They looked like they were in free-fall. Then, the next day – day two for them – they fell again, only worse.

Fifteen minutes before the New York Stock Exchange opened, there was an announcement from the Federal Reserve System. The Federal Open Market Committee had met in secret the night before and had voted, 8 to 1, to lower the target rate for the Federal Funds rate by three quarters of a point: 75 basis points, as they call it in the trade....
whole thing here