September Truths Emerging

All of the market growth this year has been an illusion. Greece will default, Euro banks will fail and the contagion will spread to US banks. Bernanke will print more money, Congress will spend more stimulus but it will be for naught. There's no way out of this Depression without things finding their true value. And the truth is probably 1970 values. Everything else is illusion.

Wretchard supposes an orderly retreat. I think it's far too late for that. It looks like 40 years of lies are upon us.