10-01-2009, 03:14 PM
Although I made the BBC Money Programme Special on the bursting of the dotcom bubble, I no longer look at this crisis primarily through the lens of economics. This is now a geopolitical crisis.
The global economy is broken. Rich insiders have raped ordinary people and looted the system. The money tree is bare, and the desperate use of phrases such as "quantitative easing" are merely spin doctor attempts to hide the possible descent into printing. Because printing money leads to anarchy.
The last twitches of the dying carcass involve bankers trying to scare governments into buying more of their worthless junk paper with valuable government debt (both extant and new).
Brown agrees to this treachery because he's scared, because he's advised by the likes of Goldman Sachs (whose bankers should be strung up and shot), and because he doesn't quite get it. Bush agrees because his family have been insider crooks for generations - way beyond the times when his Wall Street grandaddy funded the Nazis. Obama will agree because his administration is full of the Usual Suspects.
Naomi Klein correctly identified how a combination of powerful families & companies used Chicago School free market fundamentalism and fascist dictators such as Pinochet to impose economic shock therapy on the Third World. With the near complete abandoning of credit controls, and the introduction of nonsense such as sub-prime mortgages bundled up in other nonsense such as derivatives, economic shock therapy started to be applied to the under or working classes in the First World. This was continued with rubbish such as 6 times salary 125% mortgages - which simply created debt which would default.
The end game is coming. It is likely to be shock therapy Chilean and Argentine style applied in the First World.
The global economy is broken. Rich insiders have raped ordinary people and looted the system. The money tree is bare, and the desperate use of phrases such as "quantitative easing" are merely spin doctor attempts to hide the possible descent into printing. Because printing money leads to anarchy.
The last twitches of the dying carcass involve bankers trying to scare governments into buying more of their worthless junk paper with valuable government debt (both extant and new).
Brown agrees to this treachery because he's scared, because he's advised by the likes of Goldman Sachs (whose bankers should be strung up and shot), and because he doesn't quite get it. Bush agrees because his family have been insider crooks for generations - way beyond the times when his Wall Street grandaddy funded the Nazis. Obama will agree because his administration is full of the Usual Suspects.
Naomi Klein correctly identified how a combination of powerful families & companies used Chicago School free market fundamentalism and fascist dictators such as Pinochet to impose economic shock therapy on the Third World. With the near complete abandoning of credit controls, and the introduction of nonsense such as sub-prime mortgages bundled up in other nonsense such as derivatives, economic shock therapy started to be applied to the under or working classes in the First World. This was continued with rubbish such as 6 times salary 125% mortgages - which simply created debt which would default.
The end game is coming. It is likely to be shock therapy Chilean and Argentine style applied in the First World.
"It means this War was never political at all, the politics was all theatre, all just to keep the people distracted...."
"Proverbs for Paranoids 4: You hide, They seek."
"They are in Love. Fuck the War."
Gravity's Rainbow, Thomas Pynchon
"Ccollanan Pachacamac ricuy auccacunac yahuarniy hichascancuta."
The last words of the last Inka, Tupac Amaru, led to the gallows by men of god & dogs of war
"Proverbs for Paranoids 4: You hide, They seek."
"They are in Love. Fuck the War."
Gravity's Rainbow, Thomas Pynchon
"Ccollanan Pachacamac ricuy auccacunac yahuarniy hichascancuta."
The last words of the last Inka, Tupac Amaru, led to the gallows by men of god & dogs of war