Debt Rattle Apr 4 2014: The Fed Desecrates The Constitution


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    John Vachon Liquor store, Palacios, Texas May 1943 An amusing discussion is firing up ever more about what the ECB should do in the face of a – percei
    [See the full post at: Debt Rattle Apr 4 2014: The Fed Desecrates The Constitution]

    Ken Barrows

    Stockman is interesting on financial issues, but I haven’t seen anything to think that he isn’t operating from an “infinite growth on a finite planet” perspective. When one writes articles peppered with the word “growth,” the reader who believes in limits has to raise an eyebrow, or both.

    Diogenes Shrugged

    There are very bright and talented people who’ve spent the last seven years complaining about the absence of prosecutions for Wall Street crimes (i.e. clear violations of the law). Bill Black, for instance, comes immediately to mind. I’m still not at all clear, though, why these crimes have gone unpunished. I’m sure Eric Holder is at least part of the problem, but it appears the FBI, Supremes, Congress and Executive branches are additional components of this protection racket. In reference to what appears to be a possible set-up for an orchestrated debt collapse, Ilargi writes, “It’s a good idea to try and stay away from conspiracy theories, but just look at what’s happening here.” Well, in the off-chance that the absence of prosecutions isn’t the result of conspiracies, I’d like to know who the strong man calling the shots is.

    Vigilante cops mete out their own brand of steroid-drenched street justice to unarmed, non-violent, pregnant, homeless, elderly and often times, innocent people every day. They bust heads and haul to jail for photographing their crimes, too. That makes cops street criminals, but they’re rarely held to account. Maybe it’s just that cops don’t see rich and powerful criminals as easy targets. Or maybe it’s that criminal cops recognize their own when they look at criminals in D.C. and on Wall Street, and are filled with admiration.

    Any way you look at it, criminals have disgraced this country (the U.S.) in very many unforgivable ways. We’ve degenerated from being a nation under law to being a nation under men.


    So….where is the good news?


    Those battles over food will only be good for us farmers,


    Diogenes Shrugged – Lanny Breuer, Assistant Attorney General of the United States, left his post last year after a Frontline piece aired, criticizing him for being soft on Wall Street. He’s been in and out of Washington before, previously Special Counsel to Bill Clinton.

    It’s just one big revolving door between law firms/lobbying firms and the government.

    Both Lanny Breuer and Eric Holder are from the same law firm, Covington & Burling LLP, both white collar defence attorneys. They were not about to go after their previous clients. They probably got their positions BECAUSE they wouldn’t go after them.


    You would expect Stockman to take thd position he does. He’s a Hayek. And just because he’s an American grandee his writing gets noticed. There are many bloggers saying similar things and to a large extent they’re on the money I think. Da da da.

    But the real news is right at the bottom, from the World Bank expecting food wars round the corner. The elite know where they are leading us? They must be f….g stupid.


    Stockman has a true believers faith in the power of markets to solve everything but not in the neo liberal ways. Neo liberal used to mean being a liberal who wanted to use conservative methods to achieve their liberal results, especially market ones. Which lead to identification with corporations and a slavish loyalty to elites in general. So strip away Christian fundamentalism and add some modern views on cultural things and a neo liberal is just an old fashioned businessman conservative who embraces just about anything that anyone who is high up in any institutional hierarchy does.

    Stockman started from that old small town Chamber of Commerce sort of conservatism and never left. It’s an odd political space rarely seen. He became famous and infamous as Reagan’s Budget Director for blabbing to liberal crusading writer William Greider about how that administration didn’t cut the deficit but exploded it. Which was a tip off that he was naive since to this day nobody really cares about deficits. All they care about is not giving money to ‘blah’ people. (That’s people of color)

    So yes Stockman believes permanent growth would be achievable if only the ‘free market’ was allowed to operate. He was even in on the ground floor of one of the first M&A outfits but didn’t quite fit in yet he still never connected the dots. Those being that power determines economic outcomes, not the system, not even the ‘free market’ system. I’ve always sort of liked Stockman because of his naivete. He does often hit the right notes but the biggest picture escapes him. Like the Constitution. A document which has mean less and less after every American war starting with 1812 to the permanent war which started officially in 1941 and never ended. Having morphed into a sort of talisman which means pretty much what anyone wants it to mean.

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