A sobering wake up call to the world

Well I guess reality will be extended for a few more days/months. 
This video basically sums up the situation:




In addition, it seems there are a few people that are trying bring reality back.  Remember in Europe nations such as Greece and Ireland were forced into  austerity measures since they do not have control over their monetary policy.  IMF and European Central Bank imposed measured to raise taxes, cuts spending, and even lowering minimum wage in Ireland.

As the states are the quasi-world bank, they are in complete control of their monetary policy there is no pressure to reduce debt.  This is abundantly clear from the below bloomberg article.

debt plan rejected

“This plan will make an important first step forward in proving something, in proving our nation understands the peril of our ever increasing deficits and that our leaders are prepared to do something real,” said panel co-chairman Erskine Bowles before commission members began announcing their votes.

There is 0 political will to actually do what is required.  There will come a time where it is realized that the unpopular choice is the only choice.

Additional proof of the failure of the current path we are on is:

Unemployment Rises to 9.8% as U.S. Adds Just 39,000 Jobs

So rising unemployment as billions of dollars a DAY are pumped into the system (today 6.8 billion), should open some peoples eyes. 

I starting going long metal mining stocks again, but I am not counting out STRONG selling coming in at any point probably within the next couple weeks.  If not, I guess the extend and pretend mentality wins until the next sovereign debt issue.

Below is a current US debt holding, Something doesn't seem right that the FED is the number one debt holder
This is borrowed from ZeroHedge article here

Explosion of debt ......