How is it that, according to some in Congress, Treasury's default is not an option — a correct view, no doubt — yet allowing a plainly insolvent banking system to drag the nation's economy into the ground somehow is acceptable?
There is no greater undeniable truth whose silence must be broken: the banking system is insolvent. Washington's policy response following the collapse of Adam Smith's Leveraged Ponzi Scheme in 2008 has not changed this reality one iota. GDP's awful Q2 collapse reported Friday stands as stark, irrefutable testament. Recent days' debt ceiling charade — Team Fraud's charge to kill the U.S. Treasury — is but icing on the cake.
One only need fathom this simple fact: were the banking system, indeed, solvent it would be physically impossible for those tens of trillions of dollars Treasury and the Fed have thrown at it these past few years to have such woefully muted effect. There is but one inescapable conclusion. The banking system is bust: bankrupt.
Lo and behold, just as money talks and BS walks, Europe's biggest hedge fund just spoke volumes. The timing of this fund's last big dump is noteworthy, too, just months prior to the collapse of Lehman Brothers in September 2008.
Now, through those faithful servants of fascism in Congress who today drove a stake into the U.S. Treasury's heart, and in so doing virtually assure the very thing that, the greater preponderance of these not-so-well-educated, sophist cowards claim they desperately wish to avoid — default — we come to silent truth number two. In hastening the banking system's collapse by choking off debt the U.S. Treasury adds to it, Treasury's "full faith and credit" assuredly is doomed.
Think about it, will you. Connect the dots. An insolvent banking system being hung out to dry amidst collapsing GDP and clear signs of hyperinflationary breakdown across the globe portends but one thing: Uncle Sam's receipts are about to dramatically shrink. Enter a vicious negative feedback loop. It's only a matter of time before the U.S. Treasury's "full faith and credit" is as worthless as Barack Obama.
If you're thinking those who drove the market lower today following the standard, CME-driven, "come one, come all suckers" pre-market bid — this in momentary celebration of our president's skillfully slipping the noose around the U.S. Treasury's neck — are seeing things exactly as I do, then, truly, the spirit of the American Revolution desperately needs such wiser minds as yours among determined souls willing to fight these dangerous, woefully ignorant jerks driving the nation to ruin. Speak out. Truth revealed here positively must resound if the United States is to survive, and once again prosper. There is no hope without Glass-Steagall.
Well, what do you know... Not only is the banking system, fundamentally speaking, obviously doomed to those of us not at all convinced by Team Fraud's sophistry, but technically speaking, too, prospect of its demise appears imminently destined to become the not nearly so silent truth as is sadly so today.
Today's desperate drive to raise capital throughout larger EMU lynch pins (Italy and Spain) but heightens the probability that, the U.S. banking system's unraveling is but days away.
Now, before you go off thinking, Herr Bernanke and Herr Geithner will save the day, here's something you should consider. If Team Fraud is venturing destruction of the U.S. Treasury — part of an effort aiming to erase from the global landscape the very notion of sovereign nation states — then might these two monetarist monkeys have outlived their utility? Might it be time for these two boys to be forcibly removed from the stage? (This question is all the more compelling when you consider who has been calling for their ignominious jailing, and just how badly Team Fraud would like to remove the likes from the picture, possibly playing a "Lee Harvey Oswald card," venturing to kill two birds with one stone.)
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