capitalism is not the problem as this article seems to suggest. The problem is FRAUD...Legalized or not. And that Fraud extends to Bankers, Wall street, and right up into the hands of Government.
Couldn't have said it any better myself! What we have seen during the past decade or two isn't Capitalism. What you so comprehensively described, combined with runaway spending by government at all levels and the offshoring of our workforce(tax base) is what got us where we are today.
It's gonna hurt like hell, but the only way to fix this mess is to UNDO it!!
Frauds of various kinds including one the author of this piece propagates: that deflationary collapse is unthinkable. It is simple really: let the bad banks collapse. QE is nothing but a way to maintain fake positive balances and cash flow in the large banks which keep the market going. One of the biggest frauds was declaring that every American deserved a low rate mortgage whether or not they lived in a slum, had good education and prospects or not. A current related fraud is mortgage rates at 3% when inflation, future inflation and poor payback prospects would dictate a 10 or 15% rate.
The main solution to our economic problems is simple, people enough capital to fund a business that can hire a couple people need to have reassurances that their money won't be debased when they tie it up for years. The Fed is doing the opposite. Another simple solution is to let failed banks fail for real and pay the trillions for deposit insurance (it would be less than Obama has squandered). The remaining smaller banks can finally be rid of the burden of low rates and high deposit insurance. Let the asset bubbles pop because propping up asset prices (Fed with QE and low rates) is killing the real economy.
+1
That’s right “fraud”, phony NON-collateral phony “securities”.
“We are about to see a variation of [the Great Depression], except this time it will be worse because this time sovereign monetary defaults will accompany the defaulting of debt and the contracting of credit. This time money itself will be a victim. Fiat paper money systems have always ended in failure. This time is no exception.
QE3 is the beginning of the bankers monetary death march. Central banks in Japan, the US and Europe are now openly engaged in massive monetary debasement, printing more and more money in the futile hope they can reverse the deflationary collapse now in motion. They can’t.
They can, however, in trying to do so, instead destroy the currency system. “
They’re not counting on default. They, and those involved in the 08 failed bailout are going to attempt to secure their obligations by Extorting it, Extortion-Care.
They’ll ratchet up the mandate amounts incrementally, any way they can get in others pockets, attempting to pacify others and stay distant, through threatening edicts called “legislation.”