Friday, July 29, 2011

Let's Face the Music

Here is Goldman/Spengler offering his take on the Tea Party. He is right in saying that he did not understand us. I think he is wrong in calling the Tea Party a "ghost dance".

I speak only for myself, but I think there is a significant group of people who have seen through the financial masquerade. As Goldman admits, the only "prosperity" the last three years has come to those who are heavily invested in equities. The government regulators, the Federal Reserve, and the Treasury, not to mention the President and Congress are acutely tuned to the frequency on which big investors and financial concerns broadcast. When Wall Street speaks Pennsylvania Avenue listens.

The U.S. bond rating is going to be downgraded not because Congress is or is not raising the debt ceiling, but because Congress is not cutting spending drastically -- half a trillion to a trillion per year drastically.

Americans are going to suffer economically not because the government can't spend that much more money than it takes it but because government itself is already too big and too expensive just to maintain. We're not going to suffer because the big banks collapse but because the federal government in collusion with Federal Reserve Bank has inflated bubble after freaking bubble without allowing the natural collapse to flush debt from the system.

Now we are going to pay. No matter what happens in Washington. But there are more important things than money -- especially fiat currency.

Ending the deception and telling us the truth -- Mainstream Media, we are looking at you -- instead of trying to advance an activist agenda, buy votes, extend or retain power, etc., would be a good start toward addressing the problems we face.

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