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Offline g

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Today a former Assistant Secretary of the US Treasury told King World News, “... the dollar is the vulnerable spot in the Fed’s policy management, and the popping of the bubble is likely to come from the dollar.”  Former Assistant of the US Treasury, Dr. Paul Craig Roberts, also warned King World News that a financial collapse is coming, and the Fed is desperately manipulating the gold price in an attempt to avoid the collapse.


Here is what Dr. Roberts had to say in this extraordinary and exclusive interview:  “A lot of people just can’t imagine that the government would fix the gold price.  And yet, in full view, the government fixes the bond price, and the banks fix the LIBOR rate.  So why is it people can’t comprehend that the government would fix the price of gold (laughter ensues)?”

kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/15_Former_US_Treasury_Official_-_Fed_Desperate_To_Avoid_Collapse.html   :icon_study:

Offline g

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Re: Gold & Silver News
« Reply #361 on: March 16, 2013, 05:39:27 AM »
May I plead with any Diners who are interested in a no bull shit clear and concise view of our current and future outlook to find the time to listen to this outstanding interview. Please, do not be fooled by Mr Celente's down to earth simple language, there are very few more aware of what is going on. FIVE STAR ***** rating from GO.  :emthup: :emthup: :emthup: :emthup: :emthup:
                           
                                      <a href="http://www.youtube.com/v/cB2u11GaDlE&fs=1" target="_blank" class="new_win">http://www.youtube.com/v/cB2u11GaDlE&fs=1</a>

RE, For your information Gerald has been using the term Financial Fascism for years, your recent posting on what to call our current system came to mind; you are indeed correct in stating this fact. 

Offline g

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Re: Gold & Silver News
« Reply #362 on: March 17, 2013, 06:39:35 AM »
<a href="http://www.youtube.com/v/RTVoUhV1v_8&fs=1" target="_blank" class="new_win">http://www.youtube.com/v/RTVoUhV1v_8&fs=1</a>     :dontknow:

Offline g

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Re: Gold & Silver News: Coming To a Bank Near You
« Reply #363 on: March 18, 2013, 05:47:41 AM »
The Burning Platform has it Correct in my View  :-[

Make no mistake about it, this will happen in the United States at some point in the not too distant future. This is theft pure and simple. If you think the money you have in banks is yours, read this story and realize they will abscond with it whenever they choose to change the rules. Do you think your 401k is safe from the grubby hands of the government? You are naive. The ruling class don’t care about rules, laws or good faith. They have already pillaged most of the wealth in this country and they will not hesitate to steal the money out of your bank account. Bankers and politicians in Europe will do whatever it takes to protect the interests of the rich and powerful oligarchs. The bankers and politicians in this country are no different.

It will happen on a weekend. They will shutdown the ATMs. They will shut down the ability to electronically transfer money. Banks will close their doors. They will not announce their intentions in advance. They will proclaim that their actions are being done for the good of the country. In reality, they will be stealing your money in order to maintain their control, power and wealth. This blatant act of criminality being committed against the citizens of Cyprus by the Eurocrats is a warning shot to all citizens of the debt saturated, banker controlled developed world.

If you are one of those who believe it can’t happen here, then you haven’t studied history. It was exactly 80 years ago this month when FDR announced a banking holiday and declared that possession of gold was immediately illegal. The government set the price at which American citizens would receive when they handed over their gold to the government. Federal agents broke into safe deposit boxes and took the gold. It is much easier to steal our wealth today. In an instant they can electronically vaporize your wealth.

As the oligarchs grow more desperate they will grow more extreme in their efforts to retain power. This is why they are trying to take our guns. They do not want an armed populace resisting when they try to abscond with our money. The only way to avoid this fate is to have cash in your possession, along with gold and silver. Be armed and be prepared to fight them. They are evil men and we will need to defeat them.

http://www.theburningplatform.com/?p=51114  :icon_study:

Offline Snowleopard

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Re: Gold & Silver News: Coming To a Bank Near You
« Reply #364 on: March 18, 2013, 08:38:33 AM »
The Burning Platform has it Correct in my View  :-[

Make no mistake about it, this will happen in the United States at some point in the not too distant future. This is theft pure and simple. If you think the money you have in banks is yours, read this story and realize they will abscond with it whenever they choose to change the rules. Do you think your 401k is safe from the grubby hands of the government? You are naive. The ruling class don’t care about rules, laws or good faith. They have already pillaged most of the wealth in this country and they will not hesitate to steal the money out of your bank account. Bankers and politicians in Europe will do whatever it takes to protect the interests of the rich and powerful oligarchs. The bankers and politicians in this country are no different.

It will happen on a weekend. They will shutdown the ATMs. They will shut down the ability to electronically transfer money. Banks will close their doors. They will not announce their intentions in advance. They will proclaim that their actions are being done for the good of the country. In reality, they will be stealing your money in order to maintain their control, power and wealth. This blatant act of criminality being committed against the citizens of Cyprus by the Eurocrats is a warning shot to all citizens of the debt saturated, banker controlled developed world.

If you are one of those who believe it can’t happen here, then you haven’t studied history. It was exactly 80 years ago this month when FDR announced a banking holiday and declared that possession of gold was immediately illegal. The government set the price at which American citizens would receive when they handed over their gold to the government. Federal agents broke into safe deposit boxes and took the gold. It is much easier to steal our wealth today. In an instant they can electronically vaporize your wealth.

As the oligarchs grow more desperate they will grow more extreme in their efforts to retain power. This is why they are trying to take our guns. They do not want an armed populace resisting when they try to abscond with our money. The only way to avoid this fate is to have cash in your possession, along with gold and silver. Be armed and be prepared to fight them. They are evil men and we will need to defeat them.

http://www.theburningplatform.com/?p=51114  :icon_study:

Greetings from Lurker county, village of Pain!

My two and a half cents:

I have no doubt that they will come after bank accounts, guns, gold and whatever else they want when it serves their purposes.
 
We know what they are, they have licensed themselves to steal, so why lend them our fiat?  The only defense we have is to be our own bankers, disconnect from the corp-rat/gov/mil system, and look too poor to rob.  Maybe not so easy a pose for most, but worth working toward.

As for the arms, coming after them will be a declaration of war against the citizens.  It can have no other real purpose.  The current massive demand for weapons shows that many are aware. 

To be clear, if they confiscated or bought back 99% of the legal guns in USA there would still be more than ten times the arms per capita in USA that existed in Ireland when the IRA kept the British Army tied up for decades.  The non border with Mexico would easily supply replacements not available from farm "shops" and decades old burials.   Furthermore, once fighting begins, people die and guns mostly don't.
"A man sees what he wants to see and disregards the rest." -  Simon and Garfunkel

Offline g

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Re: Gold & Silver News
« Reply #365 on: March 18, 2013, 09:07:01 AM »
Quote
The only defense we have is to be our own bankers, disconnect from the corp-rat/gov/mil system, and look too poor to rob.  Maybe not so easy a pose for most, but worth working toward.

I am with you Snowleopard, Learn to live on the other side of the tracks as the Archdruid JMG said in the interview. It is a very viable ploy, have used it and it works rather well. No time to be living in a mansion or driving a shiny new BMW me thinks.  :laugh:
« Last Edit: March 18, 2013, 09:09:07 AM by Golden Oxen »

Offline g

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Re: Gold & Silver News: Jim Willie: The Collapse is At Our Doorstep!
« Reply #366 on: March 19, 2013, 07:02:25 AM »
Have been following Mr Willie for a decade, Top shelf, big head, no nonsense analyst. Say's collapse is here and now at our doorstep. Sobering interview to say the least. :-[

                                   <a href="http://www.youtube.com/v/O05FqBe3ND0&fs=1" target="_blank" class="new_win">http://www.youtube.com/v/O05FqBe3ND0&fs=1</a>

 :icon_study: :icon_study:  :'(

Offline g

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Re: Gold & Silver News: Texas May Start Hoarding Gold…Secession Next?
« Reply #367 on: March 22, 2013, 07:57:20 AM »
 :multiplespotting:

We all know the cliché: ‘Don’t mess with Texas.’

Well, a new piece of legislation is being proposed to send that message to Washington, when it comes to protecting Texas’ gold.

A lawmaker has proposed a bill to create a Texas Bullion Depository, which would allow the state and its citizens to store gold bullion in its own facility in Texas, with the protection of the state.


If passed, the Texas bill would tell Washington to “shove off” under the 10th amendment power given the states, if we ever saw the kind of currency craziness we saw during the Great Depression when President Franklin D. Roosevelt mandated citizens hand over most of their gold.

Texas isn't the first state to think about hedging its monetary destiny with precious metals.

Related: Don't Sell Your Gold and Silver Coins: Jim Rogers

Citing concerns over the value of the U.S. dollar, Arizona lawmakers are the latest to pursue legislation that would declare privately minted gold and silver coins legal tender. In 2011, Utah became the first state in the country to legalize these precious metal coins as currency. Lawmakers in states including Minnesota, North Carolina, Idaho, South Carolina, and Colorado have debated similar laws.

As for the Texas proposal, Jim Rickards, senior managing director of Tangent Capital Partners and author of Currency Wars, tells The Daily Ticker you can think of it like the “Fort Knox of Texas.”

And on the legal side Rickards says, “you’ve got the state of Texas standing up for you if the federal government tries to do what they tried to do in 1933, which is take the people’s gold." Rickards is also a lawyer and has read the legislation.

http://us.rd.yahoo.com/finance/news/rss/story/SIG=15eh9jfn4/*http%3A//us.rd.yahoo.com/finance/news/topfinstories/SIG=13bt2m60r/*http%3A//finance.yahoo.com/blogs/daily-ticker/texas-may-start-hoarding-gold-secession-next-192407075.html?l=1          :icon_study: :icon_study:    :emthup: :emthup: ;D :exp-grin:

                                                           
US Gold Quarter Eagle 1910
US Gold Quarter Eagle 1910

Offline Eddie

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Re: Gold & Silver News
« Reply #368 on: March 22, 2013, 09:06:24 AM »
A damn fine idea, and one I hope will come to fruition.  Secession, however is not in the cards, imho. We lost that war already, unfortunately.
What makes the desert beautiful is that somewhere it hides a well.

Offline g

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Re: Gold & Silver News
« Reply #369 on: March 22, 2013, 09:40:50 AM »
A damn fine idea, and one I hope will come to fruition.  Secession, however is not in the cards, imho. We lost that war already, unfortunately.

I'm with you Doc, nothing like sound honest money. Just the feel of it brings the words sound, solid, precious, Integrity and many others to mind. Bankster plastic and confetti, just the opposite.
                                                                     
                                                           
                                                     


Offline g

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Re: Gold & Silver News: Recent History of the U.S. Dollar
« Reply #370 on: March 24, 2013, 05:23:58 AM »
Recent History of the U.S. Dollar                                  :icon_study:
 
“The most effective way to destroy people is to deny and obliterate their own understanding of their history.”—George Orwell

Since leaving the gold standard in 1972, the U.S. dollar has progressed through a number of cyclical periods of strength and weakness based ostensibly on the perceived strength of the U.S. economic and monetary conditions backing the currency. Understanding this cyclical history is an important factor to identifying the future of the U.S. dollar.

Prior to 1972, the U.S. dollar was the singular world reserve currency supported by U.S. gold reserves, at that point representing 60% of all global coffers. The terms of the 1944 fixed exchange rate Bretton Woods Accord dictated that the U.S. dollar would serve as the benchmark currency for all participating currencies, keeping the U.S. dollar pegged at $35 per ounce of gold through the purchase and sale of these U.S. gold reserves. Non-U.S. currencies would subsequently peg their currencies to the U.S. dollar by buying or selling dollars in order to keep their respective currency stable.

The Bretton Woods Accord implicitly relied on the U.S. central bank to maintain prudent monetary policies with respect to domestic initiatives. The post-World War II manufacturing and housing revival of the 1950s, along with the population “baby boom,” provided the U.S. economy with stable growth prospects throughout the decade. This period of relative prosperity was subsequently shared with the broader population during the 1960s through President Kennedy's “New Frontier” welfare and education programs and President Johnson's “Great Society” initiatives, which included the addition of Medicare and Medicaid to the Social Security Act. Later in the decade, military spending was simultaneously increased with escalations of U.S. involvement in the Vietnam War and continued Cold War tensions with the Soviet Union.

The Tide Changes
These monetary measures ultimately led to accelerating U.S. inflation rates toward the beginning of the 1970s, inciting a decline in confidence in the U.S. dollar as the world's reserve currency. Foreign central banks became weary of purchasing excess dollars in order to keep their respective pegs stable against a declining U.S. dollar, and demanded that the Federal Reserve repurchase these dollars with gold reserves.

Rather than tightening fiscal policy in light of high single-digit inflation, the U.S. Federal Reserve increased monetary initiatives even further in an effort to stimulate slowing economic activity, while implementing price controls to stall inflation. Not surprisingly, these initiatives had an opposite effect of generating support for the U.S. dollar, and additional foreign central banks joined West Germany in requesting gold reserves for U.S. dollar currencies. President Nixon ultimately surrendered to the pressure of maintaining the U.S. dollar peg to gold by withdrawing from the Bretton Woods Accord in August 1971, and began the U.S. dollar free-floating cycle. (Figure #1)


Trade Weighted Us Dollar
Trade Weighted Us Dollar
    Click to enlarge


First Weakening Signs Appear
The withdrawal from the Bretton Woods Accord and suspension of U.S. dollar transferability into gold brought about the first phase in U.S. dollar weakening against competing currencies. High levels of inflation, deficit spending, negative balance of payments, price controls, and debt doubling from $322 billion in 1972 to $640 billion in 19791 further heightened concern over the value of the U.S. dollar. To address the balance of payments, the U.S. Congress determined that the U.S. should follow a weak dollar policy in order to make exports more attractive. As a replacement to Bretton, the December 1971 Smithsonian Agreement allowed for a more controlled devaluation of the U.S. dollar by resetting its peg to gold from $35 per ounce to eventually $42 per ounce, but the system was ultimately abandoned in 1973 with continued weakness in the U.S. dollar.

The U.S. dollar began reversing its weakening trend by the early 1980s with fresh monetary and fiscal policy approaches, but not without enduring a deep recession through 1982. The election of President Reagan and his administration's policies to reduce inflation included reduced spending and higher interest rates, although the president's vision to return the U.S. dollar back to the gold standard likely provided a considerable amount of perceived strength for the U.S. dollar. President Reagan reduced entitlement programs and government regulations while simultaneously lowering tax rates to generate growth. Although deficit spending did expand to peak at $212 billion by 1985, it returned back to $150 billion by the end of the decade.2 Nevertheless, these pro-growth and fiscal discipline measures helped to strengthen the U.S. dollar through 1985.

By the mid-1980s, the ensuing 50% appreciation in the U.S. dollar had the unintended consequence of increasing the balance of payments deficit by reducing U.S. exports and making U.S. product pricing uncompetitive globally. Major U.S. manufacturing and industries began lobbying Congress for increased protectionist regulations in the U.S. in order to increase competitiveness of U.S. goods. Instead, the U.S. met with France, West Germany, Japan, and the United Kingdom in 1985 to sign the Plaza Accord in order to coordinate central bank operations to reduce the value of the U.S. dollar. The result was a successful depreciation in the value of the U.S. dollar between 1985 and 1995.

The mid-1995 inflection point for the U.S. dollar began when Treasury Secretary Robert Rubin announced that the U.S. favored a “strong dollar policy.”3 Although this change in policy was not necessarily implemented through central bank initiatives, the rhetoric had the initial impact of stemming the weakening trend of the U.S. dollar. Despite President Clinton's first-term initiatives to propose universal health care expansion, the President also favored free market mechanisms, smaller government, and reduced welfare spending.4 At the same time, the U.S. economy experienced healthy growth from increased global trade opportunities with the fall of the Berlin Wall, a surging stock market due to technology advancement, and the only four years of government budget surplus back to 1972.5 The cyclical U.S. dollar strength resulting from this period of relative prosperity continued to 2001, ending with the bursting of the technology stock market bubble and the accompanying recession.

The weakening U.S. dollar trend that began in the early 2000s appears to be continuing today, and with limited relief in sight. Budget deficits remain at the trillion-dollar level, federal debt has exceeded 100% of GDP, unemployment remains in the high single digits, and political disunity seems to be at an extreme.

Any end in sight to this environment seems remote, at best. That is until the U.S. learns from our past and commits to making the tough choices needed to right the ship. There are more than a handful of necessary changes, but finding a balance between excessive spending initiatives and limited revenue resources along with eliminating the dependence on leverage would seem to be toward the top of the list. In any event, the great unknown continues to support the importance of diversification.

Sincerely,
Mike Meyer
Assistant Vice President
EverBank World Markets, a division of EverBank


Offline monsta666

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Wonder what people will make of this especially if this policy is repeated by other major banking outlets. I think the best course of action is to only accept physical delivery of gold before any financial institution decides to impose restrictions on how you invest in gold. As the recent Cyprus debacle clearly demonstrates the rules of the game can change at the drop of the hat. Be especially cautious if there is a long weekend approaching as banks seem to favour those periods to make unpopular rule changes.

--------------------------------------------------------------

Another Gold Shortage? Dutch ABN To Halt Physical Gold Delivery

Based on a letter to clients over the weekend, it appears Dutch megabank ABN Amro is changing its precious metals custodian rules and "will no longer allow physical delivery." Have no fear, they reassuringly add, your account will be settled at the bid or offer price in the 'market' and "you need to do nothing" as "we have your investments in precious metals."



Via Google Translate,

Changes in the handling of orders in bullion

On 1 April 2013,. ABN AMRO to another custodian for the precious metals gold, silver, platinum and palladium. This we your investments in precious metals otherwise handle and administer. In this letter you can read more about it.

What will change?

With the transition to the new custodian will include the following from 1 April 2013 for you to change.
• You can have your precious metals to your investment account no longer physically let us extradite
• Gives you order in precious metals via the giro ABN AMRO? Then the settlement of orders that henceforth performed at bid prices or at the offer prices prevailing on the market for precious metals. No longer based on the mid-price, as you used to.
• The bid price is the price that merchants offer for precious metals that are offered for sale, so if you sell.
• The ask price is the price at which traders want to sell precious metals, so if you buy.
• We are the positions in these precious metals in your investment statements against future bid prices appreciate

You can read more about investing in precious metals in Chapter 4 (Supplementary conditions for investing in precious metals) of the Conditions Beleggersgiro. You can find these at abnamro.nl / Conditions invest

Should I do anything?

You need do nothing. We ensure that we have your investments in precious metals now the new way to handle and administer.

Offline g

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Re: Gold & Silver News
« Reply #372 on: March 25, 2013, 05:09:39 AM »
Quote
Wonder what people will make of this especially if this policy is repeated by other major banking outlets. I think the best course of action is to only accept physical delivery of gold before any financial institution decides to impose restrictions on how you invest in gold. As the recent Cyprus debacle clearly demonstrates the rules of the game can change at the drop of the hat. Be especially cautious if there is a long weekend approaching as banks seem to favour those periods to make unpopular rule changes.

Would appear a Gold coin in the hand is worth more than a dozen in the bank. 

Trust us, we are taking good care of your Gold and savings for you.  Honestly, we do God's work.

                                                         
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Offline g

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Re: Gold & Silver News: Cyprus, Gold, & The World’s Money Masters
« Reply #373 on: March 26, 2013, 07:29:37 AM »
 On the heels of continued chaos in Europe, and a world that seems to be teetering on the edge, today the Godfather of newsletter writers, Richard Russell, discusses the crisis in Cyprus, gold, the world’s money masters and global markets.  Below is what Russell had to say to subscribers:   :icon_study: :icon_study: :icon_study:

At any time in history, there is a great and all-encompassing THEME.  And I've wondered what the theme of today could be -- what is the great theme of our times?  I grew up in different times during the '30s and 40s.  The theme of my youth was -- stop the dictators, Hitler and Mussolini, from taking over the world.


This is what I believe the theme of our times is.  We are in a period where the “haves” are determined to hold on to their positions in the world.  The “haves” include the world's leaders and politicians, and the world's “masters of the earth,” which includes those who control the world's money.


Those who control the money make the rules, and their main aim is to remain in power.  Currently, the various central banks control the creation and the issuance of money.  To ensure that they remain in power, the central banks are spewing forth a veritable avalanche of fiat currency, money created out of a computer -- money that has been created out of “thin air.”  In turn, we are supposed to bow down and thank the money creators, those who are saving us from a new world depression.


At this time, although no banker will admit it, we are experiencing an international currency war.  Every nation wants a cheap, competitive currency.  It's a system better known as “beggar thy neighbor.”  Further, here in the US, the Federal Reserve has driven interest rates down to almost zero.


The zero interest rates are calculated to force people into equities, or better still, into housing.  The average man has little or no savings, and if he does have any savings, he can't find any place that will take his money and produce an income.


In this whole process, debt has been created to an extent never seen before in history.  So far, the debt has been managed with super-low interest rates and borrowing.  But the compounding process goes on, and the debt mountain continues to grow.  So, to be brief, I see the theme of today as the “haves” doing whatever they have to -- to remain in power.


The dangers in the background for the haves are the possibilities that (1) interest rates will begin to advance, and (2) inflation will rise and be so visible that even the common man will recognize it, and begin to protest, or even revolt and (3) the whole debt structure will rise so high that it will topple over of its own weight and take down the entire world economy with it.


So to sum up my search for a THEME, the theme of today is the “haves” remaining in power, and in doing so, also keeping the “have-nots” content and happy.  Everything we are dealing with now, including stocks, bonds, real estate and possible sources of income revolves around the central theme that I have presented.


One further comment.  The key to control by the “haves” is the production of fiat, unbacked money.  Gold is the enemy of money created out of a computer.  When gold was removed as a discipline behind money, those who could create money out of thin air discovered the path to riches and control.  And they developed a hatred towards gold that was understandable.


Gold was the monetary discipline that stood in their way.  This set off a long period of Fed-sponsored propaganda against gold.  Gradually, through the years, and as generation after generation passed on, even the common man in America began to agree that gold was a worthless relic, a useless ornament to be despised.




                                                           
Richard Russell
Richard Russell

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.html   :icon_study: :icon_study:

Offline g

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An absolutely terrifying look at what the fiat buffoons have done to us. :-[


The New York Times

March 30, 2013
State-Wrecked: The Corruption of Capitalism in America
By DAVID A. STOCKMAN

GREENWICH, Conn.

The Dow Jones and Standard & Poor’s 500 indexes reached record highs on Thursday, having completely erased the losses since the stock market’s last peak, in 2007. But instead of cheering, we should be very afraid.

Over the last 13 years, the stock market has twice crashed and touched off a recession: American households lost $5 trillion in the 2000 dot-com bust and more than $7 trillion in the 2007 housing crash. Sooner or later — within a few years, I predict — this latest Wall Street bubble, inflated by an egregious flood of phony money from the Federal Reserve rather than real economic gains, will explode, too.

Since the S.&P. 500 first reached its current level, in March 2000, the mad money printers at the Federal Reserve have expanded their balance sheet sixfold (to $3.2 trillion from $500 billion). Yet during that stretch, economic output has grown by an average of 1.7 percent a year (the slowest since the Civil War); real business investment has crawled forward at only 0.8 percent per year; and the payroll job count has crept up at a negligible 0.1 percent annually. Real median family income growth has dropped 8 percent, and the number of full-time middle class jobs, 6 percent. The real net worth of the “bottom” 90 percent has dropped by one-fourth. The number of food stamp and disability aid recipients has more than doubled, to 59 million, about one in five Americans.

So the Main Street economy is failing while Washington is piling a soaring debt burden on our descendants, unable to rein in either the warfare state or the welfare state or raise the taxes needed to pay the nation’s bills. By default, the Fed has resorted to a radical, uncharted spree of money printing. But the flood of liquidity, instead of spurring banks to lend and corporations to spend, has stayed trapped in the canyons of Wall Street, where it is inflating yet another unsustainable bubble.

When it bursts, there will be no new round of bailouts like the ones the banks got in 2008. Instead, America will descend into an era of zero-sum austerity and virulent political conflict, extinguishing even today’s feeble remnants of economic growth.

THIS dyspeptic prospect results from the fact that we are now state-wrecked. With only brief interruptions, we’ve had eight decades of increasingly frenetic fiscal and monetary policy activism intended to counter the cyclical bumps and grinds of the free market and its purported tendency to underproduce jobs and economic output. The toll has been heavy.

As the federal government and its central-bank sidekick, the Fed, have groped for one goal after another — smoothing out the business cycle, minimizing inflation and unemployment at the same time, rolling out a giant social insurance blanket, promoting homeownership, subsidizing medical care, propping up old industries (agriculture, automobiles) and fostering new ones (“clean” energy, biotechnology) and, above all, bailing out Wall Street — they have now succumbed to overload, overreach and outside capture by powerful interests. The modern Keynesian state is broke, paralyzed and mired in empty ritual incantations about stimulating “demand,” even as it fosters a mutant crony capitalism that periodically lavishes the top 1 percent with speculative windfalls.

The culprits are bipartisan, though you’d never guess that from the blather that passes for political discourse these days. The state-wreck originated in 1933, when Franklin D. Roosevelt opted for fiat money (currency not fundamentally backed by gold), economic nationalism and capitalist cartels in agriculture and industry. [/color]

www.nytimes.com/2013/03/31/opinion/sunday/sundown-in-america.html?pagewanted=all    State-Wrecked: The Corruption of Capitalism in Americawww.nytimes.com/2013/03/31/opinion/sunday/sundown-in-america.html?pagewanted=all&_r=0&pagewanted=print  :icon_study: :icon_study: :icon_study:



 

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