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Karl Denniger was one of the founders of the Tea Party. He left it a few weeks later when it became obvious that it was being co-opted by Republican stooges (not to be confused with Democrat stooges.)

He's been frighteningly correct about a large a number of things effecting the economy in the last 10 years. As a pioneer in the Internet industry, his first clue that things were massively askew was the so called "dotcom boom" and all the fraud associated with it. That same method - packaging shit and calling a gold - was applied in the so-called "sub prime crisis."

Whatever you call it, it all boils down to the same thing: societies living far beyond their means and using various frauds and fantasies to prop the market up one more time before reality sets in.

According to Denninger, if you take away the recent and massive spike in government spending, the US economy has been in a Depression for at least three years and not only do things not look like they're going to get better (in spite of the endless bullshit from the financial news media), they look like they're going to get worse, much worse.

This is not pleasant information. On the other hand, after the age of 3 or 4, it's a good idea for people to start entertaining and dealing with less-than-pleasant facts.

Denninger is one of the best dealers of such facts I know.

Pay attention. Listen twice or thrice if you have to.

It's very hard to find anybody willing and able to speak this accurately and comprehensively in any public forum. There's a lot of mindless “doomsayers” out there and they don't help anybody. There's also a lot of people pushing “investments” in things like gold and penny mining stocks as a solution. No, no, no. Those people are idiots at best, scammers at worst.

The only safe haven right now, in my opinion, is cash and the closest thing to cash - without keeping it in a safe under YOUR control - short-term U.S. Treasury bonds.

You can chase yields if you want to. You can also play frisbee in the middle of an eight lane freeway. I don't recommend the latter, neither does Denninger, and neither does Robert Prechter.

Now is the time to set everything else aside and pay close attention. Odds are if you are 30 something or older, you won't get a second chance to get this one right.

Good luck out there.