The Beginning of the Endgame- By John Mauldin

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Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
The Beginning of the Endgame- By John Mauldin

“We are going to look at several quotes from [This Time is Different], as well as an
extensive interview [the authors] graciously granted. We have also taken the great liberty of
mixing paragraphs from various chapters that we feel are important. Please note that all the
emphasis is our editorial license. Let’s start by looking at part of their conclusion, which we think
eloquently sums up the problems we face:

“‘Perhaps more than anything else, failure to recognize the precariousness and fickleness
of confidence—especially in cases in which large short-term debts need to be rolled over
continuously—is the key factor that gives rise to the this-time-is-different syndrome. Highly
indebted governments, banks, or corporations can seem to be merrily rolling along for an
extended period, when bang!—confidence collapses, lenders disappear, and a crisis hits."

...My sense is that the S&P downgrade is like that moment when we were told things would
be contained. In and of itself, the downgrade is not that important. What did we learn that we did
not already know? The US is headed for a financial crisis if they do not get the deficit under
control? This is news?
But I think it forces S&P to take a very hard look at France, whose loss of AAA would
bring into doubt the whole EFSF mechanism. And Spain and Italy must come under scrutiny if
S&P’s move in the US is not to be seen as politically motivated. The main result of the
downgrade may not be here in the US but in Europe, where there are already issues. A series of
downgrades (which are warranted if the US one was) would be traumatic.


hucklejohn's picture
Status: Gold Member (Offline)
Joined: Dec 13 2008
Posts: 281
John Mauldin

Thanks for the post, Johnny.  What Mauldin says is true but he doesn't go far enough.   I used to read Mauldin a lot.  I stopped because Mauldin -- like the media  -- repeatedly ignores the actions of the criminal syndicate behind the scenes, including the banking cartel, stealing what's left of the wealth of America & its middle class.  Mauldin merely blames misguided decisions for America's problems.   I cast my lot with the observations of Catherine Austin Fitts, Gerald Celente, Bob Chapman, Jim Willie, Professor Black, and many others, detailing the continual corruption at the highest levels.   

Travlin's picture
Status: Diamond Member (Offline)
Joined: Apr 15 2010
Posts: 1322
Thanks Johnny

Thanks for the article Johnny.  It is good to know that other people with followings are seeing some of the same things.


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