Monday AM thoughtlet…

Has anyone thought, apropos the Bankruptcy Bill, that the credit industry might be foreseeing a large wave of personal bankruptcies in the future?

Similarly, is the real motive behind aggressively pushing Social Security privatization — to the continuing political harm of the GOP — that funneling tons of government money into selected stocks and funds will help to indemnify financial firms against…

You can see where I’m going here. ‘Default on Treasury obligations’ and a currency crisis. The so-called ‘worthless IOUs’ in the SS Trust Fund, etc.

I can’t say I have a head for these things unless I squint and think so hard that I get a headache, but I remembered this morning that during the Bush/Gore debates in 2000, Candidate Bush kept referring to a coming “economic crisis” that seemed surpassingly weird at the time, in the context of the 2000 economy, yet very familiar in terms of the Reagan-era scheme of ‘shrinking the size of government’ by forcing a budget meltdown, crippling the ability of the Federal Government to fund social programs.

There are other factors too, but there isn’t much of teh funny in it.

Morning thoughtlet. It begins to seem like tanks rumbling into position, on the near-horizon.

Brad’s got a picture of a truly evil cat, whom he might send to attack some miscreant, if such is Brad’s will.


Comments: 5


Hey, that’s not funny! Or is the joke on us?


I’ve been thinking this for a few years now. I’m with the crowd that think the whole SS thing is just a distraction so they can pass more shit like the bankruptcy bill. Of course you can’t ignore SS either, because if they get the chance, they will definitely get rid of that too. I think they want to turn the US into a serfdom. They always talk about the “good old days” and everybody thinks they’re talking about the ’50s. 1650’s maybe…


They sure as hell have been making a lot of noise indicating that they might just not honor Treasury’s obligations. Though I’m sure it would only be the notes and bills held by SSA that would be worthless, since the majority of Georgie’s personal fortune is in Treasury paper.


Personal bankruptcies are already way up, thanks to the Bush economy.


Some related thoughts.Let’s say that you are an evil credit card company executive. You notice that a huge number of your customers have racked up unsustainable debts. You know a little something about economics and so on, so you have a pretty good idea in which direction the fiscal health of the nation is heading. Not good news, and yet you want your customers to pay their debts off.So first, you lobby for a law that makes it harder for these folks to declare bankruptcy. Next, you hope and pray (and lobby) for Social Security privatization, so that all that money comes into the possession of these same folks. This is because you know that no matter the protections or limitations lawmakers put on what people can do with this money, once the privatization door is opened people will think that they should be able to do what they want with the money. It’s their money, after all.Then, once the protections and limitations are stripped away under popular pressure, you as an evil credit card company executive reap a windfall as the folks are forced to use their retirement savings to pay you off.But then, I am not an evil credit card company executive. I’m just some dude posting to a blog on teh Internets.


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