I used to think that when the "Big Crash" finally comes, it would be a quick event. I used to think we might see the precipice coming, but then we would be over the edge with little time to think about it.

Now there is little doubt that the "Big Crash" has arrived, but rather than a quick, merciful demise, it appears we are destined to watch this thing string out over a matter of months - or even years.

The crash really began in the summer of '07, when indications surfaced that things were not quite right in the CDO securities market. Subprime mortgages were mentioned as the culprit, although subsequent events revealed this was just the tip of the iceberg appearance of the looming massive derivative bubble meltdown.

Economists smugly reassure us that economic policy has matured greatly since 1929, so there's no need to worry about a repeat of the Great Depression.

In reality, what we are witnessing is a massive paradigm shift that requires a new vocabulary and new understanding of reality just to have it register upon our senses. Economists, Banksters, and Politicians simply do not possess the vocabulary to describe what is now taking place. Thus, discussion centers around "where is the bottom level in the Dow" and "how deep a recession & when will recovery begin". Very few dare broach the possibility that we are in the midst of a structural crash as opposed to a cyclical business downturn. In fact, the official determination has not yet been made that we are even in a recession!

Most of us can sense that something is definitely unprecedented about this crisis. The Bankster bailout and other Fed interventions clearly have no precedent, and the sense of desperation among our leaders is palpable. The wreckage in Iceland is much worse than we've seen here; the question remains whether this is only a preview of what could spread to a financial market near you. European Banksters and Politicians apparently think it could spread.

It would be best to prep ourselves with vocabulary and understanding sufficient to at least get a grasp on sensing reality for what it is. If you think the Dow at 8000 is scary, how will you react when it slides to 5000, and then 3000? How about a bottom under 1000? As economists debate whether the unemployment rate will peak at 9% or 10%, how will you react when it blows past 20%, and violence erupts in the streets?

It's likely that things won't crash from here in one steep slope - thus compounding the difficulty in comprehension. There will be pauses and moments of false optimism along the way. Life will continue to go on as before, up to a point.

I still feel there is something surreal about the presidential election. It appears that Obama is running away with it, because people sense that "more tax cuts for the rich" is not a helpful solution when the underclass is drowning. However, a tremendous weight of expectation now falls upon Obama's shoulders. At some point, public discussion will inevitably turn away from "resolving the crisis" to simply what can be done to help people to survive what looks to be a very difficult period ahead.

The question is, how long until leadership arises that recognizes the paradigm shift for what it is? The sooner the better that resources are shifted away from bailing out a sinking vessel, and into humanitarian aid for the masses.

As painful as it may be, at some point we must recognize the paradigm shift for what it is. The old model of reality is slipping away. Life as we have known it is not coming back. Those who can "catch the wave" early and embrace the new reality will have the advantage. In chaos, there is opportunity.

-Darkwave