A Day Franklin Saw Coming ~ The Risk Averse Alert

Tuesday, December 08, 2009

A Day Franklin Saw Coming

Outside Independence Hall when the Constitutional Convention of
1787 ended, Mrs. Powel of Philadelphia asked Benjamin Franklin,
"Well, Doctor, what have we got, a republic or a monarchy?"
With no hesitation whatsoever, Franklin responded,
"A republic, if you can keep it."

With a sizable contingent of suckers believing the worst of financial crisis is behind us and better days lie ahead in the stock market, it is entirely fitting that more conniving sorts slowly bleed this fantasy-ridden group in preparation for a new wave of extortion set to hit sovereign governments. Fast approaching indeed appears Act II of El Swindle Grande: an event that could simultaneously precipitate the effective bankruptcy of said sovereigns, as well as disenfranchise those whom they represent.

For many decades now has a dumbed-down people been conditioned to possess nothing but disdain for government. So, consider this frightening thought...

Were a trap being prepared for some radical act — say, sovereign governments effectively being destroyed — would not such widespread disdain as exists today present favorable conditions paving the way for many a political coup's accomplishment? Here in the U.S., might not the entrapment of respective vested interests — both elected representatives, as well as those being represented — manifest the one thing in particular that consistently has been cultivated for as long as I have lived: the utter discrediting of the United States government, and more specifically, the powers it is charged to exercise?

Did you listen to the President speak before the Brookings Institute today? "There's only so much government can do," says Mr. Obama. Someone might as well place a "Crush me!" post-it on that man's forehead. Plainly, he is being set up and revealing himself stupid enough not even to know it. And the Congress is behaving no better. One only need consider its legislative "accomplishments" over the past year — an abominable record but growing more hideous with each new agenda taken up.

Just imagine the coming rage when today's hope is carried away in panic clearly being orchestrated. Talk of "dictatorship" in some circles does not at all seem far-fetched. The truth of the matter is cracks in the dike keep spreading while the pressure being contained only grows more threatening. This arguably is being done with ill-intent whose defining characteristic quite evidently cares not one wit for the likes of me and you. The evidence on this account is, in fact, conclusive, and only a coward or a fool would dare deny it.

Indeed, you might say, too, prospects for others in high places is equally foreboding. Beyond a weak President and Congress, CNBC's Fast Money reports tonight that the American Banker has just named JP Morgan Chase's Jamie Dimon its "Banker of the Year" for 2009. What's most interesting about this "honor" is that, the winner in '08 was Ken Lewis and in '07, Angelo Mozilo.

Not exactly stellar company! And you know what they say ... third time is a charm.

Which is why Rick Santelli's remark regarding "mattress money" during today's Word on the Street ought command your most thoughtful attention...

(Another fine, Mr. Tea Party showing)
Fast Money
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