But the big question is still ‘Why?’
Now that we know it’ll be the job of each sovereign EU State to bail out its own banks (according to yesterday’s FT) one has to feel that the era of pretence about ‘all for one and one for all’ really is finally at an end. Ten days ago, I posted that ‘Yesterday was a qualitative turning point in my book. I think we got the first signs that the crew of the globalist SS Titanic had assessed the damage and decided it was lifeboats time.’ The kind of stuff coming out of the EU and elsewhere suggests that the latest order is “Sod the women and children, every man for himself”.
Not that long ago, EU leaders were promising bravely to break the Treasury-emptying affair between failing banks and sovereigns. Now their spines are, once again, revealed to be rubber – with occasional patch repairs made from recycled tissue paper. Be under no illusion here: this is a neo-fascist anti market-freedom European Union handing the bill for anti customer market-fixing investment banker criminality to the citizen. It is the collapse of this corrupt club – its total surrender, in fact, to the neocon élite’s misplaced belief that their dying system can be monetised and repaired by the taxpayer.
The baton-pass is more than a double-whammy for that taxpayer: it’s a lose-treble in which QE (and other forms of money-printing used to prop up failing Treasuries and carpetbagging bondholders) will have reduced the value of the citizen’s income and savings before they start paying. And as that value declines, so too will the range and quality of social services available for relief.
None of this is capitalism, but rather a jarring cacophony of disguised protectionism, corrupt favouritism, globalist monopolism, investment fraudulence, legislative incontinence, and information distortion. The culprits, respectively, are sovereign States, bureaucrats, big business, banking firms, politicians, and the increasingly blurred rainbow of media combines.
The only guilt residing with the citizenry is its acceptance of the credit-inflated growth bubble as Heaven on Earth, and its compliance with the ridiculous suggestion that they should be impoverished to pay for the hubris of the six interest-groups identified above. (This is before one even gets to the part about paying the security services to watch it all the time, and getting killed in a mercantilist war of lebensraum).
When one outlines the mess we’re in like this, the endlessly supine acceptance of the electorate is hard to comprehend. It is without any doubt caused by a mélange of factors – depoliticisation, low IQ, TV media distraction, press media distortion, ministerial deception, tribal political loyalties, superficial education, office and family commitments and sheer tiredness – but even so, with every month the average voter gives increasing evidence to pollsters and strategists that there is almost no act of outlandishly unfair con they wouldn’t accept if someone they see as “a good bloke” or “a safe pair of hands” is explaining how we’re all in this together.
Death camp survivors testify to the fact that gas chamber queue members who told others they weren’t going for a bath at all were dismissed wearily by those walking through the doors for their deadly dose of Xylon-B. ‘Somnambulating into serfdom’ has become an extraordinary example in the 21st century of the cliche that failed utterly to be effective as a warning.
And yet, there remain probabilities that neither the pessimists nor the over-confident Establishment have gauged properly. The capacity of these likelihoods to create uncontrolled panic remains the hugely underestimated wild card. It doesn’t guarantee the failure of the lunatics, but it does suggest they can be stopped.
The globally mercantilist competitive set, for example, is multifaceted and incoherent. Thus although at present we see a ‘worldwide’ acceptance of near-zero interest rates, it isn’t really a worldwide consensus at all. Sooner rather than later, one sovereign, financial, business or central banking element will break ranks for advantage…or via the election of a leader offering to debt-default on the one hand, while offering higher investment rates for squeezed baby-boomers on the other.
The joke suppression of gold and other precious metals represents another example. While on the one hand it suits both the US (by keeping mugs in the stock market) and China (by lowering the cost of stockpiling) the central and private banks now quietly circumventing the gold supply system in order to put gold onto their balance sheets hope to save themselves by, at some point, letting the price rip. Both the Arabs and the Chinese may well, for a while, watch greedily from the sidelines as this makes them richer.
But the process will also unfortunately render the Western fangwoi/infidel sovereigns increasingly indebted and prone to hyper-inflation and default…although not the banks – who increasingly recognise no equal, no sovereign power, and no citizen rights.
Some nutters will argue (and probably already believe) that an alliance of bankers, globalist business and information controllers can take over entirely from elected legislators in the end. They will see the use of increasingly cheap labour among the squeezed middle as the spearhead for a fightback against Asia based on price. They will perhaps think, “To hell with the Chinese and what Washington owes them – we ain’t Washington.”
None of this speculated motivation behind élite bank-globalist-media axis actions makes any kind of sense to a normal mind. It rejects insurrection, State crackdown and military takeover as possibilities. It fails as usual to explain who is going to consume the goods so cheaply produced by the new serfs. It ignores the obvious possibility of pushing a thus cheated China over the edge and into serious military retaliation. And above all, it takes no account at all of how the betrayed Third World poor and the unemployably feral Western Underclass might respond one day, after this dystopian nightmare has been created.
But remember: derivative slicing, money-printing, QE, Friedmanism, CDOs, a currency with no way out, bailouts, deficit economics, and the credit-driven production model of capitalism were all invented by these same maniacs. All these too were manufactured with certain doom fitted as standard. As I have begun to repeat of late, these folks are ill: who knows what they are capable of? Who knows what they have in mind as ‘final solutions’ to the obvious obstacles in their way?
As time goes on, there is less and less room for debate about where we’re headed and what’s behind it. The only real uncertainty left concerns which two motives the analyst perms from the threesome of stupidity, madness, and evil genius.
My money is still on the first two. But you never know.
The Slog 