PRINT OR DIE

Sheltered as we are here in the Berkshire mountains from the realities faced by most of the world, can we at least agree that there has been no economic recovery. It didn't have to be this way, of course. Instead of bailing out the criminal banks with taxpayer money and currency created out of thin air, these funds could have put people back to work building and repairing highways, bridges, 21st century trains etc. Yes, the pain would have been even worse in the short term, but by now we would be well on our way to a sustainable recovery. "Too big to fail" is the opposite of Capitalism. Rather, it is the epitome of corporate welfare. At least by improving our superstructure while creating good jobs, we would have produced something in this country for a change. By now we would have something to show for it.

But no, the banks took the money, said thank you very much and have become bigger and more highly leveraged than ever while over six million people have given up and left the work force. (8.2% unemployment? Right. And I've got a bridge I can sell you in Brooklyn).

The banking cartel and their political cronies will do whatever it takes to hang on to power. As Europe races towards collapse, expect the mother of all bailouts. We've reached the point of "print or die."  And when Europe is temporarily saved by this unimaginable counterfeiting scheme, next in line stands the "Land of the Setting Sun" and the good old USA.

This is what is meant by "extend and pretend." Another way of expressing it is to "buy a little time and lie." The longer this new brand of Mafia elitism is allowed to stretch out the inevitable, the worse the eventual collapse will be. People everywhere, acting out of white-knuckle fear, are fleeing all of the risk markets and placing their hard-earned funds into the U.S. Treasury market for a 1.5% return. (A guaranteed losing bet). As things deteriorate, expect more repressive governments along with capital controls. So even here in the privileged Berkshires, do you have a plan?

June 28, 2012