So Long, & Thanks for All the Credit

Excerpts from an email this morning:

In order to provide an orderly & peaceful Exit from the credit based economy, the Board of Security is sponsoring the Operation: Exit for Security, Liberty, Prosperity, Peace & Justice. The Purpose of the Board is to provide the participants of the Exit with a mean to protect their belongings and organise an efficient credit free, free market economy among them.

Chances are that people not participating will, on the short run, suffer very high material losses. Now it is not fun to compete anymore! Sincerely Yours, Office of the Chairman of the Board of Security, Shalom Patrick Hamou

Patrick is apparently a busy and pessimistic fellow, but I guess his last idea didn’t pan out so well.

More broadly, however, what is interesting about this sort of thing is how it is an example of a largely-unremarked streak of financial apocalypticism that exists in investing and economics. Recent examples have been diverse, with entries like the above — and books from Robert Prechter and Ravi Batra — but as long as there have been financial markets there have been people around who think that said markets are long overdue to go to zero.