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Tuesday, June 23, 2009

The Coming Economic Cold War Will Be President Obama’s Challenge

For anyone to believe the United States will soon return to a state of economic stability, I am afraid you have not been reading your herbal tea leaves correctly. Not only is there a new American paradigm emerging, but there is a new world paradigm on the horizon. For many Americans it is unlikely that they will ever return to a state of economic stability. And, for others, they may get closer to where they were before the big collapse, but not close enough.

The powerful economic forces in the world are all fighting for recognition as dominant players, while strategizing to become master players through their political maneuvers in order to position themselves in such a way so their currencies will evolve as the major trading reserve currencies above all others. It has become more visible and apparent that the United States has not been fully included in the current Eurasia summit conferences. As a matter-of-fact, we are being excluded, at this time. It not only has to do with the instability of the United States dollar and economy, but equally as much as it involves U.S. dollar hegemony, it is also about how other world powers are now realizing they can finally subdue its domination, without firing a shot, as well as reducing the sphere of influence by the world’s largest debtor nation—the U.S.

This overwhelming paradigm shift will be jettisoned by Russia and China supplanting the U.S. dollar as the world’s major reserve currency with, instead, other sovereign currencies. This dramatic change will be initiated as foreign central banks pull back their purchases of U.S. treasurys, especially those that are considered longer term investments—anything beyond a 10 year maturation.

The days of China and Russia subsidizing U.S. military expansion (approximately half of the U.S. budget) through the purchase of U.S Treasurys is coming to an end. Another way that the U.S redirects it currency back into the budget is by circulating it through the host nation’s central bank via the 737 military bases and installations established around the world. This, too, may be coming to an end. The U.S. may be finding Russia, China, Brazil, Pakistan, India, Iran, and Malaysia removing its pawns, knights and bishops from the world’s chessboard. The nations with budgetary surpluses now have greater control over the one country, which was so willing to destroy its real economy, and replace it with a phony financial-monopoly based economy full of fake securitized debt instruments, which were given fake high AAA ratings, and insured against their failures through Ponzi-style credit default swaps; and, as a result of such foolhardy willingness shown by Reagan, Bush, Clinton, Bush, and now, Obama, the U.S. will more than likely find itself in a continuous decline as it throws more of its economic resources into the burn-barrel of financial institutions.

For President Obama to even think of giving Federal Reserve Chairman, Ben Bernanke any oversight powers, is to give a pyromaniac oversight control of the burn-barrel. And, to allow his voice to structure new regulatory rules over the financial sector would be like letting a bank’s personnel director hire professional bank robbers as night janitors!

Bernanke is culpable in this economic collapse. He has been deeply embedded in the plot by the top 20 banks to take over the Treasury, and the Federal Reserve’s resources.

We have now learned that 10 financial banks want to pay back $68 billion of the $700 billion allocated TARP funds. Now Kevin Hall of McClatchy News has spun propaganda by stating that “the TARP bailout turns out to have been good business for the U.S” in his article of the same name. He says that out of the $68 billion, the U.S government received $1.8 billion in dividends. “That translates to an annualized rate of return of about 4.64 percent on the $68 billion.”

Out of the $700 billion allocated for TARP, there still remains $134 billion still remaining in the program’s account. Subtract the $68 billion, and there still remains $498 billion still outstanding by the remaining 9 financial banks. $566 billion was actually lent out. Only around 15% is now planning to be paid back.

The question is what kind of impact did this $1.8 billion have on the GDP? Or, on the productivity of the country, for that matter? The answer is zero! Did it improve the plight of the suffering working American? NO! I am sorry Kevin, but I don’t see how the bank bailout was good business for the U.S.

Had the banks been allowed to fail, and all the funds that were handed over to the zombie financial banks, including the measly $566 billion out of the $11 trillion total amount of money made available to the zombie financial banks, the U.S. government might have been able to gather a return by investing nothing, but instead, taking control of the bank’s assets, and once taken over through receivership, then the toxic mortgage debt could have been auctioned off for around 22 cents on the dollar. Bank receivership would have been better business for the U.S. in the long run. And, better for working people. In spite of all the party favors given to the financial banks, credit is still frozen because the banks are hoarding the money for their own protection.

Now, had the government made available the $11 trillion to those companies in the real economy, as loans, to, once again, build up a Green and vibrant manufacturing sector, workers would have been hired, who would be paying income taxes, and stimulating the economy through spending. Foreclosures would have slowed months ago. The peripheral economy that surrounds the manufacturing economy, such as services, would hire workers and the nation’s productivity would grow, as well. And, the businesses would be paying back the government in taxes. Such a plan would have been a real stimulus improving the GDP far better than lending money to the hoarding financial banks that were responsible for the economic collapse in the first place!

Another weak aspect of President Obama’s regulatory plan would allow credit default swaps to go unregulated only if they were considered to be “custom” by the insurer—our government protected financial crime syndicate. And, of course, “custom” swaps would be the majority issued. Credit default swaps continue to amount to $30 trillion, and were a major player in the collapse of our economy because they went unregulated. So, for the most part, President Obama wants to continue walking the path toward the Gates of Hell!

The path President Obama has chosen will very likely embolden the neo-fascist Right wing hate-talk media voices doing what they can to bring about a sea change of civil unrest the likes of which many of us have never seen. He will deliver it to them because his decisions allowed for it to evolve. For a person as smart as he seems, he lacks the ability to see the cause and affect, 3 or 4 moves ahead, of his decisions. Some believe the opposite, that he sees moves forward, but I must differ with that observation.

The foreign countries mentioned above are sick and tired of being forced to buy Treasurys through the cycling of dollars they receive from U.S. corporate business sectors buying up their cheap goods and services, and foreign corporations, as well as having dollars circulated into their banks as a result of U.S. military installations situated in their countries, which is then used to further support these same U.S. military bases and facilities they would like to see closed up and moved out.

Foreign central banks don’t have very much they can buy with dollars except Treasurys and American corporations, only when the U.S government permits it.

This change will likely happen. China and Russia have seriously created a plan during their BRIC (Brazil, Russia, India, and China) summit in Katerinburg, Russia. The U.S. was told “No” you are not invited, even as a passive observer.

President Obama’s actions have advanced the Economic Cold War. [Read Dr. Michael Hudson’s enlightening article, “Appointment in Yekaterinburg: The Ending of America’s Financial-Military Empire”, Counterpunch.org, 6-20-09.]

The result of the U.S.’s possible loss of the dollar as the world’s central reserve currency will be hyper-inflation because the Federal Reserve will print much more money. It is likely that there will be more job losses, significant rollbacks with state and local budgets and a shake-up in the way President Obama has been doing business, as well a Republican uprising inside Congress.

In the June 17, 2009 Wall Street Journal, there was an article about how hedge funds are foreseeing inflation with regard to commodity prices in the nation’s future and investors are betting on it happening. Such news materializing would be bad for the average working person. I have my doubts that commodity prices could inflate much more without higher wages being realized. Consumers would just cut back on spending forcing commodity prices to fall. It is a hedge fund gamble.

China, Russia and the other foreign nations realize they cannot kill their consumer export market in the U.S., but will be able to bring it to its knees as they begin to dictate new rules. They will capitulate and continue to buy U.S. Treasurys, but it will be on their terms, as they “negotiate” a reduction in U.S. military expenditures reducing our dominant influence in Eurasia.

Without the U.S government’s ability to borrow from the world’s budget surplus nations, it will not be able to spend and expand its own budget deficits. Government spending reductions will squeeze the economy, and shrink government programs, services, and entitlements, along with contributions to the states. But rest assured, the Bush-Obama bail-out/rescue plan delivered to the financial banking sector occurred as a result of demands they made to be protected from the coming squeezes, such as with luxurious wages, once the economy begins to further fold in on itself. These oligarchs have demanded they be insulated from any of the financial suffering the rest of the population will experience.

Thanks for reading, jerry

Read This

34 comments:

SPECTRE of Deflation said...

If he continues to spend so freely, putting this very mildly, the challenge will be to keep America from defaulting, not competing. I believe when Bush left office we had spent, lent or guaranteed $7.8 Trillion while today under Obama we are at almost $14 Trillion. He almost doubled our obligations in 100 days. Far from helping matters, he seems determined to implode all markets for his masters of the universe.

He's continuing to make things worse in order to bring about a global cabal that will supercede our own laws and our own self interests as a nation. I imagine the IMF and the BIS are thrilled with our new President.

What's needed is more bread and circus before the citizenry discover that the Empire is flat ass broke. Watch for major trouble starting around July 1 for states with major budget problems, which is pretty much all states, and the Federal Govt. to have the same said problem in Oct. 09. FUGLY is coming. Are you ready America?

SPECTRE of Deflation said...

Bankster Bailouts Of 2008/9 Exceed Over 200 Years Of Major Government Spending
Published on 06-18-2009
By Steve Watson

http://www.blacklistednews.com/news-4556-0-24-24--.html?ref=patrick.net


YOU CAN'T BORROW YOUR WAY OUT OF DEBT

“Rather than love, than money, than fame, give me truth." Henry David Thoreau

http://theburningplatform.com/economy/you-cant-borrow-your-way-out-of-debt

SPECTRE of Deflation said...

Jerry,

"You take the blue pill, the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in Wonderland, and I show you how deep the rabbit hole goes."

:>)!

carlandjerry said...

SPECTRE, Thanks for the link, and the Alice quote. How true!!! That is the matrix!

I think you are right, in that Obama will be challenged to keep the dollar from collapsing. This has more to do with Bernanke printing money. The economy is slipping further down the rabbit hole, as Obama continues to preach about rebates for clunkers.

Now that the government owns GM, offer unlimited life warranties on all new fuel efficient GM models. Along with the clunker rebate, the people might just be willing to borrow the cash.

We doubled the obligations because Obama was listening to the wrong people, such as Bernanke, Rubin, and Geithner, who were being manipulated by the Wall Street Crime Syndicate.

Congress was inept during this process.

I really cannot make a prediction regarding your view of the evolution of a one world economic system. It has its credibility. But, I just don't have a strong opinion on its formation, at this time.

I think BRIC will be creating more of a change than any other entity.

I appreciate your opinions, links and viewpoints. Thanks, jerry

SPECTRE of Deflation said...

Jerry, don't know if you have seen this yet, but you simply must see this if you haven't. This my friend is our govt. in real action. UNBELIEVABLE!! They will do anything for power!!

http://www.youtube.com/watch?v=18mRE5sQrsM&feature=related

The JFK Murder was done to protect the banking interests. He had had Treasury Notes printed by way of an Executive Order, instead of FRNs, which were promptly destroyed when he was murdered.

SPECTRE of Deflation said...

Jerry, here's the guy who blew the whistle. From a 1991 newscast:

http://www.youtube.com/watch?v=R9EiKRhmqFU&annotation_id=annotation_31029&feature=iv


The Red Pill is a real bitch sometimes!

SPECTRE of Deflation said...

It's neat that the driver only had a 10th grade education and was still able to work for the Secret Service. Land of opportunity I guess.

SPECTRE of Deflation said...

WSJ Opinion piece "Barney the Underwriter" on 6/24/09.

Back when the housing mania was taking off, Massachusetts Congressman Barney Frank famously said he wanted Fannie Mae and Freddie Mac to "roll the dice" in the name of affordable housing. That didn't turn out so well, but Mr. Frank has since only accumulated more power. And now he is returning to the scene of the calamity -- with your money. He and New York Representative Anthony Weiner have sent a letter to the heads of Fannie and Freddie exhorting them to lower lending standards for condo buyers.

You read that right. After two years of telling us how lax lending standards drove up the market and led to loans that should never have been made, Mr. Frank wants Fannie and Freddie to take more risk in condo developments with high percentages of unsold units, high delinquency rates or high concentrations of ownership within the development.

Fannie and Freddie have restricted loans to condo buyers in these situations because they represent a red flag that the developments -- many of which were planned and built at the height of the housing bubble -- may face financial trouble down the road. But never mind all that. Messrs. Frank and Weiner think, in all their wisdom and years of experience underwriting mortgages, that the new rules "may be too onerous."

And in a display of the wit for which Mr. Frank is famous, the letter writers slyly point out that higher lending standards won't reduce taxpayer exposure to bad loans because the Federal Housing Administration has even lower standards for condos. "While the underlying goal may be to reduce taxpayer exposure relating to the current conservatorship of the GSEs [government sponsored entities], such a goal would not have such an effect if it merely results in a shifting of loans from the GSEs to the FHA." Tougher lending standards will merely shift market share from one government program to another, so what's the point in being cautious?

Fannie and Freddie have already lost tens of billions of dollars betting on the mortgage market -- with that bill being handed to taxpayers. They face still more losses going forward, because in the wake of their nationalization last year their new "mission" has become to do whatever it takes to prop up the housing market. The last thing they need is lawmakers like Mr. Frank, who did so much to lay the groundwork for their collapse, telling them to play faster and looser with their lending standards.

Fannie and Freddie have always been political creatures under the best circumstances. But we don't remember anyone electing Mr. Frank underwriter-in-chief of the United States.

(SNIP)

http://theaffordablemortgagedepression.com/2009/06/24/must-read-wsj-editorial-barney-the-underwriter.aspx

SPECTRE of Deflation said...

Last of the tinfoil :>)! Here's the Executive Order I mentioned in an earlier post:

EO111-110 JFK

carlandjerry said...

SPECTRE, Thanks for the links on JFK and the Fed conspiracy. I have not had time to get to it but will when my time has opened up.

Jerry

SPECTRE of Deflation said...

Jerry, ever hear the one about the shit meeting the fan? :)! Are we going from bread and circus to a Roman Tragic Play?

Bernanke Threatens Economic Collapse If FED Audited


http://www.prisonplanet.com/bernanke-threatens-economic-collapse-if-fed-audited.html

SPECTRE of Deflation said...

Jerry, let me don my tinfoil one more time. The driver was an immigrant from Northern Ireland, and I bet you can't guess what faith he followed, and he wasn't Roman Catholic. The President's Personal Bodyguards were pulled away by a supervisor as they entered the kill zone leaving the President more exposed.

SPECTRE of Deflation said...

This is getting better and better:

Fed's Inspector General Elizabeth Coleman Missing Trillions of Taxpayers' Dollars


http://www.fourwinds10.com/siterun_data/government/banking_and_taxation_irs_and_insurance/social_security/news.php?q=1246053778

Anonymous said...

"The path President Obama has chosen will very likely embolden the neo-fascist Right wing hate-talk media voices doing what they can to bring about a sea change of civil unrest the likes of which many of us have never seen."

And they have every right to, as it is not just our right but our duty as Americans to bring about civil unrest when we begin to detect that our elected representatives no longer listen to us, do what we elect them to do, and trample the constitution to enact some gargantuan commie-welfare statist agenda by robbing us blind.

Civil unrest? Hell we should all be marching on Washington with pitchforks and shotguns by this time demanding heads on pikes.

SPECTRE of Deflation said...

Anon, I agree with your thoughts because left and right don't matter to TPTB. It's a frigging cruel game they play with the sheeple. Both Partys are organized crime syndicates that protect those that pay them tribute. Meanwhile, we get bread and circus while they steal the last nickel from the American Treasury. What the Right says about Obama is just a game to keep the sheeple all in on a rigged poker game.

SPECTRE of Deflation said...

Jerry, can you guess where we are right now? A man can have anything he wants, but he can't have everything he wants. We are about to learn about hard choices, but I guess we can looked surprised like they want us to.

"You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is the beginning of the end of any nation. You cannot multiply wealth by dividing it."

Adrian Rogers, 1931

SPECTRE of Deflation said...

Old Hickory knew his history. It's too bad we didn't learn a thing!

"The paper system being founded on public confidence and having of itself no intrinsic value, it is liable to great and sudden fluctuations, thereby rendering property insecure and the wages of labor unsteady and uncertain. The corporations which create the paper money can not be relied upon to keep the circulating medium uniform in amount. In times of prosperity, when confidence is high, they are tempted by the prospect of gain or by the influence of those who hope to profit by it to extend their issues of paper beyond the bounds of discretion and the reasonable demands of business; and when these issues have been pushed on from day to day, until public confidence is at length shaken, then a reaction takes place, and they immediately withdraw the credits they have given, suddenly curtail their issues, and produce an unexpected and ruinous contraction of the circulating medium, which is felt by the whole community. The banks by this means save themselves, and the mischievous consequences of their imprudence or cupidity are visited upon the public." - President Andrew Jackson, Excerpt from his farewell speech on March 4, 1837

SPECTRE of Deflation said...

How about some Lincoln for Monday Morning. It seems that throughout our history, great men have warned us about what is now happening. Nobody can say we weren't warned over and over and over again. We are being captained by a ship of fools.

"I see in the near future a crisis approaching. It unnerves me and causes me to tremble for the safety of my country ... the Money Power of the country will endeavor to prolong its reign by working upon the prejudices of the people, until the wealth is aggregated in a few hands and the Republic is destroyed."
- Abraham Lincoln

SPECTRE of Deflation said...

Jerry, my last post with the Lincoln quote shows that he knew who held real power in this country and always has. It's why I say they are all part of an organized crime syndicate Hell bent on stealing the last nickel from the American Treasury. The Left and Right had better get their heads out of their asses before these evil bastards accomplish what no foreign power has ever been able to do. DESTROY THIS COUNTRY, OUR CONSTITUTION and all OUR RIGHTS as citizens.

jerry, of eye on washington said...

Anonymous, thanks for reading the post and making your comment. I have been away for several days and am trying to catch up.

Over the last few days over 2000 visitors checked out this article! It shocked me.

Anyway, I have to agree and disagree with your comment. Yes, the Right better protest against the thievery that is going on, but they need to come to grips with the fact that it was because of their doings that much of what occurred in regards to this economic crisis, as well as other important issues of our day was their doing. They ran the congress for most of Clinton's presidency, and Little Boy Bush's, too.

I so agree with you and SPECTRE that both sides of the aisle are bought and paid for lackies of the financial crime syndicate. The lobbyists pass out the cash for their financial clients, and many who do the passing out have come from the halls of congress through the revolving door.

Clinton was so willing to pull the atmosphere from the sky in order to allow it to fall upon most of us through the repeal of Glass-Steagall and the passage of the Future Commodities Modernization Act of 1999. That Republican congress drafted the bills, with the help of one traitor named Larry Summers, who was a lackie for Senator Phil Gramm.

SPECTRE, the quotes of those who governed at one time show they knew what was going on with bankers, and the financial and monopoly capitalists, at the time, as they worked the system in their favor.

I must disagree with the one quote that focused on how government cannot legislate the poor into prosperity, and the wealthy out of it. Actually SPECTRE, government did the opposite. They legislated the wealthy into prosperity through the laws that built their Nanny State. Government never has legislated the poor into prosperity. The poor has been allowed an allowance, so to speak, in order so they can spend every penny received and earned through their subsistence wages, and purchase their necessities that have been distributed, manufactured, and sold by those who have been legislated into prosperity.

The wealthy do not even have to pay a portion of their full amount of wages into social security, while the rest of us have to do so because most of us make less than the S.S. ceiling wage. The rich can allocate their wages that exceed the S.S. ceiling and invest it as the wish earning capital gains and dividends if they are luck to receive them. They even benefitted from the Reagan tax cut which took from the social security trust fund, and handed out the tax cuts from working America's retirement insurance fund so the rich could use working America's wages to invest and make money for themselves!

Through patent, and copyright laws, laws defining licensure and certification rules, foreigners have often been restricted from being hired into a very controlled corporate employment club, while there have been no restrictions in hiring foreigners into lower level worker jobs, if they had not already been outsourced by those who control the admittance into the upper level employment job club.

As we have seen in the past, laws by government have allowed so many high level corporate administrators to defile the system. Enron, Madoff, Stanford, CITI, Morgan Stanley, etc have all benefitted from the government legislating on behalf of the rich elite to further their wealth.

We saw Bush, Jr do everything he could to allow derivative trading to go unregulated allowing the financial banks to gamble away the earnings/savings of the working class without punishment.

And the beat goes on!

jerry

SPECTRE of Deflation said...

Jerry, I understand your feelings regarding the quote you mentioned, but I must bring up the fact that Hell is paved with good intentions. If you look at SS, Medicare and the promoting of home ownership you can see all these programs are noble in nature, yet it's how the programs were implemented, funded and regulated that make these programs a gas soaked tire around our necks. We are simply broke. When this fact becomes a universal truth to the unwashed masses, we will see things that will at least amaze.

I agree 1000% regarding your statements on the rich. Someone with $100 million dollars need not work, but only invest to hide their wealth from Uncle Sam. You simply buy assets that will be considered qualified divs and you pay a flat 15% while a small business owner making 300K will get absolutely raped by AMT.

The simple truth is that we owe a minimum of $63 Trillion, one FED Regional Bank puts it at $99 Trillion, but Hell what's a few Trillion between friends, and there is no way to repay this debt in any case. All Americans and businesses could be taxed at 100%, and it still wouldn't come close to funding our needs moving forward. Let that fact sink in a moment America. We are truly BROKE. Who's up for free healthcare, so we blow it all up that much sooner?

carlandjerry said...

SPECTRE, I understand the debate over the total debt ($63T) and the concern many have over this unfathomable obligation cost, but I am not so sure that the debt is that big an issue. The nation has had huge debts during various times in history. Lincoln actually created debt free money in order to subvert the money changers, of the time. (They exist today, as well.)

I believe that it is the lack of manufacturing, outrageous un-underemployment levels, and the real costs of "free-trade" and "outsourcing".

If the nation had a cash flow, if the citizens were working at good paying jobs and paying taxes into the system, if corporations paid their fair share, then the nation could pay on its debts.

I believe this is the problem. There is a diminished cash flow coming into Treasury. The Treasury borrows from the Fed, and then, has to pay interest it borrows.

If the US had its own government bank, it would pay no interest on its money.

jerry

SPECTRE of Deflation said...

Jerry, at no time in our history have we ever been at 400+ % debt to GDP. During the Depression, we never went above 275%. Nor has the American consumer...whatever happened to "American Citizen"...ever been this much in debt. We have dropped from 135% debt to income to 130% over these last months, but make no mistake that the American Citizen is tapped out. You can't draw blood from a turnip. This is no mistake by the way. They tricked the living shit out of the sheeple by holding wages stagnant while making the sheeple believe debt was money. It's not, and when the bubble goes boom, you are left with unservicable debt that must be defaulted on. Let me put it this way. This green shoots BS will be crushed soon enough. We are at the end of the beginning and not the beginning of the end.

Meanwhile, the man that would bring us change is changing the definition of indirect bidders (FCBs) so that we have less transparency, not more. Secondly the NYSE will quit reporting trading volumes for the big dealers (GS) so that we can't see what the Hell the evil bastards are up to. As you say, the beat does indeed go on and on.

SPECTRE of Deflation said...

Jerry, here are the articles by Karl, who voted for Obama by the way, that show just how screwed the little guy is in this brave new world of ours. We are the frog enjoying our warm soak:

Thursday, June 25. 2009
Posted by Karl Denninger in Bonds at 08:38

More Intentional Misdirection

http://market-ticker.org/archives/1159-More-Intentional-Misdirection.html

Wednesday, July 1. 2009
Posted by Karl Denninger in Regulatory at 09:15

Conspiracy To Hide Bubble-Formation


http://market-ticker.org/archives/1176-Conspiracy-To-Hide-Bubble-Formation.html

carlandjerry said...

SPECTRE, thanks for your excellent points and the Denninger links.

I have read his disappointment in the new president, and he had hopes that the guy would perform as the voters expected. But no. Obama is failing and falling fast.

The debt levels today are unprecedented. They are huge, but, nevertheless, if the nation was working, producing useable and useful items that the world would want, as well as this nation, then I do not believe most people debating the debt levels would say too much.

If the trade deficit was a surplus, and the Treasury was bringing in revenue, then the Treasury bonds would be of value, and the dollar would be strong.

There would be little debate about the dollar as the reserve currency, either.

Investment in the nation would continue, too.

But, this nation is becoming a hollow shell with very little keeping it from caving in.

jerry

SPECTRE of Deflation said...

Jerry, these fools are screaming, "let them eat cake" at the American People. This is a headline from the WSJ, and it's sickening that this BS is taking place while J6P is slowly being boiled in a pot that was sold as a heated whirlpool. Talk about thumbing your nose as those you are sworn to serve as Elected Public Servents.

JULY 2, 2009
Congress's Travel Tab Swells
Spending on Taxpayer-Funded Trips Rises Tenfold; From Italy to the Galápagos

Here's an absolute, though long, must read. It's an article from Rolling Stone Mag regarding the evils bastards at GS. You will not believe it.

http://zerohedge.blogspot.com/2009/06/goldman-sachs-engineering-every-major.html

Ishkabibble said...

I find it interesting that China wants to reduce it's FRN holdings and the US sees only an opportunity to print and distribute more. If the US were to repay this debt in product, China would have a reason to trust the US again, as would other nations... and there would be employment.

Starting up the factories to ship most goods overseas would be hard for Americans, who consume more than they produce. Still, it would be possible. China seems to do it with little trouble and the US did once too. In fact, the US became a superpower through these very actions.

There's demand, opportunity, and employment if the US simply gets off it's fat azz and makes a viable effort to pay it's dues.

carlandjerry said...

Ishkabibble, thanks for reading the piece and taking the time to make a comment.

Your point is well taken. The real economy has been subverted by those inside the financial-monopoly economy. Goldman Sachs has been leaching its toxic refugee employees upon our economy through the executive branch.

This major component of the economy has taken control. It is the real economy, the manufacturing economy, that produces for the country and the globe.

Dr. Michael Hudson writes extensively about these two forms of capitalism and believes that the real economy must take priority over the financial-monopoly economy, and control it, in order for this nation to prosper again.

jerry

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These oligarchs have demanded they be insulated from any of the financial suffering the rest of the population will experience.

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