Okay, I have been predicting doom and gloom for a long time but to be honest I have for some time been saying it can take a long long time for the obvious flaws in our system to come home to rest. So let me start with a disclosure. I bought more put options on December 31, which is in keeping with my statements on this blog. Obviously today I lost money. Quite a bit actually as I have a lot of put options, but the point today is that I bought 2012 options last week as I am firmly believing, as Keynes warned, that irrational exubereance can last longer than my solvency. It will happen, I just do not know when.
And now I present you with Ambrose Evans-Pritchard. I have linked his articles before. He writes for the Telegraph in England. He is, if anything, more doom and gloom than me and he does so for a major news outlet. And so I refer you to his piece, which I think is more pessimitic than reality, but it sells newspapers:
http://www.nakedcapitalism.com/2010/01/ambrose-evans-pritchard-apocalypse-2010.html
I am not going to say anything about this article otherwise but I have to point out one FACT contained within it:
"Household debt as a share of GDP sits near record levels in two-fifths of the world economy."
This is one of my two plus two facts. I cannot see how we can get over this without debt repayment big time. Go figure.
Disclosures: None.
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