Tag: collapse

What Are These Protests About?

On October 6, 2011

Many are weighing in and spinning what these protests are about. Liberal pundits slam only banks and couple Republicans to the problem, ad nauseum. Conservatives defend the banks against what they perceive as a monolithic group of liberal protestors while ignoring the banks’ obvious and blatant fraud as well as their disregard for the law and yet at the same time (appropriately) slamming liberals like Michael Moore for absurdly wanting to get rid of capitalism.

While I agree with Herman Cain on a lot of issues, he proved to not understand what is happening either and frankly offered a very arrogant assessment of those without jobs or aren’t rich that can’t seem to help him win many points with voters, especially independents: “Don’t blame Wall Street, don’t blame the big banks, if you don’t have a job and you’re not rich, blame yourself. It is not someone’s fault if they succeeded, it is someone’s fault if they failed.” In other words, pull up your bootstraps you unemployed yobs!

Now I’m all for personal responsibility and taking ownership, but I also believe in the ability and likelihood of elites using power and prominence for evil. Our situation economically came from and was initiated by fraud, both in the private and public sectors, and is being perpetuated and protected by people in his position, at his level. I know a couple of people who have not been able to find jobs for over 52 weeks. It is mean and arrogant to slam them as if this is something they can prevent.

But regardless in the midst of all this back and forth and nonsensical discourse that misses the forest for the trees, the message is being lost as to what this is all about.

It really comes down to something I wrote in a couple of comments on Facebook related to the protests recently:

Read More

European History Repeats Itself

By David Westerfield

On May 14, 2010

In Business, Economics, News, Politics

“Europe’s fiscal Fascism brings British withdrawal ever closer” – Ambrose Evans-Pritchard – Telegraph

“Just when you thought the EU could not go any further down the road towards authoritarian excess, it gets worse.” – Ambrose Evans-Pritchard

Things are spinning out of control in Europe, economically, fiscally and socially. German Chancellor Angela Merkel said today that “Europe is in a ‘very, very serious’ situation and that success is not yet guaranteed.” And no amount of money thrown at the situation can fix the structural cracks that are now emerging in the very fabric of the continent.

And what do these things have to do with the US? We face a very similar situation in the near future when compared in parallel to Europe with states versus the federal government. The only difference is the federal government is well established. Certainly there are differences that cannot be overlooked. Yet the situation sounds all too familiar with the federal government over-stepping its reach on several different fronts since Obama took office.

Ambrose Evans-Pritchard from the Telegraph hits on the historical nature of what is happening (history repeating and history being made) as well as the tyrannical nature of what the EU is proposing to alleviate problems. As one commenter said in response to the article, “I’m getting a very bad feeling about how matters economic and social are going to pan out over the next 3 – 5 years. There’s trouble blowing in the wind.”

Below are some of the summary quotes from the article above.

“Fonctionnaires and EU finance ministers will pass judgement on the British (or Dutch, or Danish, or French) budgets before the elected bodies of these ancient and sovereign nations have seen the proposals. Did we not we not fight the English Civil War and kill a king over such a prerogative?”

“Yet again we are discovering the trick played on our democracies by Europe’s insiders when they charged ahead with EMU [European Monetary Union], brushing aside warnings by their own staff economists that monetary union was unworkable without fiscal union. Jacques Delors knew perfectly well that this would lead inevitably to a crisis, but it would be the ‘beneficial crisis’ that would force sovereign parliaments to submit to demands that they would never otherwise accept.”

Read More

Debt Contagion Picking Up Steam

By David Westerfield

On April 28, 2010

In Business, Economics, Politics

And so the contagion spreads … first, Latvia’s economy (and government) collapses not that long ago, then Greece and Portugal’s ratings were cut by S&P yesterday, and now today, Spain was cut. And the question is, how much longer before we realize we’re a lot closer than we think to the same situation? Even more importantly is when will we realize that all the trillions in bailouts and stimulus bringing us to our knees in debt currently has done nothing to actually stimulate the economy (73% of economists agree to this effect, CNN Money)? And how much longer before politicians start feeling the effects of their poor decisions in the polls, as if the Scott Brown victory wasn’t enough of an indication? I wonder what this summer’s Town Hall’s are going to look like. To follow developments pertaining to this from a respected global economist, read Ambrose Evans-Pritchard at the Telegraph. History is in the making here.

Why Did the Copenhagen Deal Collapse? China

By David Westerfield

On December 22, 2009

In Economics, Environment, Politics

How do I know China wrecked the Copenhagen deal? I was in the room – Guardian

Copenhagen was a disaster. That much is agreed. But the truth about what actually happened is in danger of being lost amid the spin and inevitable mutual recriminations. The truth is this: China wrecked the talks, intentionally humiliated Barack Obama, and insisted on an awful “deal” so western leaders would walk away carrying the blame. How do I know this? Because I was in the room and saw it happen.

China’s strategy was simple: block the open negotiations for two weeks, and then ensure that the closed-door deal made it look as if the west had failed the world’s poor once again. And sure enough, the aid agencies, civil society movements and environmental groups all took the bait. The failure was “the inevitable result of rich countries refusing adequately and fairly to shoulder their overwhelming responsibility”, said Christian Aid. “Rich countries have bullied developing nations,” fumed Friends of the Earth International.

Copenhagen was much worse than just another bad deal, because it illustrated a profound shift in global geopolitics. This is fast becoming China’s century, yet its leadership has displayed that multilateral environmental governance is not only not a priority, but is viewed as a hindrance to the new superpower’s freedom of action.

All in all, China doesn’t give one rip what the West thinks or does, especially if what we are proposing threatens their dominance. Not only that, but they were even so bold as to exert the fact that the West has no control over what they do. This is all very concerning in light of the fact that China owns a great deal of our debt and has a large reserve of dollars they might be willing to dump if it goes down too much in value. Very interesting.

20th Anniversay of the Fall of the Berlin Wall

By David Westerfield

On November 9, 2009

In Culture, History

NewsNote: Moral Clarity and the Fall of the Wall – Albert Mohler

This day 20 years ago, November 9, 1989, was the day the Berlin Wall fell and Communist forces conceded their oppressive reign. I was ten years old and although I didn’t understand the full implications at the time, I can still remember watching the event unfold on the television and my parents being thrilled. My dad then explained to me the significance of that moment. And studying the history of how it got to that point later on, it became much clearer how truly significant that day was.

In order to commemorate 20 years of what represented the fall of a tyrannous, authoritarian, Communistic regime imposed upon a large portion of Europe and all of Russia, I wanted to post a few images and a musical work that captures the cultural deprivation and devastation resulting from so many years of oppression and repression.

The Berlin Wall being built in 1961:

Zero incentive:

Dumping the Dollar in the Middle East, Russia, China, Japan, and France?

By David Westerfield

On October 6, 2009

In Business, Economics, Video

From the Independent: The demise of the dollar:

“In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

“Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.

“‘These plans will change the face of international financial transactions,’ one Chinese banker said. ‘America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate.'”