There perhaps is no more apt analogy for our current financial crisis than the USS Titanic.
Mr Ismay with his fateful line “when can we get underway, dammit!” embodies current American sentiments like “we can’t let this crisis slow us down,” “how can we fix this?” and “the USA’s banking system is just too robust to fail!”
This is hubris, delusion, and folly.
Some problems cannot be papered over (no pun intended); some wounds are too deep to heal. Some diseases living in a body too long will metastasize and be inoperable.
The USS Financial System is one such lost cause. It has struck the iceberg and we are now sitting around dumbfounded trying to strategize “solutions.”
“The pumps save us time, but minutes only!”
The tactics the FDIC, Treasury, and FED are employing now are bandaids at best—and additional holes in the hull at worst (making the problem even larger long-term).
We must analyze the stack of dominoes before us. The bulkheads in this video/analogy represent our nation’s debt, its banking risk due to interest rate changes, and rampant inflation.
The US will either succumb to a banking crisis or an inflation crisis. Or perhaps both at the same time…
Too many bulkheads have overflowed with water at this point for the ship to be saved.
All we can do is orderly head for the liferafts. Pretending there is no issue or underplaying the scope of the pending disaster only costs more lives.
The Titanic will founder. Will you be on a life raft when it does? Click here to read how…