It's no wonder that so many of us are pretty upset about the way in which the cabal of Bush Paulson & Bernacke is printing and doling out fiat money like it's going out of style. Those who control the money presses, ultimately control everything.
Like many other Americans, I wouldn't care about their shenanigans except that it's obvious they've constructed a hedge scheme using American taxpayers to shoulder the risk and costs of over $2 trillion they've tranched to whomever they like. After draining the Treasury with two costly wars, inaction on our energy dependence, an unattended trade deficit, and the inevitable Fed-inspired inflationary spiral that weakened the dollar and made the Wall Street pundits cry Uncle, I'm more than a little ticked.
They've even used the financial crisis to further expand their regulatory powers, enabling them to snub their noses at any calls for accountability, and to keep secret the recipients of trillions in loans and guarantees.
Now I suppose that Main Street should have confidence in Bush Paulson & Bernacke, and be happy about the possibility of another stimulus package that by the way, will rebate no more than about 10% to 15% of the taxpayer ante for the so-called "financial rescue". Not likely to ease very much pain for average Americans. They're reeling from the madcap economic policies of the New Kings of Poverty. With our own leaders lobing Weapons of Mass RecessionTM on us, who needs enemies?
The recent revelations about skyrocketing corporate bankruptcies, massive unemployment, and credit starved business and individuals reminds me of growing up in poverty in a public housing complex. There was one way in, and one way out. And somehow, I sensed a mighty power in the high halls of "somewhere-there-above" dictating our thoughts, behavior, and collective destiny. I was grateful to be alive, but I didn't realize at the time that I had been programmed to accept and look forward to nothing more than a desperate life of poverty.
Fortunately, I've learned how to add, subtract, multiply and divide.
If you do your own calculations, you'll figure that Bush Paulson & Bernacke has dispensed Monopoly Money to the corporate, financial and political ruling class equivalent to nearly 65% of the FY 2009 US federal budget! Also, you'll probably conclude that after America's middle and working classes finish paying their insurance tax premiums to Bush Paulson & Bernacke, their families will barely have enough money left to pay the rent or mortgage, gas the car, cover their living expenses, and put food on the table. That is, if they can keep their jobs, businesses, and investments. This is no joke, and no laughing matter.
Quiet as it's kept, it wasn't America's subprime mortgage debacle that caused the current worldwide economic Tsunami. Rather, it was an "overly-exuberant" Wall Street that securitized, priced, and traded every asset, liability, event, or other interest as a marketable property right to feed their insatiable greed. When domestic and foreign investors followed the Euro-American model and realized that the securities being traded weren't worth a plumb nickel, they stopped buying, and lenders followed suit by freezing credit to protect their own reserves.
Obama may have to contend with absolute power in a few private hands hell-bent on trumping the limited political power in the hands of millions of citizens. Oh my!
Fortunately, I've learned how to add, subtract, multiply and divide.
If you do your own calculations, you'll figure that Bush Paulson & Bernacke has dispensed Monopoly Money to the corporate, financial and political ruling class equivalent to nearly 65% of the FY 2009 US federal budget! Also, you'll probably conclude that after America's middle and working classes finish paying their insurance tax premiums to Bush Paulson & Bernacke, their families will barely have enough money left to pay the rent or mortgage, gas the car, cover their living expenses, and put food on the table. That is, if they can keep their jobs, businesses, and investments. This is no joke, and no laughing matter.
Quiet as it's kept, it wasn't America's subprime mortgage debacle that caused the current worldwide economic Tsunami. Rather, it was an "overly-exuberant" Wall Street that securitized, priced, and traded every asset, liability, event, or other interest as a marketable property right to feed their insatiable greed. When domestic and foreign investors followed the Euro-American model and realized that the securities being traded weren't worth a plumb nickel, they stopped buying, and lenders followed suit by freezing credit to protect their own reserves.
Wall Street (like other global exchanges) changed from a free-rolling casino to an unregulated confederation of glazed-eyed bookies looking for their next cash infusion or credit fix.
Using their evil genius, the Wall Street Katzenjammer whiz kids put their heads together and decided to make the American people pay for their iniquity. Initially, their strategy succeeded because they called on loyal friends in High Places who changed the rules and proceeded to bail them out.
But the Fed's free-wheeling fiat credit money machine broke down, and the Katzies' multi-katzillion dollar credit lines froze up. Wall Street and Main Street had to learn how to live without credit, and consumers had to suffer the ultimate indignity of ginning up extra tax money to cover what some call the worst financial crisis in US economic history since the Great Depression.
Whether or not this scenario seems appropriate, it will be interesting to see if the Obama Administration can thwart the impending re-genetrification of the US economy and the potential dispossession of the American people. The world watches.
Using their evil genius, the Wall Street Katzenjammer whiz kids put their heads together and decided to make the American people pay for their iniquity. Initially, their strategy succeeded because they called on loyal friends in High Places who changed the rules and proceeded to bail them out.But the Fed's free-wheeling fiat credit money machine broke down, and the Katzies' multi-katzillion dollar credit lines froze up. Wall Street and Main Street had to learn how to live without credit, and consumers had to suffer the ultimate indignity of ginning up extra tax money to cover what some call the worst financial crisis in US economic history since the Great Depression.
Whether or not this scenario seems appropriate, it will be interesting to see if the Obama Administration can thwart the impending re-genetrification of the US economy and the potential dispossession of the American people. The world watches.
Obama may have to contend with absolute power in a few private hands hell-bent on trumping the limited political power in the hands of millions of citizens. Oh my!
(singing softly. . ."Just when you think you're ahead of the game, someone changes the rules!")
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