Inasmuch as it's a fairly slow local news day we'll wade in on another ongoing topic which is fairly near and dear to our capitalist hearts. We refer to the downwardly-spiraling US economy... which we hereby declare to be totally screwed. Great article today about the collapse of the US economy, and the ultimate repercussions about the upcoming pain we haven't experienced just yet.
Here's the main argument from one of our primary News tipster souces. Oops! That's a typo... we meant news tipster sources:
The last official act of any government is to loot the nation.Gird up your loins, O YE Mormon people... Utah "Gentiles," too.
That is what is going on here.
The fact is that more money is owed than is actually in existence. That is the very nature of a debt-based monetary system. The Fed creates money out of thin air when you sign a loan agreement. It is a pyramid. The Federal Reserve works only as long as an ever-large pool of new borrowers is being created to allow the creation of new money with which to pay off the old debts. But because the US Government gave tax incentives to corporations to move high-paying jobs to other countries, Americans have stopped borrowing. Now the whole pyramid is collapsing from the imaginary debt.
The fact is that more money is owed by the banks in derivatives than is actually in existence. Like the interest in money created out of think air, this is imaginary debt. It exists only on paper and in the minds of people who believe in the reality of the system. In this way it is not unlike a casino, where even though the casino does not actually give you anything of value, you can wind up owing vast sums of money through long odds and a bad run of the dice.
So now the Wall Street Casino players have run out of luck, and they want the busboys and waitresses to pick up the tab for the losses. And when they get that new stake, they will run back to the tables for another spin, because that is what they did last year with the first bailout. go right back to buying derivatives.
And here we are, with the banks asking for more money from the people and this time they really REALLY will loan it back to us at interest. Honest!
Folks, they CAN'T fix the economy. All they can do is loot the people to make their own golden parachutes and that is what they are doing now, with a lot of nudging and winking amongst themselves (or didn't you wonder why Bernie Madoff was allowed to do what he did for so long and why only now with the public outcry has the SEC started to actually shut down numerous other pyramid schemes which have been bleeding money from our economy into the pockets of the sharpsters.
And the bottom line is that the US Government is going to keep handing free money to the bankers and sticking your descendants with the bill as long as you let them get away with it. I cannot make it any plainer than that.
What does it take for Americans to find the courage the Icelanders have?
We predict that haven't seen the "tip" of our worst national economic crisis ever yet in America.
Surely there will be SOMEBODY willing to comment on this.
