The big lie being sold to the public, as I see it, is that this financial catastrophe is totally unique and the first ever of its kind ... as if it's something out of the blue that had no historical precedent. Then we're told, that's why this requires special bailouts and other special action.
"Sure, none of us want to bail out Wall Street" (they say) then in the same breath "but this situation is so unique that without the bailouts, America will totally collapse".
No it won't. America won't collapse. The financial industry will collapse (and it will collapse either way).
This financial meltdown is nothing new. Economies always go through boom and bust cycles. Speculative bubbles and excesses are always followed by sharp declines and redistribution of investment as the market realizes its errors and shifts strategies, re-evaluates risk/reward, and corrects for mal-investment.
NONE OF THIS IS NEW... it's an old story. Sure, it hasn't happened quite like this in nearly 80 years in America, and it never happens the same way, but it's happened much more often elsewhere in the world and repeatedly throughout history.
Pushing fear that this is a unique and game-ending catastrophe is just a tool in extortion. The financial industry and their agents in government are threatening citizens in order to take more of society's wealth, after they have already vaporized substantial amounts of our wealth.
Let's remember that, and also that as part of a normal boom-bust cycle things are definitely going to be OK. Question is how fast do we want to return to normal? Keep bailing out and delaying the inevitable and we could be stuck in a perpetual bear market for decades.
- Perpetual Bull