"Fortunately," there's a European Monetary Union prime for swindle and a re-elected bad cop from the wrong side of the iron curtain willing to accept blame for the carnage. If French surrender monkeys aren't feeling cornered—set up—well, tomorrow's another day. Be that as it may, banks (-1.64%) and financials (-1.42%) today couldn't wait to see what tomorrow brings. It was a bad day to start the week in fantasy land.
At this point we could suppose out of control cannibals (or more likely their Venetian string pullers) might find Paris an attractive sarin target, given the failure of faux "socialists" there to draw in big daddy's flying guns to protect the "democratic" uprising in Syria in its pursuit of liberty to lop off any head fit to barbeque for dinner.
True, the "rock solid" French banking system has a "whatever it takes" backstop at the Brussels Reichsbank. Yet ECB support requires a pound of flesh in tribute, as it is several times more insolvent than its Anglo-American counterparts, whose member banks' derivatives exposure, indeed, risk implosion were an otherwise obeisant political class even to hint at tapering its support for the fraud-rife scam that is today's trans-Atlantic banking system. Yet increasing resistance to this support is inevitable, and that's a fact.
It's only a matter of time before crippled nation states under the burden of a bankrupt "free market" experience a republican renaissance, with sovereign control over credit advancing the causes of life, liberty and happiness through directed investment robustly fostering the sovereign's capital stock. The American Revolution's eternal legacy, encapsulating principles no less precious now than over two centuries ago, remains well suited for export today. The present moment finding an amoral, supra-national tyranny animating fundamentalist cannibals just beyond Europe's periphery perfectly exposes the utter bankruptcy of what otherwise are modern-day exponents of treason to the natural rights of man.
There's our boy Tarpley. Excellent idea: Seize the Fed! Like a champion the man is stepping up, offering his candidacy to become the next Fed chairman. No incompetent, fascist academic here. Rather a red, white and blue Hamiltonian. Exactly what Wall Street needs right now. Not gonna happen, you think? There is no other choice! The trans-Atlantic banking system is just a coup de grâce from total obliteration.
Now might be a good time to ponder events leading to the 14th century's Black Death. A deception carried out over many decades by Venice had brought commercial ruin throughout much of Europe by 1343. Then, the banking houses of Florence—the Bardi, Peruzzi, and Acciaiuoli international banks—were the 14th century's "New York," while Venice was today's "London," manipulating Florentine bankers, kings, and emperors alike by tight-knit financial conspiracy and complete dominance of markets through which money was minted and credit created. Collapse came when swindle sustainining usury met inevitable default by the weakest link in the chain. Precisely where we find ourselves right now. Circumstance impinging commerce and finance today is remarkably similar to that leading to Europe's utter collapse in the 14th century. The way once again is well-paved for death of unimaginable proportions. Same "Venice," different century, really.
There's one big difference, though. Today, the sovereign nation state, how ever weakened, remains well-established in its authority to act in the face of crisis. Sure, we have a vocal anarchist crowd these days, many of whom identify with libertine hatred for government, but this group remains a decided minority. Moreover, their love of liberty leaves open for entertaining the surest means of its practical uplifting, which objectively demands credit financing investment in the nation's capital stock, both material and human, most emphatically, that humanity's abundant creativity ensure material abundance be fostered from what otherwise is contrived scarcity. Thus is return to a principally manufacturing-based economy imperative.
Yet even more pressing than the economy's mode of expression is its means. Cheap talk of energy independence need foremost become reality. Toward this objective ought the provision of credit be most thoughtfully focused. What forms of energy should be fostered need only satisfy the simple requirement that, its output produce flux densities in excess of current capacities. By this means are limited resources economically made available to new uses increasing humanity's leverage over the material universe its technological prowess opens. By such means alone are debts contracted sure to be easily extinguished, and many times over at that. Thus, are windmills and passive solar collectors o-u-t. These are a complete waste of time and energy, as the very survival of humanity is put in jeopardy employing technologies whose energy flux densities are less than what today's hydrocarbon-based capacity provides.
Now, for the edification of a Wall Street whose posterity positively demands a Hamiltonian be installed as the next Fed chairperson is the following mainstream account of the man who established New York City as the engine powering the American System of Political Economy...
We must contend with misrepresentations even among natural allies, so those presented here are less important than good will we can project toward others in the cause of stability we foremost will need to secure once today's hopelessly insolvent trans-Atlantic banking system tumbles into the abyss. Many agree capitalism's moorings have been badly compromised, and more than just a few realize this threatens a New Dark Age throughout Western European civilization. Notwithstanding differences across the American political spectrum on how best to build upon the United States' sturdy foundation whose cornerstone was laid long ago, the need to find agreement merely recognizing that foundation's very existence certainly seems a useful exercise at the moment.
It's bad enough we have so called leaders pushing a military alliance with al Qaeda. This vile proposal truly exposes a culture at grave risk of its material demise in calamity rivaling the 14th century's. Yet this could be our fate in tragedy only if we allow it. There are credible solutions to today's profound cultural crisis which do not threaten world war. Libertarians suggesting pain and suffering must be endured, and this in and of itself will restore economic balance, are no less delusional than those who claim a lasting recovery has taken root from the ashes of 2008's collapse. Here again we have a false divide obscuring the conversation Americans ought to be having right now. The rightful object of our attention is no less defined today than it was over 200 years ago by principles only fools believe have become quaint relics in an age when markets dominate the social order, both in the public and private sectors. Ordinarily, the task of waking a sleeping giant is not trivial, but as the house in fact is burning (if only at the moment for investment grade securities), our demand a Hamiltonian be nominated the next Fed chair comes with utmost desire a face saving way out of a looming conflagration be taken. In the policy divide diminishing hope in life and instead risking death we simply must insist life be uplifted no matter how severely it is being threatened, and persist pursing this better intention until our very last breath is taken...
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