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Newsworthy Postings
Tuesday, March 08, 2005
By Chris Herz
March 7, 2005, VHeadline
A superficial look at political developments in Washington D.C. might suggest that president George W Bush has over-reached and is about to suffer defeat on his Social Security piratization project.
We see on the part of an heavy majority of the population a prompt and firm rejection of this plan.
We see defections from within the prince-president's own congressional party, and we see, for a change, plenty of published dissent within the print media. And even though the corporate broadcast "journalism" remains largely with the president or at least neutral, Internet sources, now very widely read here, are mostly against.
In a normal country, the issue would now be suffered to die a quiet death.
But no. Not here.
Watch carefully over the next few weeks ... the key elements of the Bush plan, a failure in its native Chile, and a failure among our own people, will be resurrected and enacted not by Republicans, but by their supposed opposition, the Democrats in our Congress.
In this you will see how a "managed democracy" works: The opposition is more loyal than opposition, and serves really as a mask to hide the essential one-corporate-party-with-two-wings nature of our polity.
Of course, not only Venezolanos, but every news consumer in the whole planet has been treated now to repeated lessons of the same sort in American civics ... the Iraq war, and the hate campaign against Bolivarian Venezuela being other prominent examples of this process, where the governing party, its "opposition" and the corporate media present a seamless sack of mendacity to the world.
But there is here another important lesson, maybe one even more significant.
And that is, in an issue threatening to impact negatively on most American households, our people showed themselves quite well-informed and quite vigilant in the protection of their interests. Many ordinary people even know that Chilenos are far from satisfied with such a system.
- Few Americans, closely questioned, will bother to deny their suspicion of the predatory and mendacious nature of their employer corporations and of the wholly-owned political subsidiaries.
After all, we have a huge constituency here which justifies the private ownership of lots of firearms with the claim that this is what is needful to prevent the rise of tyrannical government. After all, who should know better than our own people what the North American governing classes are about.
The point of all this for Venezolanos is that our USA people ... whatever their other domestic virtues ... never object to the seizure of foreign territory or resources by their admittedly corrupt and lying elites. For they know that tasty crumbs will drop from Massa's table, and the rest of us, living like mice or cockroaches in our own land can glean these morsels.
Considering the magnitude of the political and social changes taking place here, and the economic destruction being wrought by war and other neo-liberal policies one must be struck by how little dissent is evident. And this is why. Not since the time of Franklin D. Roosevelt, before World War II, has government or its ruling elite shown an ounce of concern for ordinary people. And our people return the favor. They know they live on crumbs and whatever else happens, that's not about to change.
This widespread cynicism has in turn spawned many other problems.
These range from the large number of deaths due to this proliferation of arms to the rise of wacko religious cults offering pie-in-the-sky-when-you-die sorts of salvation. Even offering Dominionist or Dispensationalist delusionality about the Second Coming.
But the one thing these people will not be doing anytime soon is joining the anti-war mobilization.
I fear, friends that this leaves you on your own, but after all, rugged self-reliance is what America is all about!
Editor's comment: It is abundantly clear that Bush's attempt to privatize Social Security is merely a ruse to pump up the stock markets and in turn reward his sycophants on Wall Street with hundreds of millions in brokerage fees.
The American economy has been turned into a paradise for speculators where real productivity is penalized and the parasites of the banking and brokerage houses reap a windfall. We see this also in the exportation of manufacturing and of good paying jobs. This is treason by the corporate capitalists, and it is fascism operating with impugnity against the best interests of the country.
It further will operate to plunge us deeper into debt as the black hole of the fiat money system sucks ever increasing amounts of debt into its vortex, eventually to suck the whole of American productivity into the abyss.
When it goes, the whole world may go with it; certainly Europe and Japan will likely follow.
Bob Chapman of The International Forecaster tell us about the huge outstanding derivatives position held by U.S. banks.
As of 9/30/04, JP Morgan Chase had $43 trillion in derivatives, which is about four times US GDP; Citigroup has $17.5 trillion and Bank of America $17.1 trillion. Other trillion dollar players are Wachovia and HSBC, Hong Kong Shanghai Bank Corp. Twenty-five banks held $86.9 trillion in derivatives. The collateralization for these derivatives was only $804 billion. For those unfamiliar with derivatives, they are a form of insurance. Eighty-seven percent of all derivatives were interest rate bets, followed by foreign exchange bets of 9%. In the past three years, banks’ derivatives holding increased by 25% and they have doubled since 2000. Since the end of 2000 derivatives have soared $44 trillion or 108%, while assets have grown only $2 trillion or 32% to $8.2 trillion, loans have grown $1.1 trillion, or 28%, to $4.8 trillion and equity capital has grown $292 billion, or 55% to $821 billion. Thus, derivatives are now ten times assets, 17 times loans, and 103 times equity capital. The real danger of this massive bookmaking operation is that it is entirely unregulated. It is a Ponzi scheme. When the economy heads down and the stock, bond and real estate markets follow, the derivative house of cards will collapse.
Worldwide, derivatives are worth more than $200 trillion and Chapman call this, "...a vast betting and bookmaking network for corporate gamblers used as a means to exponentially increase profits."
This exposes the false prosperity of the debt money system. It is built on shifting sands and is unsustainable. This system only benefits the corporations and their bureaucratic cronies.
We should keep in mind also that when these bets are made, there will be a winner and a loser in the grand scheme of things. Which side we are on here ultimately depends on what action we take today to protect our personal assets. When the phony wealth of paper assets begins its plunge, hard assets will be what saves the day and our hides.
We take heed of Chapman's final warning on this subject, "Derivatives are truly financial weapons of mass destruction. Our message is clear; we are in terrible financial danger. The only way you can protect your financial assets is to be in gold and silver related assets. If you are not, you will be financially doomed."
To this end, we recommend most of all to take physical possession of precious metals, gold or silver. Silver right now is a bargain and has the potential to outstrip gold in percentage gain when the time comes for the prices to move. Chapman says there is no way to know what will trigger the event, but he notes that a recent jump in metals prices was caused by South Korea announcing it would "diversify its financial holdings." This means they will liquidate holdings of dollars in favor of other currencies. Anything sould be the trigger that starts the upsurge in prices.
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