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The Pain in Spain is too Big to be Contained

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The Pain in Spain is too Big to be Contained

Courtesy of Phil of Phil's Stock World

Depression.  

Not the Economy (yet) but how I feel so far in my weekend reading. Even John Mauldin, who went against his wishes to ignore Spain this week, now echos my thoughts on the subject in an excellent overview of the situation. Russ Winter has a similar view in "Bernanke and Germany Wake up to a Merda Storm," and Mish discusses Spain's emergency ban on cash transactions exceeding 2,500 Euros in an effort to clamp down on tax evaders and stop the rapid flow of money out of the country as well as the massive jump in Bank of Spain borrowing from the ECB.   

 

Spain (#12 Economy in the World) has gotten so bad, so fast that it has made us forget Italy (#8) and we're all ignoring France (#5), which is about to have its third revolution in just over 200 years as Socialist Francois Hollande is leading in the polls by 2.5% ahead of next weekend's election.  

That's right, in France they hold elections on weekends because they actually WANT their people to participate in the Democratic process - how quaint!  

 

This is just the first round that eliminates the also-rans - the major election is Sunday, May 6.

By the way, the #3 contender, with 14% of the vote, is Marine Le Pen of the far-right National Front Party, who advocates Nationalization of Banks as well as clamping down on the "Muslim Problem." It should be noted that the far right of France would still be considered the Left by Fox news and the GOP.

I'm not the only guy who is depressed by all this. Last week we were focused on one man in Greece who publicly committed suicide, which rallied the masses in Athens. Meanwhile, it's really an epidemic in Europe, with suicide rates up 24% in Greece, 16% in Ireland and over 15% in the overall EU, and climbing rapidly according to the Lancet Study, which finds a direct correlation between unemployment and suicides.  

“Financial crisis puts the lives of ordinary people at risk, but much more dangerous is when there are radical cuts to social protection,” said David Stuckler, a sociologist at the University of Cambridge, "Austerity can turn a crisis into an epidemic.” 

"Radical cuts to social protection" is, of course, the GOP platform in 2012 - so we have that to look forward to if America takes another step to the right this fall. National legislation in Italy aimed at curbing public spending has caused state and local administrations to rack up billions of dollars in outstanding bills with creditors, putting a squeeze on many small businesses.  

“That is the madness of this crisis, that people kill themselves because they haven’t been paid by public institutions,” said Massimo Nardin, a spokesman for the Padua Chamber of Commerce.

On average, government agencies pay their bills within 180 days, but in the public health sector that can stretch to two or three years, one of the worst records in Europe, says Marco Beltrandi, a lawmaker from the Radical Party. He estimated the outstanding credit as between $118.3 billion and $131.5 billion.  “Late payments were always the norm,” Mr. Beltrandi said, “but now it’s gotten out of hand. That’s why the problem has exploded.” 

“This is a social malaise, we’re inside a tunnel and there’s no light at any end,” said Mr. Federico, whose union is starting a new foundation to assist victims of the economic crisis. “People don’t kill themselves just because they have debts,” Mr. Federico said, “it’s a combination of factors that lead to desperation. But what links all these situations ultimately is indifference, and lack of respect for the years of work that they’d done,” he said. “On some level, they must have felt that.”

“Work became the religion here, and over time it has weakened the family — because if all you do is work, work, work, you have little else to fall on when that fails,” said the Rev. Davide Schiavon.

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Nomura's Chief Economist, Richard Koo, knows something about long-term depressions as Japan prepares to enter its 3rd decade in the hole.  He did a presentation on the Global Balance-Sheet Recession and what, if anything, the US can learn from Japan's experience.

The one country doing well: Germany, of course

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Last Summer, the Nation had a great article titled "How America Could Collapse" in which Matt Stoller, of the Roosevelt Institute, points out that our interconnected Global Economy makes us especially vulnerable to supply chain shocks - something we've seen played out through various natural disasters in the past few years but what happens when last year's Arab Spring becomes this year's EU riots?

Andy Grove, co-founder of Intel, has made the case that America needs to be building things here, investing here and manufacturing here. We need the know-how and the ecosystem of innovation. The more corporate America seeks to push production risk off the balance sheet onto an increasingly fragile global supply chain, the more it seeks to wound the state so there is no body that can constrain its worst impulses, the more likely we will see a truly devastating Lehman-style industrial supply shock.

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There’s a good amount of grumbling about the state of American infrastructure—collapsing bridges, high-speed rail, etc. But American infrastructure is not just about public goods, it’s about how the corporations that enforce, inform and organize economic activity are themselves organized. Are they doing productive research? Are they spreading knowledge and know-how to people who will use it responsibly? Are they creating prosperity or extracting wealth using raw power? And most importantly, are they contributing to the robustness of our society, such that we can survive and thrive in the normal course of emergencies?

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The answer to all of these questions right now is “no.” And while this may not be hitting the elite segments of the economy right now, there will be no escape from a flu pandemic or significant food shortage. 

Richard Russell, author of the Dow Theory Letters pulls no punches in predicting that the "Fiat Money System Will Collapse" with a real doom and gloom outlook.  What I find amusing about that is how often Dow Theory has been quoted recently to justify the rally while Russell's dire warnings about how HE reads the situation are completely ignored. 

“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crises should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” Ludwig Von Mises in Human Action 

In "Fiat Money and Collective Corruption" presented to the Mises Circle in Manhattan, Polleit said that the masses allow this process by succumbing to false promises:

By virtue of their connection with definite parties and pressure groups, eager to acquire special privileges, [court intellectuals] become one sided. They shut their eyes to the [long term] consequences of the policies they are advocating.

With them nothing counts but the short run concern of the group they are serving. The ultimate aim of their efforts is to make their clients suffer at the expense of other people. The belief that a sound monetary system can once again be attained without making substantial changes in economic policy is a serious error. What is needed first and foremost is to renounce all inflationist fallacies. This renunciation cannot last, however, if it is not firmly grounded on a full and complete divorce of ideology from all imperialist, militarist, protectionist, statist, and socialist ideas.

Despite Cramer's foaming at the mouth to buy all things China, even TheStreet.com had a post this week under their "guest contributor program" outlining "China's Demographic Challenge" which points out that Japan - a country that now buys more Depends than diapers, is only slightly ahead of the curve China is following.  

That is going to be exacerbated by China's long-standing "One Child" policy which means that, for the next 20 years, the average working couple must take care of themselves, their baby and four retired parents as China has no long-term retirement programs or health care and most adults over 50 have no college education and few marketable skills in the new economy. 

The question remains, "What will be the impact of the one-child policy on China?" How will reduced consumer spending affect economic growth? What will happen when filial obligations overwhelm family budgets; will couples claim "bankruptcy" and walk away? And what are the social implications of having three married couples living under one roof; or six people raising one child?

Clearly, we have our own problems here in the US and we're under a much closer gun as we are only 8 months away from what the NY Times warns is the coming "Taxmageddon," as both the Bush tax cuts and the Obama stimulus expire on December 31st and the Federal tax bill for a typical Middle-Class family, making about $50,000 a year jumps by $1,750.  

Even without accounting for rising local and state taxes that are on the books for over 80% of the country in July, this will snap after-tax income all the way back to 1998 levels!  Don't worry though, the top 0.1% will still be paying less than 1/2 of what they paid pre-Reagan:

It's hard to solve problems when you pretend they don't exist.  As we've discussed many times - it's not really about the top 0.1% PEOPLE in our nation - although something as unfair as the chart above, by itself, should be enough to have the bottom 99.9% taking to the streets....  It's our Corporate Citizens who are the real criminals here.  Their share of taxes paid has dropped from 50% of the US tax base to 10% over the same time frame.  

It's all good for the investing class because we can share the wealth with our Corporate Masters but God help you if you are unfortunate enough to work for a living - especially in the kind of job that can be either automated or outsourced to the lowest bidder - better stock up on Depends now - while you can still afford them!  

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Wed, 04/18/2012 - 06:14 | 2354070 jaanp444
jaanp444's picture

The letdown of the Dixie provided an possibility to try to form out some had underlain both school and thralldom mothers day facebook status.

Mon, 04/16/2012 - 11:43 | 2348700 michael_engineer
michael_engineer's picture

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crises should come sooner as the result of a voluntary abandonment of further credit expansion..."

 

The credit expansion was possible/profligate/prolong because it was structurally supported by expanding production of natural resources.  Peaking of resource production structurally challenges the basis on which the credit expansion was made.

 

Mon, 04/16/2012 - 10:14 | 2348387 Winston Smith 2009
Winston Smith 2009's picture

I'm no great fan of multi-national corporations for many reasons: they can and do buy governments, they work to start resource wars via those bought governments, they generally act as textbook sociopaths according to standard tests for sociopath characteristics.  However, when I constantly see this sort of thing, "It's our Corporate Citizens who are the real criminals here.  Their share of taxes paid has dropped from 50% of the US tax base to 10% over the same time frame" I begin to wonder why more people don't realize the obvious fact that any corporate tax is simply passed on to the customer.  Therefore, corporations never pay any tax, their customers (usually us) do.

Mon, 04/16/2012 - 14:24 | 2349187 AnAnonymous
AnAnonymous's picture

Made me laugh.

Well, consumers act as sponsors in the cases you depict.

Corporations are just a front for US citizen middle class.

Mon, 04/16/2012 - 08:12 | 2348124 j0nx
j0nx's picture

"Crack is wack" - Whitney Houston

Mon, 04/16/2012 - 05:37 | 2348021 Nukular Freedum
Nukular Freedum's picture

Phil you quote Mises and a Misesian stance very insightfully and yet you still cling to the statist left right paradigm you have been brought up on. Not quite sure where your coming from on that.

Mon, 04/16/2012 - 04:20 | 2347995 Dirtt
Dirtt's picture

"Radical cuts to social protection" is, of course, the GOP platform in 2012"

 

Why Phil shows what knob he slurps on does him no justice. I hate the GOP Phil too.  But I'm not a cocksucker. Wiping Soros off your lips must pay well.

Let's never cut people off using EBT at WHole Foods.  Let's never cut off people on EBT from buying Tony Roma's baby back ribs from Safeway in one cart with the second cart full of booze being paid for by cash on the Fourth Of July.  Some party.

Phil you ignorant slut...to quote Dan Ackryod from SNL's Counterpoint.  I HATE the GOP too.  As a tea party guy, I'm more than willing to capture the EBT fraud and HUD fraud on tape if you are willing to capture the BP, Goldman Sachs, JP Morgan, ADM, Monsanto, GM, GE, Solyndra et al fraud on tape too.

You are a BITCH for the 1% and I'm a witness to the mythical bottom 1%  Lets trade Phil.  What a c**k*ucker.

Mon, 04/16/2012 - 03:42 | 2347984 unicorn
unicorn's picture

but hey guys, you had it all before in the US... its all about TBTF. they are trying to save the banks and not the people/economy. and blinded by greed, they dont understand, why it doesnt work...

TBTF means too big to save.

new law in spain expected: demonstrating, being part of networks engaging (civil disobedience) will be illegal an hopp to jail, my friend:

http://www.deutsche-mittelstands-nachrichten.de/2012/04/41791/

Mon, 04/16/2012 - 03:35 | 2347980 Overflow-admin
Overflow-admin's picture

I AM FUCKING SICK OF THIS AND WILL NOT TAKE IT ANYMORE! DO NOT FORGET WHAT ANONYMOUS SAID 11:11AM 11:11PM RED PILL TIME FOR EVERYONE! HACK REALITY! TROLL THE SHIT OUT OF THE INTERNET! MAKE SOME CHANGE!

Sun, 04/15/2012 - 23:33 | 2347737 palmereldritch
palmereldritch's picture

These countries are like TEPCO reactors.

The big question, 'Which one is No. 4?'

Sun, 04/15/2012 - 21:40 | 2347601 ISEEIT
ISEEIT's picture

Oh for fucks sake Ilene. I'm fed up with you and your 'alternative' ideas!

Thanks Lovely.

Boring is worse.

You are good:)

Sun, 04/15/2012 - 21:39 | 2347598 q99x2
q99x2's picture

'Those Spaniards who have a bank account outside the country now face the legal obligation of having to inform Hacienda about the account.'

The above is from Maudlin's article.

Poof, thar she blows.

Mon, 04/16/2012 - 09:32 | 2348264 CuriousPasserby
CuriousPasserby's picture

New law requires American to disclose all off shore assets, not just income.

 

Soon they'll want a list of all your physical PMs, wherever located.

Sun, 04/15/2012 - 21:37 | 2347596 vegas
vegas's picture

I completely reject your premise in the article. You hint it is all the problem of those "not paying their fare share", which is the typical bullshit from the left. Go ahead, confiscate all the wealth you want, it won't run your beloved govertnment for more than a month or two. Spending and debt are the problem, not the 1%.

 

http://vegasxau.blogspot.com

Sun, 04/15/2012 - 23:54 | 2347761 Amagnonx
Amagnonx's picture

Totally agree, that is what I am getting from the article as well.

 

Lack of payments from social programs causes the suicides and problems??  If well off people were just to pay a bit more tax everything would be rosy??

 

If you removed the government entirely from the economy, the economy would be divested of a parasite and immediately start recovering.

 

Then the quote from some religious nerd blaming of all thing, work.

 

It is the intervention of state social prgrams that wear away the social fabric.  Social programs fill in the space where families would come together and support their members, creating tighter family units.

 

If social programs did not exist, the tax burden to maintain them would disappear, meaning the economic drag would abate, meaning less work required by everyone.

 

It is the economic drag caused by taking wealth from productive people and giving it to non productive people that forces everyone to work harder - it is taxation, stealing peoples money and investing in crap that does not benefit them.  That is the problem.

 

The answer to economic distress is to create more goods and services, not borrow more and consume it.  Debt needs to be liquidated, capiltal needs to be reassigned to productive area's - higher interest rates help achieve the effective reallocation of capital - low interest rates invite wasteful speculation and low yielding investments.

Mon, 04/16/2012 - 22:17 | 2350364 TMLutas
TMLutas's picture

The difference between the big corps and government is two things, a 1-1.5% better average increase in yearly productivity for the private sector as compared to the government sector and the government has direct access to law enforcement powers while private sector robber barons have to bribe government to deploy them how they wish them deployed. 

Malinvestment is the problem. Wasting money on investments that don't pay off and when you've got no market discipline, they accumulate, sucking away the economy's vitality until the whole thing collapses. Recessions and depressions are when all that malinvestment gets exposed and finally goes bust. When we've worked through the malinvestment, only then will the economy start sustainably growing. 

Sun, 04/15/2012 - 23:19 | 2347711 Zero Govt
Zero Govt's picture

Agreed

this misguided article argues corporations should be paying more taxes... the truth is no amount of taxes will ever satisfy this cancerous machine called Govt 

the problem is Govt, not taxation (socialised theft)

Bin the Govt ...and all Tax

Let's have real freedom and democracy, not this thieving rotten sham of an institution

Mon, 04/16/2012 - 00:22 | 2347811 StychoKiller
StychoKiller's picture

People advocating increasing Corporate taxes NEVER seem to remember just where the Corporations get their revenue in the first place (from customers, ya idjuts!)!

Mon, 04/16/2012 - 00:01 | 2347780 Amagnonx
Amagnonx's picture

"Let's have real freedom and democracy, not this thieving rotten sham of an institution"

 

I'm with you all the way - excepting democracy - I would prefer autonomy, or freedom - which I don't think democracy ever produces.

 

There is some argument I guess for some need of a state, in the provision of justice - but with all the other problems that it brings, and all the issues that it can't resolve, I would have to say I would rather rely on an alternative system to provide justice rather than rely on the state - after all, when we look at how many bankers have been jailed, Corzine anyone?, well - maybe you can understand why I don't have much faith in its ability to even manage justice.

Mon, 04/16/2012 - 02:29 | 2347945 The Navigator
The Navigator's picture

Where's the +500 button when you need it, for both Amagnonx & Zero Govt.

I like Anarchy - not rioting in the streets anarchy, the hijacked perversion of the word - but the true definition of anarchy (Law And Freedom without Violence) - http://en.wikipedia.org/wiki/Anarchy

Today, there is no Law - when Corzine walks free and Madoff is in jail, but Corzine is connected; when a President and a Congress/Senate can come up with and pass NDAA and ignore the Constitution. Insider Trading laws applies to us but not to Congress - I could go on and on and on and on.

Freedom? The choking stranglehold government has on the necks of small business makes me wonder if Nkorea or Cuba might offer better.

Violence? Nobody does it better than the EMPIRE Domesitcally and Internationally.

Home of the brave, land of the free - I don't know where that country went, but it's not here or now.

Mon, 04/16/2012 - 04:07 | 2347991 AnAnonymous
AnAnonymous's picture

That true definition looks more like a post theft definition.

Ah, US citizens, now that they have robbed everything, they want to maintain the status quo at all costs.

Mon, 04/16/2012 - 05:08 | 2348013 TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous said:

That true definition looks more like a post theft definition.

Ah, US citizens, now that they have robbed everything, they want to maintain the status quo at all costs.

Nothing to see here except Chinese citizenism strawsman and offuscation.

Peoples Liberation Offuscation Propaganda, please focus and submit to it.

Just to divert attention from Chinese citizenism blobbing up to exterior in Nepal.

Typical Chinese citizenism mettle on display. Same old story. Nature of which eternal being.

 

Mon, 04/16/2012 - 14:25 | 2349200 AnAnonymous
AnAnonymous's picture

There cant be a chinese eternal nature.

US citizen nature is probably the only one to fit the bill of eternity.

China is too old and is too much changing to claim the title.

But hey, it does not matter since all that Chinese citizenism is mere fantasy as US citizens are can kickers by nature. Cant handle immediate reality so...

Mon, 04/16/2012 - 15:14 | 2349351 TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous said:

There cant be a chinese eternal nature.

US citizen nature is probably the only one to fit the bill of eternity.

Spoken like a true US citizen, a true PRC Chinese US citizen.

But hey, it does not matter since all that Chinese citizenism is mere fantasy as US citizens are can kickers by nature.

This being explaining steel toe showing through the leather in your can kicking shoe. From can kicking nature. Your can kicking nature. US citizenism.

Cant handle immediate reality so...

...so keep breathing in sweetsmoke of opium parlor, to provide temporary relief from your eternal US citizen nature.

 

Mon, 04/16/2012 - 09:20 | 2348245 DOT
DOT's picture

" Same old story. Nature of which eternal being."

 

Word.

Sun, 04/15/2012 - 21:28 | 2347578 q99x2
q99x2's picture

Best for banksters, at this point, to exaggerate the debts and pocket the difference--thank you German taxpayers.

Sun, 04/15/2012 - 20:44 | 2347524 SmoothCoolSmoke
SmoothCoolSmoke's picture

How about this for France: "Fix" the election.  Sarkozy wins in  shocker.   Put nothing, NOTHING, past TPTB.

Sun, 04/15/2012 - 20:44 | 2347523 Muckdog
Muckdog's picture

The problems caused by too much government aren't solved with more government. The people in Washington DC who created the problems aren't the ones to look to to solve the problems.

Sun, 04/15/2012 - 20:14 | 2347473 Element
Element's picture

TPTB will be terribly upset that people are topping themselves in greater and greater numbers. 

Sun, 04/15/2012 - 19:47 | 2347419 Hannibal
Hannibal's picture

So?.. And?

ShadowStats reports 22.3% unemployment in the US>

Sun, 04/15/2012 - 19:23 | 2347371 ReeferMac
ReeferMac's picture

As always Phil, thanks for sharing.

Sun, 04/15/2012 - 19:03 | 2347332 The Alarmist
The Alarmist's picture

Alright, Ms. Doolittle ... sing it!

"The pain in Spain is really quite contained."

Sun, 04/15/2012 - 18:39 | 2347290 jack stephan
jack stephan's picture

Homer: Careful. These pants cost me 600$.
Moe: 600$?
Homer: Yeah, they're Italian.
Moe: [pulls out shotgun and points it at Homer] All right, hand them over.
Homer: Moe?
Moe: Yeah, I rob now.

Sun, 04/15/2012 - 18:36 | 2347281 Yardfarmer
Yardfarmer's picture

I see you read the New York Times.

Sun, 04/15/2012 - 20:28 | 2347498 machineh
machineh's picture

.. and crib its articles without attribution.

Most impressive! 

Me plagiarize, me smart!

Sun, 04/15/2012 - 18:35 | 2347280 Stuck on Zero
Stuck on Zero's picture

Those unemployment numbers are a hell of a lot better than the real (ShadowStats) U6 numbers in the U.S.  Are they doing all that bad?

Sun, 04/15/2012 - 18:22 | 2347253 hoolege06
hoolege06's picture

'"Radical cuts to social protection" is, of course, the GOP platform in 2012 - so we have that to look forward to if America takes another step to the right this fall."

I may not understand this statement fully.  But to me it sounds like bullsh@%.   

Sun, 04/15/2012 - 20:13 | 2347474 lasvegaspersona
lasvegaspersona's picture

pssst hoolege

Phil is a tad lefty..does that explain anything?

Sun, 04/15/2012 - 20:09 | 2347464 masterinchancery
masterinchancery's picture

Yes, Ilene,which is it? Are we going down the drain, or not? Can we afford an infinite number of "social protection" programs or not? There is not actually  such a platform--but that is what will happen if present disastrous government finance trends continue.

Sun, 04/15/2012 - 19:14 | 2347349 JamesBond
JamesBond's picture

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LOL

Sun, 04/15/2012 - 18:12 | 2347228 logicalman
logicalman's picture

Here's a thought.

If money was 'real' (not printable) and there was no interest, just fees for a service, it would be possible to save.

Under the system we are suffering from, saving is not possible due to inflation so people are forced to 'invest' which really means gamble.

Under a 'real money no interest' system a person could work and save 50% of what they made, knowing that their savings were actually that and not being eaten by inflation.

To keep the numbers easy, say a person starts working at 20 and works for 40 years, saving 50%, they could retire at 60 knowing that they had enough money to last till they were 100 based on a similar lifestyle.

This is only possible if government is not predatory (as it is now) but actually did what it claims to do - represent the people who elected them.

I'm not holding my breath.

Metal, food and learning the skills to survive 'off grid' is, I think the best bet at the moment.

 

 

Mon, 04/16/2012 - 04:01 | 2347989 AnAnonymous
AnAnonymous's picture

If money was real etc...

Funny, that dimension of real things...

If we had a real government, if we had real taxes on corporations, real this, real that.

That or human nature.

US citizenism is the perfect system. Problem is that it is not really applied or too good for human nature.

That is the result of US citizenism intellectualism, that has guzzled so much resources to achieve this impressive conclusion.

Mon, 04/16/2012 - 05:02 | 2348011 TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous said:

If money was real etc...

Funny, that dimension of real things...

If we had a real government, if we had real taxes on corporations, real this, real that.

True scotsman fallacy on display here. Transformed to true Mongolian fallacy by way of Chinese citizenism.

US citizenism is the perfect system.

More singing praises to the glory of US citizenism? Same old song.

But hey, not to surprise, coming from biggest advocate of US citizenism.

Transparency that one can see through.

That is the result of US citizenism intellectualism, that has guzzled so much resources to achieve this impressive conclusion.

Or is conclusion really Chinese citizenism strawsman...

 

Mon, 04/16/2012 - 14:28 | 2349213 AnAnonymous
AnAnonymous's picture

But hey, not to surprise, coming from biggest advocate of US citizenism.

___________________________________________

Observing is not advocating.

US citizens do the job when it comes to advocating for US citizenism.

But hey, as US citizens can not handle reality, and has to take harbour in fantasy, one can suppose US citizenism biggest advocate has to be someone else than US citizens themselves.

It cant be their doing.

More can kicking.

US citizen nature is eternal.

Mon, 04/16/2012 - 15:02 | 2349305 TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous said:

Observing is not advocating.

True, for an observer. You advocate. You sing praises to the glory of US citizenism.

"US citizenism is unstoppable." This is your daily manta. Just an observation.

US citizens do the job when it comes to advocating for US citizenism.

Nice job admitting what we already know. That you are US citizen. Yes, a Peoples Republic of China US citizen, but a US citizen nonetheless.

But hey, as US citizens can not handle reality, and has to take harbour in fantasy, one can suppose US citizenism biggest advocate has to be someone else than US citizens themselves.

Nice can kicking, PRC Chinese US citizen.

It cant be their doing.

This explains the retreation to the blissful opium sweetsmoke. It blots out the reality for short term. PRC Chinese US citizens are all about short term.

More can kicking.

Yes, so much can kicking that leather has worn through and exposed steel toe on can kicking shoe on your foot. Very telling...

US citizen nature is eternal.

And this is the reason for your worship of US citizenism? Daily?

Your thoughts run in circles like two tigers chasing around a ring each other.

Forceful, but getting nowhere...

 

Sun, 04/15/2012 - 23:14 | 2347704 Zero Govt
Zero Govt's picture

what you need to have your wishes fulfilled is a Free Market in Money

..namely competing monies as a free market would provide conservative monies (some Gold or Silver backed) and higher risk monies with little or no backing

the Yellow Brick Road to a Free market is to rid ourselves of the monopoly on money by binning the monopoly institution called Govt

Mon, 04/16/2012 - 03:58 | 2347988 AnAnonymous
AnAnonymous's picture

..namely competing monies as a free market would provide conservative monies (some Gold or Silver backed) and higher risk monies with little or no backing

the Yellow Brick Road to a Free market is to rid ourselves of the monopoly on money by binning the monopoly institution called Govt
_____________________________________________

Made me laugh. It is funny how US citizens love to cling to their fantasy.

Competition was characterized one hundred years ago.

The end result of a competition process is to form a monopoly.

There is nothing like an everlasting competition process.

What is the point of claiming those points?

A competition process has run and we've got the current situation.

A constant among US citizens:they advocate more of what has led to a situation.

The upcoming flavour depends on their situation.

Mon, 04/16/2012 - 05:13 | 2348015 Nukular Freedum
Nukular Freedum's picture

Anannonymous is right I suspect. Any rational gold standard seems to logically lead to a monopoly fiat system like the one we currently enjoy:

http://pearlsforswine.wordpress.com/2012/04/14/limitations-of-three-alte...

Perhaps he is right, perhaps it is the eternal nature of human citizenism to end up at such a pass.

Mon, 04/16/2012 - 05:06 | 2348012 Mitzibitzi
Mitzibitzi's picture

Ok, smart-arse, how would YOU make things work better?

Mon, 04/16/2012 - 14:34 | 2349230 AnAnonymous
AnAnonymous's picture

Ah, the impossibility.

-US citizens will only comprehend a better system as a relative gain to them.

-US citizens are in charge.

The conclusion: US citizens are in position to provide themselves with the best system to them.

That is the priviledge of power.

Nobody can improve on US citizenism for US citizenism is the best for US citizens.

Do NOT follow this link or you will be banned from the site!