This page has been archived and commenting is disabled.

Trust Me, This Time Is Different

Tyler Durden's picture





 

Submitted by Simon Black of Sovereign Man blog,

By 1789, a lot of French people were starving. Their economy had long since deteriorated into a weak, pitiful shell. Decades of unsustainable spending had left the French treasury depleted. The currency was being rapidly debased. Food was scarce, and expensive.

Perhaps most famously, though, the French monarchy was dangerously out of touch with reality, historically enshrined with the quip, “Let them eat cake.”

The Bourbon monarchy paid the price for it, eventually losing their heads in a 1793 execution.  But it took the French economy decades to finally recover.

Along the way, the government tried an experiment: issuing a form of paper money. It didn’t matter to the French politicians that every previous experiment with paper money in history had been an absolute disaster.

As French Assemblyman M. Matrineau put it in 1790, “Paper money under a despotism is dangerous. It favors corruption. But in a nation constitutionally governed, which itself takes care in the emission of its notes [and] determines their number and use, that danger no longer exists.”

Translation: This time is different. We’re different. We’re smarter. We won’t suffer the same fate. TRUST US.

Within a few years, hyperinflation had taken hold in France. A measure of flour that sold for two francs in 1790 was selling for 225 francs by 1795. Everything soared. Carriage hires. Butter. Sugar. Everything.

Naturally, the French government decided to fix this problem by printing even more money, doubling the money supply from 7 to 14 billion units in a six-month period.

When these measures also failed, the French government imposed every control in the book– price controls, capital controls, information controls, people controls. They confiscated lands, they filled the prisons, they waged genocide against their own people.

History shows there are always consequences to entrusting a paper money supply to a tiny handful of men. The French experiment is but one example. Our modern fiat experiment will be another.

Like the French, our politicians think this time is different. Our central bankers think they’re smarter. And they want us to trust them. After all, what could go wrong?

Ben Bernanke, a man who has expanded the Federal Reserve balance sheet by nearly 300% during his tenure as central banker, just wrapped up Congressional testimony downplaying the risks of his own money printing:

“We do not see the potential costs of the increased risk-taking in some financial markets as outweighing the benefits of promoting a stronger economic recovery…”

It’s also quite interesting that the Federal Reserve Chairman is discussing the ‘stronger’ economy, especially when by the government’s own numbers, US GDP contracted in the 4th quarter of 2012. Meanwhile the price of everything from food to fuel keeps getting higher.

Simultaneously, politicians in the US are racing to avoid imminent ‘sequestration’ budget cuts. They’ve created a problem caused by excess spending, and their solution is to ensure they can keep spending.

The French were in the same boat in the 18th century. During the time of Louis XV, no one could imagine how French society could possibly function if they cut the welfare system or defense budget. So they kept spending… kept going into debt… and kept debasing the currency.

We know what happened next.

The US already must borrow money just to pay interest on the money they’ve already borrowed. The political elite is dangerously out of touch. This time is not different. Assuming otherwise is really dangerous.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 02/26/2013 - 22:28 | Link to Comment BoNeSxxx
BoNeSxxx's picture

We can only hope...

Tue, 02/26/2013 - 22:39 | Link to Comment otto skorzeny
otto skorzeny's picture

unfortunately things go one of 2 ways after a revolution-like the US-or like France w/ The Terror

Tue, 02/26/2013 - 22:44 | Link to Comment BoNeSxxx
BoNeSxxx's picture

Today's 'kings' are less easy to spot than they were during the French Revolution.  They operate largely in secrecy which is why you don't see the Rothchilds on any Forbe's list of 'Richest Men'... Let alone names like Baring, Lazard, Erlanger, Warburg, Oppenheimer, Schroder, Seligman, Speyers, Mirabaud, Mallet, Fould, etc. Yet they are the ones who should swing...

Tue, 02/26/2013 - 22:57 | Link to Comment DJ Happy Ending
DJ Happy Ending's picture

The generations of politicians who allowed them to print fiat and happily took it to fund wars and deficits are the ones who should swing.

Those guys are just opportunists who preyed on the evil and the weak.

Tue, 02/26/2013 - 23:09 | Link to Comment Caviar Emptor
Caviar Emptor's picture

The world is changing around them. They are as blinded by their avarice as the Bourbon monarchs once were

Tue, 02/26/2013 - 23:20 | Link to Comment markmotive
markmotive's picture

So how long until America collapses and people are starving in the streets?

We're a long way from a bond market collapse it seems.

http://seekingalpha.com/article/1203761-the-bond-bubble-might-surprise-you

Tue, 02/26/2013 - 23:42 | Link to Comment Supernova Born
Supernova Born's picture

Can we please at least keep the guillotines the same?

I'm looking forward to the guillotines.

Tue, 02/26/2013 - 23:52 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

Perhaps most famously, though, the French monarchy was dangerously out of touch with reality, historically enshrined with the quip, “Let them eat cake.”

If only it were a true story.

Wed, 02/27/2013 - 00:03 | Link to Comment neutrinoman
neutrinoman's picture

What she actually said was, "Let them eat brioche." The hyperinflation came later, during the French Revolution.

Go to Versailles and see the inner hall where Marie Antoinette fled from the mob. Maybe the Eccles Building will one day have a similar display.

Wed, 02/27/2013 - 00:58 | Link to Comment McMolotov
McMolotov's picture

I clicked on this article hoping for a better picture of Marie's rack.

Wed, 02/27/2013 - 08:22 | Link to Comment espirit
espirit's picture

Perhaps the 21st Century version of the French Revolution might end the same way, but with a twist.

All the Oligarchs, Banksters, and Crony Capitalists - down with the ship!

http://www.guardian.co.uk/world/2013/feb/26/titanic-2-launch-new-york-replica

Wed, 02/27/2013 - 00:27 | Link to Comment ImReady
ImReady's picture

Why you no like cake? 

Wed, 02/27/2013 - 04:42 | Link to Comment Bankrupt from B...
Bankrupt from Belgium's picture

Ah Monsieur - with you on that one. 

Wed, 02/27/2013 - 04:49 | Link to Comment Redhotfill
Redhotfill's picture

+100 for guillotines!  Although I'd rather see Constitution Avenue decorated with those pols hung from the light, and telephone poles.

Wed, 02/27/2013 - 08:09 | Link to Comment new game
new game's picture

RUSTY AXES ON STUMPS

Wed, 02/27/2013 - 11:44 | Link to Comment MachoMan
MachoMan's picture

Be careful what you wish for.

Tue, 02/26/2013 - 23:49 | Link to Comment Renfield
Renfield's picture

I'm happy for both groups on the lampposts to make sure all bases are covered.

Wed, 02/27/2013 - 09:19 | Link to Comment AnAnonymous
AnAnonymous's picture

The King class in 'american' societies is the 'american' middle class.

They are in power and self indiction is a big thing in 'americanism'.

Wed, 02/27/2013 - 12:26 | Link to Comment A Nanny Moose
A Nanny Moose's picture

This presumes that the outcome of either revolution differs in some meaningful fashion. There is no difference, other than the pace at which tyranny creeps.

The real alternative is to resist the temptation to tell everybody else what to do. A state of Statelessness.

Wed, 02/27/2013 - 03:19 | Link to Comment philipat
philipat's picture

"Trust me, This time it's different"

OK so that means "Let them eat Horse"??

Tue, 02/26/2013 - 22:30 | Link to Comment Stuart
Stuart's picture

Couldn't agree more.  This will end badly, particularly for those who tens of millions armed with guns feel were the source of the corruption. 

Tue, 02/26/2013 - 22:37 | Link to Comment otto skorzeny
otto skorzeny's picture

so basically anybody that draws a check from the govt at any level.

Wed, 02/27/2013 - 12:31 | Link to Comment zuuma
zuuma's picture

The USA (and, really, everywhere) now enjoys a scenario where enough votes are truly purchased to keep the regime going.

This will run until it completely blows up.

Taking ANYTHING no matter how small, away from a government recipient produces un-fucking believable shrieking & protesting. No exceptions. 

So nothing is ever taken away. The media assists with this. Which is amazing since they grow ever more impoverished as the regime strengthens itself. Also amazing, because totalitarian regimes ALWAYS viciously purge the media.  They think they're safe. Ont the "right" team.

Ha!  Just wait.

All this crap about sequestration isn't even a cut.  It's only a tiny reduction in the RATE of INCREASE in spending.

Until that one day, when the EBT cards don't scan. The Obama phones have no service.

The money STOPS.

Things happen.

 

There's a "reset" of some sort.

^^^^^^^^^^^^ Time passes. ^^^^^^^^^^^^^

It's the future.  

All those money troubles are in the past.

Most non-productive individuals will have passed away - one way or another.

Will the USA (if it's still called that) be a republic?

Will we vote & elect leaders?  How would we all vote in the USA if our votes weren't bought? If we voted only on principles?  It would be interesting.

Will we just vote ourselves more free stuff & start the cycle again?

Or will our new dictators give us bread & circuses to distract us while they build up comfy island retirements someplace, like now?

Is this our permanent cycle?   prosperity--> free shit mania --> war --> reset --> prosperity --> free shit mania --> war..... and on, and on?

 

I do wonder.

Tue, 02/26/2013 - 23:15 | Link to Comment Kitler
Kitler's picture

Unless the Source of Corruption can make things end badly first for the tens of millions with (and soon to be without) guns.

Tue, 02/26/2013 - 23:32 | Link to Comment The Gooch
The Gooch's picture

"Make things end badly" might happen, but "without" ain't gonna happen.

Wed, 02/27/2013 - 01:20 | Link to Comment RockyRacoon
RockyRacoon's picture

You think that the "people" won't give up their guns if the laws are passed to do that very thing?  If the U.S. goes all Australia on us, there will be boatloads of guns turned in for destruction.   Just look back at how much gold was turned in when it was declared illegal to own.   And -- remember this -- gold was money then.  They're not called sheeple for nothing.  Those who have made it known that they kept their weapons will be declared traitors and turned in by the grandma that lives next door.   The U. S. is no different from any other group in the long run.   TPTB are trying to let this thing unravel slowly so control can be maintained.  Good luck with that.

Unless -- we go all France on 'em first.   Let them eat lead.

Wed, 02/27/2013 - 10:33 | Link to Comment Vendetta
Vendetta's picture

indeed, however how delightful will it be for the gun collectors from the govt to go get the guns from the other 100 million who won't turn their guns in?  With 1,000 raids a day it would 'only' take 3 years to get 1 million and with each passing day, the resistance would get stronger and organized.

Tue, 02/26/2013 - 22:30 | Link to Comment vmromk
vmromk's picture

Bernank......when this experiment you created goes BOOM, I wouldn't want to have the last name Bernanke.

Tue, 02/26/2013 - 22:32 | Link to Comment booboo
booboo's picture

I would like to see the government disarmed prior to this event as we all know how they will respond if we le them keep their guns.

Tue, 02/26/2013 - 22:37 | Link to Comment SheepDog-One
SheepDog-One's picture

Yep! The ones I don't trust with guns is the goobermint! They're all psychopaths!

Tue, 02/26/2013 - 22:33 | Link to Comment mharry
mharry's picture

So where does one aquire a guillotine?

Tue, 02/26/2013 - 22:48 | Link to Comment williambanzai7
williambanzai7's picture

Home depot, aisle 13

Tue, 02/26/2013 - 23:39 | Link to Comment bagoshine
Wed, 02/27/2013 - 00:08 | Link to Comment sitenine
sitenine's picture

THANKS! That's just priceless! And they are only 190€! Fuckin' ay! I want one bad ;-)

This page even has excellent drawings on how to build one! This information should be shared vigorously!

Wed, 02/27/2013 - 01:10 | Link to Comment CompassionateFascist
CompassionateFascist's picture

is only a miniature guillotine. Would work for Bloomberg tho...

Wed, 02/27/2013 - 01:56 | Link to Comment sitenine
sitenine's picture

There are two. The one on top is 2.2 meters - that would likely work, yes? - but there are also detailed instructions, so you could build one to your own specs. The bottom one is a miniature for 9.95€ which I agree would be perfect for Bloomberg!

Wed, 02/27/2013 - 07:04 | Link to Comment Grimbert
Grimbert's picture

The blade on this guillotine and when you see them on TV are massively wide compared to the one you can see at the Conciergerie that chopped Marie-Antoinette's head off. After all it only needs to be as wide as the hole in the wood beneath

http://iwassomewhere.files.wordpress.com/2011/03/guillotine.jpg

 

You can't really see the scale but it is tall and top-heavy and not very wide. 

Wed, 02/27/2013 - 08:27 | Link to Comment espirit
espirit's picture

Barrett .50 Cal = Portable guillotine.

Wed, 02/27/2013 - 10:37 | Link to Comment Vendetta
Vendetta's picture

yeah but it has to heavy in order to do the job... unless of course you purchase my new and improved hydraulically powered guillotine for only $199... its slow but works every time.  Please no quips about how it looks like a log splitter.

Tue, 02/26/2013 - 22:33 | Link to Comment besnook
besnook's picture

as long as the fed and congress don't let the people earn any money and maintain the anti riot programs(ss and snap) everything will be grand in the malthusian empire. subsistence living will be the new middle class and you will like it.

i see a digital guillotine invented in the near future where the crowd determines blade speed and the victim is face up without a head cover.

Wed, 02/27/2013 - 01:23 | Link to Comment RockyRacoon
RockyRacoon's picture

This is the modern age, people.  Guillotines are barbaric.  The Germans have come up with a new microwave that should prove efficient.  It seats 300.

Wed, 02/27/2013 - 04:53 | Link to Comment Redhotfill
Redhotfill's picture

Leave it to Hans and friends to be modern and efficient. 300 really?  We need one that will seat about 538 though, give or take a few.

Wed, 02/27/2013 - 10:37 | Link to Comment RockyRacoon
RockyRacoon's picture

If those 538 had allowed the electric infrastructure updates we'd be fine.  At this point there would be fires breaking out in Idaho due to the overload.

Wed, 02/27/2013 - 04:49 | Link to Comment Renfield
Renfield's picture

<<i see a digital guillotine invented in the near future>>

THAT would be a fun online game. I wonder if Anonymous has any game designers in their midst? Develop it, put it up for widespread piracy, and every budding revolutionary could practice chopping the heads (or hands, or genitals), off of <insert image of corporate/govvy criminal here>. Future versions could simply add more characters as suggested by fans. You could even have a "Jury of Peers" level where the avatar gets a chance to get off, or can make a deal by turning in a higher-up, and of course a "Pardon" card. Or a "Survivor" version where you could play out the Prisoner's Dilemma.

It'd be fun designing the avatars for that too. Shit what I wouldn't give for some talent. Alas I must settle for writing satire.

Wed, 02/27/2013 - 08:34 | Link to Comment espirit
espirit's picture

What a brilliant idea!  Video game designers should use the most popular CongressCritter/Bankster/CronyCapitalist figures as the adversaries in most shootem' up online violent wargames.

Direct the anger appropos.

Wed, 02/27/2013 - 08:39 | Link to Comment espirit
espirit's picture

Personally, I'd like to see Bernanke's mug as the Whack-a-Mole.

What a stress reliever that would be.

Wed, 02/27/2013 - 10:44 | Link to Comment Vendetta
Vendetta's picture

absolutely, and it would be a true educational tool for the kids with no worries about random, wanton violence ... it would be focused violence against fiat evil doers who hide in plain sight with position, wealth, title and privledge ... ill-gotten and ill-deserved as it is.

Tue, 02/26/2013 - 22:38 | Link to Comment q99x2
q99x2's picture

This is from the demons at CNBC 

A three-ounce serving of roast horse has 149 calories, 24 grams of protein, and five grams of fat. The same amount of beef tenderloin has 179 calories, 24 grams of protein, and nine grams of fat. Horse milk, which some Central Asians drink in fermented form, has one-third the fat of cow's milk.

Tue, 02/26/2013 - 22:40 | Link to Comment SheepDog-One
SheepDog-One's picture

The biggest whores in human history.

Tue, 02/26/2013 - 22:47 | Link to Comment adr
adr's picture

Just getting us ready for when we find out Wendy's starting using horse after Dave kicked the bucket and his whore kids took charge.

Tue, 02/26/2013 - 23:23 | Link to Comment delacroix
delacroix's picture

wendys already got caught with kangaroo meat, in their burgers, several years ago.

Tue, 02/26/2013 - 22:54 | Link to Comment IridiumRebel
IridiumRebel's picture

Wife's family owns a horse farm. That's as close to eating equine as I want. There's a shitload of alley cats too. Should i eat fuckin cats too? I'm sure that meat is lean. CNBC(Füx) should just stick to pumping their bloated bullshit "financial" advice.

Tue, 02/26/2013 - 23:11 | Link to Comment Caviar Emptor
Caviar Emptor's picture

CNBS sez that worm meat and eyeballs provide lots of essential nutrients! 

Tue, 02/26/2013 - 23:32 | Link to Comment Pure Evil
Pure Evil's picture

They would probably recommend boiling turds and pressing them into meat patties.......

Oops, that's already been done!

Mmmmm.....turd burgers

Wed, 02/27/2013 - 01:28 | Link to Comment RockyRacoon
RockyRacoon's picture

Soylent brown.

Tue, 02/26/2013 - 22:39 | Link to Comment besnook
besnook's picture

there should probably be a statue of dorner erected in memoriam as the person who fired the first shot in defiance of the status quo. as freaked out as the cali cops were it would only take about a dozen well organized dorners to take the whole system down. i doubt many cops are really willing to die for the state. i bet the greeks or the spanish will show us how it might be done.

Wed, 02/27/2013 - 09:27 | Link to Comment AnAnonymous
AnAnonymous's picture

That 'american' was a negro. Will make sure the 'american' indo europeans stays in their fantasy land of assaulting the State with their guns.

Tue, 02/26/2013 - 22:42 | Link to Comment khakuda
khakuda's picture

I watch incredulous each time Bernanke opens his mouth. Yet, he is unelected and we can't stop him.

Tue, 02/26/2013 - 22:49 | Link to Comment williambanzai7
williambanzai7's picture

No one tells you in school you can have a career as a professional bullshit artist.

Wed, 02/27/2013 - 01:53 | Link to Comment akak
akak's picture

Not until college econ and political "science" courses, anyway.

Tue, 02/26/2013 - 22:43 | Link to Comment Buck Johnson
Buck Johnson's picture

It will end badly and the big reason is that once those checks stop coming, the people will start to go insane.

Tue, 02/26/2013 - 23:19 | Link to Comment LongBallsShortBrains
LongBallsShortBrains's picture

It won't happen. Why risk revolution over some pieces of paper (checks) which are promises to pay pieces of paper ( dollars) which are promises to pay more pieces of paper which are promises to pay more pieces of paper which are promises to.................

As long as they don't run out of paper

But when people who posses or produce food don't want the paper...... Then cue up the crazy music!!!!

Tue, 02/26/2013 - 23:59 | Link to Comment Renfield
Renfield's picture

Doubleplus good.

Fascism has to be financed, and it is EXPENSIVE. I wonder how long the Criminal Government will be able to afford to track millions of citizens passing through airports/buses/trains, on road, across borders, billions of telephone calls, trillions of emails - how long they can afford to buy (real) food to feed millions of indigents, how many bullets they will need to buy and how many tracking systems to maintain, how many mountains of minutia to dig through.

There's no way they can keep it up. The paper experiment is ending and government will shrink in both size and power. Hear that roar? It's the sound of the tide going out, of real markets falling in real value terms. That, Mr Anderson, is the sound of inevitability.

Tue, 02/26/2013 - 22:44 | Link to Comment Ms. Erable
Ms. Erable's picture

Hey, Simon - what makes you think your name is not on 'the list'?

Wed, 02/27/2013 - 01:14 | Link to Comment CompassionateFascist
CompassionateFascist's picture

he's hiding out in Chile. Thinks it's safe there

Wed, 02/27/2013 - 13:47 | Link to Comment mkhs
mkhs's picture

Maybe the CIA hires up and coming intelligence officers from any war?

Tue, 02/26/2013 - 22:45 | Link to Comment Glass Seagull
Glass Seagull's picture

 

 

Just as everyone begins to ring the hyperinflation alarm bells again, the US dollar is on the cusp of a 5-year long rally. 

 

Markets enjoy irony.

Tue, 02/26/2013 - 22:50 | Link to Comment reader2010
reader2010's picture

Supporting the Americans to win their independence was very expensive enterprise for the French. And of course, the major difference is that the French nobility and clergy class didn't have our recent innovations, such as EBT cards and FEMA camps,  for the peasantry, or so-called the Third Estate.

Wed, 02/27/2013 - 09:30 | Link to Comment AnAnonymous
AnAnonymous's picture

It was a very expensive endeavour and it came mostly from the french burgeoning middle class. They were the ones who ruined the french economy by trusting the 'americans' to repay on their debt.

'Americans' do not change. Same as usual, when the 'american' middle class is behind the constant progression toward the depletion of resources...

Tue, 02/26/2013 - 22:48 | Link to Comment IridiumRebel
IridiumRebel's picture

Let them eat hellfire missiles

Tue, 02/26/2013 - 22:49 | Link to Comment Cloud9.5
Cloud9.5's picture

There is a wall out there.  I just can't see it.

Tue, 02/26/2013 - 22:51 | Link to Comment chump666
chump666's picture

Bernanke and the Fed are about to set up an energy war, already a cold war, between China and Japan (love that oil price against the Yuan and Yen.)  Food inflation has hit the middle east and South America. 

South America is certified basket-case, now systemic with corruption and violence.  The Mexico Narco wars are fueled by farmers, peasants joining cartels, becuase farming don't pay.  The cycle of violence goes lead straight back to inflation, more so oil inflation (blows out operational costs).

This is the ECB and Fed's legacy.  Governments are weak and pitiful to be conned by bankers.

Tue, 02/26/2013 - 23:25 | Link to Comment Umh
Umh's picture

The politicians all go who me I didn't do anything to make the cost of food go up around the world. This just like the way they deny starting the real estate collapse by insisting they anyone should be able to get a home loan.

Tue, 02/26/2013 - 23:33 | Link to Comment delacroix
delacroix's picture

mexico is part of north america. the drug violence is a takeover, initiated by the cia/dea. the narco soldiers are not farmers, they are mercenaries. central and south america have no more corruption, than we do. go travel in central america. I met several single women backpacking across nicaragua. the 2nd safest country in latin america after uruguay. don't believe everything you read.

Wed, 02/27/2013 - 00:49 | Link to Comment chump666
chump666's picture

The drug peddlers, petty smugglers that get like $500 to drop of drugs across the boarder, or paid by other cartels to inform, infiltrate rival cartels  are peasants/farmers. The main players get the big bucks, you mess with them you end up being cut into many pieces.  Death toll now at 120,000+

No conspiracy theories please, apart from the reality that inflation driven polices of money printing causes conflicts in one form or another.  Inflation is cannibalistic, you can't take over a country with that in mind. 

The soul of the world is dying.

 

 

Wed, 02/27/2013 - 10:07 | Link to Comment shovelhead
shovelhead's picture

It ain't rocket science...

Price per lb.

Corn vs. weed?

Tue, 02/26/2013 - 22:56 | Link to Comment newengland
newengland's picture

Brilliant synopsis and reminder, Simon. Brilliant, timely.

There was another way: the Constitution, Declaration of Independence and Bill of Rights...currently being dismantled by the spend thrifts in cowardly, corrupt,  vainglorious DC ...  the Marie Antoinettes of our time.

A Republic is as it does, not what it says. That was true of failed France, and will be true of the latest Republic betrayed by complacent wage slaves and their conniving, fat, dumb and happy rulers: the USA. Gangsta bankstas rule.

Wed, 02/27/2013 - 09:31 | Link to Comment AnAnonymous
AnAnonymous's picture

'Americanism' is as 'american' does.

Been the case from day one, on 1776, July,4th.

Parading injustice for justice, coercion for freedom, fantasy and propaganda for truth.

Tue, 02/26/2013 - 22:53 | Link to Comment Scro
Scro's picture

Off with their heads!

Tue, 02/26/2013 - 23:36 | Link to Comment Pure Evil
Pure Evil's picture

Instagram for Lorena Bobbit.....instagram for Lorena Bobbit!

Wed, 02/27/2013 - 01:37 | Link to Comment RockyRacoon
Tue, 02/26/2013 - 22:54 | Link to Comment JR
JR's picture

The bottom line is that central planning creates risk and the reason it creates risk is that an individual no longer gets to decide which things are important for his growth;  they, the central planners, decide. And no one but insiders can second guess what the central bankers are going to do.

Which means that we Americans face incredible risk; we don’t know whether to go here or to go there because someone else has planned the path and the priority. That’s risk. High risk! Central planning overcomes fundamentals. It supercedes the ability to invest in growth; you can’t decide what will grow for you; the central bank will decide what is going to grow.

Americans can’t invest in this or that such as a house or a savings account now without fear that the central bank may decide that’s where to take away the money to help something else. Thus, Bernanke strips away the purchasing power of savers and of homeowners with equity to save the banks.

QE2 was designed to manipulate asset prices. Bernanke admitted it. His object was to take value from the economy to prop up the prices of ‘risk assets.’ His object was to make sure that his fiat money continued to lose purchasing power so as to fund the public sector’s bank beholden debt; “in the US, almost 80 percent of new government debt goes straight to the central bank.”

The central bank creates risk. It’s not true that risk is coming from somewhere else.

We’re rolling on to nowhere. Bernanke has produced nothing except increased danger. What are you doing for the future? Bernanke was asked. I’m going to give you more danger, Bernanke answered. You think Japan is bad? We can be Japan…

Bernanke has taken over the free enterprise system and destroyed it.

Which stocks would be good to buy or which not is now just a funny joke. No one can pick stocks under these circumstances. That’s why the shift from people buying individual stocks to buying the indexes -- because the indexes depend on what the government does. Investors no longer follow economic fundamentals; they follow Bernanke.

Tue, 02/26/2013 - 23:00 | Link to Comment newengland
newengland's picture

Buzz Bernanke ... to QE infinity and beyond.

Tue, 02/26/2013 - 23:28 | Link to Comment MikeMcGspot
MikeMcGspot's picture

You make a good case against the current regieme of central planning.

What is a person to do about it?

Prep for the second comming?

Go along to get along?

Fight the power?

Ignore it?

I don't have an answer but more and more the central plans are losing relevancy in my day to day decisions.

Wed, 02/27/2013 - 00:00 | Link to Comment Renfield
Renfield's picture

<<more and more the central plans are losing relevancy in my day to day decisions>>

Same here. Viva la black market. Starve the Great Satan.

Wed, 02/27/2013 - 01:02 | Link to Comment Master Chef
Master Chef's picture

And to quote the Queen of hearts...

OFF WITH THEIR HEADS !!!

Wed, 02/27/2013 - 00:00 | Link to Comment JR
JR's picture

The employment of drones and electronic surveillance of Americans to keep them subjugated to an economic system that begets flagrant injustice is over the top. That’s not the future; it’s the past.

The point is, these people’s goal is unattainable. They won’t be able to control the world because the world only operates on human work geared toward ideals and the future. The tyrants are failing because you can’t harness men.

It takes longer for some tyrannical regimes to fall than others, but this one isn’t going much longer. The desire for liberty is coming against it.

Yes, the world is headed toward tyranny. But that’s the past. A man who has tasted freedom will not be denied liberty. Eventually he looks for a way to upset those who would bind him in chains. Tyranny will not be permitted in America. The people’s options are logic and sense; they must dodge around those who would enslave them, just as your are, but that doesn’t mean we lose. It just means that when you’re fighting lawlessness, you have to be flexible.

Wed, 02/27/2013 - 11:23 | Link to Comment rustymason
rustymason's picture

I would like to agree with this but first I must reconcile it with the reality of conservatives who repeatedly vote for a new USSA police state and the neo-fascist state of affairs. How can these conservatives -- who are always claiming that they are the champions of the Constitution, the Republic, and the vision of the Founders -- support the current dystopia while proclaiming that they are supporting its opposite? It's bizarre.

Wed, 02/27/2013 - 09:33 | Link to Comment AnAnonymous
AnAnonymous's picture

Which means that we Americans face incredible risk;
____________________________

Since when 'americans' endure the negative consequences of their risk takings?

Nah, other people face incredible risks as 'americans' will keep doing what they have been doing since their inception: forcing others to foot the bill for 'americans'.

This is what 'americans' do.

Tue, 02/26/2013 - 22:56 | Link to Comment Stuck on Zero
Stuck on Zero's picture

It is different this time.  We have the Web.

 

Tue, 02/26/2013 - 23:02 | Link to Comment MikeMcGspot
MikeMcGspot's picture

"This time is not different. Assuming otherwise is really dangerous."

This time is different. The BTU, food, and natural resource available per capita across most of the world is far beyond the period of the French Revolution.

There may be similarities of how the elite are directing this resource allocation, but to say this is the same time is nonsense.

As you drop a gallon of gas into your Lexus or whatever, understand that this amount of energy is roughly equivilent to 500 hours of human work output and quit your lying bitch rants about how were back in the French Revolution.

http://www.vhemt.org/humanenergy.htm

Be safe or dangerous as the case calls for.

 

 

Tue, 02/26/2013 - 23:03 | Link to Comment newengland
newengland's picture

Long live the Republic. You are a whining brat, apologist for failed fiat money and fake 'democracy'.

Tue, 02/26/2013 - 23:16 | Link to Comment MikeMcGspot
MikeMcGspot's picture

Double post, mea culpa.

Tue, 02/26/2013 - 23:14 | Link to Comment MikeMcGspot
MikeMcGspot's picture

When it does fail, "FIAT money" and I believe we are on that trajectory now thow it is a long way off,  I will agree with you.

Until then I wont apologize as that would be a lie based on my observation of the current time. For now I will continue to observe , sharing my best understanding of the way things are and try to learn from others.

Very undemocratic of me isn't it, to not go along with the herd?

Tue, 02/26/2013 - 23:39 | Link to Comment newengland
newengland's picture

Fair point, but pardon me for disliking collaborators.

Wed, 02/27/2013 - 00:00 | Link to Comment MikeMcGspot
MikeMcGspot's picture

Understood. TY and + 1 for honesty.

Tue, 02/26/2013 - 23:36 | Link to Comment SofaPapa
SofaPapa's picture

@Mike McG,

 

You are talking about the difference between the graphs of 2sin(x) and of sin(x).  Are they different?  Yes.  But not in a meaningful way.  Amplitude has changed, but the underlying pattern is identical.  If anything, this only suggests that the crash this time will be worse by the magnitude of the technological advances since the French Revolution.  I am not comforted by that thought.

Tue, 02/26/2013 - 23:49 | Link to Comment MikeMcGspot
MikeMcGspot's picture

Good point and question Papa.  If I got it right?

The context of any graph is bound by the axis points and explanation thereof of tag lines and interpretation of trajectory based on probable impact to the observer.

People interpret such as “this is great” or "I’m getting screwed" outside for many people of a historical context so that perhaps many folks though living a life in terms of basic survival ability far above that of people in the French Revolution may get so peeved that they want to haul out the guillotines.

Am I interpreting your comment and question correctly?

In which case my comment to the author of this article may be a bit brisk.

Thanks in advance for a thoughtful reply.

 

Wed, 02/27/2013 - 04:29 | Link to Comment IridiumRebel
IridiumRebel's picture

Math is certain, human nature is not.

Wed, 02/27/2013 - 00:20 | Link to Comment ebworthen
ebworthen's picture

Hey dumbfuck, the majority of the populace does not live on arable land with chickens and milk cows.

What the hell do you think will be the backlash when in three days no one has food or water?  When they have no outhouse or well or turnips to chew on?  What a fucking lack of thought.

Jesus Christ, at least move the reality of modern living forward with your utopian fantasies about technology and the house of cards we have built.

Dumbfuck.

Wed, 02/27/2013 - 00:44 | Link to Comment MikeMcGspot
MikeMcGspot's picture

 

Oh great Oracle and master of reality, please share when this three day outage may happen?

Tomorrow? This month? Next year?

Are you forecasting a global three day outage, or how will it be distributed?

Shall we all or a great many of us drop what we’re doing now based on such fear?

What may the consequences of such action be?

A global outage and collapse of the supply chain and fulfillment of your fantasy?

If I am out of reality and living in a utopian fantasy, please set me straight.

Provide a coherent argument why we should all drop everything were doing keeping the fantasy alive and  focus our energies on such things as chickens.

Provide a coherent argument to explain why your utopian view of the world is superior to mine.

Why I should be so afraid to continue exercising my energies as I see fit, and go over to your view? The right view. The only truth.

The truth of the true believer.

 

Wed, 02/27/2013 - 02:14 | Link to Comment ebworthen
ebworthen's picture

 

 

  1. L.A. Riots.
  2. Katrina aftermath.
Wed, 02/27/2013 - 04:23 | Link to Comment IridiumRebel
IridiumRebel's picture

I've been through Irene, Sandy and Nemo.....shit hits quick. A nice vocabulary is not so useful when you are hoping to God the only gas station won't run outta fuel before you pick up enough for the genny. My old home of Ks is getting it right now. Three days can seem like a life time.

Wed, 02/27/2013 - 05:26 | Link to Comment Miffed Microbio...
Miffed Microbiologist's picture

You are very eloquent. Unfortunately when disasters occur, financial or physical, eloquence really isn't useful. I discovered this the hard way when a fire reaching the tops of the telephone poles near my house was baring down on me quickly. I dialed 911, explained the situation and assumed they would come to help. Their response was an eloquent version of " Gosh, it sucks to be you!" What is left after an encounter as that is a realization you are simply a physical being living in a very hostile world. You either lay down in shear panic or you rise to the occasion and try to survive. Once that happens you lose your virginity and you are forever changed. You wont banter about it in fancy soirées to entertain dowdy dowagers. Those pursuits will become strangely unfulfilling. Grounded rather than cerebral people become more attractive. But what do I know...I'm just a dingbat microbiologist up late at night after a great dinner in Auckland that has had WAY too much wine.... Go figure it out for yourself!

Miffed;-)

Tue, 02/26/2013 - 23:03 | Link to Comment natty light
natty light's picture

Assignats bitchez

Tue, 02/26/2013 - 23:05 | Link to Comment CunnyFunt
CunnyFunt's picture

Paging Robespierre, Robespierre.

Tue, 02/26/2013 - 23:06 | Link to Comment world_debt_slave
world_debt_slave's picture

The end will be the grand-daddy of them all, combined!

Tue, 02/26/2013 - 23:17 | Link to Comment Fix It Again Timmy
Fix It Again Timmy's picture

When, in the course of history, have the political elite ever been in touch?

Tue, 02/26/2013 - 23:20 | Link to Comment Fix It Again Timmy
Fix It Again Timmy's picture

"Let them eat Twinkies". 

"But Sire, Twinkies are no more!"

"You don't say?" "Since when...."

 

Tue, 02/26/2013 - 23:23 | Link to Comment Prairie Dog
Prairie Dog's picture

Bernanke's right. You're wrong

Tue, 02/26/2013 - 23:38 | Link to Comment ramacers
ramacers's picture

revenge lust is oh sooooooooo powerful.

Wed, 02/27/2013 - 00:06 | Link to Comment Edward Fiatski
Edward Fiatski's picture

Stronger Economic Recovery!

 

FORWARD, bitchez.

Wed, 02/27/2013 - 00:15 | Link to Comment ebworthen
ebworthen's picture

Roll out the guillotines!

(but headshots with a Police issue .38 S&W will do).

Hang the bankers!

(preferably with their families watching to pass on the lesson forgotten since)

Tear the mother fucker down!

(at this point, chaos and collapse is the only solution).

Wed, 02/27/2013 - 00:23 | Link to Comment Supernova Born
Supernova Born's picture

"Roll out the guillotine, and we'll have a barrel of heads"

Peak neck.

Wed, 02/27/2013 - 00:23 | Link to Comment Supernova Born
Supernova Born's picture

double

Wed, 02/27/2013 - 01:45 | Link to Comment MikeMcGspot
MikeMcGspot's picture

"(at this point, chaos and collapse is the only solution)."

For you this is the best solution and should it come to pass will validate your preferred existance of chewing on trunips, raising chickens and cows and such.

I don't believe this is the solution and the most proboble outcome within a time horizion of the next 10 years for most of us because there is sufficient energy available to sustain current systems for at least that period of time.

Further at least in my little part of the word I see a trend of improvements in supply chain resiliancy, productive capacity, and human decency.

And should some bastard such as you want to go mob rule and go guillotine, hauling little kids out to see their parents executed I am most ready to fight such gutless cowards as you.

Wed, 02/27/2013 - 02:08 | Link to Comment ebworthen
ebworthen's picture

Oh dearest MikeMcGspot it won't be old salts like me, it will be the mobs of hungry current believers who have discovered that the bankers and the government were, after all, trying to send them to the meat grinder of meaningless combat in foreign lands to benefit the military industrial complex or denying their parents health coverage to save their life or relieve pain.

The Lords and Ladies will lose their heads and bleed to death in the streets, and unfortunately, some innocents.  This is why the current Ponzi is so wrong, because it forces these kinds of tragic events rather than rewarding good people in the present, and punishing the malfeasant when they do wrong.

Go to France and see if you can hear the ghosts of the arrogant aristocrats whispering this lesson.

If not, stay tuned and see how it goes here in the U.S.S.A. Kleptocrat Regime of the new Aristocracy.

Wed, 02/27/2013 - 03:08 | Link to Comment MikeMcGspot
MikeMcGspot's picture

I will not stay tuned to see what happens, nor listen to ghosts, or cast some spell of existence based on replications of ideas or events past or future that provide such a limited option set.

To do so is to abdicate and be a slave of Ponzi by buying into it.

Rather to focus on this time, gather and expend energy to transform as possible the world of now to my liking through action.

To be responsible, the one to blame for any purchase made, not the vendor bankster politicos who made the sale. Me the one who bought into it all.

Within this place of belief I find a space of freedom and sovereignty that cannot per my reckoning be taken by constitution, laws or lack of food or water.

Delusion or freedom?

No matter, tis how it is.

 

 

Thu, 02/28/2013 - 02:44 | Link to Comment ebworthen
ebworthen's picture

Yes, we only have control over ourselves and our choices.

+1

Wed, 02/27/2013 - 00:40 | Link to Comment Radical Marijuana
Radical Marijuana's picture

Another article repeating the PHRASE, "this time it will be different," in ways that are still not sufficiently ironic!

This time there is a globalized system of electronic fiat money frauds, backed by atomic bombs. This time, when that insane system based on the runaway triumph of legalized lies, backed by legalized violence, finally becomes too out of touch with reality to continue, then its collapse into chaos COULD result in billions of people being murderer!

It is ridiculously optimistic to believe that anything like the French Revolution, or the American Revolution, could happen again! In the same ways that weapons of mass destruction made war insane, those weapons have also made violent revolutions insane. I am not saying there will never be a final collapse into chaos eventually caused by a society being controlled by legalized fictions, or frauds. I AM saying that NEXT TIME IT WILL BE DIFFERENT, because next time will be amplified to astronomical sizes, due to places like France and America having an abundance of weapons of mass destruction.

In that context, I find Simon Black to continue to have a silly and superficial view of the meaning of the word "sovereignty." Sovereignty is based on the power to rob, NOT the idealized notions of what sovereignty should be. Black, and others like him, keep on presenting old-fashioned false fundamental dichotomies, and their related impossible ideals, as somehow still relevant in a world that has amplified its combined money/murder systems to become trillions of times BIGGER!

We have no way to comprehend, or even imagine, what happens when a social pyramid system of force backed frauds gets developed to become trillions of times BIGGER. Common sense and logic still suggests that that will go mad, and destroy itself ... however, that must then play out on a scale that becomes trillions of times BIGGER than anything before in human history. Therefore, NEXT TIME IT WILL BE DIFFERENT!

Wed, 02/27/2013 - 07:06 | Link to Comment 22winmag
22winmag's picture

Please don't fall into that trap. Whether it's muskets and pitchforks or drones and WMDs is irrelevant. The whole "there can't be a revolution because the government has all these smart weapons and technology" is a load a bull excrement. Heavy weapons and smart weapons are a LIABILITY to those in command, because all it takes is one or two pilots or smart weapons operators to do the right thing and turn those weapons on their dear leaders and it lights out for them.

 

In the end, it's *motivated boots on the ground* and partiotic insurgents with small arms that rule the battlefield.

Wed, 02/27/2013 - 10:44 | Link to Comment shovelhead
shovelhead's picture

WWII Eastern Front- Vietnam.

In the end, it's a numbers and willpower game.

Always has been.

Wed, 02/27/2013 - 01:03 | Link to Comment resurger
resurger's picture

+5 SM

Wed, 02/27/2013 - 01:04 | Link to Comment CoolBeans
CoolBeans's picture

Obama's spending, numerous vacations, golf outings, smug "guess those jobs weren't as shovel-ready as we thought" manner is Marie Antoinette x 1010...and all of this on top of his chipping away at our civil liberties is shoving the damn cake right in our faces.

Revolution.

Wed, 02/27/2013 - 01:32 | Link to Comment broken87
broken87's picture

Why is it when were in school the teachers get upset at us for lying and bullshitting, we get suspended, or detention, or some other bullshit!?!?! Why don't these fuckin FUCKS in WASHINGTON have anything happen to them??? Our fuckin education sucks because WE'RE NOT teaching our kids to lie and steal. They need to redo the education system 4 REAL BRO!!!!!

Wed, 02/27/2013 - 10:52 | Link to Comment Vendetta
Vendetta's picture

the teaching how to lie and steal is reserved for college level training in the areas of finance, political science, law and economics.

Wed, 02/27/2013 - 01:51 | Link to Comment polo007
polo007's picture

http://online.wsj.com/article/SB120424639824701397.html

The Bernanke Reflation

Naturally, the Fed and its most vocal constituencies -- Wall Street and politicians -- see nothing much to worry about. Wall Street sees a reflation as a way to ease its credit problems, as price increases ease debt burdens and perhaps reflate housing values. Congress and the White House see a way to perhaps avoid a near-term recession, which might get them past the election.

As for the Fed, its Governors are dusting off their favorite intellectual justifications. We are told that inflation isn't as bad as it seems because "core inflation" -- which excludes food and energy prices -- isn't rising as fast as the consumer price index. However, food and energy are what most Americans are having to spend ever more of their paycheck to buy. Thus the Bernanke reflation is in part self-refuting even as a short-term recession antidote, because it robs consumers of some of their discretionary income just when the economy needs it.

Wed, 02/27/2013 - 10:49 | Link to Comment shovelhead
shovelhead's picture

LOL,

Washington 12 step program...

One day at a time, Sweet Jesus, one day at a time and we'll make it through...

Wed, 02/27/2013 - 04:00 | Link to Comment NoWayJose
NoWayJose's picture

There are only two ways to prepare for a devalued currency - own gold - or be young enough and be employed in a job that will always be in demand and that cannot be exported to China. No simple task.

Wed, 02/27/2013 - 04:46 | Link to Comment fredquimby
fredquimby's picture

Food was scarce

Mainly due to the Icelandic volcano exploding and covering Europe in dust, blocking the sun and killing all the crops.

"History has already shown some of the worst effects from major volcanic eruptions in Iceland – that of Laki in 1783 resulted in famine across Western Europe, and as far south as Egypt, one of the longest and coldest winters on record in North America, and the death of tens of thousands of people from gas poisoning and famine. It was even linked to the start of the French Revolution, where the lack of food played a significant role."

 

Wed, 02/27/2013 - 05:34 | Link to Comment Volaille de Bresse
Volaille de Bresse's picture

RE France I won't be this optmistic : 

 

A - French society like most Western "advanced" societies has been rendered allergic to violence. Violence is bad, violence is to be avoided at all cost, status quo is not so bad after all, blah blah...

 

B - Street violence has happened recently in France (2005) but it was started by sons of immigrants living in poor areas/ghettos. Will the white majority want to be associated with this? Not sure...

 

So I think France will go the Italian way : vote for politicians who want to end the system, mainly Marine Le Pen. 

 

But don' t hold your breath : Prez elections are in 2017... unless sth really bad happens to Hollande (like a Lincoln accident?)

Wed, 02/27/2013 - 06:11 | Link to Comment Shylockracy
Shylockracy's picture

We should not lose perspective here and indulge in revolutionary apologetics. The totalitarianisms of the XXth and XXIst centuries are direct descendents of the French Jacobins. Mass national armies, the state pretending to be the society to hide its thieving ways, ideological mass murder (remember the Vendée 1793) are some of the legacies of the French revolution.

Western governments are not ashamed to use phrases like "no liberty for the enemies of liberty", coined by throat-cutters like Saint-Just to justify crushing any heretics of their civil-religion, "democracy". Like the Jacobins of yesteryear, the progressives of today sell "equality" and "diversity" as "justice" thereby destroying the fundament upon which society and culture organically evolved over the centuries.

The bloody modern revolutions, be they Robespierre's, Lenin's, Hitler's, Mao's, Pol Pot's or Obama's orwellian farce are the logical conclusion of equality enforced by state coercion and illegitimate taxation. They are sterile products of resentful and misanthropic minority who, after taking over the state, pretends to speak for the majority. Nothing new under the sun.

By the way, Marie Antoinette has never said "let them eat cake", or "brioche". This is hate propaganda conceived by and perpetuated by the victors of the French Revolution. As Voltaire said, if they can make you believe in absurdities, they can make you commit atrocities.

Wed, 02/27/2013 - 09:13 | Link to Comment AnAnonymous
AnAnonymous's picture

Nah. Simply 'americans'on steroids.

The matrix of all is the first experiment of 'americanism' in the US.

The Founding Fathers were jacobins themselves save in name. They led the very same policies but as usual and already with 'americans', 'americans' are entitled to the 'american' ways.

Later, new players had to face the fact they were late comers to the party and that in order to catch up, they had to try harder.

Guys like nazis were copy cats of the 'american' ways and simply tried harder to make up for their late entry.

Wed, 02/27/2013 - 09:18 | Link to Comment AnAnonymous
AnAnonymous's picture

Like the Jacobins of yesteryear, the progressives of today sell "equality" and "diversity" as "justice" thereby destroying the fundament upon which society and culture organically evolved over the centuries.
___________________________________

This is 'american' internal staged opposition.

'Americans' of all stripes cover their quest for uniformity under the guise of diversity.

'Americans' in the US commonly sells their place as more diverse than it was pre 1776!

As to injustice, 'americans' paraded it as being justice from day one.

Once again, only 'americanism' at work, in different places, in different situations.

Nobody in history has done more than 'americans' to promote inequality, injustice and uniformity.

Wed, 02/27/2013 - 06:06 | Link to Comment Xue
Xue's picture

marie-antoinette never said ''let's them eat cake''. It's an urban legend created during the revolution by left radicals.

Wed, 02/27/2013 - 06:59 | Link to Comment 22winmag
22winmag's picture

Bush Sr. oversaw the execution of JFK and the demolition of the twin towers, but that never got in the way of the "facts".

Wed, 02/27/2013 - 08:27 | Link to Comment boribori
boribori's picture

The difference this time is that it is treasury that is carrying more debt and the money is not being put into consumers' pockets. There is more money in the economy- thats true, however it is moving way slower than before 2008. 

Without qe we woudl be in a deflation and then noone sober would buy anything as tomorrow it gets cheaper. So you wait weeks, months, years and money stops circulating in the economy and you land up with unemployment.

Bernanke has put his reputaiton on stake with the QE. If you guys have any better idea, explain it to us here!

Wed, 02/27/2013 - 08:36 | Link to Comment IamtheREALmario
IamtheREALmario's picture

What this tells me is that EVERY TIME THERE IS AN ELITIST CLASS CREATED (a class that CONSIDERS THEMSELVES elite ... and propagandizes to others that they are elite and deserving of special privilege and power) there is corruption that leads to the degradation of society and the human condition.

In countries with government "of the people, by the people and for the people" this would never be a concern because people do not consider themselves "above" other people. "Real People" govern for the good of all, without consideration for individual elitism. Some may think of this as what a utopian communist society might be like, people freely giving of themselves to others. You know, not modern day communism. It would be communism WITHOUT elitists at the top stealing from everyone else. I don't know exactly ... but the rules required to create it seem simple. The rules would remove temptation for corruption from people to go the elitist route.

Elitists are not people. They are elitists.

Wed, 02/27/2013 - 09:04 | Link to Comment AnAnonymous
AnAnonymous's picture

'American' middle class consider themselves above the rest of people.

Wed, 02/27/2013 - 11:04 | Link to Comment shovelhead
shovelhead's picture

Easy enough to do...

Just have to get rid of that human nature thingy.

The power to dictate is a funny thing. Those who wield it tend to think they are enlightened, benevolent and see 'The Big Picture' and they deserve to do well by doing 'good'.

They're not the problem...You unenlightened selfish people who disagree are.

Wed, 02/27/2013 - 08:57 | Link to Comment AnAnonymous
AnAnonymous's picture

This time, it is different.

Another oriented, propagandist look at history as you can expect from 'americans'

Funny to see how this propagandist 'american' is ill at ease with usual 'american' song about the government since in those times, the government was a private thing. There were no public debt, only private debt.

Lets once again recall what happened:

the 18th saw the rise of the middle class that would seize power first in the Americas in the place known as the US.

Kings were losing ground to their burgeoning middle class due to the discovery of the 'new world" which rapidly turned as middle class turf, dividing the King's authority in two.
Kings were tepid toward land expansion and stuff like slavery while the burgeoning middle class embraced them and made them law of the land.

As Kings were unreliable,in order to pursue their dream of slavery and land expansion, the soon to become 'american' middle class had to seize power.

And then it went it gets different.

France was a ruined country but certainly not only from the extravaganza of the government.

The burgeoning middle class in France were absolutely delighted with the 'american' war for independence (that is the opportunity to maintain/expand slavery and land expansion, which was vital to their middle class business) and used all their influence to force the French King into supporting the 'american' side. The burgeoning middle class in France expected an investment return and a dramatic increase in trade with the US Americans. In those days, they dramatically increased their economical exchange with the 'Americans', lending them money, goods etc

Unfortunately for them, they were soon to discover what it meant to be 'americaned'.

The 'americans' renegated on all their debts toward the french middle class and even seized the military assets the French King sent to them (this would create tension to lead a state of quasi war between France and the US)

So instead of focusing on the debt held by the French government (a large part of it taken to support the 'americans'), one must include the debt created by the burgeoning french middle class and what the default meant to the economy. That is where the economic disaster came from, as the middle class went to cut jobs left, front and center in order to make up for the inexistent 'american' repayment on debt. Later, the King's government tried to compensate the squandering of wealth that the french middle class forced by supporting the 'americans' in hope to increase their 'american' middle class status.

This is how it is different. As confirmed later by their iconic Thomas Jefferson, 'Americans' would make a great use of debt in order to build their empire of liberty as they called it.

Nobody is going to play the part of 'americans' here. Who is going to be the 'americans' for the 'Americans'?

The 'american' middle class riot and terrorize when they need room to install themselves in power. But right now, they are in power so...

Wed, 02/27/2013 - 11:02 | Link to Comment Almost Solvent
Almost Solvent's picture

The Dutch oVan requires you to release all energy by pulling finger.

Wed, 02/27/2013 - 12:06 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous said:

This time, it is different.

No it's not. It never is.

Another disoriented, rambling, propagandist rewriting of history as you can expect from Chinese citizenism citizens.

Lets once again recall what happened

No, let's not. Posting your rejected thesis here will not magically validate it. You're still a bitter, hypocritical failed academic.

[snip six pages of demented drivel]

That's a long walk for a biscuit, little buddy.

Wed, 02/27/2013 - 10:44 | Link to Comment Foul Harold
Foul Harold's picture

AnAnonymous seems ready to explode on this thread, like so many self-immolating Tibetan monks.

 

Kudos to all the ZeroHedgers not taking the troll bait.

Wed, 02/27/2013 - 11:10 | Link to Comment shovelhead
shovelhead's picture

He's the ZH equivalent of the fat annoying kid in the back seat who endlessly repeats "Are we there yet..."

Just ignore him. We do.

Wed, 02/27/2013 - 11:25 | Link to Comment rustymason
rustymason's picture

People are batshite crazy. All I want to know is how to profit from this misery.

Wed, 02/27/2013 - 15:09 | Link to Comment kchrisc
kchrisc's picture

The guillotines are on order.

 

hujel

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