The Economy Has Gone Nowhere Since 2008 And Is In The Process Of Grinding Down:Karl Denninger

Karl Denninger of says the US is headed for the same fate as Greece. Denninger says, “Not only have they not cut anything, but they have been expanding the spending of government, the debt taken on, at twice the rate of economic output. This is going to explode in our face. If we as Americans do not put a stop to this, we are going to face what Greece is facing now.” Denninger also predicts that the next financial calamity is on the way and guaranteed to be much bigger than the 2008 meltdown. Denninger explains, “In 2000, for us to bring the economy back into balance, we needed to have a 10% contraction in GDP top to bottom. In 2007, I ran the same calculations and the number was closer to 20%. It is now approaching 40%. . . . This sounds impossible. It is not, and furthermore, it is survivable if you break the medical monopolies. They go from 19% of GDP to 3 ½%, five times overrepresented right now. That’s $1 trillion.”

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