• Sprott Money
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Rolling Back the Progressive Era

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Wed, 06/15/2011 - 15:35 | 1372298 wombats
wombats's picture

It might not be so bad.  The world needs more serfs.

Wed, 06/15/2011 - 12:12 | 1371299 cramers_tears
cramers_tears's picture

Fraudulent Conveyance.  The new catch-phrase for 2011-12...  just keep repeating it over and over...  say it five times fast... fraudulent conveyance - fraudulent conveyance... tell your friends and family - fraudulent conveyance... use it in a sentence, "I'd really like to give you that toy daughter, but we can't get any payment on our loans-receivable because of their fraudulent conveyance."

Fraudulent Conveyance - it just rolls off the tongue so willingly.

Wed, 06/15/2011 - 15:17 | 1372215 falak pema
falak pema's picture

fraudulent posture...like the brown shirts in 1933... but that was ideologic. Here it is transactional. But its a means to an end. Which is the same...hegemony. 

Wed, 06/15/2011 - 10:44 | 1370935 gwar5
gwar5's picture

Milton Friedman:

"In virtually all movements or ideologies, it seems, there are the do-gooders, and then the special interests behind them who have the real agenda. And always, the real agenda is to profit from the do-gooders."

"Throughout the long course of human history there are only a few small slivers of time when most men were not living under brutal oppression and tyranny. We are now living in one of those times. But, that window, I fear, may be closing."

Tea Party speaker, 2010:

"Every crackpot idea that has ever come down the turnpike of history has found a welcome home in the  democrat/progressive party. Let's mention some of them to remind ourselves who they really are: Slavery, Jim Crow, segregation, racism and the KKK, anarchism, anti-suffrage, lynchings, marxism, communism, fascism, euthanasia, eugenics, malthusianism, socialism, the Federal Reserve, gold confiscation, income taxes, abolition of alcohol, and, now they're promoting illegal immigration and defending Shariah Law. Is it any wonder they have to change their name every 20 years to make people forget how creepy they really are?"  


 

Wed, 06/15/2011 - 10:54 | 1370992 AnAnonymous
AnAnonymous's picture

It is funny how US citizens think they are different one from another.

 

Only US citizenism quoted in the behaviours listed above.

Wed, 06/15/2011 - 10:03 | 1370756 Urban Redneck
Urban Redneck's picture

 

That means revolution – or more accurately, a counter-revolution to roll back the 20th century’s gains made by social democracy: pensions and social security, public health care and other infrastructure providing essential services at subsidized prices or for free.

 

20th century’s gains made by social democracy were financed bankers devaluing fiat currency.  The entire article is starts with a faulty understanding of critical relationships.

 

Wed, 06/15/2011 - 08:32 | 1370475 Catullus
Catullus's picture

Socialist, conspiratorial drivel.  You're not worth reading.  I'm sorry I clicked on the link.

Frederick Hayek’s Road to Serfdom portrayed a dystopia of public officials seeking to regulate the economy. In attacking government so one-sidedly, his ideological extremism sought to replace the checks and balances of mixed economies with a private sector “free” of regulation and consumer protection. His vision was of a post-modern economy “free” of the classical reforms to bring market prices into line with cost value. Instead of purifying industrial capitalism from the special rent extraction privileges bequeathed from the feudal epoch, Hayek’s ideology opened the way for unchecked financial power to make a travesty of “free markets.”

"Classical reforms"? Special rent extraction privileges bequeathed from the feudal epoch? You're garbage.  Your thinking is garbage.  Your history is garbage. You either didn't read the Road to Serfdom or you didn't get it.  The point was that you're "classical reforms" in a "mixed economy" that "rolled back the special rent privileges from the feudal epoch" were the road to slavery.  That government would magnificently fail at attempting to direct even just a portion of the economy and that it would be forced to take over more and more of it and their failures would get larger and larger.There's been deregulation in the US.  All the institutions that were supposed to "protect" against the financial crisis not only failed, caused it (Federal Reserve, FDIC, SEC, Fannie Mae, Freddie Mac, SPIC, etc)

The rest of your article is a mish-mash of unrelated non-sequiturs and discredited thinking for a century that proved beyond any shadow of a doubt that your "public infrastructure/assets" Welfare State thesis is broken beyond all repair.  You fail to comprehend that your "public assets" were just the feudalistic system reincarnate.  Kings viewed their subjects and the kingdoms in the same way.

Wed, 06/15/2011 - 10:28 | 1370852 divide_by_zero
divide_by_zero's picture

+1 Far from rolling back the progressive era, this is the end game of the progressives.

Wed, 06/15/2011 - 10:04 | 1370743 SamuelMaverick
SamuelMaverick's picture

+1 Catullus.  Just do not get upset when the lefty socialist progressive thieves junk the hell out of you.

Wed, 06/15/2011 - 08:13 | 1370418 dcb
dcb's picture

lots of losers posting today, it matters little if the little details are correct, but the overall theme and conclusion. for all of the people who have attacked the author, I have not seen one dispute or debate the central conclusion which in my view is valid. predatory lending to people who knowingly can't pay back is illegal, and sovereign states should have the ability to refute such debt without being forced to sell off state assets.

 

Folks, my language here is poor, but take lehman. induce a crisis to the point of collapse so you are given state support and made rich. then continue to do so until you own all. after all the threat of crisis is why greece can't default. But if the system had been reformed after the last crisis then default wouldn't cause a crisis. fight regulation, to make sure you always have the threat of mutual assured destruction to use against the populace.

 

If the ecb says the threat of crisis is why greece can't default, then they should be in public much much more pushing for much a much much stronger system. the fact that a greece default can still lead to crisis shows the worlds central banks/ central bankers haven't done their job and should be replaced. But nothing will change as the next player will be taken from the same limited candidate pool that rigs the game for the bankers. It is the most perverse system ever designed where people make themselves richer by inducing instability and trample sovereign rights. what ever the cost, it is worth destroying the current world financial system to end this financial tyranny

 

the people we bailed out, are blackmailing us with MAD. that is insane

Wed, 06/15/2011 - 08:35 | 1370485 Catullus
Catullus's picture

There's no such thing a predatory lending to the government.  They were and are very much willing to take on that debt and have someone else later worry about paying it off.  The only thing that is predatory about it is that lending money to government assumes that the government will pay you back with stolen [tax] money.

Wed, 06/15/2011 - 07:45 | 1370345 Fiat Money
Fiat Money's picture

Pt. II   when you say, "Rolling Back the Progressive Era" you can just go ahead a paint a picture of LARRY SUMMERS... and RAHM EMANUEL... and Summer's career mentor, FORMER Goddamn-Sachs co-CHAIRMAN, BOB RUBIN, and other members of obama's so-called "liberal Democrat" econ team.     

  Don't take MY word for it:  See Prof. Hudson's excellent  "Bernanke's RE-APPOINTMENT [BY OBAMA, to be Fed Reserve Chairman] BE AFRAID, Be Very Afraid"  and listen to his 1 hr. audio, "Obama's REPUBLICAN [style] CLASS WAR PRESIDENCY" both at DandelionSalad   http://dandelionsalad.wordpress.com/2010/02/09/michael-hudson-obamas-republican-class-war-presidency/   

Mr. Hudson clearly explains what anyone with more neurons than a garden slug should understand:  That the LARRY SUMMERS, timmy geithner,  MARY SCHAPIRO as SEC Chair,  and (full Goddamn-Sachs MADE MAN... FULL PARTNER!)  gary gensler, RUNNING the CTFC  **GROUND ZERO for the TRILLIONS of dollars of "DERIVATIVES" overhang killing the economy**  are all INTENTIONALLY  "rolling back the progressive era" so they - and their mega-banking hyper-wealthy backers - can  TREAT AMERICANS like terrorized, SEGREGATED, subsistence wage  sharecroppers,  or DISPOSABALE mine-workers.   (Yes, that is a MACHINE GUN armored car that  the (rotchilds supported) Rockefellers hired from Baldwin-Felts 'security' to SHOOT UP striking miners and their families during the "Colorado Mining Wars"   LUDLOW MASSACRE.  http://en.wikipedia.org/wiki/Ludlow_Massacre#The_mine_strike

  FAR from being a "Liberal Democrat"  Barack Obama is IN BED with GODDAMN-SACH, the Fed, and Wall St. (which is to say "the rotchilds)  - he is INTENTIONALLY WRECKING the economy, just as  then British Prime Minister Tony Blair INTENTIONALLY LIED Great Britain into the Iraq war invasion, so he, Blair, could get his present job on the Board of Directors of JP Morgan.   

 (JP Morgan was/is the 100 year American FRONT COMPANY for the London rotchilds cabal, JP Morgan the hired protege and successor to George Peabody, the American banker Nathan Rothschild set up as the London "host with the most" http://en.wikipedia.org/wiki/George_Peabody  JP Morgan bank would effectively be the American arm of the rotchilds banking clan, along with other rotchilds allies including the SCHIFFS who shared the r's original Hamburg home http://www.energy-net.org/1OVN/NWO-H.HTM,  the OPPENHEIMER bank where clan founder Mayer Amschel worked before moving back to Hamburg;  the Kuhn-Loeb bank, and the more familiar 'American' banking names like Salomon bros.; Lehman bros. (South Carolina SLAVE OWNERS before & during the Civil War); Bear, Stearns, Goldman, & Sachs families, etc.)

      THESE WERE THE FAMILIES BEHIND the creation of the so-called 'Federal' Reserve Act in 1913 (after rotchilds & JP Morgan first INCITED the BANKING PANIC of 1907); and  the FED was BEHIND the credit-bubble BOOM > stock market CRASH > credit CONTRACTION > WIDESPREAD POVERTY and ECONOMIC CONTRACTION of the GREAT DEPRESSION.

  Today, they - and their HIRED FRONT MEN like BOB RUBIN, HANK PAULSON (both GS chairmen), larry summers, jamie dimon, timmy geithner, rahm emanuel, mary shapiro, gary gensler, peter orszag, jared bernstein, dave axelrod, elena kagan (now ussc!), gene sperling, mona sutphen, and the ENTIRE  aipac owned "U.S."  112 Con-gress,  http://www.youtube.com/watch?v=9aFNEog9CDI     are all BEHIND & fomenting the ECONOMIC SABOTAGE of "rolling back the Progressive, HIGH WAGES & CIVIL RIGHTS era" so the hyper-wealthy bankers can live like feudal lords, extorting and terrorizing the peasants & serfs who toil in poverty on the great estates that surround their robber-baron castle-mansions.  

 

Wed, 06/15/2011 - 07:10 | 1370315 Fiat Money
Fiat Money's picture

Thanks for re-posting Mr. Hudson's excellent commentary here, Ilene. 

  IF the treacherous Barack Obama had REALLY delivered the "CHANGE!"  (that he PROMISED millions of American voters he would deliver  all through the summers & fall of his 2008 presidential campaign) he would have put Mr. Hudson in charge of (Secretary of) Treasury - and WE WOULD NOT BE in this economic crisis today.

    Obama's  "OF, BY, and FOR Goddamn-Sachs" 'economics team' http://www.jewishvirtuallibrary.org/jsource/US-Israel/obamajews.html     are an ON-GOING CRIME SCENE  AGAINST the American people.    When you are talking about "Rolling Back the Progressive Era"  you are talking about the post-WWI  1920s... also known as the LYNCH-MOB era  (quasi-state (state sanctioned)   APPLIED TERRORISM, in DEFIANCE of 15th Amendment to U.S. Constitution); you are talking about the ROARING TWENTIES, a repeat of the GILDED AGE of grotesque wealthy, surrounded by the ABJECT MISERY & POVERTY of overcrowded deadly (disease) tenement slums and impoverished farmers.    Indeed, the Great Depression,  far from starting with the Market Crash of Oct. 1929 as we so often read & hear, actually started with the FARM DEPRESSION of the early 1920s - http://www.iptv.org/iowapathways/mypath.cfm?ounid=ob_000060 - and with America being a largely AGRICULTURAL society at the time, probably over 50% of Americans were feeling (in some way) the pinch of Depression, even as our history books & "mainstream media" report that the cities were living in boom times and soaring stock prices.   

    

Wed, 06/15/2011 - 03:36 | 1370170 silverscouseparis
silverscouseparis's picture

greece is a tiny economy compared to the united states,bernankes press conference to not hessitate to raise the debt ceiling,is the START of a panic..like a junkie..asking for more..and whats coming is a long period of cold turkey..its a battle for the end of the fiat currencys dollar vs euro..who blinks first?sorry for the dollar centric zero hedgers but it aint europe..look at the money going into german treasuries..they make things/sell things the worlds second biggest exporters.in europe we have germany in america you have....DETROIT?!!

Wed, 06/15/2011 - 05:23 | 1370165 Coldfire
Coldfire's picture

Get thee behind me, Statan.

Wed, 06/15/2011 - 02:13 | 1370113 Miles Kendig
Miles Kendig's picture

The idea that sovereign debt is backed by a nations physical assets is the greatest sham of the age.  NOWHERE on a sovereign bond, bill or note does it say it's backed by anything but full faith & credit.  Attempting to change the discussion so that it seems sov debt is asset backed is the height of either stupidity or sedition.  Next thing you know GMAC will be taking your home rather than simply repo the car

Wed, 06/15/2011 - 09:42 | 1370675 Trundle
Trundle's picture

Sham?  Fraud?  Absolutely!

But it is exactly the context within which they create fiat currency (create made up money to which they are paid royalty bearing interest for the issuance of that currency), lend it to the criminals and stooges in government (of course, setting up private offshore accounts for many of these scumbags all along the way) and then when the government  default (after having given the madeup money to people who are actual producers and are ultimately left with nothing and inherent to the debt based system), they seize the assets (all the hard assets such as mineral rights, oil drilling rights, national park land etc., etc.) from the same treasonous scumbags who sign over all the rights (thus, making their private accounts even larger along the way).  

It is the absolutely height of tyranny, fraud and the consummate form of treason. 

If and when a certain percentage of the population figures this out and creates sufficient inertia, the avalanche will occur.

Under how much snow you will be buried will be a reflection of the truth of your information and the measure of critical thought process you applied to that information. 

I wish everyone the best of luck, with notable exceptions.  

Wed, 06/15/2011 - 03:29 | 1370166 Bob
Bob's picture

Well, you don't have to get all technical and shit!  It's not like we're enemies or anything--they're our banks, after all.  Surely it's the spirit of things that really matters, right?

Wait a minute, that's not the guys I know!  WTF.

Wed, 06/15/2011 - 15:21 | 1372194 Miles Kendig
Miles Kendig's picture

I should have used a better example for the folks following at home Bob. 

When Any O. Citizen prepares a mortgage application all employment and other assets are listed.  Then the mortgage is approved premised upon the data AT THE TIME OF ORIGINATION.  Then some time later circumstances arise whereby this mortgagee falls into default.  In that case the note holder (if there is a true chain of custody that is) cannot simply come in a seize the mortgagee's 401K or savings bonds to make the short note whole.  Hopefully this will shed a bit of light upon the sedition being practiced by supposedly "super sovereign's" (ECB, FED et al) and their political, business & academic fluffers at all levels.

Hows that Bob?

Good to see you brutha

Cheers

Wed, 06/15/2011 - 01:43 | 1370074 css1971
css1971's picture

Re: Hayek vs Mises

Can I just point out that the ECB, as well as the BOE and the FED are government backed and indeed government backing for banks. Exactly the form of government subsidy for banks risk taking that the rest of the article goes on to talk about.

It's interesting that Hayek didn't advocate free banking in the way that Mises did.

Still... Full Reserve Banking!

Wed, 06/15/2011 - 00:58 | 1370011 sasebo
sasebo's picture

I think I see a basic problem, the failure of our "leaders" to understand that they are the ones responsible for the long term viability of America.  They seem to think that someone else or some "invisible hand" is working behind the scenes to ensure the long term viability of our country including their children & grandchildren. Their only concern seems to be their own ass & reelection.

In other words our country is being run by a bunch of incompetent assholes and their greedy, psychopathic banker overseers.

 

Wed, 06/15/2011 - 00:13 | 1369952 AchtungAffen
AchtungAffen's picture

Hah, very good column, the best I've seen in a long time. I commend you, Mr. Hudson, for telling it how it is: Hayek was an extremist, deep seated hatred for anything "public" would just devolve into a have vs have nots feudalism with "private law" and all. But exposing ZH commentors golden calf for what it is and what it meant: financial taliban; will render you nothing but harsh comments and lots of name calling. i.e. socialist, communist, you know the drill.

Wed, 06/15/2011 - 01:45 | 1370081 css1971
css1971's picture

Can I just point out that the US just spent ~10% of it's GDP to give public money to the private banks.

If you live in the USA, that's a ~ month of your life spent working for the bankers, sucks to be a banker eh? Courtesy of the United States Government.

Wed, 06/15/2011 - 09:57 | 1370723 AchtungAffen
AchtungAffen's picture

Well of course. If the US state has been taken over by banks that's what you'll expect. But it's not something inherent for the state. It's like what Franklin said, "A Republic if you can keep it". The US population obviously couldn't. 30 years of state bashing and private glorification generates these sort of things, regulatory capture. While you were too busy with how the evil state wanted to drink your children's blood because it was so COMMIE!!11w, private forces imposed their private law on the public sphere.

Wed, 06/15/2011 - 03:16 | 1370108 Bob
Bob's picture

GDP has become a beguiling metric, imo.  What percent of GDP is the finance industry? 

Given that so many ostensibly "economic" decisions are being made in relation to this construct, it strikes me as something that bears examination.  It looks like another derivative to me.

It speaks to what Hudson is addressing, it seems to me.  Either there is such a thing as a "real" economy that will be given priority or humanity will be dying or slaving for people who don't do anything of real value.  Or, at least, what most people consider real value. 

I'm inclined to think that Mr. Market and his minions are not meaningfully qualified to make decisions on such inherently philosophical matters.  It reminds me of the TEPCO engineers deciding what is "acceptable" risk at Fukushima. 

They'll make the argument using all the "right" terms, by God, but that doesn't make it legitimate in any way whatsoever.

Wed, 06/15/2011 - 00:01 | 1369934 oldmanagain
oldmanagain's picture

Various philosophers and religious creeds have attempted to define the "social contract", but obviously a lot of people misread the message.  The rich need the poor consumer, but the poor consumer does not need the rich.  As Austrian philosophy teaches, if you understand it, the rich can be replenished over and over.  If this was all there is, OK.  But if life is going to be more than service to the rich, or die for the rich, then there is a contract.  Even the dullest rich knows that others are needed, infrastructure, some rules.  History has shown that free market can most easily fulfil the needs of all, particularly if it is structured to allow redisstribution of some of the wealth to cater to the needs of those the rich are dependent on.  Rich cannot exist in a vacuum.  The rich are not being plundered, for needs must be met or the contract breaks down.  The less needy the populace, the more rich there are.  But this is too complex for this thread.

Wed, 06/15/2011 - 10:13 | 1370778 W.M. Worry
W.M. Worry's picture

Let me see if I understand this correctly. Are you talking about The Merely Rich or The Really Most Sincerely Rich ?

Wed, 06/15/2011 - 01:12 | 1370025 hardcleareye
hardcleareye's picture

"But this is too complex for this thread."

No it's not, and I like were you are going with this......

Tue, 06/14/2011 - 23:55 | 1369927 Bear
Bear's picture

I'm all for regulation ... Mr. Goberment  just keep the crime out of Wall Street

Tue, 06/14/2011 - 23:34 | 1369896 Augustus
Augustus's picture

The aim a century ago was to mobilize the Industrial Revolution’s soaring productivity and technology to raise living standards and use progressive taxation, public regulation, central banking and financial reform to distribute wealth fairly and make societies more equal.

When the fellow grossly mistates history as his beginning premise, it is little wonder that the rest of the article is just biased BS.  "Harnessing the industrial revolution" required that workers get harnessed to participate.  Progressive policies of subsidizing parasitic spongers have almost destroyed the concept of participation.  Why produce when the wealth can just be plundered by those expressing a "need"?

Tue, 06/14/2011 - 23:07 | 1369844 lincolnsteffens
lincolnsteffens's picture

"The key problem is (lack of) political will on the part of the Parliament and Government".

That is such complete HORSE SHIT which is just a small sample of the absurdity of this article. The key problem is the Government trying to please any and everyone just to stay in power. In order to please everyone, they have to lie to large segments of the population and agree to hand out the favors and programs that can only be paid for by borrowing. The greater the amount of borrowing the more governments fudge the numbers.

No Greece is not insolvent but the citizens had little idea they were living above their productive means. Most of the Developed World suffers from the same problem as Greece. Most of us didn't realize that aside from our personal debt (  an ever growing problem), citizens of Greece did not understand the true nature of the mushrooming public debt was legally their obligation. The international banks encouraged the growing debt as a benefit to their bottom line without the fear of default since ultimately the collective population through their representatives accepted the debt. The banks also did plenty of illegal as well as immoral shenanigans for which they mostly get away with.

Now the national debt burdens have become unsustainable. The banks which should have used due diligence in making the loans and demanding collateral did neither. They relied on good faith and the promise to pay. The governments that borrowed more than citizens were personally willing to pay were lied to with taxes low enough and the handouts high enough to keep the political class in office. The citizens got what they wanted without being told or figuring out the danger of their rising debt obligations.

"Always save for a rainy day" was replaced by "Why put off til tomorrow what you can borrow for today". Self deception with a bit of greed makes a tasty stew most can not resist.

Wed, 06/15/2011 - 00:46 | 1369995 hardcleareye
hardcleareye's picture

Your post is a wonderful example of Cognitive dissonance..... an uncomfortable feeling caused by holding conflicting ideas simultaneously.

"No Greece is not insolvent" versus "national debt burdens have become unsustainable."

"The banks also did plenty of illegal as well as immoral shenanigans for which they mostly get away with." versus " They(the banks)  relied on good faith and the promise to pay."

I did enjoy reading your post!! <no scarsam intended>

Tue, 06/14/2011 - 23:03 | 1369842 Jasper M
Jasper M's picture

Author seems to be trying to make repealing Progressivism sound like a Bad thing. 

I admit that the Greek situation makes it hard to pick heroes. On ones side, banksters  desperate to keep their scheme going. But on the other, let us Never forget, is a nation of wastrels and tax dodgers, who have not only been spending their grandchildren's future (and who isn't these days?), but also dipping into the futures of every kid in Europe (courtesy of those same baksters mentioed above). 

So who's the good guy? NO ONE. BOTH sides are rotten; BOTH deserve what s coming to them. 

Tue, 06/14/2011 - 22:49 | 1369801 michigan independant
michigan independant's picture

Never will the Statist stop window's to be broken. As long as a slack hand reaches out they will fail just as we are. The dues to the State will never be fixed per capita as many observe as we collapse. Ideologues are satisfied in their certitudes only. The article points to a poisoned well again and again. Morality is bleach to infection's. Greece must choose the path not us or Central Planning. There is no free market as observed, only minions claiming labor. DEBT 

Tue, 06/14/2011 - 22:13 | 1369704 PulauHantu29
PulauHantu29's picture

What if The People of Greece decided to stand up for their own interests (instead of the Bankers interests) and Defaulted on all their Bonds and Debt...then proceed to return to the drachma and back it up with their Greek assets of land, islands, gold, etc....they would then have the strongest currency in Europe ......this may be the better choice then handing over all their assets to the EU Bankers leaving them with a Big Fat Nada and still lots of Debt.

Is this an option?

Wed, 06/15/2011 - 03:24 | 1370164 Dr Zaius
Dr Zaius's picture

Given the Greek governments propensity to live beyond its means, I would suggest they not borrow against their assets in land, islands and gold as collateral. It won't be a happy ending.

Wed, 06/15/2011 - 03:55 | 1370186 Bob
Bob's picture

+++

Tue, 06/14/2011 - 21:47 | 1369613 jander3456
jander3456's picture

Tue, 06/14/2011 - 21:18 | 1369554 ebworthen
ebworthen's picture

 

Good God I need access to good credit...

 

Tue, 06/14/2011 - 21:12 | 1369539 Charles Wilson
Charles Wilson's picture

ZH has always had the Stalinist bloc in the background.  Every now and then they make an appearance - like now.

By COMPLETELY misrepresenting the nature of "market capitalism", notably starting the argument on post-Communist Russia, we are led down the path to the conclusion that it is democracy and bureaucratic technocracy that causes the current death sprial.

Watch out ZHers! The rabid Left NEVER learns and is always there to lend a helping hand to obfuscate a problem of, by and for the State.

 

Ilene, next time you want to post, just take out a copy of "Northern Neighbors" or maybe an old Walter Duranty article from the New York Times.  Then, after you've read the AgitProp, go for a walk.  I'm tired of reading about the millions who have died because they listened to the Apologists of Death.

 

CW

Wed, 06/15/2011 - 11:02 | 1371017 midtowng
midtowng's picture

There is always the hard-core libertarians here that see anything left of Ron Paul as Stalinists (and they have doubts about Ron Paul too). Yet they think they are somehow broad-minded and fully informed despite the fact that they won't listen to contrary opinions no matter how logical.

They can't imagine that someone would read Hudson AND Paul and agree with both.

Wed, 06/15/2011 - 03:16 | 1370134 Bob
Bob's picture

I hear that slant on the left you got going!

we are led down the path to the conclusion that it is democracy and bureaucratic technocracy that causes the current death sprial.

I think you indisputably missed Hudson's point regarding democracy, however.  He in no way blames democracy.  He's describing the opposite, actually. Perhaps the Stalinists have drained your comprehension!  I hate it when they do that . . .

Try reading this one if you can't find that essential truth in the current post:

http://www.zerohedge.com/article/how-financial-oligarchy-replaces-democracy

You can never be too careful, right?

Tue, 06/14/2011 - 22:27 | 1369758 Charles Wilson
Charles Wilson's picture

Walter Duranty:

http://www.weeklystandard.com/Content/Public/Articles/000/000/002/791vwu...

'N let's not forget Kaptain Karl's solution to the problem of Bankers and Banking:

"Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly."
-Karl Marx, 5th Plank of the Communist Manifesto (1848)

Tue, 06/14/2011 - 20:42 | 1369473 ElvisDog
ElvisDog's picture

It's interesting. Couldn't you buy the entire country of Greece for 150B Euros? Then, just move all the annoying plebs out except for those who would service you in your Greek palaces. They could move the Davos conference there every year. Sweet.

Tue, 06/14/2011 - 21:13 | 1369541 williambanzai7
williambanzai7's picture

They could call it Stavros Conference.

Tue, 06/14/2011 - 19:26 | 1369312 Bob
Bob's picture

Thanks for another Hudson piece, ilene.  While many in, or aligned with, the finance industry seem perversely incapable of getting it, some certainly will. 

Tue, 06/14/2011 - 18:50 | 1369242 Moe Howard
Moe Howard's picture

Seems to me the author has confused the cause and effect. The "progressive" modern agenda and aim has reached it's goal - concentration of power in the hands of the elites. The goal was never any of the catch phrases, in fact, only fool would believe in "Heaven on Earth" or the promised "Eden". We don't have to go to far back to see what a failure that would be, just look at the east bloc pre socialism collapse. People died trying to escape that "Eden", while at the same time the "progressive movement" was working to create it in the west.

All you need to know is that the richest of the rich elites have supported socialism and progressives since they were serious movements. It truly is the road to serfdom, if it was not, they would not fund it. The author is an idiot, useful or not, or a shill. Your pick.

 

Wed, 06/15/2011 - 10:54 | 1370991 midtowng
midtowng's picture

Which only proves that you know nothing about the Progressive Era...and aren't about to learn it.

Wed, 06/15/2011 - 07:25 | 1370332 Agent 440
Agent 440's picture

C'mon Moe... everyone knows that all the 'wealth' of the West was really stolen from the hard working people's republics during the Cold War and that when those countries were eventually undermined by the Western Capitalist Running Dogs, then and only then did they collapse. When the world lost the power and productivity of working Socialist states which were buoying all of the world's wealth did we come to the present crisis. Or some some crap like that....

Wed, 06/15/2011 - 02:17 | 1370116 AnAnonymous
AnAnonymous's picture

All you need to know is that the richest of the rich elites have supported socialism and progressives since they were serious movements.

 

With basic perception of self interest, one could say that rich support what makes them richer in a broad sense.

The Founding Fathers were not poor men for most of them.

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