George Soros: We Are Facing A Larger Bubble
Throughout this rally we have held our downside target for the stock market and said we are going to have a back end second wave to this crisis that will dwarf the first wave.
"Policy does not allow a choice between depression and no depression, but between depression now and a worse depression later: inflation pushed far enough would undoubtedly turn depression into the sham prosperity so familiar from European postwar experience, and would, in the end, lead to a collapse worse than the one it was called in to remedy." -- Joseph Schumpeter, one of the few great economists
The quote above has graced this blog a few times. As we have remarked before, Schumpeter also said the the first order of business in getting through a crisis is to rid society of the leadership positions held by the dead wood who caused the crisis in the first place. That would be Washington and Wall Street. Large failing banks should have been nationalized and broken up when they failed. They were instead stuffed with trillions of taxpayer money so they could continue their fraud and massive theft of society's wealth. The Supreme Court's fraudulent decision from the late 1800's giving corporations personhood, which then gives them a legal right to bribe our government, should be constitutionally banned. A result of all of this would be that lobbying on behalf of corporations, private groups, nonprofits, etc is banned. And, finally, these endless wars which have propped up corrupt regimes, just like our endless bailouts have propped up a corrupt financial system, should be ended. And transparency and accountability should be returned to our federal government.
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