"Two systems are before the world; ... One looks to underworking the Hindoo, and sinking the rest of the world to his level; the other to raising the standard of man throughout the world to our level. One looks to pauperism, ignorance, depopulation and barbarism; the other to increasing wealth, comfort, intelligence and civilization. One looks towards universal war; the other towards universal peace. One is the English system; the other we may be proud to call the American System, for it is the only one ever devised the tendency of which was that of elevating while equalizing the condition of man throughout the world.
"Such is the true mission of the people of these United States. ... To raise the value of labor throughout the world, we need only to raise the value of our own."
— Henry C. Carey "Harmony of Interests" (1851), American System Economist and advisor to President Lincoln
Time to address "too big to fail, too big to save, too terrible a consequence not to act." The EMU is on the brink of dissolution and the hour for effecting an orderly restructuring is late. Today's leveraged financial infrastructure, precariously sustaining life as we know it — its physical capacity — rather clearly appears on the verge of calamity. As it is certain that, hyperinflationary bailout has reached the end of its capacity to be tolerated any further, there must be a new way forward. There's just no delaying any longer a decisive turn.
Thus, the time for reinstating Glass-Steagall has reached undeniable necessity. Not a minute more can be wasted. It's Glass-Steagall, or chaos venturing a supra-national, global police state whose name is "governance." That's the choice before us.
Next stop beyond fast approaching crisis, then, is "restructuring." The terms of this inevitable outcome find in the balance prospect for reasserting the American System as means of benefiting all humanity along lines Henry Carey wrote in the 19th century. The alternative, contrarily, is sure to venture but extending today's fantasy lending "value" to the greater bulk of current debt (in some yet to be determined, restructured form), and enforcing this new arrangement by means overtly employing a police state further compromising the sovereign power of nation states, as, indeed, is a necessary precondition.
Do not think this is but a fantastic exercise in sensationalism. Just look how much our President has done toward accomplishing this end! The Joint Select Committee on the budget deficit — probably the most profound case of "taxation without representation" since the Boston Tea Party — and an illegal war in Libya whose consequence surely cultivates the rage of a known terror threat: these two "accomplishments" in particular condemn the man a useful tool in promoting a police state (all the more substantiated with execution of three American citizens in Yemen absent any due process whatsoever). Add the President's non-performance at the recent G-20 meeting and the intention of those backing the man are laid bare. Likewise is the historical significance of his Financial Times of London endorsement during the 2008 campaign. Chaos and police state are official Team Fraud policy, and by sheer force of nature, given present circumstance, the trend is unmistakably hurtling in a dangerous direction with haste, as the present day's developments in the euro-zone make clear.
So, in addressing "too big to fail, too big to save, too terrible a consequence not to act" matters much larger than money are at stake in action made necessary by chaos about to sweep the globe. An American imperative harmonious with its history in war against tyranny simply demands Congress immediately reinstate Glass-Steagall. This President being a known, clear-and-present danger only need be called to account on this matter specifically, and if not on board, promptly removed, being eminently impeachable on constitutional grounds.
This is the moment we are living in truth. "The land of the free, and the home of the brave" finds our time demanding proof. Will it be life, liberty and happiness, or will it be a fascist police state? In fast approaching "restructuring" the answer certainly will be told.
With credit markets in disarray and U.S. bond markets closed Friday for Veteran's Day, tomorrow just might prove one doozy of a nasty day. Leading lightweights of the fascist right — having affirmed tonight the Tory party's, er uh, I mean the Republican party's "opposition" to euro-zone bailout — must be stirring a fright among Pavlov's dogs (patriots or otherwise) who insist this is "the party of big business." It'll be big business alright as mega bank after mega bank take a knife in the back with threat of sovereign default looming large.
And a three-day weekend to worry about such risk most immediately no less! Time for a huge capital raise appears ripe. Tomorrow could prove a most devastating day of trading, quite possibly the worst so far this year...
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