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By Robert Fitzwilson of The Portola Group

October 13 (King World News) - “Chaos In 17 States Reveals Our System Is Finished”


The lyrics at the bottom of this piece are from a song performed in 1934, during the Great Depression, by Shirley Temple.  It came to mind very recently when I was thinking about the state of affairs in which much of the world finds itself today.  As you will see below, the grasshopper believed that work created restless nights while having fun was more enjoyable.  The ants, known for their persistence and hard work knew better.  When winter arrived, the grasshopper was unprepared and nearly died.  Upon recovering, the grasshopper changed his tune.


As we watch the soap opera over the debt (spending) ceiling, it is important to acknowledge what grasshoppers we have become.  The failure of the food stamp system in 17 states yesterday and the reports of outbreaks of hostility gives us a glimpse of our fate as our collective winter approaches....


Continue reading the Robert Fitzwilson piece below...  




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The assumption that our various obligations can be paid is a fantasy.  No mention is made in the mainstream media about that fact that our $17 trillion economy is wholly insufficient to service debts and future obligations.  Nominal GDP is not a measure of the ability to retire debt.  Just as revenues do not equal profits or salaries equal net paychecks, obligations can only be repaid with the net, not the gross. 


At the family level, people need food, shelter etc.  The same is true for the nation as a whole.  So take a fraction of that much touted number, and that is what is available, at best, to pay for our annual deficits, let alone retire future obligations.  The math is inescapable.  The current system is done.  Reset is our only remaining option.  The only question is whether we suffer through the traditional hyperinflation if we choose to push the fantasy out a few more years, or if we do the reset soon?  We will have too sit back and wait for that answer.


Meanwhile, China reported record accumulations of gold, iron ore, copper and oil.  While we grasshoppers sing our song, the ants prepare for winter. 


Deedle dardle doodle deedle dum (1934 Great Depression song by Shirley Temple below).


Oh the world owes me a living

Deedle dardle doodle deedle dum

Oh the world owes me a living

Deedle dardle doodle deedle dum


If I worked hard all day I might

Sleep badder when in bed at night

I sleep all day so that's alright

Deedle dardle doodle deedle dum


There once was an old grasshopper

Who could only think of fun

He looked on work as something too

Unpleasant to be done


He loved to sit in the summer sun

And fiddle all day long

While dozing there he played this air

And singed this little song


The north wind blew the leaves away

When winter came one stormy day

The snow fell fast upon the ground

No food nor shelter could be found


This old grasshopper sad and weak

Could hardly hop or view his feet

He slipped, He fell

Poor Chap, Farewell


Some ants stayed in their hilly home

Looked out and saw him sneezing

They soaked his feet in mustard sauce

He grew better soon

Now every day they hear him play

And sing this little tune


Oh I owe the world a living

Deedle dardle doodle deedle dum, ah-choo!

Oh I owe the world a living

Deedle dardle doodle deedle dum, ah-choo!


I got a bad cold in my head

You ants were right the time you said

You've got to work for all you get

Deedle dardle doodle deedle dum, ah-choo!


Like the ants, those who prepare will get to live through the winter -- so keep accumulating precious metals and other tangible assets.  Hopefully the United States will survive the coming winter as well.


IMPORTANT - One of Andrew Maguire’s best KWN audio interviews ever discussing the recent smash, the West’s massive gold loss, what’s next for gold, and more is available now and you can listen to it by CLICKING HERE.


Update - The incredibly powerful and timely interview with Art Cashin where he covers strange happenings in the gold market, as well as many of the great dangers facing the United States and major markets is available now and you can listen to it by CLICKING HERE.  


© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The audio interviews with Andrew Maguire, Art Cashin, Egon von Greyerz, Bill Fleckenstein, David Stockman, Robin Griffiths, Jim Grant, Gerald Celente, William Kaye, Dr. Paul Craig Roberts, Chris Powell and Eric Sprott are available now. Also, other recent KWN interviews include Marc Faber and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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