Bankers and Politicians Are Robbing People Everywhere

Before you shed tears for the plight of elite bankers, let this statement sink in:

Cyprus’ banking sector must shrink. As did Ireland’s, the hard way. What is essential, as every Irishman and woman will tell you, is that the politicians do not load up the weaker citizen’s/taxpayers’ shoulders with enormous debts on behalf of bankers that refuse to wither. Read more at http://www.nakedcapitalism.com/2013/03/yanis-varoufakis-while-waiting-for-cyprus-godot.html#dCKwchxGzzT2ljPx.99

Wall Street on Little Guy

That’s from Yanis Varoufakis, professor of economics at Athens University. It explains what’s going on throughout Europe in the United States.

Top bankers and politicians created a phony wealth system that crashed. Or is crashing. Instead of letting it crash and rebuilding on sound economics, the big bankers and politicians are a) loading us up with debt, or b) confiscating our savings.

The elites refuse to accept the consequences of their own failed system. Tyler Durden makes the point here on ZeroHedge.com:

Throughout all of this, the global elites have displayed consistently worsening signs of decadence, psychopathic tendencies, and overall detachment from reality.

The core problem here is that Westerners have ceded almost all political and economic power to the elites. Representative democracy was designed to prevent elites from accumulating power, but it only works if people hold onto their power jealously. Here’s how William F. Buckley put it in Up From Liberalism:

I will not cede more power to the state. I will not willingly cede more power to anyone, not to the state, not to General Motors, not to the CIO. I will hoard my power like a miser, resisting every effort to drain it away from me. I will then use my power as I see fit.

Buckley is dead, and so is his ethos.

Debt hasn’t diminished since the crisis began. It’s grown like an infected boil on the face of democracy.

As massive debts accumulate to governments and ever larger banks, the temptation among the elites to rob the rest of us grows stronger. And the longer we wait to pop this zit, the deadlier the pus explosion when it ruptures.

This David Stockman Quote Should Scare the Hell Out of Everyone

Is the US economy about to collapse worse the Greece’s? 

Some, like Paul Krugman, say that it’s okay for governments to print unlimited money.  Others, who have actually managed businesses, say otherwise.

ronald-reagan-david-stockmanDavid Stockman is among the latter.  He was Reagan’s budget director for a few years.  He became a media sensation because of his command of numbers.

He left the White House early, fretting over federal debt.  But debt in the 1980s was as a piggy bank to Wells Fargo.

In an interview with Business Insider, Stockman warned that America’s financial end is nigh, and that you better hope the Lord returns before it gets here.

Here's the heart of the matter. The Fed is a patsy. It is a pathetic dependent of the big Wall Street banks, traders and hedge funds. Everything (it does) is designed to keep this rickety structure from unwinding. If you had a (former Fed Chairman) Paul Volcker running the Fed today 7/8— utterly fearless and independent and willing to scare the hell out of the market any day of the week — you wouldn't have half, you wouldn't have 95 percent, of the speculative positions today. [Emphasis added]

Read more: http://www.businessinsider.com/david-stockman-youd-be-a-fool-to-hold-anything-but-cash-now-2012-3#ixzz1oA6pTfdp

The GOP is our best hope, but its candidates better get their brains around this, and fast.  I really don’t feel like spending the rest of  my life foraging for roots and wrestling nuts from a squirrel.