Quote of the day—Jim Quinn

Global debt issuance reached a record $6.6 trillion in 2016, with corporations accounting for $3.6 trillion – most of which was used to buy back their stock at all-time highs. What could possibly go wrong? The level of normalcy bias amongst financial “experts”, the intelligentsia, and the common man is breathtaking to behold. We are in the midst of the mother of all bubbles, never witnessed in the history of mankind, and we pretend everything is normal, with no consequences for our reckless disregard for honesty, rational thinking, or simple math.

Jim Quinn
December 31, 2016
[I have nothing to add.—Joe]


1 thought on “Quote of the day—Jim Quinn

  1. The fact that people do this, claiming with a straight face it’s needed to keep the system from collapsing, is what I find fascinating. You ask about the end-game, how does this massive amount of debt play out, and they have no answer. You ask “what about the children inheriting this steaming pile of debt?” and they have no answer. You ask how is it sustainable and they have no answer.

    You ask why we should shoot the bankers first and they have lots of answers that are all lies or calls for gun-control.

    The real goal, of course, is to create money out of thin air, loan it out, wait for the defaults, and gain hard assets back for no work. Wash, rinse, repeat. The bankers don’t want too many defaults at once, or things get rocky, but a steady stream of debt-slaves and sufficient default rates to accumulate rent-producing real estate at a comfortable rate and eventually the bankers own everything… unless people say “no. enough. game over, man.”

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