We are in the middle of the Second Great Depression and as I predicted several years ago during the height of the credit bubble boom, it will take many years to escape this collapse and worse, it will probably lead to many wars and maybe, WWIII. The relaxation of regulations of banking systems led directly to this mess. The creation of the entire galaxy of bizarre paper entities which I call collectively, the Derivatives Beast, led to the creation of a huge shadow financial entity that is bigger than the value of everything on earth. This is what the world’s top bankers are clinging to keep alive. This is what hasn’t blown up…yet. Meanwhile, whole nations slide off the economic cliff.
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