Give an inch, take a mile: this is a trend of old inviting reminder at this hour.
Today, amidst the collapse of a debt pyramid built via a leveraged Ponzi scheme, the inch given is sovereign control over finance and economy, and the mile yet to be taken runs, as ever, through a U.S. Congress whose Joint Select Committee on the budget deficit is proving but a microcosm of a supreme constitutional duty's Super failure. So-called "leaders" now cowering to an ill-formed law's mandated cuts but pave the mile of demands "the market" will yet extract, this as surely as now is occurring in the world's third largest bond market where Italian sovereign debt trades, spreading chaos across the entire European continent.
And so, as in '08, a well-scripted act is set to go down amidst chaos demanding immediate tribute. Let's call it what it really is. A shakedown. Swindle. Acceded to by gutless jellyfish in Congress and an eminently impeachable President (who should be hoisted out on a rail, if only for the sake of gaining effective redress of a vile lack of accountability in government, for it is here that grievances galore take root, such as now spark public disturbances whose effect in freedom paradoxically is directed toward insuring domestic Tranquility, bringing only the more reason to impeach the man, right away, on constitutional grounds).
What's worse now, though, is the simple fact that, outrage such necessary, continued extortion further engenders raises prospect of unthinkable war. Arguably, this end a dead Ponzi scheme's facilitators willingly risked from the beginning (recall Martin Feldstein's warning prior to the 1999 introduction of the euro). Thus, Benjamin Franklin, indeed, spoke presciently of what really is at stake in truth at this very moment in U.S. history: a republic, if you can keep it. As then, we face the same enemy. Only different soldiers today press what are ageless, imperial interests.
Yet enemy warriors might better be seen but prodigal sons in coming want, only made all the weaker by today's insolvency. So, wisdom of the American System could be like a father reunited with his long-lost blood. Today's best hope for war to be averted: kept at bay through renewed strength in powers of creativity encouraged, such as alone offers a peace that endures. For this the United States in fact was formed, and Ben Franklin brilliantly put it the way he did to challenge future generations to rise to the occasion when life and liberty's defense became an urgent matter.
So far, so good. Yet our generation could fail? This is our sovereign challenge to fulfill.
A massive, yet orderly, bankruptcy reorganization awaits. No need to worry about likely losses pensioners and the elderly will suffer. They'll be well-cared for. The 21st century investments this nation must make to the tune of trillions of dollars per year will return a sum from which we could care for a hundred times more of these, and in fact, eventually, we will.
It probably is wise to look for the EMU's collapse only after momentum on the S&P 500's Volatility Index crosses the 0 line. After that, the art of swindle should get dicey (if not messy, as well).
Not necessarily expecting this breakthrough imminent, the market's range-bound waffling so far this month might continue for some days more, today's dip notwithstanding. Subsequently, though, a stumble to challenge October lows still remains on the radar...
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