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"A deflationary depression is already upon us"

Robert Prechter and Elliot Wave

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Originally made available June 11

The financial news media (sleazy securities industry-subsidized con artists) was selling a “things aren't so bad, looks like they might get a whole lot better” story until the markets melted down in September.

Now they're selling a “it might be a second recession, it might not be” story.

Both stories are completely divorced from reality.

Reality is the debt levels, more importantly the economy's ability to service the debt it already has. When the debt party is over, it's really over. No more new bubbles, no more new go-go stocks, real estate unsellable, employment low and staying low.

The air went out of most of the bubbles in September, sometimes in a major way, sometimes too dramatically to ignore.

This was predictable. Indeed, it was predicted but Prechter back in April when the no limits to debt funded bubble party was in full swing. You can continue to believe that there is a chance everything will turn out magically okay, but if you do and go along with the TV numbskulls that want you to pick deck chairs on the Titanic, don't say no one warned you.

It's later than you think.