Failure of the unconstitutional Joint Select Committee on the budget deficit to build consensus on how best to gut federal outlays means but one thing: the Glass-Steagall freight train will be picking up steam and soon overrunning all resistance. Any movement to automatically trigger mandated spending cuts is sure to be met with resounding insistence that, a great reckoning of [unpayable, illegitimate] debt be imposed via a long-overdue restructuring along lines established by the original 1933 Banking Act and its contemporary Return to Prudent Banking Act of 2011. So, it's bye bye Ponzi finance. That is the implied threat of the JSC's failure.
This inevitable course cannot be traveled soon enough. Growing incidence of insane calls for further debt monetization only exposes truth of the financial system's insolvency. "Liquidity" issues should not take years to resolve. Truth is there is too much debt of which the greater bulk is illegitimate: in no way applied toward [productive] ends assuring it, foremost, will be extinguished and, likewise, will create the means for securing greater, nominal credit which to apply toward similar ends in the future (i.e. to the same general effect elevating productivity).
Zero-sum games of imperial finance yet again have tragically proven the necessity for a credit system among sovereign nation-states whose authority is absolute. Glass-Steagall, of course, is a practical first step in this direction.
Physical reality upon which finance must be based is one recognizing resources necessary for sustaining life in ever more refined states of existence are in fact finite, thus requiring increasingly concentrated, capital-intensive investment in the means by which mankind gains mastery over nature, that the posterity of our species be secured. This is a notion foreign to imperial finance whose Ponzi character today lies exposed in a mountain of debt fated to collapse because it largely has been applied toward ends seeking to extract wealth from the present means by which mankind sustains its number. Indeed, having decimated our means of survival through several evolutions of wealth extraction over recent decades, the true intention of imperial finance is laid bare: increasing rates of attrition in all things essential to life.
How anyone calling themselves American could defend this arrangement — be it squealing like a schoolgirl for more hyperinflationary bailout or mongering for war venturing destructive ends only more vivid and direct — would be mystifying were such posturing not easily assigned acts of desperation typical a moment preceding demise of a failed system. We might better call it a modern case of money changers begging to be chased from the temple.
The JSC's failure but confirms that, time for resurrecting the American System of Political Economy, indeed, has come. Inevitable restructuring of a banking system increasingly impinging on sovereign finance but raises the necessity for immediate restoration of the Glass-Steagall standard. No chorus of criminally insane subversives resisting this end can succeed in extending the life of today's hopelessly bankrupt arrangement. It is about to come down. Thus, too, days of a U.S. Congress modeled on the National Aquarium are far fewer than days remaining to the 2012 election (with political turmoil on the European continent further pressuring a fantasy land whose failure is only the more confirmed by the JSC).
So, there you have a large grain of salt with which to season rantings of lunatics incapable of fathoming physical dynamics about to overwhelm their world with chaos now likely too late to escape.
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