Banking System Report from Iron MountainSubmitted by northstar on Sun, 05/10/2009 - 13:42
What impresses me in the current financial crisis is the near-total failure of so-called progressives to appreciate the magnitude of what is going on or the level of intelligence behind it. How many will say, for instance, that the crash was deliberately engineered by the creation, then destruction, of the investment bubbles of the last decade?
When the financial system creates bubbles it drives up the cost of assets far beyond their true value in producing or storing wealth. When the bubbles burst the value of the assets plummets. Those with ready cash then buy them up on the cheap. When the dust settles more wealth has been concentrated in fewer hands. The rich get richer, and ordinary people are left in a deeper condition of indebtedness, poverty, and pressure to perform to the liking of the financial masters.
None of this seems to be diminishing under the Barack Obama administration. Even the economic recovery Obama is attempting to engineer through massive Keynesian deficit spending is expected by economists to be another “jobless” one like that of 2002-2005. Of course the unemployed or those who fear unemployment are easy to control. And the permanent series of Asian land wars George W. Bush instigated for control of resources and geopolitical leverage against Russia and China continue unabated.