Charlie Munger warns 2012 is our tipping point on 'road to ruin' + Basically, It's Over

-------- Original Message --------

Subject:	FWC: Munger warns 2012 is our tipping point on 'road to ruin' + Basically, It's Over
Date:	Tue, 23 Feb 2010 17:11:03 -0800
From:	Jas Jain

Please see the two attached links with comments from Buffett's parner Charlie Munger. Of course, no one could have known this 12 years ago that America was on the Road to Ruin , right? It takes a rare breed of born-and-bred American a long time to see the reality, but overwhelming majority of born-and-bred Americans, including Munger's partner Warren Buffett, is still clueless about what lies ahead for the US economy—the Greater Depression. Buffett is a classic born-and-bred American dope, suffering from an uncalled for optimism about an America that no longer exists, who recently made an all-in bet on the future of the US economy. I guess the left hand must not be talking to the right hand. Buffett dopes (those who own shares in Buffett's fiefdom) would be punished for their blind faith. The guy should have retired at 65 as a hero.

 

America's primary problem is born-and-bred Americans raised in the Age of Propaganda orchestrated by the worst Crooks in centuries. There is no solution to this problem other than the destruction of the system that sustains the Crooks. It takes centuries of pain and suffering to change people's bad habits and even then there are no guarantees. Greeks have not yet fully recovered from the damage done by democracy 2400 years ago. The beliefs and habits of the Greeks were forever changed. Democracies (the kind that the world has today) never fail to destroy a civilization whose greatness preceded the arrival of democracy. That is the problem that born-and-bred American dopes cannot deal with. A bad system guarantees a bad outcome. Bigger a democracy worse would the outcome be!

Jas

-x-x-x-x-x-x-x-x-x-x-x-x-x-

http://www.marketwatch.com/story/story/print?guid=DE9C526C-5F20-43F7-BF55-3D7084E9E4D0

Feb. 23, 2010, 12:01 a.m. EST

'Death of American Capitalism:' The 10 final scenes

Commentary: Munger warns 2012 is our tipping point on 'road to ruin'

By Paul B. Farrell, MarketWatch

ARROYO GRANDE, Calif. (MarketWatch) -- Good news, Americans are "downbeat about today. Upbeat about tomorrow," says the latest USA Today/Gallup Poll. "Americans feel battered by hard times, record home foreclosures, stubbornly high unemployment rates and war."

And yes, we are "fed up with Washington and convinced more than 3 to 1 that the nation is heading in the wrong direction," yet there's "confidence that there will be better times ahead, that the classic American dream endures and hasn't been extinguished. It's not even at its low ebb." Why? Because we're in denial!

Do Main Street's 95 million investors know something Warren Buffett's long-time partner, Charlie Munger, doesn't know? Munger is warning us "It's Over" for America. Yes, "o-v-e-r," America's in decline, at the end-of-days, coming to "financial ruin," says Munger.

...
-x-x-x-x-x-x-x-x-x-
 

http://www.slate.com/id/2245328/pagenum/all/#p2

Basically, It's Over

A parable about how one nation came to financial ruin.

By Charles Munger             Updated Sunday, Feb. 21, 2010, at 3:30 PM ET

In the early 1700s, Europeans discovered in the Pacific Ocean a large, unpopulated island with a temperate climate, rich in all nature's bounty except coal, oil, and natural gas. Reflecting its lack of civilization, they named this island "Basicland."

The Europeans rapidly repopulated Basicland, creating a new nation. They installed a system of government like that of the early United States. There was much encouragement of trade, and no internal tariff or other impediment to such trade. Property rights were greatly respected and strongly enforced. The banking system was simple. It adapted to a national ethos that sought to provide a sound currency, efficient trade, and ample loans for credit-worthy businesses while strongly discouraging loans to the incompetent or for ordinary daily purchases.

...