Union Pacific Railroad CEO - There Are NO Green Shoots
I only watched the first ten minutes of this video because the rest gets into discussions that aren't relevant to the economy. Worth a watch. It's not a pretty picture. Interestingly, Young is well too optimistic including his remarks about food. Although it's hard to take anything he says as optimism. Let's supplement Young's remarks with some cumulative statistics across all of the railroads that have held relatively stable for all of 2009. These numbers are year over year. Coal is down 12+%, grains down 30+%, industrial metals down 60+%, autos down 50% and food down 10+%. We haven't seen this type of collapse since the Great Depression.
Green shoots? Wall Street will tell you whatever they can get away with to keep their corrupt party going. This discussion about the economy bottoming has nothing to do with reality. It is an attempt to manipulate the public at-large. And, it is the ignorant or brainwashed elite who never saw this crisis coming attempting to do the manipulating. Or, using the Thomas Paine quote in the last post, "........and so effectually had the tyranny and the antiquity of habit established itself over the mind........." If Wall Street can hoodwink people to keep from true reform and re-ignite the economy, that's exactly what they are going to do. It's what they did in the last major crisis they created in 1989. Why wouldn't they try to keep the party going? They have robbed us blind. It won't work.
Young also points to the scope of the international drop in business. What is surprising to me is that everyone is still surprised by this. I think we are really the only source in the blogosphere or the financial community who has been saying for the last four years that emerging markets are headed for a lengthy depression. Some are now waking up to the fact that this crisis is going to be global but the appreciation of how deep and lengthy the emerging market collapse will be is still lacking.
Be prepared for the future.
Green shoots? Wall Street will tell you whatever they can get away with to keep their corrupt party going. This discussion about the economy bottoming has nothing to do with reality. It is an attempt to manipulate the public at-large. And, it is the ignorant or brainwashed elite who never saw this crisis coming attempting to do the manipulating. Or, using the Thomas Paine quote in the last post, "........and so effectually had the tyranny and the antiquity of habit established itself over the mind........." If Wall Street can hoodwink people to keep from true reform and re-ignite the economy, that's exactly what they are going to do. It's what they did in the last major crisis they created in 1989. Why wouldn't they try to keep the party going? They have robbed us blind. It won't work.
Young also points to the scope of the international drop in business. What is surprising to me is that everyone is still surprised by this. I think we are really the only source in the blogosphere or the financial community who has been saying for the last four years that emerging markets are headed for a lengthy depression. Some are now waking up to the fact that this crisis is going to be global but the appreciation of how deep and lengthy the emerging market collapse will be is still lacking.
Be prepared for the future.
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