by Bill Holter, MilesFranklin.com:
5 years ago this week Lehman Bros. collapsed and set off a chain reaction in the derivatives markets. I believed at the time that we were just hours away from a complete implosion of the financial system. It turns out that after the fact, if you believe what insiders have since related that this was true. We WERE literally hours away from the markets, banks and financial system not opening up that Monday morning. But…it all “worked out”…sort of. I say “sort of” because we had to “spend” a lot of ammunition to keep the boat afloat and the markets open.
So here we are 5 years later and where do we stand? You can listen to Washington or Wall Street and you will hear “it was a close call back in 2008 but we saved the day and are ‘growing’ now and the danger has passed.” Do you believe this? ANY of it?
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