America and most of the OECD ( Organisation for Economic Co-operation and Development ) has substituted blantantly unproductive Ponzi speculation for real productivity growth in the last 4 Decades! The rising debt bubble has obscured this painful reality. The delusion has allowed Americans to live beyond our means by buying goods produced elsewhere using borrowed money.
The cows have come home to roost and thus, the U.S. will be suffering a catastrophic drop in actual incomes. Will we wake up and smell the coffee and start dealing with these realities rapidly and urgently or politically and slow as molasses?
Will the Republicans waffle and squander a clear mandate? The politically correct reality is that the United States will finally do the right thing, after exhausting every other "bi-partisan" compromising alternative. Real changes are only feasible after several more years of failed conventional policies have been knee jerked.
We may not be able to abolish the Federal Reserve but we willhave no choice but to:
• Abolish Ponzi debts that have been used primarily to drive up asset prices rather than finance investment or consumption, including viralent Shadow Banking System Debt.
• Immediately after the collapse of the cancerous financial system, Banks should be put into temporary nationally administered receivership. The flow of working capital to firms would have to be maintained.
• Reform financial assets to prevent future debt-funded Ponzi bubbles. Even with total transparency, we cannot stop banks from wanting to lend too much money. We can only reduce the attractiveness of debt for Ponzi speculation by making it much less likely that profits could be made from leveraged speculation. Kinda like taking the profit out of the drug trade.
• Government spending cannot overcome any and all recessions because we live in a mixed credit-fiat money economy. Private sector money should grow when the economy grows. The explosion of debt-financed money and the financial crisis has caused a rundown in the quality of US infrastructure. Government spending has been just as wasteful as what the private sector did with its monetary growth. Private investment is going to be subdued and that is the best justification for government stimulus spending on infrastructure. Responsible rebuilding of infrastructure will lead the way to revived confidence in the economy.
On April 2nd, 2009 Congress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banksters.The Tea Party better do it's homework, educate the electorate and for legislation to deal with what's at stake.
Will Tea Party join Occupy Wall Street to support Cain? Speak Out Now. Engage Your Government. Vent. Who Will Lead?
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