There are no words.
Paul Farrell, writing in Market Watch opines on the coming collapse of capitalism. America has lost its soul, corrupted by greed and he lays it all out.
Mind you, this does not mean that socialism is on the ascent. The real doomers expect much worse. Farrell doesn't go there anyway, but he does refer to Mark Faber and Faber's contention that the lifecycle of civilizations marches enexorably to decline even as he doesn't predict what will rise up out of the ashes. Farrell suggests that he knows when this collapse is likely to be felt even if Faber doesn't:
Faber is uncertain about timing, we are not. There is a high probability of a crisis and collapse by 2012. The "Great Depression 2" is dead ahead. Unfortunately, there's absolutely nothing you can do to hide from this unfolding reality or prevent the rush of the historical imperative.
If Farrell's assessment is correct, we have 2 years to prepare and our elected leadership - including the progressives - is not going to go there. We are talking about the American Way Of Life after all. It will be up to the community to prepare and bring along the political leadership once they wake up and smell the coffee.
2 comments:
I read Farrell's idiotic article on Market Watch the other day, and just shook my head wearily. Paul Farrell does not Get It, and neither do any of the other genius economists and various mainstream commentators who were, just a few short years ago, enthusiastically cheering on the orgy of manic lending and borrowing that gave us all the wonderful "growth" of 2005.
There were signs then that the Bush administration's economic policies, which were designed to drive the economy by means of asset inflation and debt creation, had set us up in an untenable situation. Paul Volker, in 2004, warned of the dangers of the tremendous debt overhang, but no one, least of all Dr. Greedscam, wanted to ruin the party.
Capitalism did not fail. What failed was the unholy "partnership" between the government and crony businessmen, who constitute an Aristocracy of Clout.
I almost have a Gran Mal seizure when I read that "free markets have failed."
WHAT "free market"? How can letting financial concerns have unlimited access to Federal money while implicitly guaranteeing them a bailout in case their maniac risk-taking goes against them, be considered to be a "free market".
We have been a government-policy driven Command Economy since the Federal REserve was established in 1913, and flooded the country with EZ money in the 20s, creating the Debt Bubble of that decade that left our financial system in ruins after a decade of manic stock and land speculation with the fiat money the Fed created then.
Instead of being dictated by the millions of individual adjustments made in response to prevailing conditions, our economy has been driven by policy ever since. It was only a matter of time and the right political climate, before our lawmakers rigged the conditions that made possible the debt rampage that has us where we are now.... with a current administration whose cure for the problem is to create more of the same thing that caused the debacle to begin with.
The problem is that whether or not you believe we have an economy that is being manipulated (the USSR was a command economy) or is responding to the markets, the fact is that the drivers previously relied upon are no longer working.
The more voices that speak up and are listened to the better the chances that fewer people will be caught unawares and may actually plan for the future.
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