Let's start with Gerald Celente of Trend Forecasters:
"It did collapse. It collapsed in March of 2009. The world equity markets collapsed. What they did was they propped them up. And they propped them up with stimulus packages worldwide. The United States has lent, spent and guaranteed $11 trillion, to prop up this economy.
So the collapse happened. But it hasn't crashed. And we are looking for the crash to come.[..]
I want to make this clear: capitalism is dead in America. And it’s not socialism, like all these people are yelling about. The merger of state and corporate powers, by definition, according to someone who knew the definition really well, is called fascism. That's what Mussolini called it. Fascism has come to America."
Hedge funder Hugh Hendry needs less words:
'I would recommend you panic'.
Canadian fund manager Eric Sprott has this (about the US):
"The debt, the deficits are enormous. The industrial capacity has been gutted. One cannot make a positive story for it other than some temporary trading phenomenon because something else is uglier than the dollar."
The US M3 money supply (the most comprehensive number, albeit no longer supplied by the government, is sinking like an anvil, with an annualized rate of contraction of 9.6%. And even though nobody I’ve read seems prepared to call this spade for what it is, this, dear grasshoppers, is what constitutes deflation. Not falling prices, they are but a consequence of a falling money supply and velocity (which today is slower than the heavy mud BP so far fails to use to plug its "leak").
And as much as it may seem astonishing to see the money supply fall that hard and fast, it does so, and we at The Automatic Earth did tell you well in advance. The deleveraging going on inside all the fields combined that make up the economy is simply too much of a force to plug with a bunch of trillions of dollars and/or golf balls. Yes, the comparisons between the failed and failing US financial policies on the one side, and the botched beyond belief BP disaster inevitably come to the forefront as President Obama visits the Gulf region for a second time in 38 days.
Where are his priorities? Why does he act as he does? It was clear for many from the get-go that Deepwater Horizon had the potential to be the worst environmental calamity in US history. Where was Obama? How does a president decide he doesn’t have to be where it hurts? Now, after all this time, he shows up and claims that Washington won't let the people of the Gulf of Mexico fall. Problem is, Washington, and the president, already have. And neither can have those 38 days back.