The “change you can believe in” is in your pocket.

It’s called pennies on the dollar which is exactly what we will have left after the Deflationary/ Debt collapse works its way through our economy.

It was a nice 30-40 year easy credit bubble. Well, guess what, the debt is now due and needs to be paid. THE DAY OF FINANCIAL RECKONING IS HERE. See Bill Gross of PIMCO’s article below:

http://www.businessinsider.com/henry-blodget-bill-gross-assets-are-15-trillion-overvalued-and-fed-will-keep-rates-at-0-forever-to-keep-the-fantasy-alive-2009-10

Yah, that’s right. ALL asset prices are at least 2X what they should be.

For those of you who insist on “bench marking” the year 2000 as things going downhill are simply missing out on the trouble WE ALL contributed to for DECADES. Mortgages with little or NO MONEY down (INFINITE LEVERAGING according to Dr. Roubini of NYU), car loans with no money down, furniture you do not have to pay for 1-2 years on store credit, etc, etc. etc.

Minyanville and others has placed our TOTAL NATIONAL/PERSONAL DEBT at 350% of National GDP (14 Trillion). Personally, I prefer Gross’s numbers. At least it’s 50 cents on the dollar.

- Steve

Related Posts:

• Preview: 2nd half of 2010 and all 2011
• Bill Gross: Assets Are $15 Trillion Overvalued and Fed Will Keep Rates At 0% Forever To Keep the Fantasy Alive
• Check out this voice of sanity from the minyanville:
• The great depression and this crisis have to be viewed from the perspective of the run up to the crisis.
• From Denninger today — anyone know anything about AIG underwriting Greek debt? That could get interesting:

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