"Never before has so much debt been imposed on so many people by so few financial operatives--operatives who work from Wall Street, the largest casino in history, and a handful of its junior counterparts around the world, especially Europe.
External sovereign debt, as well as occasional default on such debt, is not unprecedented. What is rather unique in the case of the current global sovereign debt is that it is largely private debt billed as public debt; that is, debt that was accumulated by financial speculators and, then, offloaded onto governments to be paid by taxpayers as national debt. Having thus bailed out the insolvent banksters, many governments have now become insolvent or nearly insolvent themselves, and are asking the public to skimp on their bread and butter in order to service the debt that is not their responsibility.
After transferring trillions of dollars of bad debt or toxic assets from the books of financial speculators to those of governments, global financial moguls, their representatives in the State apparatus and corporate media are now blaming social spending (in effect, the people) as responsible for debt and deficit.
Spending on national infrastructure, both physical (such as roads and schools) and social infrastructure (such as health and education) is key to the long-term socioeconomic developments. Cutting public spending to pay for the sins of Wall Street gamblers is bound to undermine the long-term health of a society in terms of productivity enhancement and sustained growth.
But the powerful financial interests and their debt collectors seem to be more interested in collecting debt claims than investing in economic recovery, job creation or long-term socioeconomic development. Like most debt-collecting agencies, the IMF and the states serving as banksters' bailiffs through their austerity programs may shed a few crocodile tears in sympathy with the victims' of their belt-tightening policies; but, again like any other debt-collecting agents, they seem to be saying: "sorry for the loss of your job or your house, but debt must be collected--regardless."
A most outrageous aspect of the debt burden that is placed on the taxpayers' shoulders since 2008 is that most of the underlying debt claims are fictitious and illegitimate: they are largely due to manipulated asset price bubbles, dubious or illegal financial speculations, and scandalous conversion of financial gamblers' losses into public liability."
Dr. Ismael Hossein-zadeh, Class War: The Vicious Circle of Debt and Depression, June 7, 2010
"For I desire compassionate mercy, not sacrifice; a faithful knowledge of my ways, more than burnt offerings."
Hosea 6:6
Stocks are slumping pretty hard into the end of the third quarter.
Another failure to rally, going out near the bottom end of the trade.
Gold and silver had a little bounce higher after the Fed Decision Day smackdown.
Next Tuesday the 26th will be a Comex Metals Option Expiration, more significant for gold futures than silver. But never let it be said that the Wall Street wiseguys are too lazy to steal.
VIX did a daily yo-yo going out near the recent highs.
The Dollar added a little more to its heft.
There may be a tsunami of paper rolling around the world, but gold continues flowing quietly, from West to East.
And as always there comes a day when, as it must, the music stops.
Remember the most important reckoning you will ever face, for your soul. For that is what this is really all about.
There is only one currency accepted for value at the cambio of heaven.
Saint Michael the Archangel, defend us in battle. Be our protection against the wickedness and deceptions of the devil. May God rebuke him, we humbly pray; And may you, Prince of the Heavenly Host, by the power of God, thrust into hell Satan and all evil spirits who wander through the world seeking the ruin of our souls.
Need little, want less, love more. For those who abide in love abide in God, and God in them.
Have a pleasant weekend.
