"To bring the ponzi under control now we must cut federal spending ("G" again) by some 43%, or about 2.4 times as much as we had to in 2007. We also must accept a contraction in GDP that is almost four times greater than we had to in 2007.
Now let's add some other ugly -- very ugly -- facts.
- Despite the financial crisis of 2008 banks have not been forced to stop lying about asset values -- and not just here in the United States. Morgan Stanley has its stock price under attack as nobody believes their balance sheet. Worse, European banks havebeen doing the same thing with sovereign debt and we have no idea what the interdependency is between their institutions and ours. That is, the sovereign Ponzi finance game is being "covered up" by banks claiming values that do not represent reality on theirbalance sheets"..............READ MORE
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