Debt Rattle Aug 17 2014: America Can See Its Future In The Mirror
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Leslie Jones The Hindenburg over Boston Common 1936 If Americans were less prone to self-deceit, they would have long since realized that the American
[See the full post at: Debt Rattle Aug 17 2014: America Can See Its Future In The Mirror]“Segregation by race has always remained inevitably linked to segregation by wealth and income. As a hugely disproportionate number of black kids continue to be incarcerated under a prison system that locks away more citizens than in any other country.”
This is true in recent years, but it’s NOT historically or “always” true.
Before 1950, black neighborhoods included plenty of prosperous blacks. A black laborer was likely to live near a black doctor, while a white laborer lived far away from white doctors. This meant that black communities were ‘complete’. The morality and work ethic of middle-class business owners influenced lower-class blacks. Result: Low unemployment, low criminality. A close look at the 1940 Census shows this clearly.
After 1954, old black neighborhoods were demolished and black schools were eliminated. Prosperous blacks moved into white areas, and the black lower class was left without any role models or moral influences that it could understand. After 1980, your friends the environmentalists conspired with capitalists to eliminate manufacturing from American cities. This eliminated the jobs that had enabled lower-class blacks to move up the economic ladder.
Result: What we see now.
The mentality;
“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” Alan Greenspan
https://www.forbes.com/sites/johntharvey/2012/09/10/impossible-to-default/
That said, Pension obligations could be split, with the Fed offering inside information to “Preferred” entities, such as government pensions, moving them into TIPS and short duration Treasuries, then pulling the plug on private pensions through interest rate rises.
Any organization as powerful as the Fed is by it’s political nature, corrupt. Hell, it’s chief is appointed by a partisan politician, so it will always do the power structure’s bidding.
I don’t see any possibility of a wholesale default, as much as I do a mass separation of Fed (government) selected winners and losers.
In this Brave New World, the ends now justify any means. Expect to be surprised.
For sure, I am taking notice of where Military, Federal, State and Local Government pensions are allocated, and considering following suit. The Fed won’t let it’s Comrades down. It can’t, and still maintain it’s grip.
To wit, the passing down of para- military equipment to the lowest echelons of the Statist apparatus. Add, the reflation of Real Estate to double property tax revenues with which to finance operations such as what are going on in Ferguson.
Of course, in the end, the Fed/Treasury could circumvent market function all together, and simply originate all new money through government channels. I think they liked what they saw in the old Soviet Union, and in today’s China.
Polistra,
If the environmentalists caused American manufacturing to leave, you’d think big corporate would have given them a hearty thank you for making it easier to switch to cheaper labor (which started earlier from the northern US to the southern).
As a America, I think our culture is indeed sleepwalking. Don’t know, though, about putting MLK and Muhammad Ali in the same sentence.
Greenspan said, “We can guarantee the currency (he didn’t say money) to meet all obligations, we cannot guarantee what it will buy.” Many have implied but none have said, “We can guarantee the Food Stamps (equivalent) to cover all commitments, we cannot guarantee price or availability.”
Alan Greenspan is lying.
If the US government can print money, THEN WHY IS IT IN DEBT PRIMARILY TO ALAN GREENSPAN’S ULTIMATE EMPLOYERS RIGHT NOW?
Of course, he doesn’t talk about that CONTRADICTION because that would expose the con game for which he’s fronting.
Alan spent his whol career lying about the singular Federal Reserve Mandate – a lie told so many times that most people won’t even believe the simple law as written in Section 2A of the Federal Reserve Act. The mandate is to keep credit and monetary aggregates commensurate with the economie’s long term productive potential. That’s it. What follows are the expected benefits of following the singular mandate… but since Greenspan criminally broke Section 2A for his entire career, he lies about the mandate.
Lucky for him “laws” for the dElites don’t have any penalties, right? The “more equal than other animal” laws aren’t like Muppetry laws that actually have penalties.“The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”
[12 USC 225a. As added by act of November 16, 1977 (91 Stat. 1387) and amended by acts of October 27, 1978 (92 Stat. 1897); Aug. 23, 1988 (102 Stat. 1375); and Dec. 27, 2000 (114 Stat. 3028).]
I have likened Ferguson, Mo. to America’s Gaza. Which is also true of almost every black neighborhood in America.
I laugh (not for joy) every time I hear the phrase, “post racist America”. The denial is breath-taking.
As of Sunday evening, Ferguson is far from over…Ferguson looks pretty surreal, and out of proportion (starting with shooting an allegedly unarmed kid 6 times). To hold back a few hundred protesters, what looks like entire armies are being put on the streets. The governor just signed an order to deploy the National Guard. What are these people going to do when there are thousands of protesters, or tens of thousands?
“What are these people going to do when there are thousands of protesters, or tens of thousands?”
Tahrir Square? I fear the present course is already set; the Spice must flow…
These are not police, but something else entirely and this has been going on for years.The stupid is strong in Missouri; what happened to Capt. Ron Johnson (state highway patrol)? He had things calmed down immediately, why is he not in charge of this?
Nixon is a moron, the National Guard???!!!
Well, not to repeat but the militarization of the police has been trending for years…Assange to do a press conference any moment now; rumored to be so ill he’ll have to leave the Ecuador embassy to seek treatment.
But that was just a rumor. He seems to be doing a wrap-up of all legal matters in various countries against him.
But he did say he’ll leave the embassy soon. Never charged with anything in either Sweden or Britain or US, everyone’s just diddling as US builds a case against him, which has taken 4 years now. UK has spent £7 million protecting the Ecuador embassy. Assange filed a criminal complaint against FBI. No movement at all in Swedish investigation. Sweden refuses to hear him in UK.
He did say his health wasn’t good (heart and lungs?) and no direct sunlight.
The U.S. is firmly behind this abomination of human rights violations and injustice.
Sweden is the joker in this deck; I had no idea.
The only positive I can see is that the US is losing all of its credibility by its rogue behavior; as you so rightly illustrate and speak to, and the world increasingly pulls away from a diminishing empire of hubris and impunity…
CheersI’ll say another thing that just chaps my ass; after you (Raul) spoke of the Assange news flash: I couldn’t find one damn word; BBC, Huffpost (blech!), BBC, CNN (blech in spades), yahoo, google news, Al Jezeera, and RT!
Obviously I finally got it, but damn, it took a monumental effort. What’s with that?
Bloody hell, where did you get your information? I want some of that… 😉If you would simply have searched ‘Assange’ on Google News, I’m sure it would have returned results. Doing that, by the by, is also a great way to get access to paid content from WSJ, FT and many others.
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