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Dusting off the Brown-shirts and Jackboots
By Mike Whitney
01/16/06 "ICH"
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The spiking gold market is a sure sign that the dollar is headed
for the dumpster. Large institutional investors are hastily
moving boatloads of cash into precious metals that promise to
retain their value while the hemorrhaging dollar goes the way of
Icarus.
We’re finally beginning to see the effects of Bush’s profligate
spending, “unsustainable” trade deficits, and the economic
master-plan to reorder American society. And, don’t think that
that the poker-faced Sam Alito doesn’t factor heavily in this
new paradigm of class-division and elite rule. He’s the last
vital part of the neocon strategy for tossing America’s
struggling middle class overboard and paddling pell-mell towards
the shore of the new world order.
Gold had already doubled in less than a year when (two weeks
ago) the bad news started to dribble in. Since then the news of
America’s burgeoning trade deficit with China, China’s plan to
move away from the weakening dollar, and finally, the
saber-rattling over Iran, have the big-time investors scampering
for the exits and gold prices headed through the ceiling.
Gold is the canary in the coalmine; it tells us when major
investors see structural vulnerabilities in the system and begin
to bail out.
All I can say is, it took them long enough to figure it out.
The Bush team has been spending $400 billion more than it takes
in in tax revenues for 4 years, a practice it now wants to
enshrine as “permanent tax cuts”.
Huh?
Question: How can anyone argue that the plundering of America is
not intentional when deficits are defended as a “permanent”
function of government?
Deficits are theft; and it is future generations that will have
to pay for the criminal largesse of the Bush administration.
Secretary of the Treasury John Snow announced just last week
that the national debt would have to be raised to $9 trillion by
February to keep the government operating. That means that Bush
has generated a whopping $3 trillion dollars of debt in just 5
years.
Unbelievable!
This is a strategy that is clearly designed to undermine the
dollar and shift middle class wealth to the lucky 1% that Bush
serves. It conflates perfectly Greenspan’s plan to sluice
zillions into the economy through low interest rates and flawed
lending practices ($0 down payments on homes; interest-only
loans; ARMs) which create massive bubbles designed to purge the
middle class of their hard-earned savings.
The stock market bubble alone moved $7 trillion from (mainly)
middle class investors in retirement funds and IRAs into the
pockets of the cigar-chomping plutocrats in Bush’s inner circle.
With housing prices on a downward trajectory, energy going up,
and the dollar destined for life-support; we can expect to see a
growing line at the food-banks and homeless shelters.
No kidding. America is marching in lockstep towards a depression
that was planned at the highest levels of government.
Deregulation has produced a trade deficit that requires an
infusion of $2 billion dollars (or 6.8% GDP) every day just to
keep the good-ship Bush afloat. When the flow of borrowed money
slows, the dollar will crash to earth like Humpty-Dumpty leaving
wreckage strew throughout the American heartland.
Why else would Bush claim the extraordinary powers of a
dictator?
In just months Bush has claimed that he has the right to
incarcerate citizens without charging them with a crime, torture
prisoners, unilaterally declare war, and spy on Americans.
Why?
Is Bin Laden somehow weakened by the steady erosion of civil
liberties? Or, is the White House cabal anticipating massive
civil disorder from their planned economic meltdown?
Even Greenspan has warned that the present path is
“unsustainable”, and darker days are just ahead. Regrettably,
the administration has seized all the levers of power and is
prepared for the worst.
Alito is the final piece in the neocon puzzle; the cornerstone
for an American police-state. If he is approved by the Senate,
Bush will have his Federalist “rubber-stamp” on the high court
and the Congress will be rendered powerless. No law will be able
to check or balance the “unitary” authority of the executive.
It may be time to dust off the brown-shirts and jackboots; looks
like they may be back in style.
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