Monday, July 31, 2017

"America: A Nation of Debt Slaves"

"America: A Nation of Debt Slaves"
by Bill Bonner

"Friday, we wrapped up another week. The Senate failed again to pass even a ‘skinny’ repeal of Obamacare (which left most of the program in place…and most people subject to its quack finance) after three senators defected.

The new White House communications director, Anthony ‘The Mooch’ Scaramucci, called President Trump’s chief of staff, Reince Priebus, a ‘paranoid schizophrenic’. He also said he would ‘fire everybody’ in the communications office, adding that some of the reporting on the infighting going on at 1600 Pennsylvania Avenue offended him ‘as a Roman Catholic’.

President Trump banned transgender individuals from the military, saying their medical costs were too high.

The Republican-controlled House passed a bill - with only three brave votes to the contrary - calling for Russia to bend over so it could be properly caned. This punishment was called for, it said, in response to two offenses. First, because Russia tampered with US elections (unproven and probably untrue). Second, because Russia meddled in Ukraine, thus interfering with US meddling in the Ukraine.

Finally, Fed chief Janet Yellen said she was still thinking about getting monetary policy back to normal, implying there may be another rate hike coming in December…or maybe not.

Business as usual: In other words, business as usual. The White House is apparently at war with itself. There is no hope of reining in domestic spending because the Republicans are also at war with themselves and with the White House… and the only thing that Democrats and Republicans are not at war about is that Putin is a devil, and we should be at war with him, too!

But amid the bombast and concussion grenades, there was one thing the president did that seems worthy of praise. He said the US would cease supporting rebel groups in Syria. This immediately drew fire from the mainstream media (particularly Amazon CEO Jeff Bezos’ Washington Post) for playing into Putin’s hands.

The stock market seems to take the headlines as we do - with the calm of a dead man. Stocks rose again [on Friday]. No matter how preposterous or clownish Washington becomes, it doesn’t seem to cause much worry on Wall Street. The fix is in. It is business as usual…and the big money knows it.

Central bankers in Europe, Japan, China, and Britain are putting cash in front of them. And the Fed has their backs. What could go wrong? But since this was Friday, and the end of the world is coming, we were in a light-hearted mood.

Internal war: Here at the Diary, the only thing we know about federally-controlled medical spending is that if we were in charge, there wouldn’t be any. And the only thing we know about foreign policy is that there shouldn’t be any.

Our worldview is simple: If it is a win-win deal, people get what they’ve got coming; who are we to question it? If it is a win-lose deal, we want nothing to do with it unless, of course, we are on the winning side. Trouble is, with the feds and their cronies, we are always among the losers. Governments have always made win-lose wars with one another. It is a way for the elites to increase their power, status, and wealth…at the expense of the foot soldiers and ordinary civilians who pay for it, one way or another.

In the salad days of the Roman Empire, for example, the military crushed its foreign adversaries, bringing loot and slaves back to Rome. The generals and elite got rich…putting the slaves to work on their plantations. But the ordinary citizen couldn’t compete with slave labour. Soon, he had to sell his family and himself into slavery, too, just to survive. A country that makes war on others soon makes war on itself. You can quote us on that. After Caesar, elite Romans were soon battling with other elite Romans for control of the system…imposing even more suffering on average citizens.

Today, the ordinary US citizen enjoys the circus in Washington…but he sells himself into debt slavery just to maintain his standard of living. He gets student loans to get through college, believing this will increase his income later on. Then, with no ready cash available, he must get credit cards, auto loans, and housing loans to finance his adult life.

As for the Fed returning to ‘normal’, if he knew what was involved, it would be the last thing he’d want. One for the history books.”

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