IPFS Frosty Wooldridge


More About: Economy - Economics USA

Economy, depression and debt

In this ongoing series with economist Mike Folkerth, www.kingofsimple.com , and author of The Biggest Lie Ever Believed, he writes, “No other mathematical possibility remaining than for the US to pitch into a full blown depression.”
Give us an idea of what we face and why Mr. Folkerth:
“For more reasons than I could possibly go into, it has become my studied opinion that there is no other mathematical possibility remaining than for the U.S. to pitch into full blown depression within the next two years,” said Folkerth. “More than 18 months past, I announced on your radio show that the U.S. cannot physically increase GDP (ever) if per-capita share, inflation, and accumulating debt are properly considered. Thus far, when the former mentioned factors are considered, GDP continues to shrink.
“Perhaps this is evolution in action. Those who never saw this coming will perish while some of those who did and prepared for the same will survive and the evolutionary chain will continue unbroken.
“Like the announcement on TV noting a shooting or auto death in another state or nation, we scarcely blink as we say, “Would you pass the roast beef and mashed potatoes please?” And thus, the millions of Americans who have now lost it all, home, car, job, retirement, dignity, and maybe even the will to live, are quickly dismissed by those of us who have yet to be affected. Our conversation quickly drifts away from this most unpleasant dialog and toward discussing next year’s fun filled vacation.
“We send mental midgets to represent us in government at all levels, because the mean intelligence of the masses is even lower. The idiotic ideas that our rotating presidents espouse are nothing more than carefully crafted lies that are aimed precisely at our normalcy bias. We don’t want physical evidence, we much prefer phantom hope.”
“It is natural for man to indulge in the illusions of hope. We are apt to shut our eyes against a painful truth, and listen to the song of that siren till she transforms us into beasts…For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth, to know the worst, and to provide for it.” - Patrick Henry
“In my opinion, there is little time in which to prepare,” said Folkerth. “Part of that preparation for the few individuals who will take heed would be to abandon all cities and any cold climates that lack a growing season and that require massive fossil fuel inputs to stay warm. As you can imagine, this is only possible for a very select few.
“I always grin when I consider James Kunstler’s, The Long Emergency, rational in stating that the Northeast will the best place to survive. Of course, the Northeast is Kunstler’s home and even the great predictor of doom cannot overcome his own ingrained normalcy bias. Go figure.
“Our continual insistence on population growth as a means to advance debt capitalism is about to collide with stark physical reality.”
Mike Folkerth may be reached at www.kingofsimple.com