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Guest Post: 500 Million Debt-Serfs: The European Union Is A Neo-Feudal Kleptocracy

Tyler Durden's picture




 

From Charles Hugh Smith from Of Two Minds

500 Million Debt-Serfs: The European Union Is a Neo-Feudal Kleptocracy  

The banks of Europe are the new Feudal Manors and Masters. All Europeans now serve them as debt-serfs in one way or another.

If we knock down all the flimsy screens of artifice and obscuring complexity, what we see in Europe is a continent of debt-serfs, indentured to the banks under the whip of the European Union and its secular religion, the euro.

I know this isn't the pretty picture presented by the EU Overlords, of a prosperity built not just on debt, but on resolving the problem of debt with more debt, but it is the reality behind the eurozone's phony facade of economic "freedom."

What else can we call the stark domination of the big banks other than Neo-Feudalism? In one way or another, every one of the 27-member nations' citizens are indentured to the big international banks at risk in Europe, most of which are based in Europe.

Amidst the confusing overlay of voices and agendas, there is really only one agenda item: save the big European banks. Everything else is just mechanics. The banks are the new feudal manor houses, the bankers are the new feudal lords, and the politicians of the EU and its influential member nations are the servile vassals who enforce the "rule of law" on the serfs.

Here is the fundamental fact: there are trillions of euros of debt which can never be paid back. In a non-feudal system, one in which the banks were not the Masters, then this fact would be recognized and acted upon: something like 50% of the debt would be written off in one fell swoop, all the banks whose assets had just been wiped out would be declared insolvent and liquidated, the remaining debt would be sized to the economic surplus of each debtor nation, and a new, decentralized banking sector of dozens of strictly limited, smaller banks would be established.

To the degree that is "impossible," Europe is nothing but a Neo-Feudal Kleptocracy serving its Banker Lords.

The Greek worker whose pay has been slashed in the "austerity" demanded by the banks serves the Banker Lords, as does the German worker who will be paying higher taxes to bail out Germany and France's Banker Lords. Though the German is constantly told he is bailing out Greece, the truth is Greece is just the conduit: he's actually bailing out the EU's Banker Lords.

We can clear up much of the purposeful obfuscation by asking: exactly what tragedy befalls Europe if all the sovereign debt in the EU was wiped off the books? The one and only "tragedy" would be the destruction of the "too big to fail" banks, not just in Europe but around the world. As the big European banks imploded, then their inability to service their counterparty obligations on various derivatives to other big banks would topple those lenders.

While the political vassals call that possibility a catastrophe, it would actually spell freedom for Europe's 500 million debt serfs. From the lofty heights of the Manor House, then the loss of enormously concentrated power and wealth is indeed a catastrophe for the Lords and their political lackeys. But for the debt-serfs facing generations of servitude for nothing, then the destruction of the banks would be the glorious lifting of tyranny.

Just as a refresher, here is a definition of kleptocracy:

Kleptocracy, alternatively cleptocracy or kleptarchy, from the Ancient Greek for "thief" and "rule," is a term applied to a government subject to control fraud that takes advantage of governmental corruption to extend the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats), via the embezzlement of state funds at the expense of the wider population, sometimes without even the pretense of honest service. The term means "rule by thieves".

Extracting the wealth of 500 million people via the EU's central governance machinery to serve a handful of big banks is definitely a form of systemic embezzlement. As for corruption: where are the politicians who speak to the enormous benefits of writing off these debts and destroying the power of the big banks, utterly and completely, as the only way to free the people from debt-serfdom?

While the European Central Bank (ECB) and the vassals' favorite form of oppression, the European Financial Stability Facility (EFSF), print or borrow more euros into existence to fund the illusion of solvency, the cold reality is that the only way to service these trillions in impaired debt is to skim the surplus from the labor of the debt-serfs.

Since the political vassals control the means of taxation, then it is their job to squeeze hundreds of billions of euros out of the labor of their nation's debt-serfs.

There is a fatal weakness in the Grand Scheme of European Neo-Feudalism, and the lackeys in the EU are desperately trying to fix it under the banner of "integration." The fatal flaw is that the political union of the EU vassal states did not include fiscal union in which the EU could impose and control taxation within all member states.

This flaw means that the Banker Lords lack the necessary means to impose serfdom directly through the "laws" of the EU itself; instead, they must coerce the vassal political class within each member state to impose debt-serfdom on its citizenry.

This has proven cumbersome, as some nation's debt-serfs are threatening to refuse to submit to serfdom. Such a rebellion would of course bring down the entire house of cards that is Neo-Feudal Europe, and so the lackeys in Brussels and elsewhere are frantically trying to sell "fiscal integration" as the "necessary step" to centralizing the power of the banker Lords over the citizenry of all 27 EU member states.

The euro was intended to be the enforcement mechanism, but alas, voluntary agreement is not a solid foundation for neo-feudalism. At its heart, the euro currency was ultimately a Grand Arbitrage for the big European banks: they could loan essentially unlimited sums to citizens and sovereign member-states in a stable currency, and be guaranteed that they would be repaid in that same currency regardless of the weaknesses of the debtors.

That was a very sweet deal, an essentially risk-free license to generate monumental profits, all backstopped/guaranteed by the EU and ECB.

In the old, horribly risky system of independent states and currencies, any bank foolish enough to loan vast sums to weak states and its citizenry would soon find the currency in which their loans were paid would weaken to the point that even if the loans were repaid in full, their losses would be crushing.

For example, say a bank loaned Greece 1 billion drachma when the drachma was equal in value to the U.S. dollar. The loan would thus be worth $1 billion. But let's say that by the time the loan was repaid, the drachma had fallen to 50 cents. Measured in dollars, the bank suffered a loss of 50%, even when the loan was paid in full.

The euro removed all that nasty risk, and created a massive vassal class of EU bureaucrats to enforce the rules and make good any defaulted debt via the European Central Bank (ECB), the supra-national lender that served the big banks as guarantor. Ultimately, the ECB was funded by the member states' taxpayers, which spread the costs of the arbitrage over such a large number of citizens that it seemed impossible that the guarantee could be broken.

But the Banker Lords got greedy, and they overshot the carrying capacity of the EU's economy by a trillion euros; the debt loads are now so enormous that the surplus skimmed from the debt-serfs isn't enough.

That is the core dilemma of the Banker Lords and their political vassals. Since the Banker Lords lack the legal mechanism to impose new taxes via the EU itself, they must rely on the cumbersome processes of illusion and propaganda, of "extend and pretend" extensions of debt and harsh "austerity" to skim as much cream as possible.

The cloak has been removed, and the bloodied whip is now visibly in hand. In a household analogy: your mortgage has been rolled over into a new form of servitude, and your wages have been cut even as your taxes have been raised to service your debt to the Banker Lords. The vassals are bowing and scraping before their Lords, promising deeper cuts and higher taxes; yes, Master, we will obey.

But this isn't enough, of course; the Lords are demanding the rings off the fingers of the debt-serfs, and the rights to sovereign assets; they are casting a covetous eye on the comely daughter as well, and we can fully expect a discreet demand to exercise droit du seigneur, a right befitting the Lords of the new Feudalism.

 

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Fri, 07/22/2011 - 11:24 | 1480843 Ancona
Ancona's picture

Pretty soon we're all going to end up on the slave ship. It really is only a matter of time. that is of course, unless the entire house of cards implodes in to a smoking pile of ruin.

In that case, we will all be characters in a worldwide Mad Max movie.

Fri, 07/22/2011 - 11:32 | 1480883 Zer0head
Zer0head's picture

as the bernank calls for ramming speed

http://www.youtube.com/watch?v=WXh1tW16V-8

Fri, 07/22/2011 - 12:15 | 1481089 dlmaniac
dlmaniac's picture

The other day I was reading FOFOA where he claimed ECB is a better monetary authority so Dollar should merge into that system, which is like suggesting jumping from one frying pan into another and just goes to show you how outta touch these self-claimed monetary "experts" really are.

Fri, 07/22/2011 - 14:13 | 1481601 Hook Line and S...
Hook Line and Sphincter's picture

Are you inferring that FOFOA is a limited hangout operation targeted at students of monetary theory, and angled at manipulating their perception?

The nerve!!!  ; )

Fri, 07/22/2011 - 14:51 | 1481790 The_Euro_Sucks
The_Euro_Sucks's picture

Lol, ''FOFOA is a limited hangout operation targeted at students of monetary theory''. As Another stated, its (freegold) a way to move away from the dollar without starting a war. Its more a political blog about the new monetary world order once the dollar is gone. If u hate this system you will not like the next (Another) http://www.usagold.com/goldtrail/archives/another1.html

 

Fri, 07/22/2011 - 15:10 | 1481889 dlmaniac
dlmaniac's picture

Yeah I've actually read those "separating medium of exchange from store of value" theories as they were recommended to me with such buzz. Plain moon talking. Just a few hours of my life I cannot get back.

Fri, 07/22/2011 - 15:26 | 1481982 The_Euro_Sucks
The_Euro_Sucks's picture

My reply wasn't to u but for Hook Line and S... as the quote showes. U still holding fiatdigits and no physical I assume?

Fri, 07/22/2011 - 16:02 | 1482260 dlmaniac
dlmaniac's picture

I've been accumulating metals before ever hearing names such as "Another" and "freegold", which is why I can easily identify the fallacies of these non-solutions bankers proposed.

Fri, 07/22/2011 - 11:41 | 1480936 GoinFawr
GoinFawr's picture

++++

Fri, 07/22/2011 - 12:37 | 1481082 TruthInSunshine
TruthInSunshine's picture

The EU, if Merkel & Sarkozy are to be believed, has decided to allow the ECB to follow in nearly the identical footprints of the Bernank circa-2008 to present.

In other words, they are going to print lots of euros, buy massive amounts of spoiled assets from troubled european banks, make whole holders of toxic sovereign bonds (Merkel, Sarkozy & Bernuslconi all said NO defaults will be allowed), and they are going to backstop the toxic loans, debt and derivatives exposure (apparently) that haven't yet blown up, but that is still coursing through the veins and arteries of Europe's public and private sectors.

And some claim, with a straight face, that this is EUR positive?

This is taking the TARP/TALF/QE play out of the playbook, and running with it, but they are adding a reverse 'Plaza Accord' type deal to the mix, whereby they are going to knowingly depreciate the EUR against most other major currencies (and I'd be surprised if foreign central banks didn't sign off on this so as to not interfere and run resistance to the end result).

Finally, this is not just PIIGS, as bad and as large as PIIGS is. The UKs economy is sucking wind, France's economy is in big trouble (and they're going to be one of the big donor states under a EU rescue plan?) and even Germany's economy is beginning to show signs of cracks - and this EU rescue plan hasn't even begun yet, which will involve a process whereby the 'haves' EU member states essentially tax their citizens more to donate to the 'have not' EU member states.

This plan would be hard enough to implement if the global economy were booming, and 75% of the EU member states had healthy, robust rates of economic growth. Under current conditions, it's a purely insane idea.

Fri, 07/22/2011 - 13:07 | 1481354 Smiddywesson
Smiddywesson's picture

No it's not an insane idea if you view it from the perspective of the banksters.  They know the system is doomed.  They will do anything to buy time, anything at all

Fri, 07/22/2011 - 13:56 | 1481555 TruthInSunshine
TruthInSunshine's picture

But Trichet is personally vouching for the strength, unity, solidarity of the 'common union & currency.'

And he's smart like Bernank.

Fri, 07/22/2011 - 15:21 | 1481944 Smiddywesson
Smiddywesson's picture

Good one.

:-)

Fri, 07/22/2011 - 14:16 | 1481618 newworldorder
newworldorder's picture

They will sell this as the continuation of the European Union dream. The average European will buy it for the time being.

Not much more to say really.

Fri, 07/22/2011 - 13:26 | 1481459 dracos_ghost
dracos_ghost's picture

Just remember, "there is no spoon.". It feels like we are in the Matrix.

These numbnuts are in "make the sell to the sheeple mode".  I've given up trying to plumb the logic of this shit. This stuff is textbook definition of psychotic narcissism -- sociopathic is too tame a description. These guys think they are sooooo smart that whatever ejaculate oozes from their mouths is equivalent to manna from heaven and everyone needs to be pliant and eat their peas.

The sheeple need to go feral at this point. Or BTFD. I have a gut feeling it's going to be the latter.

Fri, 07/22/2011 - 13:57 | 1481559 TruthInSunshine
TruthInSunshine's picture

BTFK (buy the falling knives)

Fri, 07/22/2011 - 14:33 | 1481719 slewie the pi-rat
slewie the pi-rat's picture

slewie voted for nader in '08

on the peace and freedom ticket, no less!

Fri, 07/22/2011 - 12:06 | 1481065 Incubus
Incubus's picture

Pretty soon we're all going to end up on the slave ship.

They're just getting us prepped for ET.

When the ships come, we're goin' across the galaxy to work on alien plantations. And the cotton'll pick you.

Fri, 07/22/2011 - 12:11 | 1481083 midtowng
midtowng's picture

There are two alternatives: 1) we keep protecting this fiction of a "free market" and "job creators" or 2) we recognize that we are undergoing a class war and recognize that your pittance in your 401k does not make you part of the upper-class.

Fri, 07/22/2011 - 13:03 | 1481342 SheepDog-One
SheepDog-One's picture

European Neo-Feudal Kleptocracy under the whip of the banksters...so wheres the difference from the US?

Fri, 07/22/2011 - 11:26 | 1480850 wsmith
wsmith's picture

Well, most of us are serfs.

We like to pretend we aren't.  But we really are.

I kiss my boss's ass all the time.

What's a boy to do these days?

Times are hard.

http://geraldcelente.proboards.com

Fri, 07/22/2011 - 11:28 | 1480856 jmcadg
jmcadg's picture

Mad Max 4 - Beyond Eurozone

Fri, 07/22/2011 - 11:29 | 1480861 scratch_and_sniff
scratch_and_sniff's picture

this is some naive shit. 

Fri, 07/22/2011 - 11:49 | 1480974 rwe2late
rwe2late's picture

Debt-based money issued from central banks on which interest accrues is the basis of capitalist economies. In capitalist economies, central banks are engines of credit which emit debt just as internal combustion engines emit carbon dioxide.

Debt accruing from money issued by central banks constantly compounds and unless capitalist economies also constantly expand, constantly compounding debt eventually overwhelms all economic activity, resulting in ’parcus nex’, i.e. economic death.

It is the charging of interest on money issued as loans from a central bank that is the foundation of capitalism.

The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences. The apex of the system was the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the worlds' central banks which were themselves private corporations. The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups.

The global economic collapse is perhaps humanity’s greatest hope for escaping the debt slavery the world’s financiers and bankers have planned for the world. However, to escape slavery one must first know he is a slave.

 

http://www.321gold.com/editorials/schoon/schoon071411.html

Fri, 07/22/2011 - 12:54 | 1481307 Abitdodgie
Abitdodgie's picture

I knew it hes a tweaker

Fri, 07/22/2011 - 12:56 | 1481313 Abitdodgie
Abitdodgie's picture

.

Fri, 07/22/2011 - 13:03 | 1481340 jdrose1985
jdrose1985's picture

The engine/carbon dioxide illustration is awesome.

The interesting thing is that the so-called consumer who demands a loan is in effect contributing the gasoline and gets stuck with the emissions once the "engine" has leached the energy.

This whole fucking notion that banks loan anything is a sad joke. Its simply the extension of liability made possible by the theft of credit and there are a number of ways to hold the banksters feet to the fire on an individual level if one is determined enough and on the right "level".

Sat, 07/23/2011 - 23:44 | 1484272 GoinFawr
GoinFawr's picture

Thin end of the wedge for privatizing breathable air?

Fri, 07/22/2011 - 12:02 | 1481046 NotApplicable
NotApplicable's picture

Which part?

IDNJY

Fri, 07/22/2011 - 12:20 | 1481128 scratch_and_sniff
scratch_and_sniff's picture

The spirit.

Fri, 07/22/2011 - 11:29 | 1480865 Tense INDIAN
Tense INDIAN's picture

Oh mY ...i ssoooo much wanna get out of the system

Fri, 07/22/2011 - 11:37 | 1480915 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

BUY SILVER.

Fri, 07/22/2011 - 11:59 | 1481031 Boston
Boston's picture

Done.  A bunch of bars.

Fri, 07/22/2011 - 12:04 | 1481056 Inibo E. Exibo
Inibo E. Exibo's picture

Funny that is really can be that simple.

Fri, 07/22/2011 - 12:14 | 1481098 Boston
Boston's picture

Done.  A bunch of bars.

Fri, 07/22/2011 - 11:30 | 1480866 wsmith
wsmith's picture

I think I'm going to watch www.youporn.com and play with myself.

We're in a depression.

But who gives a shit?

Life will continue to go on.

Anway, so long.

And God bless all you Marxist cocksuckers.

http://geraldcelente.proboards.com

Fri, 07/22/2011 - 11:33 | 1480888 magis00
magis00's picture

This second comment of yours in this thread causes me to question whether the "I kiss my boss's ass all the time" comment in your first was not actually a figure of speech.  Gross.

Fri, 07/22/2011 - 11:41 | 1480937 wsmith
wsmith's picture

That was actually funny.

God bless you, brother.

My smile is wider than the crack of my ass.

http://geraldcelente.proboards.com

Fri, 07/22/2011 - 11:49 | 1480975 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I hope you do not think you are doing gentleman Gerald any favors.

Fri, 07/22/2011 - 12:02 | 1481049 wsmith
wsmith's picture

Fuck you right in the ass!

Nevertheless, you made me laugh.

So God bless.

http://geraldcelente.proboards.com

Fri, 07/22/2011 - 12:57 | 1481321 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

You are out of character.  He was not crass, nor was he belligerent.

Fri, 07/22/2011 - 16:31 | 1482435 ManufacturedOpinion
ManufacturedOpinion's picture

Tyler, 

Why do you let this faggot keep pumping the celente boards?

Just stick a boot in his ass (and a dick in his mouth) and shut him the fuck up !!!

Fri, 07/22/2011 - 16:32 | 1482447 ManufacturedOpinion
ManufacturedOpinion's picture

Tyler, 

Why do you let this faggot keep pumping the celente boards?

Just stick a boot in his ass (and a dick in his mouth) and shut him the fuck up !!!

Fri, 07/22/2011 - 11:45 | 1480953 Hedgetard55
Hedgetard55's picture

I'm guessing the purpose of your trolling is to make the average
ZH commenter look like a putz, to discourage new readers and lower the reputation of the site. Correct?

Fri, 07/22/2011 - 11:51 | 1480991 dwdollar
dwdollar's picture

With that in mind, we have a clue who his real employer is...

Fri, 07/22/2011 - 12:09 | 1481073 wsmith
wsmith's picture

Are you fucking stupid?

There's not a bigger fan of zerohedge than me.

I was here back when it was blogspot.com site.

Brother, I'm vanilla.

I live in Asia and do a vanilla job.

I love zerohedge because the boys believe in freedom.

I don't horde gold and silver.  But nobody's perfect.

I've been at zerohedge since the beginning.

There's never been a better website in all of human history.

I love this fucking place.

http://geraldcelente.proboards.com

Fri, 07/22/2011 - 12:59 | 1481326 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

You lie.

Fri, 07/22/2011 - 14:18 | 1481630 Hook Line and S...
Hook Line and Sphincter's picture

wsmith feels like a random generated computer feedback loop to me. Take several hundred one line statements, randomly shake around, choose another random variable between 3 to 10 lines and reply.

Fri, 07/22/2011 - 14:40 | 1481744 slewie the pi-rat
slewie the pi-rat's picture

the evil bastards prorammed the gerald to bluff on the captcha, too!  we are doomed!

Fri, 07/22/2011 - 21:48 | 1483805 knowless
knowless's picture

would it really be that hard to program something that would get the captcha? all you'd have to do is mark the input as the sentence before the entrance void, then parse that for words/numbers, it would be faster than a human, I don't know much about computers, but it seems like it would be really easy.

Fri, 07/22/2011 - 13:20 | 1481422 Commander Cody
Commander Cody's picture

The boot Tyler, the boot.

Fri, 07/22/2011 - 16:33 | 1482457 ManufacturedOpinion
ManufacturedOpinion's picture

Tyler, 

Why do you let this faggot keep pumping the celente boards?

Just stick a boot in his ass (and a dick in his mouth) and shut him the fuck up !!!

Fri, 07/22/2011 - 20:00 | 1483313 4horse
4horse's picture

 

I live in Asia and...horde gold


 

for the golden horde?

but never whored for silver . . .

 

yet hoard homonymity as if the greatest futile mongoloid of them all ___The Ching!ss Con

 

 

Fri, 07/22/2011 - 16:30 | 1482431 ManufacturedOpinion
ManufacturedOpinion's picture

Tyler, 

Why do you let this faggot keep pumping the celente boards?

Just stick a boot in his ass (and a dick in his mouth) and shut him the fuck up !!!

Fri, 07/22/2011 - 16:31 | 1482437 Imminent Collapse
Imminent Collapse's picture

Hey asshole, this is the second similar post you have posted today.  Why don't you go to confession and pray for your soul, because you are in need of a born again experience.  In the interim get the fuck off ZH.

Fri, 07/22/2011 - 11:30 | 1480867 Jason T
Jason T's picture

even in the state of NY where NYSEG, the electric company, which has a monopoly, is owned by a Spanish utility company, which I'm sure has loads of debt to the Euro banks, owns it.  So we pay our bills to NYSEG, NYSEG pays the execs and Iberdola and Iberdola pays the interest of the debt to the Euro banks.

 

Self sufficiency, go off grid and WIN.

Fri, 07/22/2011 - 11:35 | 1480908 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

BUY SILVER.

Fri, 07/22/2011 - 11:43 | 1480945 Tense INDIAN
Tense INDIAN's picture

One question ...Many People are selling SILVER saying that it will protect us in a currency crisis........Now if they know that SILVER is so valuable and might even MULTIPLY wealth many times over...then why are they selling it ???????...they must know that silver supply is shrinking  

Fri, 07/22/2011 - 11:47 | 1480967 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Business.

Fri, 07/22/2011 - 12:05 | 1481062 SilverDosed
SilverDosed's picture

Because they are a business, they are constantly turning over inventory and have a margin. My LCS actually likes high silver prices because thats the only time he gets buyers locally. The rest just gets sent off to melt. The public is stupid, they buy high and sell low, the way its always been. My LCS would love to sell more locally as he gets a buck or two over spot when selling to the public, he doesnt get that much when sending to melt or a wholesaler for his 1000$ face bags of 90%.

Fri, 07/22/2011 - 12:13 | 1481092 sun tzu
sun tzu's picture

They make money on the spread. Why do brokerage houses sell stocks in an IPO? They make money on the spread and have no risk from volatility

Fri, 07/22/2011 - 11:30 | 1480869 Buckaroo Banzai
Buckaroo Banzai's picture

If Europe is a neo-Feudal kleptocracy, what kind of kleptocracy is the US?

Fri, 07/22/2011 - 11:34 | 1480890 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

"The sun will come up tomorrow.  Bet your "bottom" dollar........"

 

Little Orphan Annie

 

Tuco

Fri, 07/22/2011 - 11:51 | 1480985 Fundemental Pri...
Fundemental Principles's picture

Continuously Distressing:

The "bottom" dollar comes out of the Bernank's Ass...(sealed with Timma's signature)!

Fri, 07/22/2011 - 11:34 | 1480892 magis00
magis00's picture

Neo-Colonial? wtf does that even mean?

Fri, 07/22/2011 - 11:34 | 1480895 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

They are the same, except Europe will trade for oil with the ME and Russia and America will trade with [cough] Venezuela.

Fri, 07/22/2011 - 12:14 | 1481097 sun tzu
sun tzu's picture

Don't forget Canada, #1 supplier of oil to the US

Fri, 07/22/2011 - 13:31 | 1481346 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Tar sands are worthless.  Ripping up a forest for a product that uses natty gas to make is an idiot practice.  It has an extremely low EROEI.  Canada ain't shit.

Fri, 07/22/2011 - 14:04 | 1481578 sun tzu
sun tzu's picture

Tell that to Suncor, Imperial Oil, Shell, Exxon and the rest of the oil companies making billions off the tarsands

Fri, 07/22/2011 - 14:19 | 1481625 Canaduh
Canaduh's picture

With the current Canadian/Alberta governments policies on giving away natural resources, it would be impossible not to make money. Of course there's billions of barrels of oil, all it takes to get them is having access to vast amounts of cheap/free water, natural gas and imported labour.

Fri, 07/22/2011 - 17:28 | 1482648 sun tzu
sun tzu's picture

Which creates tens of thousands of jobs and corporate profits, which leads to billions in additional tax revenues which helps fund the Canadian healthcare system. As far as I know, it's mostly Canadians working on the tarsands. Most of them are union, making up to $100K per year and only 10% of them are foreign workers.

Fri, 07/22/2011 - 14:20 | 1481604 Canaduh
Canaduh's picture

It's good to hear some people actually know what's going on up here.

Fri, 07/22/2011 - 17:29 | 1482657 sun tzu
sun tzu's picture

It's good to see you don't mind using products that are oil-based

Fri, 07/22/2011 - 11:31 | 1480874 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I once had hope.  It rested on people understanding the issue.  I now fear that the problem will never be known.  It is not anything but that the system is not real.  The world is using a false dialectic to create discourse.  Nothing is owned and nothing is deserved.  All that matters is that we take control of our freedom.  Our freedom is the only thing that matters.  Not pensions, not dollars, not land, but freedom.  Our right to trade freely, without a medium of private banking hands.

Fri, 07/22/2011 - 13:12 | 1481380 jdrose1985
jdrose1985's picture

Eventually the system will crumble. The one world system is doomed to failure along with the architect. Owning precious metals is a nice hedge and not to mention it is honest money and intensely beneficial to your health. I just wiped out a recurrent staph infection in one day and my wife was diagnosed with a viral infection of the eye that was "untreatable". Also gone in one day. Google colloidal silver. All you need is two. 999 coins, a fish tank bubbler and a small dc charger. Yes I said it is active on the viral level. Modern medicine regards this as impossible yet I testify otherwise. Also look into colloidal gold, plat, CU…

Fri, 07/22/2011 - 11:33 | 1480885 TradingJoe
TradingJoe's picture

Only WAR would remove this unprecedented "situation"! Individuals still can insulate themselves by owning GOLD AND SILVER in PHYSICAL FORM! Leave big cities for the countryside, enjoy agriculture and growing ones own food! ETC ETC ETC! 

OR:

GO TO WAR! 

WE ALWAYS HAD AND STILL HAVE A CHOICE!

Fri, 07/22/2011 - 11:34 | 1480898 No Mas
No Mas's picture

So it looks like the majority of 500 million people voted to become debt serfs, unless there is some sort of totalitarian regime in Europe I am not aware of.

Why do people vote this way?  Simple.

They do not care.  Not here, not there, not anywhere.  This seems to be a source of perpetual frustration for the ZH folks.

The political class in Europe, Aisa and the US will be in power in perpituity.  Any claim to the contrary is dismissed by history.  Get used to it; most people care very little for freedom.  They want to be cared for, thought for and entertained.

Now, back to some rant about how things are going to collapse somewhere; soon - very, very soon. 

Fri, 07/22/2011 - 11:45 | 1480954 FeralSerf
FeralSerf's picture

"Why do people vote this way? Simple."

It's stupidity.  They're trained to be stupid.

Fri, 07/22/2011 - 11:47 | 1480965 Franken_Stein
Franken_Stein's picture

 

Shut up !

 

Fri, 07/22/2011 - 12:17 | 1481114 sun tzu
sun tzu's picture

Ask anyone on the street what they want. Out of 100, how many will say freedom? The vast majority will want free money, housing, healthcare, car, iphone, etc. 

 

Fri, 07/22/2011 - 13:29 | 1481477 Vic Vinegar
Vic Vinegar's picture

Very good point.  Nice observation.

Fri, 07/22/2011 - 14:51 | 1481791 MachoMan
MachoMan's picture

All of the protests are for MORE entitlements...  when the mob finally figures out that it's been hoodwinked and that these promises may not be fulfilled, then the mob gets angry...  what happens then is anyone's guess, but the betting public has chosen "not much"...  with the dark horse being "long guillotines".

Fri, 07/22/2011 - 13:56 | 1481557 Confuchius
Confuchius's picture

@no mas

You do not comprehend the euro "system".

You do not get to vote for anything, not to pick your masters, nor for your serfdom.

Fri, 07/22/2011 - 14:14 | 1481608 ElvisDog
ElvisDog's picture

Ahh, the inability to forsee or prepare for change. How very Maginot Line of you. The problem with what you wrote is that nanny states always lead to economic stagnation at best and more likely economic contraction. People are only passive as long as the nanny state provides what the people expect. Problem is that expectations cannot be met with economic stagnation over the long term. When they can't be met, the various groups will start turning on themselves and social order breaks down.

The political class in Europe, Aisa and the US will be in power in perpituity.  Any claim to the contrary is dismissed by history.

That is a truly ridiculous statement. History tells us that governments, countries, and societies never last into perpetuity. Are we still ruled by the Caesers? By Genghis Khan XXI? No we are not.

Fri, 07/22/2011 - 14:31 | 1481704 newworldorder
newworldorder's picture

RE NO Mas; The 500 million did not vote for this. The Euro Union technocrats voted for this. Now you can argue that the peoples leaders led them to this agreement and that is true. The people of the 27 euro states will have the opportunity to express their opinion on their current leaders during their next elections. My fear is that just as in the US, they are  also asleep at the switch.

Fri, 07/22/2011 - 15:20 | 1481931 Léonard
Léonard's picture

So it looks like the majority of 500 million people voted to become debt serfs, unless there is some sort of totalitarian regime in Europe I am not aware of.

 

The majority ? Nobody asked our opinion on the euro and some of us voted against the European Constitution/Lisbon Treaty that was adopted.

The European states have all lost their sovereignty. The UE is leaded by unlected bureaucrats. It is a URSS totalitarian type regime.

Fri, 07/22/2011 - 11:36 | 1480913 Yancey Ward
Yancey Ward's picture

Government is banking.  This is why almost no politician dare challenge the present system.

Fri, 07/22/2011 - 11:41 | 1480939 Version 7
Version 7's picture

An extension of it increasingly.

Fri, 07/22/2011 - 11:39 | 1480925 Version 7
Version 7's picture

The problem is there isn't within the system any plan B for when the banks fail. Politicians are mediocre people like the sheeple they think they lead, and no safety valve is in place to let the banks go. What will happen then? Deflationary collapse. The bankers know this and keep playing with it.

Fri, 07/22/2011 - 11:44 | 1480950 GoinFawr
GoinFawr's picture

Sometimes you just gotta let the chips fall where they may... Iceland is still around.

Fri, 07/22/2011 - 12:04 | 1481054 pupton
pupton's picture

"Fuck off with your sofa units and strine green stripe patterns, I say never be complete, I say stop being perfect, I say let... lets evolve, let the chips fall where they may."

The point of this article seems to be that the destruction of the TBTF banks is the only way to freedom from sefdom.  Kind of sounds like the purpose of "Project Mayhem", eh?

"Narrator: If you erase the debt record, we all go back to zero. It'll create total chaos."

Fri, 07/22/2011 - 12:09 | 1481076 SilverDosed
SilverDosed's picture

You forgot the first rule.

Fri, 07/22/2011 - 11:43 | 1480948 TaxSlave
TaxSlave's picture
500 Million Debt-Serfs: The European Union Is A Neo-Feudal Kleptocracy

As distinct from what???

Fri, 07/22/2011 - 11:56 | 1481014 rwe2late
rwe2late's picture

 as distinct from all other societies which are not "neo-fuedal kleptocracies".

Fri, 07/22/2011 - 12:12 | 1481087 TaxSlave
TaxSlave's picture

Ahhh .... OK.  So many to choose from!

Fri, 07/22/2011 - 11:59 | 1480981 wsmith
wsmith's picture

Soon I'm off to play with myself...

Try http://youporn.com

It's a pip!

Brothers and sisters, we are in a midst of a depression.

And times are going to be hard.

They shall be hard for a long long time.

Nevertheless, we shouldn't applaud when people get blown up.

If we do protest, it should be in a passive form--remembering the traditions of Jesus Christ, Ghandi, and Martin Luther King.

We should never celebrate the loss of life.

Furthermore, why horde gold and silver? We can't eat it.

Remember this.

We want a viable currency because a viable currency gives us freedom.

Nothing else! 

Greed is the root of all evil.  Or so says St. Paul.

Why fuck Lloyd Blanfein in the ass if we are just as greedy?

But if the powers-that-be deny us a viable currency, we are free to tune in, turn on, and drop out.

We don't have to play their fucking games.

Fuck the motherfuckers.

Final analysis?

We must always be gentle and kind.  We shouldn't lose our dignity no matter how hard times get.

But who died and made me boss?

These are just my feelings.

http://geraldcelente.proboards.com

Fri, 07/22/2011 - 12:22 | 1481139 slewie the pi-rat
slewie the pi-rat's picture

but, gerald, those aren't feelings

Fri, 07/22/2011 - 16:34 | 1482463 ManufacturedOpinion
ManufacturedOpinion's picture

Tyler, 

Why do you let this faggot keep pumping the celente boards?

Just stick a boot in his ass (and a dick in his mouth) and shut him the fuck up !!!

Fri, 07/22/2011 - 11:51 | 1480990 gwar5
gwar5's picture

Thinking is the leading cause of headaches anyway.

Europeans and their elites do seem to have a sweet spot for the good old days of sovereign monarchs performing Blood Eagles on their subjects. 

Turns out self-government and free markets are messy and requires thinking. Who needs that? Life is much simpler with a king to just tell you what light bulb to use and when to change it.

 

Fri, 07/22/2011 - 15:28 | 1481997 sun tzu
sun tzu's picture

They don't have kings anymore. That's old fashioned. They have the EU and Europe is ruled by committees from the imperial city of Brussels. The same is happening in America. They tell us we are a republic with politicians who represent us. The truth is that we are ruled by bureaucrats in Washington DC who create regulations out of thin air. Then we have a judiciary that is appointed for life. Is that not similar to a monarchy? If there is one change we need to the constitution, we need to limit federal judges and SC justices to one 8-year term and then they're back to the private sector to live under the decisions that they made on the bench. We don't need to be ruled by kings in black robes.

Fri, 07/22/2011 - 11:53 | 1481003 unununium
unununium's picture

How fascinating to see the truth explained so simply, so eloquently.  Yet it will be lost in the din.

The feudal lords exist because of statistics.  A minority of RICH, EVIL men, will plague humanity forever.

What's needed is a way to transmit lessons learned and resistance across generations.

Let's make Glass-Steagall a constitutional amendment.

 

Fri, 07/22/2011 - 11:55 | 1481010 Peter K
Peter K's picture

It aint' the banks that are the problem, it's the politicians with the inbred neurosis for the utopian nanny state that needs to be sent "swimming with the fishes", to use a favorite WH source for quotes.

Fri, 07/22/2011 - 12:13 | 1481093 TaxSlave
TaxSlave's picture

Governments are the collection agencies for the banks.

Fri, 07/22/2011 - 15:31 | 1482020 sun tzu
sun tzu's picture

Term limits of 8-12 years for all politicians, judges, and bureaucrats above the director level. These are all people who create laws and policies that shape this country. Anyone who stays in a powerful government position for too long has far too much power. 

Fri, 07/22/2011 - 11:58 | 1481029 blackbaron
blackbaron's picture

The avoidance of taxes is the only intellectual pursuit that carries any reward

Fri, 07/22/2011 - 15:32 | 1482038 sun tzu
sun tzu's picture

You're not being patriotic. The government needs more of your money to spend on wars and a nanny/police state.

Fri, 07/22/2011 - 15:34 | 1482048 sun tzu
sun tzu's picture

You're not being patriotic. The government needs more of your money to spend on wars and a nanny/police state.

Fri, 07/22/2011 - 11:59 | 1481037 dogismyth
dogismyth's picture

blah blah blah

someone tells you that you are a slave, and you believe it?

you can be whatever you choose.  If you choose to believe you are a slave, then you are a slave.

I'm not a slave to anyone regardless of what you or other monkeys want me to believe.

Beliefs form opinions.  And based on what I read here and elsewhere on ZH, most think they are slaves.

Thus, you will continue to act as a slave and remain helpless.

Fri, 07/22/2011 - 12:15 | 1481106 rwe2late
rwe2late's picture

blah blah blah

someone tells you that you are not a slave, and you believe it?

Thus, you will never realize that you have anything to rebel against.

Fri, 07/22/2011 - 13:20 | 1481427 jdrose1985
jdrose1985's picture

Okay. Who do you think collateralizes the so-called national debt of your country?

You sure must not pay taxes.

You don't have a berth certificate which is a warehouse reciept identifying you as property.

Your bills aren't addressed to an ALL CAPS NAME identifying you as a corporation.

Blissful slave.

Fri, 07/22/2011 - 12:01 | 1481043 r101958
r101958's picture

Now take that template and transpose it onto the U.S. using our states in lieu of member countries and you have exactly the same thing.

Fri, 07/22/2011 - 12:01 | 1481044 dogismyth
dogismyth's picture

blah blah blah

someone tells you that you are a slave, and you believe it?

you can be whatever you choose.  If you choose to believe you are a slave, then you are a slave.

I'm not a slave to anyone regardless of what you or other monkeys want me to believe.

Beliefs form opinions.  And based on what I read here and elsewhere on ZH, most think they are slaves.

Thus, you will continue to act as a slave and remain helpless.

Fri, 07/22/2011 - 12:07 | 1481055 Version 7
Version 7's picture

Sounds to me the blindness perspective.

Fri, 07/22/2011 - 12:08 | 1481072 Ricky Bobby
Ricky Bobby's picture

Stone walls do not a prison make,

  Nor iron bars a cage;

Minds innocent and quiet take

  That for an hermitage;

If I have freedom in my love,

  And in my soul am free,

Angels alone that soar above

  Enjoy such liberty.

Fri, 07/22/2011 - 12:09 | 1481075 r101958
r101958's picture

Naah, livestock is a more descriptive word.

Fri, 07/22/2011 - 12:02 | 1481051 DOT
DOT's picture

Come on Tyler, it's nuage (new' -edge) not neo.

What we have here is nuage feudalism; a plantation system with no fences

and the chains lay lightly.

Fri, 07/22/2011 - 12:21 | 1481133 NotApplicable
NotApplicable's picture

That would be Charles, not Tyler.

Fri, 07/22/2011 - 12:25 | 1481160 Caviar Emptor
Caviar Emptor's picture

We can supply the fences. 

Fri, 07/22/2011 - 12:04 | 1481058 nah
nah's picture

ATMZ BITCHEZ

Fri, 07/22/2011 - 12:13 | 1481094 slewie the pi-rat
slewie the pi-rat's picture

that just reminded me to "sweep" some cash from an account today.  thnx! 

i, too, hate those long lines full of irate, screaming "depositors"

Fri, 07/22/2011 - 13:57 | 1481561 centerline
centerline's picture

Top post should have said

 

Serf's up, bitches.

Fri, 07/22/2011 - 12:09 | 1481079 Ray Elliott
Ray Elliott's picture

Note to the Fight Club, If they are as powerful as you indicate, why haven't they attacked you?  With their resources, they should have no trouble identifying all members of the fight club.  I am in total agreement that not only are all Europeans virtual debt serfs, but so are all Americans.

With a system collapse, we have little or no structure that can assume critical obligations, ie. care for the sick and elderly and protection of the weak.  If we had responsible political leadership, plans would be in place now for "post collapse" survival.  

Fri, 07/22/2011 - 12:15 | 1481104 TaxSlave
TaxSlave's picture

If we had responsible political leadership, plans would be in place now for "post collapse" survival. 

You honestly think there are no plans for the Next Level?

Really??

Fri, 07/22/2011 - 13:08 | 1481359 Mariposa de Oro
Mariposa de Oro's picture

No Shit, TaxSlave!  Can you say "Camp FEMA"?  Those TSA goons with their pornoscanners and Freedom Gropes aren't there to ensure YOUR safety.  The obedience training currently going on with the sheeple is for later when the system collapses and the police state kicks into high gear.  The police state isn't for our protection, it's for the State's.

Fri, 07/22/2011 - 13:35 | 1481495 slewie the pi-rat
slewie the pi-rat's picture

this string has trolls playing the Fear Card.  are you one of them? 

Fri, 07/22/2011 - 13:57 | 1481560 Urban Redneck
Urban Redneck's picture

It is ironic that those who fear the most are probably those with the least to fear from the State in the event of an economic and social collapse, but then, ignorance is bliss. 

Fri, 07/22/2011 - 12:16 | 1481109 slewie the pi-rat
slewie the pi-rat's picture

this site is under constant attck, usually from "innocent" trolls.  like you, shitforbrains.

Fri, 07/22/2011 - 12:30 | 1481193 Ray Elliott
Ray Elliott's picture

What slough did you come from Rat?  What an obnoxious piece of rat shit you are.

Fri, 07/22/2011 - 13:16 | 1481405 slewie the pi-rat
slewie the pi-rat's picture

see?  thanks very much, but i am not a troll, like you.

Fri, 07/22/2011 - 13:44 | 1481522 Beau Tox
Beau Tox's picture

I will stand for Slewie as his second.  Trolls have no honor and will not accept our gauntlet.  Slewie is an honorable contributor.  Ray Elliot is the son of a Paris whore.

Fri, 07/22/2011 - 14:22 | 1481655 slewie the pi-rat
slewie the pi-rat's picture

thx, beau_t!

OMG! you gave the loaded pistol to the wrong guy again!  run!

Fri, 07/22/2011 - 12:26 | 1481165 Bastiat
Bastiat's picture

 With a system collapse, we have little or no structure that can assume critical obligations, ie. care for the sick and elderly and protection of the weak  

You assume they have any interest in caring for the sick, elderly and weak.

Fri, 07/22/2011 - 12:35 | 1481218 Ray Elliott
Ray Elliott's picture

Bastiat,

Referring to "they" implies an entity.  If there is such an entity, we would be wise to identify them first - - before "they" identify us.

Fri, 07/22/2011 - 14:06 | 1481582 Bastiat
Bastiat's picture

"They" implies a group, not necessarily an entity.   

Fri, 07/22/2011 - 12:12 | 1481085 Incubus
Incubus's picture

It's just human behavior: a real "honest" society would have a culling of career politicians and power-whores every few decades--just to keep the social pool clean.

 

You leave societies to develop without guidance, with only a principle of "democracy" or some crap, and you end up with corruption to the core.  You have to rip the rot out--because the rot is part of human behavior.  I figure after a long enough time, we'll 'train' ourselves how to not to be dickwads.  And if you want to be a power whore or a career politican, you deserve to die, anyway.

Fri, 07/22/2011 - 12:17 | 1481110 bank guy in Brussels
bank guy in Brussels's picture

« The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks. »

- Lord John Emerich Edward Acton (1834 - 1902), the Lord Acton who also said:

« Power tends to corrupt, and absolute power corrupts absolutely. »

Fri, 07/22/2011 - 12:17 | 1481113 Internet Tough Guy
Internet Tough Guy's picture

Neo feudal kleptocracy. Wow, that sounds bad in a pseudo intellectual crypto hipster cyberpunk postmodern kind of way. lulz.

Fri, 07/22/2011 - 12:21 | 1481131 Incubus
Incubus's picture

pseudo intellectual crypto hipster cyberpunk postmodern

wow, you described me.

Fri, 07/22/2011 - 12:32 | 1481180 Franken_Stein
Franken_Stein's picture

Why ?

It perfectly describes what this is all about.

 

Neo-feudal:

Because a small group of bankers who regard themselves as the modern-day kings and barons want to destroy all achievements of the age of enlightenment.

They want to concentrate all wealth and money in the hands of a few old white men, all the while reigning over an army of slaves and serfs with no rights, no means, no say in politics, no access to education.

 

Neo, because we already had this shit for 500 years in the dark medieval ages, the worst age in human history.

 

Who gives these assholes the right to do this ?

Who allowed them this ?

These people insult everything what I believe in and what I aspire for.

 

I didn't go to university in order to be told I am a slave to this unintelligent, arrogant egocentric scum of thieves !

 

These people are enemies of mankind and must be routed out,

ruthlessly, brutally and without the slightest glimpse of mercy.

 

Because if this shit is not nipped in the bud, it will become another brutal dictatorship.

 

Off with their heads !!!

 

Fri, 07/22/2011 - 12:40 | 1481239 Internet Tough Guy
Internet Tough Guy's picture

Yeah, a brutal dictatorship with 6 weeks of vacation a year, free health insurance. The fiends!

I guess if the system doesn't collapse the next best thing is calling it scary names. Neological.

 

Fri, 07/22/2011 - 12:47 | 1481282 Franken_Stein
Franken_Stein's picture

 

Erm, we are still in the early stages of this turning back of the time.

Wait for the wonderful goodies that still await us in the future.

You ain't seen nothing yet.

 

But then it will be too late already to change anything anymore.

 

Fri, 07/22/2011 - 13:11 | 1481373 Petrolia
Petrolia's picture

Seems like wise men knew the bankers were the enemy eons ago.

Why should anything change anytime soon ?

We are just worms.  Pond life.

All we can do is try and live the best lives a worm can live

Have no debt. Don't pay taxes.  Stop feeding the bastards.

Fri, 07/22/2011 - 14:09 | 1481589 Urban Redneck
Urban Redneck's picture

The aspiring royal tyrants of the banking class are no more despicable than the aspiring royal tyrants of the political class who congregate in Brussels.  The only difference is the sniveling whores from the political class use the enlightenment and ensuing social theories as justification for their enslavement of fellow Europeans. 

Fri, 07/22/2011 - 22:50 | 1483994 Fiat Money
Fiat Money's picture

"the aspiring royal tyrants of the banking class are no more despicable than the aspiring royal tyrants of the political class..."

   Yes,  JP Morgan Tony Blair, and "of, by & for Golddamn-Sachs" barack obama,   http://jessescrossroadscafe.blogspot.com/2010/06/sp-500-september-futures-and-gold-daily.html

are/were pretty damn good at sounding out  (speechifying) those Age of Enlightenment &  "all men are created equal.... with EQUAL JUSTICE for ALL"  ideals...   as they sell their fellow citizens down the river, one million dollar bankers "campaign donation" bribe, er, paycheck, after another... 

  Blair was bad enough for  the millions of "Labor" party voters who put him in office in England, but barack obama is a DISASTER for minorities in America,  much less Civil Rights & economic justice.

Fri, 07/22/2011 - 22:42 | 1483961 Fiat Money
Fiat Money's picture

(duplicate)

Fri, 07/22/2011 - 22:38 | 1483970 Fiat Money
Fiat Money's picture

"Neo, because we already had this shit for 500 years in the dark medieval ages, the worst age in human history.

Who gives these assholes the right to do this ?  Who allowed them this ?" 

  Glad you asked! First of all, although I agree with the tone of your comment, it is a touch 'modern'  Western/establishment-centric:  how about all those tribes exterminated or enslaved by the Romans during the rise of the Roman empire?   THEY might have considered the coming of the Roman legions to be something of a "Dark Age" (nearly 1 million Germanics, and countless more Gauls, Carthaginians, etc.,  killed by the Roman  advances into Western Europe, Southern Med, etc. )    

 #2.  your timeline is a bit off:  the age of IMPERIOUS KINGS and god(s)-annointed emperors stretches back far past 500 years... try  Five THOUSAND years, to the age of the god-kings and the "modern" bible god.  Talk about a "sense of entitlement"! - the bible is REPLETE with stories of "the chosen" tribe attacking, pillaging, plundering,  exterminating their neighbors, and systematically raping the virgin surviving young women - you know, that whole "promised land" myth - just like the Mongols, Romans, Conquistadors, etc.   

 4,000+ years after the baby-killing massacre & extermination of Jericho,  some things never change!  The New Conquistadors are still thumping their bibles, guaranteeing that god is looking on favorably as they put the unwashed heathens (yes, including us peons here in the late "U.S.A.")   to the sword, fire, and rapine..  

  (or merely being evicted,  tossed out of your home or jobs into the cold or unemployment; or denied health care for increasingly life threatening medical conditions, etc.  all so the BILLIONAIRES can PILLAGE a FEW MORE TRILLIONS out of the US & world economies.) 

Fri, 07/22/2011 - 12:23 | 1481146 Caviar Emptor
Caviar Emptor's picture

Ahhh but the feudal lords and ladies always replied to any critique by mentioning how they actually provide grace, beauty and elegance to a tawdry world full of misery. The pagentry! The elegance of watching the rich and powerful enjoying their wealth.  

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