What's Dead (Short Answer: All Of It) Karl Denninger

Karl Denninger has just wrote this rather bleak outlook on what he feels is going to happen and it doesn't make easy reading.
Some of the things he believes will happen are (among others), pension funds, private and public, are done.The FDIC will be unable to cover bank failure obligations.The unemployed will have 5-10 million in direct layoffs added within the next 12 months.

Just so you have a short list of what's at stake if Washington DC doesn't change policy here and now (which means before the collapse in equities comes, which could start as soon as today, if the indicators I watch have any validity at all. For what its worth, those indicators are painting a picture of the Apocalypse that I simply can't believe, and they're showing it as an imminent event - like perhaps today imminent.)

He saves the best till last though,

* Civil unrest will break out before the end of the year. The Military and Guard will be called up to try to stop it. They won't be able to. Big cities are at risk of becoming a free-fire death zone. If you live in one, figure out how you can get out and live somewhere else if you detect signs that yours is starting to go "feral"; witness New Orleans after Katrina for how fast, and how bad, it can get.

The good news is that this process will clear The Bezzle out of the system.

The bad news is that you won't have a job, pension, annuity, Social Security, Medicare, Medicaid and, quite possibly, your life.

Ive got stuff to do so i cant comment much, but i thought i'd drop this off here for some of you to discuss and ill check back later. This is some really worrying stuff and i just don't see any good news coming round the corner any time soon.

link market-ticker.org...

Karl seems to nail it pretty often. He is painting a gloomy picture with plenty of How and Why.

What I understand is he is saying it Implosion of Credit could happen any minute NOW!

You got a star from me for bringing this to attention.

You should frequent the Up To the minute market data thread here, it usually gets updated about every 10 minutes and is filled with data and some smart people, Karl's post was a couple of pages back.