The main difference really is that the purported victims, or enablers, or co-fantasists of the trader Bernard Madoff say they found out their wealth was illusory all of a sudden, whereas for most people in the English-speaking world, this is happening little by little. [1] Saft is asking a good question. What do Doomers think?

Financial Products unleashed techniques that others on Wall Street rushed to emulate, creating vast, interlocking deals that bound together financial institutions in ways that no one fully understood and contributed to the demise of its parent company as a private enterprise. In the panic of mid-September’s crash, the Bush administration said that AIG had grown too intertwined with the global economy to fail and made the extraordinary decision to take over the reeling giant. The bailout stands at $152 billion and counting — almost 10 times as large as the rescue for the American auto industry. [1]   The Post’s…
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From the chickens, the new goat, & all of us in Doom Castle … !!HAPPY NEW YEAR!! We now proudly present OSO’s 2009 prognostications — the ones that gave Igor his world class hangover 25 Predictions for 2009 by One Salient Oversight     The US Dollar will undergo a substantial devaluation. It will eventually fall below 60 on the US Dollar Index. The price of oil will go up again but only because it is denominated in US Dollars. It may potentially rise up to $60 depending upon how far the US Dollar will drop, but will not rise…
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