Who is kidding who here. The United States Federal Government is hopelessly insolvent. When the Fed has to resort to directly purchasing Treasuries (which is now the case), the jig is up. Liablities to future generations of Americans far exceed what can be repaid, barring double digit economic growth every year for the next twenty. How likely is that?
The derivative mess that has bankrupted the world has a total value of some 500 trillion dollars. Only a small fraction of these bad holdings have been bailed out to date, but many more are destined to fail to meet their obligations. It's like pouring money into a black hole and severe inflation will result.
Perhaps an innovative approach that would allow the repudiation of derivative instruments world wide and the implimentation of a system wide restructuring is a way forward. We need a financial system that is not dependent upon unending and unlimited economic growth. Net usable energy depletion will force a change to a more sustainable economic model and it would be nice to get ahead of the curve on that inevitability. (If it's not already in the catcher's mitt.)
What is being experienced by the population of Iceland is likely a glipse into our own future.
Radical change that will reshuffle the concentration of world wealth is what is called for. My question is whether the sociopaths who hold the levers of power through monetary control can be overcome. If Obama threatens those interests, I hope he does has the protection of the Chicago mob...he'll need it.
The ability of Wall Street and K Street to run the country through their checkbooks was allowed for decades when the government took care of them with indirect tax breaks, havens, disaster capitalism contracts, and other corporate welfare.
It's imperitive that Obama use any tools available to recover as much money as possible. Freeze individual bank accounts, capture off shore accounts, anything and everything in his/our power to make sure these thieves are made to pay. I can't think of anyone who would argue that this criminality should not stand. Well, except republi-cons.
Additionally, people working overseas, at private corporations with government contracts, have to start paying income tax again. This shit where they are allowed to have an out of country address and not pay taxes is a bunch of crap!! Let's start filling the coffers again! If not, revoke their citizenship.
Posted by Seven of Six at January 24, 2009 01:11 PMPlease take a look at the suit I filed in federal court in Indiana on 1-20-2009 I have asked the court to stop this until we are told what happened to the first 350B. I am just a father and nurse not a lawyer so I need others to take a look and to tell others about what I am doing. Please take a look at the suit a copy on my web site at www.malenursemagazine.com. All the information about me is there on my web site. If you do not trust the link google LUCAS v Congress then look me up.
I do not think I will win but some one had to do something. I have a youtube site at jerryERRN with even more information so please look into it and tell others.
Jerry R Lucas RN
Posted by Jerry R Lucas RN at January 25, 2009 02:07 AM