Here are 20 reasons the author believes American Capitalism is on its way towards collapse ( SUMMARIZED ). If you want to read the full article and full reasons, click on the above link:
Here are the Top 20 reasons American capitalism has lost its soul:
1. Collapse is now inevitable
(NO REASON PROVIDED, Just the usual hash of gold souring and the dollar declining )
2. Nobody’s planning for a ‘Black Swan’
While the timing may be uncertain, the trigger is certain. Societies collapse because they fail to plan ahead, cannot act fast enough when a catastrophic crisis hits. Think “Black Swan” and read evolutionary biologist Jared Diamond’s “Collapse: How Societies Choose to Fail or Succeed.”
3. Wall Street sacked Washington
Most of Wall Street went over to the dark side, got mega-greedy and took control of “Washington America.” Their spoils of war included bailouts, bankruptcies, stimulus, nationalizations and $23.7 trillion new debt off-loaded to the Treasury, Fed and American people.
4. When greed was legalized
( The fact that he mentions Michael Moore’s latest tirade against capitalism shows how off the wall he is )
5. Triggering the end of our ‘life cycle’
Like Diamond, Faber also sees the historical imperative:
Once a society becomes successful it becomes arrogant, righteous, overconfident, corrupt, and decadent ... overspends ... costly wars ... wealth inequity and social tensions increase; and society enters a secular decline.” Success makes us our own worst enemy.
6.
Wall Street wealth now calls the shots in Congress, the White House
7.
America’s top 1% own more than 90% of America’s wealth
8.
The average worker’s income has declined in three decades while CEO compensation exploded over ten times
9.
The Fed is now the ‘fourth branch of government’ operating autonomously, secretly printing money at will.
10.
Since Goldman and Morgan became bank holding companies, all banks are back gambling with taxpayer bailout money plus retail customer deposits
11.
Bill Gross warns of a “new normal” with slow growth, low earnings and stock prices
12.
While the White House’s chief economist retorts with hype of a recovery unimpeded by the “new normal”
13.
Wall Street’s high-frequency junkies make billions trading zombie stocks like AIG, FNMA, FMAC that have no fundamental value beyond a Treasury guarantee
14.
401(k)s have lost 26.7% of their value in the past decade
15.
Oil and energy costs will skyrocket
16.
Foreign nations and sovereign funds have started dumping dollars, signaling the end of the dollar as the world’s reserve currency
17.
In two years federal debt exploded from $11.2 to $23.7 trillion
18.
New financial reforms will do little to prevent the next meltdown
19.
The “forever war” between Western and Islamic fundamentalists will widen
20.
As will environmental threats and unfunded entitlements
America's enemies are now at the helm of state, and have thrown off all pretense about their intentions, which includes destruction of the American currency, destruction of the American (and world) economy, and destruction of The American Dream and concomitant loss of individual autonomy.
But hey! As the public school educated local yokel put it last November, “I'm votin’ fer change!”
Remember these days right here, right now, for in the not-too-distant future you'll look back on these “tranquil times” quite fondly as the period known as the Calm Before The Storm.
CA....