Today's Elites

Friday, August 05, 2011

The Babbling of Snake Oil Salesmen

Today's spate of media establishment hand-wringing, morning-after articles supposedly analyzing the current economic crises all miss the simple fact that we are at the tail end of the chimerical post industrial/consumer society hoax. The build up over some fifty years of ruinous speculative forms of illegitimate debt, a.k.a. derivatives securities, is like a terminal cancer on our system. The Federal Reserve and Treasury's bailout mania has only worsened this monstrosity by feeding that cancer... The only solution is to cut loose this muti-trillion anti-productive succubus in a similar fashion to what FDR did. First we must re-enact Glass Steagall and let the so called financial houses on Wall Street choke on their useless gambling derivatives. Secondly the government must issue credits to be used in physically productive, high technology, long term investments. That is the only basis upon which our nation will ever return to prosperity and a decent future.

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