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Jim Roache
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Hayek's Road to Serfdom: Despotism Then and Now

- Tom DiLorenzo - Lew Rockwell

The only problem I have with the argument against centralized power is the rather naive perception that it is in the hands of government. Au contraire, global banks and corporations, or more correctly, those who control them, have centralized power in the hands of people who consider themselves elite.

There is much talk about debt and sovereign default. The first country to fall into the debt trap was the US. In doing so, there was a monetary coup. Decisions are now made secretly by a syndicate of the unelected and sometimes unknown.

This has occurred before in history. The difficulty is that while they make good bankers and business people, the elite are terrible at the art of government. There is a cult=like element about them, for example, their total unwillingness to abandon the Washington Consensus. As Europe takes another path to reform, they cling to their beliefs in the economic nonsense, and have essentially tried a little economic black ops on the EMU via Greece and the other Club Med countries, while talking down the euro to make it less a threat to the dollar.

The dollar is done. The emerging Northern euro, whatever it will be called, will be asset backed and enjoy the full support of Russia, China and oil producing companies in the middle east and elsewhere. This Nordic Euro will be backed by commodities including gold, silver and oil and will be a dollar killer.

Europe and its new friends will not soon forget American duplicity. And America's power elite and their front men at the Fed, Treasury, Wall Street and in Washington will learn some very harsh but simple lessons. The first rule is to avoid debt. The second is that when you sell out, you had best be very careful about to whom you sell out. It would seem that the only people who remain unaware that America's day is past are it richest and most powerful people.

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