So apparently I have a blog or something. Wouldn’t it be nice if I updated it every now and then?
Sorry for the nearly-a-month gap between updates. I’ve been busy, depressed, sick, busy and exhausted. And busy.
A lot has changed, but much more hasn’t. I get sick of the same old shit. It’s just depressing to have to contend with the fact that we’ve got a crew of fascists in the White House and no one seems to care, especially not Congress.
Similar to Hitler and Nazis we may have to wait for them to cause their own undoing. That seems like the way things are going: The Fed and Bush admin have completely fucked our economy to the point where I’m wondering whether I should move somewhere the hell else.
They said an emergency cut by the US Federal Reserve to its discount rate and a weekend deal for JPMorgan Chase to buy Bear Stearns at a fire-sale price had added to a sense of crisis sweeping through global financial markets.
The volatility spilled over into commodities Monday as oil prices soared to fresh highs and gold prices jumped as investors looked to safe-havens.
The fact that the government is bailing out mega-rich corporations at the expense of regular-joe taxpayers almost doesn’t even register in my mind. We’ve got bigger fish to fry: The stability of the economy as a whole is threatened.
It’s important to realize that the US dollar is a fiat currency, backed by nothing but promises. There’s no gold backing, no silver; nothing. It’s paper. It’s backed only by the promise of the government that its citizens will continue being productive and paying their taxes. But if the economy goes even lower into the pit of doom it’s falling in, then the American taxpayer will have trouble paying for much of anything. Houses are foreclosing and jobs are dwindling. There’s no end in sight so we don’t know whether this will be just a minor correction (read: recession) or a major depression.
It’s looking more and more like a depression.
There’s a lot of baggage here. The dollar has been inflated in value for years and now the cows are coming home to roost ontop of the chickens who wanted to be elsewhere but couldn’t afford transport because of high gas prices.
But’s the subprime mortgage mess that’s really triggering this downfall. Those same loans kept the economy afloat a few years ago, but now they’re acting more like a millstone. So, in order to save us from economic ruin, the Bush admin is robbing us of our own money. This money will be sent to the enormous banks who fucked us in the first place:
This week, Bernanke’s Fed, for the first time in its history, loaned a selected coterie of banks one-fifth of a trillion dollars to guarantee these banks’ mortgage-backed junk bonds. The deluge of public loot was an eye-popping windfall to the very banking predators who have brought two million families to the brink of foreclosure.
Up until Wednesday, there was one single, lonely politician who stood in the way of this creepy little assignation at the bankers’ bordello: Eliot Spitzer.
The Spitzer scandal proves once again that the most horrible thing any politician can ever do is have sex.
You can start illegal wars, violate every American’s 4th amendment rights simultaneously, give away billions to rich cronies, display utter incompetence and total hypocrisy, but God help you if you have sex with somebody who’s not your wife! (the solution is obvious)
Oh well. Spitzer was a hypocrite, too. He should’ve moved for legalized prostitution when he had the chance. But what really burns me is how we hold (or don’t hold) politicians accountable. Spitzer’s indiscretions are mostly a matter of concern for his wife; it’s none of our fucking business (ha!). Bush’s crimes are at a war-crime level or higher. Yet he is protected by the Democratic Congress as if he were one of their own.
Well, I guess he is.
The truth is that the ruling class looks after their own. Spitzer was standing in the way of economic progress so he had to go. Of course “economic progress” is just a euphemism for wealth redistribution; from the poor to the rich.
In the end, we’re on our own. The rich will look after themselves/each other, but they will only think about us insofar as we are necessary to their survival. It’s foolish naivety to believe otherwise, I’m afraid. They’ll save their servents before us, simply because they want someone to serve them hot toddies in the underground bunkers.
So my advice is: watch the markets. If there’s a run on the banks you’ll want to be first in line to get your cash. Remember, only the first 10% will get their money out. Everybody else is completely fucked if the FDIC doesn’t have a couple trillion laying around.
Of course what do I know? I’m just a simple peasant giving advice to other peasants on how to deal with an economic system invented by the nobles for the benefit of the nobles. There’s really not much we can do.
But you might be wise to avoid listening to the mouthpieces of the nobles. Their advice is usually self-serving at best. Perhaps even scarier is the idea that the high priests of the economy have no fucking idea what’s happening or how to stop it.
Sounds like a good time for a deus ex machina. Somebody must’ve seen this debacle coming, right? We need a white knight but all I see are charlatans, jokers and sycophants. Hoping for a miracle doesn’t seem like a very good strategy, but what other choice do we have?