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vox kadavergehorsamkeit
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The Emperor Has No Clothes

- Aubie Baltin -

That the author has managed to draw some correct conclusions from his starting point is nothing short of amazing. As he sees it (or is paid to see it), all of the problems the world faces are due to Socialism. The 2 examples of failed Socialist states he mentions are Greece and Spain. Why does he ignore the fact that Socialist nations such as Australia, Norway, Sweden and Canada are doing just fine, thank you very much?And before you go saying that those countries are relatively well off only because they have not yet run out of natural resourses to sell, know that Sweden's economy is primarily based on the export of medical machinery.
The author claims that citizens will reject austerity measures and elect socialists and communists. In Greece the voters got rid of the Socialist dominated coalition government by electing more right wingers, though not enough of them to form a government while in Spain, the right leaning Rojoy was elected outright. In France they did elect their first Socialist president in a generation. But nowhere is anyone electing communists, contrary to the delusional psycho-babble of the author. What this points to is that the voters want to get rid of whoever is in power, regardless of their political leanings. The author did give some credence to this point by claiming that even Obama will get turfed in November.
Mr. Baltie conveniently forgets that Bernanke was first nominated to be Fed Chairman by the war monger, Bush the Younger. It is assinine to believe that Bernanke is any more in bed with Obama than he was with Bush. Like the author, Bernanke is an ideologue who does not let the facts get in the way of the narrative he wants to spin.
It is beyond ludicrous to believe that the Republicans can fix what ails America. The only thing to distinguish Republicans from Democrats are their respective positions on abortion and gay rights. Consider that under Ronnie Ray Gun and Bush the Elder (2 model conservatives, the former a saint) the national debt quadrupled. And Bush the Younger was certainly no better with his 2 unfunded wars, the prescription drug benefit and tax breaks for the (Asian) job creators swelling the national debt to unsustainable levels. Want more proof? Under Eisenhower, the highest tax bracket was raised to 91%. But you know what, America did pretty good under the general who, quite obviously, was into the idea of wealth redistribution. Oh yes, lest i forget, the last President to actually balance the budget was that irrepressible Socialist Bill Clinton.
That the author admits that he only became convinced in Feb. that the situations in Greece and Spain would lead to systemic breakdown shows just what a dull mind he has. Others, most notably Martin Armstrong, were predicting this back in the late 90s. Since then and before Feb. of this year, quite literally hundreds of others have come to the same conclusion.
The problem is not Socialism as stated by the author. The problem is that the world operates using fiat currency. Politicians of every stripe have taken advantage of that fact in an effort to get themselves reelected. With a fiat system, there is no reason to act responsibly. Let the next generation pay is their unspoken motto.
There are 2 ways to rectify the problem. The most obvious is going back to a hard money system, be it based on gold, silver or even tin. It does not matter so long as it is something that cannot be debased by feckless politicians. The second would be to institute a law which either limits the time a politician can serve to 1 term or makes a politician ineligible to run for reelection if debt exceeds 3% of GDP under his or her watch.

Commented 4346 days ago

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Beginning of the headline : MARKET(S) UPDATE IT'S TIME TO FACE THE TRUTH I have been warning as far back as February that Greece and Spain are in reality, in the midst of a complete system breakdown that invariably will encompass the rest of Europe and then engulf the USA as well.This credit crisis, as they call it, is just an effect and not the root cause of the problem, which is a Socialist crisis... Read More

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