Another strong dose of reality, telling the aware among us, what we already know--we're screwed. Every statement made, backed by facts. Our MSM wouldn't know a fact if it bit them in the ass. To me, this opinion from the European press seems to point out another obvious fact. We are so close to a meltdown, we can see the dead economy dripping across the floor. This opinion article from Europe doesn't leave anything to question. it just seems tobe a matter of time before the obvious happens. How much more evidence do we need. So obvious that the entire world knows we are a dead man walking, except for the millions of kool -aid drinking Osama lovers. Just relax Osama lovers, as it will all be over soon, as the next page in American history starts to be written.
What's not mentioned is that country had been experiencing trade deficits since the early 1970s, which means it had not earned a profit for the last forty years. Meanwhile, its citizens received wages up to eight times higher than in most parts of the world, with 61 pct of households owning houses, and the population making up less than 5 pct of the world population while consuming up to 25 pct of world oil production.
7:O7 Is right, the interest on years of trade deficit bills has mounted up .So has the interest bills for Treasury bills used to finance deficit spending for wars and other subsidies to the economy and Americans .So has the interest bill on all the Trillions of Subprime and other dud bonds issued by the Banksters. And the interest on government guaranteed Fannie and Freddie mortgage bonds .And the interest on housing mortgages and credit card debt.This means that the government ,corporate and private sector finance was maxed out on credit and the vast sums now needed to pay off past debts cannot be paid. Most of this total debt is held by foreigners who thought they were investing in sound asset backed AAA debts and good property titled collateral. They worry that America will either default on its debts for example by a “Shock” declaration reducing the value of the dollar by 25% or just continue to inflate away the value of its investments with more money printing. America using the dollar hegemony in world finance in trade had turned into a Giant Ponzi Economy dependent on new ,fresh, credit supply to pay off the yearly interest bills. This first became obvious with Sub-prime and Fannie and Freddie bond Fraud and the subsequent collapse of the money/credit supply markets.The government, banksters , the treasurer and Fed bank desperately organized a financial coup to try and prop up the Ponzi.Pre-crisis foreign investment flows including to buy Treasury bills was about equal to the after tax profits dividend payouts of all US corporations .America was borrowing its total profits.No real profits were being made in America by employing US labor even if the workers may have thought they were being exploited and that their great labor productivity source of US profit.The fact is that they were on the whole as the figures show a bribed unproductive of profit labor aristiocracy /US capitalism is now a de-industrialised unprofitable economy and therefore a failed failed capitalism that has created a nation of debt peons enslaved to finance capital usuryWithout a commodity industrial producing base or a large industrial worker base its service worker consumers couldn’t export America into debt repayment service solvency.While its dimwit governments only know how to print money to pay for past losses and give interest free loans to its free TRADE banks.But does not know not how to rebuild an industrial economy that serves its people , not Wall St and the ruling elite that own America and Congress.“Recovery” is the hope of getting the great ponzi functioning again. But not very likely soon it will take a few decades of debt payments, as the foreign credit supply is still drying up and the property bubble is imploding even faster into wars over fake titles and middle class homebuyers rent strikes.The bailout policy enjoys bi-partisan support.Americans still believe in American capitalism and that its ponzi economy will be firing back to life! There are only arguments on how to manage the bailouts .One group says the printed money should continue to go to the current bailout recipients with tax cuts going to the rich and the suffering upper middle class. The other “left “ political.party sector says the bailouts for capital should continue in the hope of getting jobs and a sympathetic charity attitude of Americans would worry more about the unemployed and the food stamp people .As no profitable for capital jobs can be found for these people they are surplus to Americas business requirements and overpopulating America. The respectable right therefore wants to cut the costly benefits to these useless mouths so that more money is available for wall st bailouts ,while the upper middle class seeks the same hoping the money will be spent on mortgage relief for their underwater housing mortgages. A Dead Ponzi .
Some more bad news: most of money supply isn't even created by governments but by commercial banks whenever they extend credit. We're looking at a quadrillion-dollar derivatives market. Many citizens played along, which is why they managed to buy houses, cars, etc.
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