Must Read Article - How USA Lost Its Financial Freedom

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Nichoman's picture
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Joined: Nov 1 2008
Posts: 422
Must Read Article - How USA Lost Its Financial Freedom



Excellent article by former chief economist of IMF stating USA financial irresponsible has led to a "financial coup" of our government.   His comments are both thought provoking and sobering.

Example:  Alleged profits by AIG and other financial institutions past few months are from Taxpayers...not real or lasting.

Offer this subject warrants further exposure and discussion.  Would appreciate Chris and others expand on this as seems a key issue next several months.




mpelchat's picture
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Joined: Sep 10 2008
Posts: 214
Re: Must Read Article - How USA Lost Its Financial Freedom

Long read but well worth it.

This and the explaination about the bank bailout plan tell a very interesting story. 

DrKrbyLuv's picture
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Re: Must Read Article - How USA Lost Its Financial Freedom

Nichoman - great article, and very credible from an IMF insider - even if it is long.  The premise; or executive summary is most welcome:

"The crash has laid bare many unpleasant truths about the United States.
One of the most alarming, says a former chief economist of the
International Monetary Fund, is that the finance industry has
effectively captured our government—a state of affairs that more
typically describes emerging markets, and is at the center of many
emerging-market crises. If the IMF’s staff could speak freely about the
U.S., it would tell us what it tells all countries in this situation:
recovery will fail unless we break the financial oligarchy that is
blocking essential reform. And if we are to prevent a true depression,
we’re running out of time."

Unfortunately, many refuse to believe that a "financial oligarchy" might even exist.  Through-out history this has been a common theme - financial interests take over the country and strip the people of basic rights in becoming totalitarians who loot the population.  This is the core problem and as the writer states in his closing words "If our leadership wakes up to the potential consequences, we may yet
see dramatic action on the banking system and a breaking of the old
elite. Let us hope it is not then too late."

They won't "wake-up", most of our top ranking government officials are owned (campaign contributions and other bribes) by the oligarchy that will protect the status-quo above everything else.  My suspicion is that what we are seeing is the international consolidation of the most powerful super-oligarchs - a global plutocracy.  Their instruments include organizations like the Bilderbergs, CFR, Trilaterals and on and on.

Until we come to realize what is really happening, I doubt that we will have any chance to change the course an elite few have set.


Nichoman's picture
Status: Gold Member (Offline)
Joined: Nov 1 2008
Posts: 422
Re: Must Read Article - How USA Lost Its Financial Freedom

DrKirbyLaw...mpelchat.   Here's thoughts that come to my mind combined with all were experiencing...

  • Arguably Corrupt Decision-making. These "Conflicts Of Interest" and resulting loss of our financial compass can/will undermine our freedom in ways many may not be considering through speed...magnitude of impacts.   Primarily by undermining our moral values and principles...much less the Law.
  • Centralization versus Decentralization.  Depending how we identify and address is vital to where society (our country...if continues to exist) evolves or devolves to.
  • Threats To Local Community Support.  Chris and the "Crash Course" implicitly pushes local support.  As Chris has stated "WE versus ME".  Offer wouldn't this threaten the efficacy of this by two above points?   Perhaps this should be further explored beyond broad topic of local bartering and currencies? 

Inclined to ponder this new reality (issue) may allow spiraling out of control in ways we may not be anticipating, plus too many don't grasp this threat.



joe2baba's picture
Status: Martenson Brigade Member (Offline)
Joined: Jun 17 2008
Posts: 807
Re: Must Read Article - How USA Lost Its Financial Freedom

for a close up view of how the imf works read naomi klein's book shock doctrine.

i have been saying since i read the book that what we have been going thru is the shock doctrine applied to the masters who devised it ala uncle miltie

i think i will take a break for a while drkbyluv aka larry says jsut about everything i would say anyway.

well so much for free markets..............i guess

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