Monday, April 30, 2012

There Is No Solution, 
Only Catastrophic Outcomes 
"In the United States alone, we are borrowing an increasing percentage of the amount spent in each fiscal year .. Since our Federal Reserve is the central bank for the world, any program that involves spending more money .. is quantitative easing. This is the case, whether or not it is seen as our Fed taking the lead or Europe dealing with their own problems. It is the same checkbook and the same printing press. We have long since passed the nice and orderly process of easing, and are now engaged in what I would call ‘quantitative spewing.’ How long this can last is anyone’s guess. Nobody is in favor of an economic collapse. We have now transitioned into an economic ‘no-man’s land,’ the magnitude of which has never been seen. There is no solution, only outcomes that have to be managed. We must now print to infinity and hope that unexpected events will provide a positive path out of this morass."
- Robert Fitzwilson, founder of The Portola Group
link here to the KWN interview notes

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