Quote of the depression

They have formed mountains of debt that is classic malinvestment of the worst sort. This debt creation was like winding up an enormous clock spring. Debts were taken on by unworthy borrowers that never had a hope of repaying them, and then those same dodgy debts were re-packaged and re-sold to unwitting dupes--like pension funds in Denmark. This explains the umpteen foreclosed and abandoned tract homes that stretch from around the DC Beltway to the heartland of Ohio, to southern California. Inevitably all debt--whether good or bad--must be un-wound. And the more malinvestment there is, the uglier and protracted this unwinding process gets. Instead of a recession, we will probably witness the worst economic depression since the 1930s.
~Jim Rawles - Survivalblog