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The Critical Unraveling of U.S. Society

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  • Thu, Nov 19, 2009 - 06:00pm

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    DrKrbyLuv

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    The Critical Unraveling of U.S. Society

The economic elite have launched an attack on the U.S. public and society is unraveling at an increased rate  (Complete Article Link)

You may have missed it in the mainstream news media, but statistical societal indicators are reading red across the board. Before exposing the root causes of this breakdown, let’s look at some vital statistics and facts:

  • The inequality of wealth in the United States is soaring to an unprecedented level. The US already had the highest inequality of wealth in the industrialized world prior to the financial crisis. Since the crisis, which has hit the middle class and poor much harder than the top one percent, the gap between the top one percent and the remaining 99% of the US population has grown to a record high.
  • As the stock market went over the 10,000 mark and just surged to a 13-month high, the three big banks that took taxpayer money and benefit the most from the government bailout have just set a new global economic record by issuing $30 billion in annual bonuses this year, “up 60 percent from last year.” Bloomberg reported: “Goldman Sachs, the most profitable securities firm in Wall Street history, had a record profit in the first nine months of this year and set aside $16.7 billion for compensation expenses.” Goldman Sachs is on pace for the best year in the firm’s history, they are also benefiting by only paying 1% in taxes.
  • The profits of the economic elite are “now underwritten by taxpayers with $23.7 trillion worth of national wealth.”  As the looting is occurring at the top, the US middle class is just beginning to collapse.
  • Workers between the age of 55 – 60, who have worked for 20 – 29 years, have lost an average of 25 percent off their 401k. During the same time period, the wealth of the 400 richest Americans went up by $30 billion, bringing their total combined wealth to $1.57 trillion.
  • Home foreclosure filings “hit a record high in the third quarter [of 2009]… They were the worst three months of all time… 937,840 homes received a foreclosure letter” in this three month period. “3.4 million homes are expected to enter foreclosure by year’s end, with some experts estimating that next year will be even worse.”
  • President Obama has enacted a $75 billion taxpayer funded program that has been a spectacular failure in stemming the foreclosure crisis and has proven to be another massive waste of billions of taxpayer dollars.
  • 25 Million people are unemployed or underemployed.  This means we have 25 million people who urgently need to increase their income, and they’re quickly running out of options. The unemployment rate is expected to rise further and remain high for several years. “The president’s chief economic adviser warned that the nation’s unemployment rate could stay ‘unacceptably high’ for years to come.”
  • The NY Times reports: “Americans now confront a job market that is bleaker than ever in the current recession, and employment prospects are still getting worse. Job seekers now outnumber openings six to one, the worst ratio since the government began tracking…” As this ratio continues to grow, it will lead to a further reduction in wages – average worker wages have seen a sharp decline over the past year.
  • Economist Nouriel Roubini, a man who accurately predicted our current crisis, just reported on unemployment stating: “Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening…. So we can expect that job losses will continue until the end of 2010 at the earliest. In other words, if you are unemployed and looking for work and just waiting for the economy to turn the corner, you had better hunker down. All the economic numbers suggest this will take a while. The jobs just are not coming back.”
  • As the few elite banks thrive, there have been 123 US bank failures thus far this year. Recently, three banks that the government declared “healthy” and gave taxpayer money to have folded. The Wall Street Journal reports: “U.S. regulators have seized or threatened at least 27 banks that got capital infusions from the Troubled Asset Relief Program, including some lenders government officials knew were troubled when they awarded the money. The troubles put taxpayers at risk of losing as much as $5.1 billion invested in the banks since TARP was launched in October 2008.”
  • As bankruptcies surge across the board, 10 US states are on the verge of bankruptcy, with several ready to declare a financial state of emergency. California, Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin are all “barreling toward economic disaster, raising the likelihood of higher taxes, more government layoffs and deep cuts in services.”

    This is occurring at a time when the “federal budget deficit for the fiscal year that just ended was $1.4 trillion, nearly a trillion dollars greater than the year before.” In total, “US public debt topped 12 trillion dollars for the first time in history… The public debt topped 10 trillion dollars in September 2008. The debt is quickly approaching the statutory limit of 12.104 trillion dollars, meaning Congress would have to raise the ceiling to prevent a shutdown of government operations.”

  • Economist Dean Baker explains the risk of running such a large deficit: “The debt limit must be increased at regular intervals in order to allow the government to function normally because the government is currently operating at a deficit. If the debt limit is not passed, then at some point the government will not be able to pay workers and contractors. It won’t be able to send out Social Security checks or make payments for Medicaid and unemployment insurance to state governments. And, it will not be able to make interest payments on government bonds, effectively defaulting on the national debt.”  Needless to say, all of this will make life drastically more difficult for citizens of the US. As the middle class continues on the path of economic decline, the number of citizens living in poverty has already hit an all time high.
  • Although the government’s official figure tries to low-ball the number, 47.4 Million US citizens live in poverty, and the US poverty rate is the highest in the industrialized world.  Predictably, homelessness is rising at an increased rate as well. “The US government does not tally the numbers but interested organisations say that more than 3 million people were homeless at some point over the past year…. The fastest growing segment of the homeless population is families with children.”
  • If you didn’t think starvation was a serious threat in the US, just read this new Washington Post report: “The nation’s economic crisis has catapulted the number of Americans who lack enough food to the highest level since the government has been keeping track, according to a new federal report, which shows that nearly 50 million people — including almost one child in four — struggled last year to get enough to eat… Several independent advocates and policy experts on hunger said that they had been bracing for the latest report to show deepening shortages, but that they were nevertheless astonished by how much the problem has worsened. ‘This is unthinkable. It’s like we are living in a Third World country,’ said Vicki Escarra, president of Feeding America.”
  • In 2008, according to the Census Bureau, the number of US citizens without healthcare grew to a record 46.3 million. “The new figures, however, understate the severity of the economic downturn because a large portion of nation’s job losses and unemployment rate increases occurred after the Census survey data was collected in March as part of the annual Current Population Survey.”
  • Lack of health Insurance has caused 45,000 preventable U.S. citizen deaths in the past year. The American Journal of Medicine recently released a study that stated “Nearly two out of three bankruptcies stem from medical bills, and even people with health insurance face financial disaster if they experience a serious illness.”
  • The gun and ammunition manufacturing industry in the United States has over 200 companies producing billions of dollars in annual revenues. This huge manufacturing base cannot fulfill demand quickly enough. The demand for guns and ammunition has hit a record high and the gun industry cannot produce enough bullets to keep up with orders.  American’s are arming themselves to the teeth!

While the richest one percent have never had it so good, a significant percentage of the US population now has firsthand experience in this. Millions upon millions of Americans are poor, broke, struggling, starving, desperate… and armed.

We are sitting on a powder keg!  We are now witnessing the critical unraveling of US society.

I don’t mean to dismiss the Obama myth, his words, the change we need is real, its just his actions don’t even come close to measuring up. Just read the legal documents he has signed his name to. Read them. His actions are most often the opposite of what he says. I venture to say a 10 year old can recognize that after doing a school day’s worth of research.  Obama is a national tragedy. He is a symbol of the times. He is not a leader, just a symbol. He projects the change we need. He was our shortcut to correcting our diseased political system, a way to rid it of corruption. He symbolized the change millions so desperately need.

People just need to research how the Obama myth was hatched. Goldman Sachs saw Obama early on and said, “He’s our guy!” When Obama became THE MAN in Iowa, he was on the Goldman Sachs pay roll. Goldman financed the psychological operation that is the Obama myth, the Illusion of HOPE – something to keep a suffering nation pacified just a little bit longer. Obama is truly a national tragedy. His failure and inaction has disillusioned millions upon millions of desperate citizens who turned to him as their best chance for justice.

People just need to research how the Obama myth was hatched. Goldman Sachs saw Obama early on and said, “He’s our guy!” When Obama became THE MAN in Iowa, he was on the Goldman Sachs pay roll. Goldman financed the psychological operation that is the Obama myth, the Illusion of HOPE – something to keep a suffering nation pacified just a little bit longer. Obama is truly a national tragedy. His failure and inaction has disillusioned millions upon millions of desperate citizens who turned to him as their best chance for justice.

As further evidence of Obama’s duplicity — beyond repeatedly signing his name to documents covering up the Bush Adminstration’s highest crimes and increasing an already bloated military budget — in one of his very first moves as President he put Goldman Sachs’ criminal mastermind Tim Geitner in charge of the treasury.

A new report from the TARP Inspector General further exposes Tim Geithner’s role “in overpayments that put billions of extra tax dollars in the coffers of major Wall Street firms, most notably Goldman Sachs.”  Which brings us to the ultimate theft of wealth in history, and to the root cause of our current crisis.

URGENT NATIONAL EMERGENCY: TRILLIONS OF DOLLARS IN PUBLIC WEALTH HAS BEEN STOLEN

This crime makes Bernie Madoff’s look like an elementary school lunch money stickup. No, I’m not talking about the hundreds of billions in the housing crisis scam cooked up by JP Morgan and Goldman Sachs that left millions homeless and investors suckered the world over, or even the $2.75 trillion oil futures market scam that has siphoned 50% of all our spending on gas and fuel.

These huge scams are just diversions from the ultimate crime.

Trillions of dollars, trillions of our money, of our tax money — the money that comes out of your paycheck every week of your working life, all the thousands upon thousands that have been taken away from you and your family and are supposed to fund our government and keep our society functioning — have been handed over to the economic elite, to the Llyod Blankfeins and Jamie Dimons of the world.

Hank Paulson and his confidant Tim Geitner, the Goldman Sachs wonder twins, have looted the US treasury. There has been an economic coup in the United States!

Trillions of our dollars have vanished!  You need to understand this!

We have just witnessed the greatest theft of wealth in history, the greatest transfer of wealth from the working class to the economic elite ever. An organized banking cartel has seized the US treasury and they are making up the “laws” and the rules to this rigged game. The covert economy has grown at a staggering rate due to taxpayer-funded injections. As a result of this, economic shackles are just beginning to fall upon the American public like never before. 99% of our nation is now sentenced to a slow death.

Just as economic hit men have done to governments throughout the globe, they have gained complete control of the US government and have now shackled US citizens as well. The economic elite do not want to deal with “spoiled Americans” anymore, that’s how they see it. To them the middle class was always an annoying nuisance to be tolerated so the economy could keep functioning well enough to allow their scams to perpetuate. But once their scam known as the US stock market came crashing down, and they were threatened with losing their ultimate power, they turned to the US middle class and opened fire. “Enough with you, we are taking over your government and stealing your tax money!”

This is exactly what happened!

The economic elite are operating under the belief that the world is theirs, they own it, and to hell with everyone else. They also take the view that as the environment grows more destructive, they don’t want us around to compete for resources.

This is self-evident after some research into policy actions that have been carried out. Research it for yourself!

Recent investigations into the illegal practices of Goldman Sachs and JP Morgan have revealed the US economy and stock market to be a fraud. As more of the world becomes aware of this, the dollar will continue to plummet and the U.S. public will pay a devastating price – things are just beginning to unravel.

The US economy has been hit by a deathblow, it lay in ruins naked and exposed to “Too Big Too Fail” thieves who have raped and pillaged, who are looting public wealth in unprecedented fashion.

The economic elite are vultures feeding off the carcass that is the US economy. The whole political structure has been gutted by corruption. Democracy was the façade that this house of cards was built on – a pyramid scheme that was built on the illusion of law and freedom.

NATIONAL EMERGENCY

Many middle class US citizens don’t realize all of this yet, I understand their lack of action and confusion because I have also been bred as a middle class American in the propaganda system known as the US mainstream media, but I’m writing this to let you know…

Our survival instinct has to quickly override our conditioned naiveté and passivity that has been bred into us. We are threatened as a country and a species at the same time.

We, as a nation, must overcome heavy doses of propaganda administered by the mainstream media for hours a day, every day of our existence. Shake off your conditioned naiveté and passivity. This is a brutal world we live in, and we are now at war…

The American dream state is over. It’s time to get real, time to sound the alarm.

Economic justice is possible, it may be hard to believe here in the US, but a nation of law is still possible. It is possible only if YOU begin to act.

  • Thu, Nov 19, 2009 - 07:16pm

    #2
    Peak Prosperity Admin

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    Re: The Critical Unraveling of U.S. Society

Is this your own writing? I saw the link and that it was posted on a blog somewhere else and was wondering if you were the original authour?

  • Thu, Nov 19, 2009 - 08:48pm

    #3
    Peak Prosperity Admin

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    Re: The Critical Unraveling of U.S. Society

Nope Ed, I’m not the writer; i’m just the messenger.

 

  • Thu, Nov 19, 2009 - 11:31pm

    #4
    Peak Prosperity Admin

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    Re: The Critical Unraveling of U.S. Society

One big disagreement i have with the author is that he doesnt put any of the blame on the 99% of the populace. Household debt doubled in the last decade become households AGREED to take on the debt. Everyone trying to keep up with the Jones, pulling out Helocs to buy boats, trucks, jet skis and other toys.

Observe:

Wall street offered the credit, the GSE’s also bought the paper, and the BORROWERS took on the obligations! The middle class was spoiled and entitled enough to pull out all this debt from there homes so now they get what they deserve. And with regards to the financial elite, Lehman and Bear are extinct, Merrill is half dead, Citi will probably get broken apart. True, Goldman and JPM were saved but thats how the world works. They should have failed but what is done is done. We live in a corrupt world where the rich help themselves out at the expense of the serf class. If the serfs wake up then things will change but if they dont then this is the reality.

Also, the author doesnt realize that the 23 trillion in backstops is still benefiting the middle class as home prices are no longer falling off a cliff. If the fed didnt buy 1.25 trillion of MBS then there would be no mortgage market and home prices would collapse hard and would probably overshoot on the downside by a nasty margin. Dont get me wrong i personally wished the fed wouldnt buy the MBS that way market forces would help eradicate the DEBT but this is not the case. In effect, the fed and gov are bailing out all the irresponsible parties and punishing those who were responsible. I know a guy who took out a HELOC to finance his daughters wedding to the tune of 100k. What the *(&*^! This guy is getting bailed out as the banks arent releasing shadow inventory and are giving out FHA loans pushing up home prices in his area for the last 6 months. So you see, this bailout in reality benefits all borrowers.

  • Thu, Nov 19, 2009 - 11:42pm

    #5
    Peak Prosperity Admin

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    Re: The Critical Unraveling of U.S. Society

Hello bearmarkettrader,

No dobut people over borrowed, many lulled into the untenable expectation that their house would constantly go up in value.  The other place that people must accept some blame is why did we let things get this far?  We are borrowing the labor of the next several generations – what right do we have to do that – at a minimum isn’t that taxation without representation?

Larry

 

  • Sun, Nov 29, 2009 - 10:18am

    #6
    Peak Prosperity Admin

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    Re: The Critical Unraveling of U.S. Society

[quote=bearmarkettrader]

One big disagreement i have with the author is that he doesnt put any of the blame on the 99% of the populace. Household debt doubled in the last decade become households AGREED to take on the debt. Everyone trying to keep up with the Jones, pulling out Helocs to buy boats, trucks, jet skis and other toys.

Observe:

Wall street offered the credit, the GSE’s also bought the paper, and the BORROWERS took on the obligations! The middle class was spoiled and entitled enough to pull out all this debt from there homes so now they get what they deserve. And with regards to the financial elite, Lehman and Bear are extinct, Merrill is half dead, Citi will probably get broken apart. True, Goldman and JPM were saved but thats how the world works. They should have failed but what is done is done. We live in a corrupt world where the rich help themselves out at the expense of the serf class. If the serfs wake up then things will change but if they dont then this is the reality.

Also, the author doesnt realize that the 23 trillion in backstops is still benefiting the middle class as home prices are no longer falling off a cliff. If the fed didnt buy 1.25 trillion of MBS then there would be no mortgage market and home prices would collapse hard and would probably overshoot on the downside by a nasty margin. Dont get me wrong i personally wished the fed wouldnt buy the MBS that way market forces would help eradicate the DEBT but this is not the case. In effect, the fed and gov are bailing out all the irresponsible parties and punishing those who were responsible. I know a guy who took out a HELOC to finance his daughters wedding to the tune of 100k. What the *(&*^! This guy is getting bailed out as the banks arent releasing shadow inventory and are giving out FHA loans pushing up home prices in his area for the last 6 months. So you see, this bailout in reality benefits all borrowers.

[/quote]

I am so indecisive about laying blame on Joe Sixpack and Sally SoapOpera. On the one hand, we should all answer to our own irresponsible actions. I’d bet, from the tone of your post, that we are similar in that we’re tired of the victim/blame game. America is like a nation of 300 million adolencent brats. It’s never my fault.

The flip side is that we also live in a corporate dominated, mass media culture, where our brains are continually subjected to purchase pressure. Spend! Spend! Spend! Spend.

We could discuss at length, until the cows come home, how we allowed ourselves to get to that point. But it would really be an academic exercise. The fact is that mass media has morphed the American Citizen into the American Consumer.

We are a “gotta have it”, materially addicted society. Nearly every institution in our culture pushes that concept, especially the mass media.

Until we change that, blaming the American Consumer is a moot point.

  • Sun, Nov 29, 2009 - 10:50am

    #7
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    Re: The Critical Unraveling of U.S. Society

[quote=morpheus]

am so indecisive about laying blame on Joe Sixpack and Sally SoapOpera. On the one hand, we should all answer to our own irresponsible actions. I’d bet, from the tone of your post, that we are similar in that we’re tired of the victim/blame game. America is like a nation of 300 million adolencent brats. It’s never my fault.

The flip side is that we also live in a corporate dominated, mass media culture, where our brains are continually subjected to purchase pressure. Spend! Spend! Spend! Spend.

[/quote]

I’m on the fence too, considering the intense psychological mechanations of most advertizing; I’m likely to come down more on the side of Joe and Sally than the corporations. It’s not just the American demographics that have been hit by this either, pretty much all of the developed world are in the same situation and others are racing to join (India for example), and the vultures will also pick over the carcasses of their economies too.

What to a large degree makes it worse is that the corporations have you both coming and going, you’re indebted to them for your home, loans, etc. but the losses you’ve made on your investments that are a direct result of their “incompetance” (did they engineer this, or we’re they just too blind to see the risk?) they have no responsibility for…

  • Sun, Nov 29, 2009 - 11:37am

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    Re: The Critical Unraveling of U.S. Society

I too sit on the fence about laying blame…..  It’s all very well us “smart dudes” pointing the finger, but you have to understand the “other bell shaped curve”, known as statistical distribution.

An IQ of 100 is considered “average”, that is, it is smack bang in the middle of the bell curve.  BUT, the 10% above and below this mid point, ie IQ 90 ~ 110 might make up 50% of the population, and those below IQ 90 may well represent another 25%……

So those of us with IQ’s above 110 (mine is, and I suspect most posters on THIS site probably have above average IQs as well…) represent a mere 25% of the population.  We who can think past and see through all the lies are in the minority, and the rest are pandered to with clever marketing and advertising to bid as the corporations wish them to…..  they even sell them large TVs to make sure they get the message loud and clear!!!

Make no mistake, the dumber among us are well and truly manipulated by the power of the marketplace.

Please don’t think I’m being elitist here….  I used to work in the advertising industry until I was totally sickened by it all and left; I know how they operate.

Mike

  • Sun, Nov 29, 2009 - 01:03pm

    #9
    Peak Prosperity Admin

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    Re: The Critical Unraveling of U.S. Society

Thanks for the link to the ampedstatus.com story, Larry.  I’ve printed out a copy of that story and an earlier one they link to, “News Reports from Inside the Financial Coup”.  For some reason, it  seems important to me to have hardcopies of articles like these, that attempt to convey the big picture of what is going on.

  • Sun, Nov 29, 2009 - 10:01pm

    #10
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    Re: The Critical Unraveling of U.S. Society

Well, I certainly don’t sit on any fence on this one. Who are the thieves involved? Who has reaped phenomenal profit and gained even more power and control? Clearly the answer to these questions are one in the same — the Banksters & Wall Street. Yes, many of us common folks have made the mistake of borrowing more than may have been prudent, however in most cases those who were greedy at the trough had their capital taken away from them whereas the real culprits running the Wall Street scam have made off with billions of dollars while leaving the mess created in the hands of the taxpayers.

These same people have pulled the strings to rig elections, manipulate the law and direct the US military for their own ends for years — it has just now gotten beyond the point of being covert and is now being carried out in broad daylight all the while thumbing their nose at middle and low class rabble that have been running at their beck and call.

As mentioned previously on this thread much of the scam activity was focussed on foreign countries whereas now this well tuned apparatus is ready for prime time at home base here in America.

Call it Corporatocracy, Plutocracy or what you will, but the tactics and results are the same — the elite few that control the corporate wealth have managed to pull enough strings to control our government for their benefit as well. They have gone so far as to control the media for their benefit and mount PR campaigns that have persuaded people to support ideas that are not in their best interests — including blind support of laws that supposedly support the capitalist/free market when satisfaction of monopolistic greed is the true aim. Talk about Aynn Rand run amok.

Audit the Fed, shut it down, prosecute the thieves and get back to looking after the well being of our country and people.

Jim

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