Greek Debt Cut to CCC
Greek Debt now cut to CCC in preparation for an eventual default. Brussels just cannot think out of the box. There will be no solution until the thinking paradigm is changed. I previously wrote:
With the economy turning down, the pain threshold will rise. The lack of liquidity will be a huge problem if everyone in dollar debt begins to scramble to cover their dollar shorts of nearly $15 trillion+ in external dollar loans. This can send the dollar soaring and yet there will be no offers. Banks have reduced dealing lines and this entire situation is looming as a perfect storm in the months ahead.
Liquidity has collapsed and trading lines have been cut at banks in New York and London. The amount of dollar debts by non-domestic issuers has exceeded $15 trillion where there is a huge risk that should the dollar rise, there will be a serious currency panic. If they try to buy dollars to hedge the risk, they will most likely all act at once and in the scramble we can still see the dollar rally sharply.
Aristotle & Education
COMMENT:
Hello Martin,
The volume and content of the work you are putting out is both phenomenal and sincerely appreciated.
In relation to your recent topics on education and learning, Dorothy Sayers wrote an interesting article in 1947 about the “Lost Tools of Learning” http://www.gbt.org/text/sayers.html where she referenced Aristotles Trivium, Quadrivium based work that has helped reinvigorate classical education at home for many. It looks to be one of the more effective ways to help our children of today to move toward some of the critical and dynamic ways of thinking that you are advocating with the emphasis on understanding the history and context without the focus on which is the so-called correct answer. Learning the grammar, logic and rhetoric to supply their own answers as their experience grows.
Many have their biases against learning outside the system but I’m betting (as I believe you also are) on it being the only real option.
Kind Regards,
SH
REPLY: Home schooling seems to be best, at least as a supplement. When I was 8 years old, my father handed me Aristotle. He told me to read. “If Aristotle was good enough to teach Alexander the Great, then he is good enough to teach you,” he said. I waited until my children were about 10 to hand them Aristotle. I must say, my first conflict in school was with a teacher who was being illogical and could not respond to my question. I used to drive my mother mad because I was constantly asking “Why?” about everything. I named the report on cycles I wrote in 1979 – The Why Report.
The Forecaster in Belfast & Extended for a Week in London
QUESTION: Good morning Marty,
Will you be in Belfast this Sunday?
Thanks,
T
ANSWER: No, sorry. My schedule has been so busy that I was unable to make it to the debut of the film in Ireland or London. I would have loved to have been there since I lived in London for many years. I hear the film was so popular in London that they requested to extend it for another week because it sold out. I’ve been told that is unusual.
Change never comes without the Pain
COMMENT:
Mr. Armstrong, I can talk till I’m blue in the face and it just does not matter! I say to people they are going to ban cash because of taxes and cash is not traceable, try as I might 1 out of 50 people see it. What a shame. I agree when you say that someone tells you that they are going to punch you in the face that most people will just stand there and do nothing. Therefore I have no sympathy for stupidity or ignorance!
God help us,
Scott
P.S. I’m going to punch you in the face in 5…4…3…2…
You cannot do anything to change the minds of the majority. This oddly enough is the very reason a crisis will take place. Tangible money is the Stone Age barter – Welcome to the new age of electronic money. Cash is slowly vanishing and the majority of people only see the world in a straight line. They are not capable of observing two things at once. Once I realized this was the fate of the majority, it became clear that it was pointless to try to work on Capitol Hill to save anything. Protesting does not change the majority. Change never comes without the pain. Those who inspire change are than hated by those who cling to old beliefs, refusing to accept change.
I have resolved myself to making aware those who think dynamically. We are the minority, but we are the movers and shakers. We are the “C” students for whom the rest must follow in the end. The majority is trapped in their own minds, unable to escape, for they will not look at the world without colored glasses. They only see what they want to see, and with this myopic view, they will make the cycle function.
This is similar to anyone who is really a promoter rather than an analyst, for they are biased and unable to see outside their bubble. I distinguish between the two very easily. The promoter only says ”Buy” and never “Sell”. Today, there are the “Gold Promoters”, we had the ”Dot.com Promoters” going into 2000 and of course back during the Great Depression. There are also “Stock Promoters” who took the same nonsense, average in. Such people, assuming they are not intentionally a fraud, are trapped in their own minds. They are far too prejudiced to listen or to consider what they have been doing wrong.
Such is life. Look at it this way. We need someone on the opposite side to trade against. That is what makes the cycle function – the majority must be wrong at the top and bottom. So save your breath. When the economy turns, only then will they listen.
I am off on a six week European tour because they feel the pain. I am speaking from Amsterdam, Brussels, Warsaw, Berlin, Frankfurt, Bologna, Budapest, Barcelona, Dresden, Tubingen, Stuttgart, and Paris and the requests are still coming in. I will be lecturing on the solution at three Universities. This is all at their request. You cannot get change without the pain. So be patient. They will come.
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