Defaulting banks - where will it stop?

[Peter Lemkin]

Peter - I agree that Michael Hudson is always interesting.

Governments are exchanging "Taxpayer Cash for Wall Street Trash". We taxpayers will be burdened with the Trash, whilst the financial elites cavort merrily with our Cash.

The most striking aspect of Hudson's analysis is that the shock therapy which Goldman Sachs & Citigroup's Robert Rubin applied to Russia, in creating a kleptocratic class and hugely enriching them (through for instance fraudulent privatizations of state companies with access to natural resources) whilst impoverishing & enslaving the vast majority of ordinary Russians, is exactly what former Goldman Sachs CEO Paulson is now doing to America with his "bailout bill". Hundreds of billions of dollars of taxpayer money are being handed to the financial elites, who will then force hundreds of thousands of ordinary families out of their homes.

However, fascinating as the economic analysis is, I still think this ends either in a First World Rex 2008 (martial law) or a false flag atrocity/war. In other words, as per Paul Craig Roberts in that interview, we end up with fascism.

I'm not inclined to disagree with anything you say....BUT....that scenario is mighty bleak....bleak enough many of us would choose suicide or die in useless battles rather than submit once in place - we must [repeat MUST] do what we can to stop it getting that bad before it gets to the end stages! Time is short; most aren't willing to listen; the propaganda machine is immense; and the scenario, if not resisted actively, is likely the one you painted! After preying on the rest of the world, it was natural [sic] for them to finally prey on the 'homeland'....globalization of the 'cancer'. Analysis is fine and necessary, but I'm up for action. When former Reagan Republicans start talking of the fascism here now, you know we are past the starting gate of something very ugly indeed!!!!! I could easily see the whole ball of wax meltingdown in a very few years and the neocons declaring Martial Law anytime from the election to the next one. I'd say, at MOST we have 4 years (if we are lucky - less if we are not!). With all the problems and conflicts of interest the Allies had in WW2, they did stop that fascism [well, overtly anyway], but there is no one but us to come on white horses and 'save the day' now......and once we are in prisoncamps, under martial law (or homeless and starving) I don't think we'll have much effect. There is much we can prove to the sheeple about how they are being taken from being pickpocketed to being fleeced completly. The new legislation and Federal/National bank guarentees (to take just one example) mean the leverage rates and cash held now for banks and such is infinite and zero, respectively - they don't have to keep anything on hand as the governments [tax money from the poor and middle-class] will cover all losses...and it goes on from there. Add to the financial, all the political deception we know and discuss - and voila.....we are smack-dab face-to-face with an Enemy So Immense and IMMEDIATE it is hard to grasp - but grasp we must and make the others grasp, as well. I think we all thought, despite how bad things WERE, we had 'more time' - I think now we do not...very little time indeed!! The fascists are cashing in their chips and about to call out their armed forces - with guns pointed in, not just outwards. Times have changed and we must change with it.
Seize the time.