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algreeny
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Simon Johnson On the Quiet Coup d'Etat in the Anglo-American Financial System

- Jesse - Jesse's Cafe

I agree. We are stuck and stuck without a real solution or even the ability to create a solution. Today, individuals trade their limited time for a mandated currency being debased in a spectacular manner. Without a unique or special franchise, an individual must accept this arrangement AND pay taxes on any gains. If an individual is able to create something that becomes popular and can duplicate it perhaps only then can they hope to break out of this vicious, demeaning cycle. The beauracratic obstacles to accomplish this are evermore debilitating. However, with popularity (demand), savy business skills and good marketing, even these obstacles can be hurdled for a few.

Of course the one solution that comes to mind is within fingers reach but too unthinkable to contemplate for very long. If an overwhelming majority stopped using the currency at the same time it would just shut the system down.

Perhaps the mortgage fiasco is a primer as many stopped paying their mortgages on time or at all out of necessity. This alone nearly caused a system shutdown and was only saved by pulling out the National Credit Card/Bond and pushing it all onto future generations. Now even this "solution" is meeting very strong headwinds with unexpected bond market rejection. Outright fraud and theivery is employed, i.e. MFGlobal, SEC ignorance, GS-Treasury incestuous relationship, 16 Trillion gifts (loan??) to foreigners without Congressional approval, very selective Federal prosecution efforts/ignorance, unlimited campaign contributions sanctioned by the highest courts, dubious election procedures, suspected commodities market manipulation, high freaquency trading schemes, special treatment/rates for large pools of money (hedgies), etc.

When an individual's costs rise beyond reason and without a similar adjustment in labor rates, perhaps other obligations of individuals will not be paid. Then by default the solution meets the problem in a freakish and gruesome manner.

At some point perhaps the notion a nation really has to PRODUCE something in order for it's currency to be respected will re-enter the room. Perhaps then this idea that wealth comes from fraud, manipulation and having the stongest mlitary/espionage/corporate/banking clusterf and that it all can just be manipulated will be negated. It won't come without some sort of new birth and anyone that has witnessed or experienced that process knows it's neither pretty nor easy.

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Beginning of the headline :This is a reprise of an interview with MIT economist Simon Johnsonwhich was posted here in February, 2009. Have we heeded Simon Johnson's warning? Has he proven to be prescient?Is crony capitalism and thekleptocracy becoming bolder, more aggressive, ever more demanding? "I think I'm signaling something a little bit shocking to Americans, and to myself, actually... Read More

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