“The Fed is out of control,” exclaims David Stockman – perhaps best known for architecting Reagan’s economic turnaround known as ‘Morning in America’ – adding that “people don’t want to hear the reality and the truth that we’re facing.”
Policymakers are “taking our economy in a direction that is dangerous, that is not sustainable, and is likely to fully undermine everything that’s been built up and created by the American people over decades and decades.”
The Fed, Stockman concludes, “is a rogue institution,” and their actions have led us to “one of the scariest moments in our history… it’s a festering time-bomb and we’re not sure when it will explode.”
Almost all of the financial criticism from reputable sources, e.g. Jesse, Kingworld and so on has banged on about unsustainability, rules being flouted, regulators in the pocket of the banks. Janet Tavakoli wrote Dear Mr. Buffett.
All of that might be true but I wonder if they’ve considered that the dystopic fantasy actually IS the reality – that reality is whatever Dimon and friends damn well want it to be.
Two years ago, five US banks tanked by all normal measures of what bankruptcy is. Trouble was, there are no normal measures anymore. Once you’re in a debt economy of fiat money, it’s a gangster and whore show – the rules are made by the strong, for them and anyone on the periphery can take the bones thrown to the dog and make small advances.
That’s what has us, largely unknowingly, at the whim of the banksters. Half of society, in bringing them down, wishes to enslave us in a socialist dystopia of no free enterprise. Those who support free enterprise despair of the banksters and other crony capitalists.
Every single time we come back to those I’ve termed Them in posts passim, for want of a better term. These are the ones who need taken down. Remove a Dimon and you remove one head from the hydra. It grows another.
There is one way – if every sentient person developed a persona of personal integrity, where personal greed and low moral compass were anathema, nor would they accept this in anyone above. And if they all blogged and tweeted, if committees were formed to take on the corrupt and demand their removal – en masse I mean, it would at least inconvenience them, as Holmes inconvenienced Moriarty.