Health care spending accounts for approximately 17% of GDP in the USA. Until last week about 50 cents of every health care dollar was being spent by the government with the remaining 50 cents so being spent in the private sector. Until last week about 11% of the healthcare industry was controlled by government monopoly in the form of Medicare, Medicaid, Indian Health Care, Veterans Health Care, and other entities (all failing with trillions of dollars in unfunded liabilities). The 6% remaining in the private sector is subject to heavy government intervention (i.e. largely a political capitalism, not free market capitalism). With the passage of Obamacare the remaining 6% of the health care industry will soon fall under the complete control of the federal government. Experience and the laws of economics tell us that a government monopoly on health care means costs will spiral out of control, taxes will skyrocket, innovation will be curtailed, the brightest minds will flee the health care industry, shortages, waiting lines, and unnecessary mortality will result. Welcome to the tyranny of socialized medicine. Read the rest of this entry »
In fact, my forecast is for systemic failure. Its primary elements will be a failed US banking system (as in seizure) and a USTreasury Bond default (as in coerced restructure). Again, martial law and declaration of economic emergency will be the final solution. The prison camps will become debtor prisons and warehouses for illegals, maybe a processing plant for those who refuse virus vaccination. Read the rest of this entry »
As a result of NAFTA, North America is already a well-integrated energy market with Canada and Mexico among the U.S.’s top energy trading partners. Through the Security and Prosperity Partnership (SPP), the North American Energy Working Group has further integrated a continental energy strategy. Other initiatives are also pushing towards a single North American energy policy. Read the rest of this entry »
During the past several months in the American press, the Democrats have frequently denounced the Republicans as Nazis due to their attempts to control runaway federal spending. How very ironic. I remember the Nazis. Let me share a little about them and recall some of their exploits. Read the rest of this entry »
As in every election we’re now being bombarded with propaganda about how “your vote makes a difference” and associated nonsense. According to the official version ordinary citizens control the state by voting for candidates in elections. The President and other politicians are supposedly servants of “the people” and the government an instrument of the general populace. This version is a myth. Read the rest of this entry »
(Mises) – The government’s initial step in attempting to create a government-run healthcare monopoly has been to propose a law that would eventually drive the private health insurance industry out of existence. Additional taxes and mandated costs are to be imposed on health insurance companies, while a government-run “health insurance” bureaucracy will be created, ostensibly to “compete” with the private companies. Read the rest of this entry »
(AP) – President Hugo Chavez’s government assumed control of Venezuela’s third-largest bank on Friday – making the state the largest player in the nation’s banking system. Read the rest of this entry »
(Truthout) – Furious protests threaten to undermine the Iraqi government’s controversial plan to give international oil companies a stake in its giant oilfields in a desperate effort to raise declining oil production and revenues. Read the rest of this entry »
“If classical liberalism (libertarianism) spells individualism, fascism spells government.”
~ Benito Mussolini, Fascism: Doctrines and Institutions, p. 10 Read the rest of this entry »
“If classical liberalism (libertarianism) spells individualism, fascism spells government.”
~ Benito Mussolini, Fascism: Doctrines and Institutions, p. 10 Read the rest of this entry »
(C4L) – What started as an intervention of gargantuan proportions has now led to permanent changes in government policy that ushers in a new era of public-private partnerships, or what some call fascism. Read the rest of this entry »
Addressing the 400-strong May 21 workshop with workers from the industrial heartland of Guayana, dedicated to the “socialist transformation of basic industry”, Venezuelan President Hugo Chavez noted with satisfaction the outcomes of discussions: “I can see, sense and feel the roar of the working class.” Read the rest of this entry »
The greatest single attack on American workers since the Great Depression
The alarm bells should be ringing day and night about what’s being prepared at General Motors — the ripple effects could produce tidal waves.Read the rest of this entry »
The greatest single attack on American workers since the Great Depression
The alarm bells should be ringing day and night about what’s being prepared at General Motors — the ripple effects could produce tidal waves.Read the rest of this entry »
“You’re having a vast bailout planet-wide,” Lyndon LaRouche stated today, summarily dismissing all the diversionary press chatter about bank stress tests, nationalization, profits, stock prices, lending, and so forth. Read the rest of this entry »
I must be naive. I really thought the administration would welcome the return of bank bailout money. Some $340 million in TARP cash flowed back this week from four small banks in Louisiana, New York, Indiana and California. This isn’t much when we routinely talk in trillions, but clearly that money has not been wasted or otherwise sunk down Wall Street’s black hole. So why no cheering as the cash comes back? Read the rest of this entry »
After ten years of wholesale financial deregulation, bad policies and unsound banking practices, and facing a worsening recession, over the last year and a half the U.S. government has been pumping trillions of dollars in order to deleverage and recapitalize banks that were on the brink of insolvency. But the banking crisis is of such a magnitude, and the damage done to the financial system so widespread, that each pumping of money into the system has never seemed to be enough. Read the rest of this entry »
The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over Read the rest of this entry »
The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over Read the rest of this entry »
Social action begins with concerns, which may include anger or outrage at injustice. But effective strategy must also take account of the power, positions, and possibilities of the various social forces and social classes involved. A number of such factors must be considered when mobilizing around the interests of ordinary people during the emerging world economic crisis.
Congressman Paul on the importance of constitutionally limited government, sound money, individual liberty, personal responsibility and federalism. The speech addresses the welfare state, our extravagant and counterproductive foreign policy, the move toward world government, regulatory and socialist attacks on property rights, the perils of nationalization and the great economic destruction caused by the Federal Reserve’s inflation. Read the rest of this entry »
Ron Paul was on the Glenn Beck show discussing one world government. It’s funny how fast Glenn Beck has jumped on the bandwagon about one world government. If my memory recalls it was about a year ago or so that Glenn Beck had Ron Paul on his show and was basically disagreeing with almost everything Ron Paul had to say. Read the rest of this entry »
Faced with the financial meltdown of the Great Depression, the Hoover administration created the Reconstruction Finance Corporation that poured taxpayers’ money into the coffers of the influential Wall Street banks in an effort to save them from bankruptcy. Like today’s Bush/Obama administrations, the Hoover administration used the “too-big-to-fail” scare tactic in order to justify the costly looting of the national treasury. All it did, however, was to simply postpone the day of reckoning: almost all of the banks failed after nearly three years of extremely costly bailouts schemes. Read the rest of this entry »
It is now a mantra in the corporate media — the only way to fix the banking system is to “nationalize” the banks. “A touchy word has entered the public debate about the future of America’s economy. It’s a word that would shock the nation in normal times, but as even Republicans begin to whisper it, temporary ‘nationalization’ of troubled banks is increasingly seen as our last best hope for fixing our financial system,” declares Thomas Kelley, writing for Yahoo News. Read the rest of this entry »
The US government may have to nationalize some banks on a temporary basis to fix the financial system and restore the flow of credit, Alan Greenspan, the former Federal Reserve chairman, has told the Financial Times. Read the rest of this entry »
European banks face an entirely new wave of losses in coming months not yet calculated in any government bank rescue aid to date. Unlike the losses of US banks which derive initially from their exposures to low-quality sub-prime real estate and other securitized lending, the problems of western European banks, most especially in Austria, Sweden and perhaps Switzerland arise from the massive volumes of loans they made during the 2002-2007 period of extreme low international interest rates to clients in eastern European countries. Read the rest of this entry »
Tim Geithner must nationalize some of America’s biggest banks and take the total toll of the US bail-out to around $2 trillion, according to one of the world’s most prominent economists. Read the rest of this entry »
Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one. Read the rest of this entry »
The gold price has finally disconnected from its nemesis, the USDollar. This news should be read as the coming of spring after months of wintry torment, or as the sighting of land after 30 days adrift at sea in a derelict vessel. From 2002 to very early 2008, the gold price had risen from the massive speculative fervor that swept the United States and Europe, whose economies had been supplied largely by Asian factories. The mines from Latin America to South Africa to Australia greatly aided the process. The very paradoxical event of the USDollar rising this past autumn amidst truly horrendous news, one disaster after another, one major bank failure after another, one nationalization of a large financial institution after another, makes the disconnect all the sweeter for gold investors. That set the stage for a powerful gold price move. Imagine a notable rise in the buck, based upon broad negative news in August and October! Read the rest of this entry »
Only five days into the Obama presidency, members of the new administration and Democratic leaders in Congress are already dancing around one of the most politically delicate questions about the financial bailout: Is the president prepared to nationalize a huge swath of the nation’s banking system?
The New York Times recently posed an excellent question: “Why save banks if they won’t lend?” (January 19, 2009)
Before the first $350 billion “installment” of the bailout, we were told that the money was needed to “unfreeze” the credit markets, meaning that banks would again be willing to lend businesses the money they needed to continue doing business. Read the rest of this entry »
The New York Times recently posed an excellent question: “Why save banks if they won’t lend?” (January 19, 2009)
Before the first $350 billion “installment” of the bailout, we were told that the money was needed to “unfreeze” the credit markets, meaning that banks would again be willing to lend businesses the money they needed to continue doing business. Read the rest of this entry »
The now inevitable nationalization of Fannie and Freddie is the most radical regime change in global economic and financial affairs in decades. For the last twenty years after the collapse of the USSR, the fall of the Iron Curtain and the economic reforms in China and other emerging market economies, the world economy has moved away from state ownership of the economy and towards privatization of previously stated owned enterprises. This trends was aggressively supported the United States that preached right and left the benefits of free markets and free private enterprise.
Today instead, the US has performed by far the largest nationalization in its history. Read the rest of this entry »
