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Ron Paul: "This Is A House Of Cards"

Tyler Durden's picture




 

Authored by Ron Paul, via The Free Foundation,

Federal Reserve Blows More Bubbles

Last week at its regular policy-setting meeting, the Federal Reserve announced it would double down on the policies that have failed to produce anything but a stagnant economy. It was a disappointing, but not surprising, move.

The Fed affirmed that it is prepared to increase its monthly purchases of Treasuries and mortgage-backed securities if things don’t start looking up. But actually the Fed has already been buying more than the announced $85 billion per month. Between February and March, the Fed’s securities holdings increased $95 billion. From March to April, they increased $100 billion. In all, the Fed has pumped more than a half trillion dollars into the economy since announcing its latest round of “quantitative easing” (QE3) in September 2012.

Although many were up in arms when the Fed said it would buy $600 billion in government debt outright for the previous round, QE2, all seems quiet about the magnitude of QE3 because it doesn’t come with huge up-front total price tag. But by year’s end the Fed’s balance sheet could hit $4 trillion.

With no recovery in sight, where’s all this money going? It is creating bubbles. Bubbles in the housing sector, the stock market, and government debt. The national debt is fast approaching $17 trillion, with the Fed monetizing most of the newly issued debt. The stock market has been hitting record highs for the past two months as investors seek to capitalize on the Fed’s easy money. After all, as long as the Fed keeps the spigot open, nominal profits are there for the taking. But this is a house of cards. Eventually, just like in 2008-2009, the market will discipline the bad actions of the Fed and seek to find the real normal.

In the meantime, real families are suffering. While Wall Street and the government take advantage of access to the Fed’s new “free” money, the Fed claims there is no inflation. But who hasn’t paid higher prices at the grocery store, the gas pump, for tuition, for insurance? It’s bad enough that household incomes have stagnated, but real purchasing power has declined so much that one in seven Americans, 47.3 million people, are on food stamps. Five million are collecting unemployment insurance with 21.5 million afflicted by unemployment according to the government’s own figures. That’s 13.9 percent -- close to double the 7.5 percent unemployment number reported last week.

We are certainly not in a recovery. We don’t see the long unemployment and soup kitchen lines like in the Great Depression, but that’s just because the lines are electronic now.

It is not surprising the Fed has decided to hand the American people more of the same failed policies. But it is disappointing. We know what the real solution is: allow the marketplace to work. Allow entrepreneurs the chance to create instead of stifling innovation with arbitrary regulations. Allow interest rates to rise to equal the risks in the economy. Allow bad debts to be liquidated so we can build on a firm foundation. Stop printing money to benefit the government and big banks. Restore sound money to the economy and the American people. Sound money is the bedrock for prosperity and the best check on big government and crony capitalism.

 

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Sun, 05/05/2013 - 19:40 | 3532950 skank
skank's picture

I'm Forever Blowing Bubbles
http://www.youtube.com/watch?v=KLNkN6O4ifY

Cockney Rejects - I'm Forever Blowing Bubbles
http://www.youtube.com/watch?v=xarRSIyjzxM

Sun, 05/05/2013 - 23:10 | 3533373 W T F II
W T F II's picture

HAMMERS RULE...!! And Iron Maiden as well...

Sun, 05/05/2013 - 19:41 | 3532957 Cycle
Cycle's picture

Mr. Bernanke and the other geniuses at the Fed are hard at work to assure the market-friendly reception of the next phase after QE, which is QP (Quantitative Printing).

Sun, 05/05/2013 - 19:43 | 3532960 lolmao500
lolmao500's picture

Soon enough, they won't count how much in $ they print, they'll measure it in tons of currency. From now on, we'll print 100 tons of $100 bills a month!

Sun, 05/05/2013 - 19:50 | 3532977 rzero
rzero's picture

That's funny, but they're at 1000 tons per month right now.

Sun, 05/05/2013 - 19:45 | 3532966 q99x2
q99x2's picture

Allow free markets to work and arrest Eric Holder, Loyd Blankfein and Jamie Dimon. Bernanke and Geitner will run into hiding on their own.

Sun, 05/05/2013 - 19:49 | 3532978 knukles
knukles's picture

What a visual
Timmah hiding behind a chair in his living room giggling with his eyes closed counting to 100 thinking no one can find him.

Sun, 05/05/2013 - 19:55 | 3532987 lolmao500
lolmao500's picture

Here's a visual for ya... Take Krugman's head and shove it up Bernanke's ass. Maybe do a surgical operation on Obama so that he can put his own head up his ass...

Sun, 05/05/2013 - 20:14 | 3533034 HeavyShadow
HeavyShadow's picture

+1 Crikey, that's very low brow humor. I think I pissed myself a little bit. Lol. Stunning visuals on obama...tho in truth he's already very close.

Sun, 05/05/2013 - 21:53 | 3533236 monad
monad's picture

Soros was right. He is a suitable patsy. Guilty as hell.

Sun, 05/05/2013 - 19:47 | 3532974 Mr. Hudson
Mr. Hudson's picture

The Federal Reserve is buying all the debt because they will one day take possession of every square inch of real estate in the United States; public and private. Here is what ex-Congressman James Traficant said during his speech before Congress:

"The Federal Reserve System is a sovereign power structure separate and distinct from the federal United States government. The Federal Reserve is a maritime lender, and/or maritime insurance underwriter to the federal United States operating exclusively under Admiralty/Maritime law. The lender or underwriter bears the risks, and the Maritime law compelling specific performance in paying the interest, or premiums are the same.

Assets of the debtor can also be hypothecated (to pledge something as a security without taking possession of it.) as security by the lender or underwriter. The Federal Reserve Act stipulated that the interest on the debt was to be paid in gold. There was no stipulation in the Federal Reserve Act for ever paying the principle.

Prior to 1913, most Americans owned clear, allodial title to property, free and clear of any liens or mortgages until the Federal Reserve Act (1913)  "Hypothecated" all property within the federal United States to the Board of Governors of the Federal Reserve, -in which the Trustees (stockholders) held legal title. The U.S. citizen (tenant, franchisee) was registered as a "beneficiary" of the trust via his/her birth certificate. In 1933, the federal United States hypothecated all of the present and future properties, assets and labor of their "subjects," the 14th Amendment U.S. citizen, to the Federal Reserve System.

In return, the Federal Reserve System agreed to extend the federal United States corporation all the credit "money substitute" it needed. Like any other debtor, the federal United States government had to assign collateral and security to their creditors as a condition of the loan. Since the federal United States didn’t have any assets, they assigned the private property of their "economic slaves", the U.S. citizens as collateral against the unpayable federal debt. They also pledged the unincorporated federal territories, national parks forests, birth certificates, and nonprofit organizations, as collateral against the federal debt. All has already been transferred as payment to the international bankers.

Unwittingly, America has returned to its pre-American Revolution, feudal roots whereby all land is held by a sovereign and the common people had no rights to hold allodial title to property. Once again, We the People are the tenants and sharecroppers renting our own property from a Sovereign in the guise of the Federal Reserve Bank. We the people have exchanged one master for another."

http://www.afn.org/~govern/bankruptcy.html

 

Sun, 05/05/2013 - 19:57 | 3532996 SoCalBusted
SoCalBusted's picture

"Beam me up Scotty"

Sun, 05/05/2013 - 20:01 | 3533003 El Hosel
El Hosel's picture

Investment Bankers, CEOs, Politicians and insiders "recovered" their Rock Star status and trillions of dollars of free money via the Fed... It has been a huge recovery for the "Criminal Establishment".

Blankfein gets a new Mansion instead of a sentencing for his crimes...  There is your Justice for all.

Sun, 05/05/2013 - 20:20 | 3533046 HeavyShadow
HeavyShadow's picture

That's nasty reading. Time for another war of independence then is it?

Sun, 05/05/2013 - 21:47 | 3533221 Savyindallas
Savyindallas's picture

Trafficante is a great American hero   -a man of courage and valor. A great Patriot. he has paid the price for his courage. We should all honor him.

Sun, 05/05/2013 - 23:00 | 3533361 Abi Normal
Abi Normal's picture

yes sir, why do you think names on birth certificates are in all CAPS...we are preferred stock...sickening isnt it...Fk Woodrow Wilson.  Then again as we were bankrupt, due to greed and stupidity screw all that preceeded that were involved in our bankruptcy!

Mon, 05/06/2013 - 04:10 | 3533560 resurger
resurger's picture

The US of A is been taken over by those leeches.

Sun, 05/05/2013 - 20:06 | 3533012 Bingfa
Bingfa's picture

Radio host to lead armed march on DC....

http://cnsnews.com/blog/gregory-gwyn-williams-jr/radio-host-lead-armed-m...

"This is an act of civil disobedience, not a permitted event. We will march with rifles loaded & slung across our backs to put the government on notice that we will not be intimidated & cower in submission to tyranny."

This ought to be interesting.....

Sun, 05/05/2013 - 20:07 | 3533014 lolmao500
lolmao500's picture

Yeah on July 4 while nobody will be watching...

Mon, 05/06/2013 - 00:49 | 3533462 noless
noless's picture

You had better bet fucking money that that will be infiltrated.

Sun, 05/05/2013 - 20:26 | 3533070 Manipuflation
Sun, 05/05/2013 - 20:28 | 3533073 rsnoble
rsnoble's picture

Stop trying to talk sense.  Sense doesn't make trillions for the likes of JPM and GS.  That's all that matters.  Of course millions of pissed off people seeing their retirements go up in smoke is a bit of a concern also.  I know.......let's go blow shit up.

Sun, 05/05/2013 - 20:31 | 3533079 cdskiller
cdskiller's picture

I want to hear Ron Paul bravely say the truth: that JP Morgan Chase needs to be prosecuted out of business and that Jamie Dimon should be in jail for the rest of his life; that no bank should have been bailed out; that Goldman Sachs should have been forced to eat their credit default swaps contracts; that credit default swaps should be illegal, or at the very least regulated as insurance products; that the entire mortgage backed securities and CDO food chain is organically and systemically fraudulent by design and can't be fixed, as a result; that Geithner is a crook.

I could go on. Paul is right about the Fed, but when he is a coward about this other stuff, his position seems political.

Sun, 05/05/2013 - 21:40 | 3533212 Savyindallas
Savyindallas's picture

Agree  -Ron Paul needs to speak the truth  -he knows the truth. He occasionally alludes to it. He is better than almost all high profile figures, but he needs to do more-especially now that he is out of Congress. Even Ernest Hollings finally began speaking the truth -AFTER he retired from the Senate. Better late than never - let's start with 911. Ron Paul knows this was an inisde job. He needs to say ilike Paul Craig Roberts. He needs to be a leader -to hell with Rand  -Rand may be selling out  -not sure, I believe he is not -we'll see.

Mon, 05/06/2013 - 05:12 | 3533592 MiltonFriedmans...
MiltonFriedmansNightmare's picture

Ron Paul doesn't want to be Traficant; can you blame him?

Sun, 05/05/2013 - 22:04 | 3533266 samsara
samsara's picture

I disagree,  We shouldn't need one lone martyr speaking the truth.  The reason or purpose of Ron Paul is to try to get 100 million speaking the truth about it.  

Not one single person who might have a problem in a single-engined/inahottub/havingaheartattack/whilecommitingsuicide sometime in their near future(or of a close loved one or family member).

We need 100 million people understanding it,  living it, and voting it, and prosecuting it.

Sure put it one guy's shoulders. and say "He Failed"

Sure

Mon, 05/06/2013 - 01:28 | 3533489 ronaldawg
ronaldawg's picture

Or he wasn't persuasive enough to convince his fellow representatives.

That is a sign of no leadership skills. 

And you wanted Ron Paul for President? 

Again - he played along to get along - he didn't make waves (at least big ones).  I didn't see him on the Sunday news shows. 

WHY?  Because they would marginalize him?  If his ideas were so good (like the article above) why not shout it out every time you had a chance? 

Mon, 05/06/2013 - 05:02 | 3533589 theprofromdover
theprofromdover's picture

I think Ronaldawg would have voted for Ron Paul if they had lip-synced Charlton Heston's voice onto his words.

He's really just pissed off at RP's presentational skills.

 

 

 

(He isn't the only one)

Mon, 05/06/2013 - 05:24 | 3533598 Bearwagon
Bearwagon's picture

I don't share Ronaldawgs views, but I have to admit, that Ron Paul could at least have hired a few professional spin-doctors to take care of said representational skills. It's not that he couldn't afford them ...

Mon, 05/06/2013 - 05:15 | 3533594 MiltonFriedmans...
MiltonFriedmansNightmare's picture

Hey Ron, have you looked into the Traficant case?  One man can't change the world, he can only raise awarness.  Ron went about as far as he could without getting Traficanted. He made a wise choice. There are lines you can't cross until you have the numbers on your side.  Pretty simple, really.

Sun, 05/05/2013 - 20:42 | 3533096 Son of Loki
Son of Loki's picture

Ben needs to double the monthly purchases---maybe triple it...we are spiraling down into the Abysss.....the Aliens won't like this when they land here and see all this unemployment, food stamps, Section 8 housing, obesity, laziness and EBT cards.....they are watching us right now....

 

http://2.bp.blogspot.com/-MmRN4or26HQ/T6tdDDJQdhI/AAAAAAAAAJw/m1xnuUhBfR...

Sun, 05/05/2013 - 20:43 | 3533098 IridiumRebel
IridiumRebel's picture

Don Ho needs to do a reprise called, "HUGE ASS BUBBLES".

Sun, 05/05/2013 - 20:47 | 3533105 besnook
besnook's picture

it is unfortunate for the usa that history books may not even note that the usa had a chance to avoid the calamity but the staus quo squashed the opportunity as it would a roach.

Sun, 05/05/2013 - 20:48 | 3533112 StarTedStackin'
StarTedStackin''s picture

File this under No Shit Sherlock!

 

 

BTW,

 

 

Ron Paul has been unapolagetically correct about the financial state of America for quite some time!

Mon, 05/06/2013 - 04:13 | 3533564 JB
JB's picture

... And he unapologetically retired with many, many millions of dollars that his blind, unwitting followers donated to his half-assed run for the White House.

TWICE.

 

he's a 33rd degree. Does anything more need to be said? 

Ron Paul IS ONE OF THEM.  Anyone who thinks otherwise is fooling themselves.

Sun, 05/05/2013 - 20:54 | 3533117 fuckitall
fuckitall's picture

Nothing less than 100 million man revolution would work now.  Ok, 50 million.  Ok, 20 million, but no less.   Of course 20 million would never happen, not even 1 million.  You'd be lucky to get 10,000, and that's a suicide mission.  Face it, govt is just too big now, and getting bigger all the time.  "The time" was a hundred years ago when Fed was created.  But most people were sheep back then like they are now.  I believe civil war was the last "citizen revolt" America will ever see.

Sun, 05/05/2013 - 20:56 | 3533129 rsnoble
rsnoble's picture

I don't see a revolution but def a huge fkn mess coming our way, tons of riots, eventual shootings etc.  Not gona be a good place to be, not good for the gov't either as they are trying to blow up the rest of the world and take it over when they can't even get shit taken care of at home.  It's all going to go up in smoke.

Sun, 05/05/2013 - 21:47 | 3533224 sosoome
sosoome's picture

"...not good for the gov't either..."

I must disagree. It is very good for the government we have today. They will welcome the opportunity to subjugate us all with the barrel of a gun; for our own safety, of course, but it will usher in the final nail in the coffin of the 4th Amendment.

Sun, 05/05/2013 - 20:58 | 3533134 StarTedStackin'
StarTedStackin''s picture

wrong,

 

If every Constitution loving American would just exterminate 10 of the ticks and leeches in their area, America would be just fine......

 

 

Or you could just sit around and wait until big sis and The Obowel Movement's private army, as big as the regular army, comes looking for you.

Sun, 05/05/2013 - 21:03 | 3533145 fuckitall
fuckitall's picture

I look at reality, not fantasies beginning with "If".  And when I see "should", I stop reading right there, it's another fantasy.

Sun, 05/05/2013 - 22:50 | 3533356 Manipuflation
Manipuflation's picture

"Don't lose faith though because we are all still here.  I do not need 100 million men to kick the living snot out of TPTB.  I would take about 20 ZHers and their keyboards and lay waste to all who oppose us." 

 

I kid you not.

Sun, 05/05/2013 - 21:17 | 3533168 Manipuflation
Manipuflation's picture

As much as I hate to say it, you might be temporarily correct.  Don't lose faith though because we are all still here.  I do not need 100 million men to kick the living snot out of TPTB.  I would take about 20 ZHers and their keyboards and lay waste to all who oppose us.

Mon, 05/06/2013 - 10:19 | 3533881 BidnessMan
BidnessMan's picture

I found it fascinating to watch the huge amount of resources expended to find the two guys who did the two bombs at the Boston Marathon.  Took hundreds / thousands of cops, helicopters, FBI, FEMA, DHS, and who knows how many other support personnel three days to find the two guys - after their pictures were broadcast on every TV set in America.  Who if they had any sense at all would have had a pre-planned escape route, would not have had to hijack a vehicle, etc. etc.  Could have been in Canada in 6 hours, or on a plane to Jihadland that afternoon.  They were rank amateurs with a death wish.  Not that I am wishing for it, but 100 smarter guys spread across the US doing something similar every day or two for 100 days would throw the entire system into total chaos. 

Timothy McVeigh was captured 90 minutes after the Oklahoma City bombing only because he was driving a car without a license plate. He then sat in the Perry Police Jail for three days for having an illegal weapon before the Feds figured out they already had their man.  It took huge amounts of resources to find a dumbass that they already had locked up.  A guy who did not want to be captured would not be driving around in a car with no license plate.

So the authorities better hope that only stupid guys continue to do these acts.  It would not take very many non-stupid guys to overwhelm the Police, FBI, DHS, etc. 

 

Sun, 05/05/2013 - 20:59 | 3533139 Clowns on Acid
Clowns on Acid's picture

"Sound money is the bedrock for prosperity and the best check on big government and crony capitalism."

This is where it all begins.... and where we have left since the Great Society. Its really very simple morally.

But simple has been replaced by the Khardasians. Pull yourself towards yourself.

Sun, 05/05/2013 - 21:16 | 3533166 sitenine
sitenine's picture

Whatever you do, don't turn that fan on. Can you imagine the mess a pile of shit covered cards is going to make? Unfortunately, the proverbial fan probably has a 100 or so 'on' switches scattered around the World. Central Banks are trying to mop it up with more fiat, but I get the feeling that we're going to need a much much bigger mop.

Sun, 05/05/2013 - 21:22 | 3533174 WmMcK
WmMcK's picture

... And a sinister midget, with a bucket and a mop,
where the blood goes down the drain.

And it stinks so bad, the stones been chokin',
and weepin' greenish drops.
In the room where the giant fire puffer works,
and the torture never stops.

-- F. Zappa

Mon, 05/06/2013 - 07:43 | 3533685 whoopsing
whoopsing's picture

   +1 for the Zappa reference !

Sun, 05/05/2013 - 21:18 | 3533171 ak_khanna
ak_khanna's picture

Can't people like Ron Paul be put in prison for being a risk to the society or something?? 

How dare such a high ranking person speak plain and honest truth..... 

The first thing that you are supposed to do when you join the government at any level is take out everything like honesty and integrity from within your and stuff yourself with contributions from powerful individuals and institutions so that you think, speak and act only what is told to you by them.

The U.S. government (this is applicable to governments almost everywhere) is a morally corrupt government willing to sell their own family for money. The arms and ammunition industry and the banking cartel own the politicians in power. They use their money power to get only those politicians elected who work solely for their profit motives. The rest of the world population be damned. The only activity they do is pacify the majority of the population using false statistics and promises of a better future so that they do not lynch them and their masters while they are robbing the taxpayers.

http://www.marketoracle.co.uk/Article40231.html

Sun, 05/05/2013 - 21:38 | 3533205 WmMcK
WmMcK's picture

"Our repeated Petitions have been answered only by repeated injury.

A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people."

-- Declaration of Independence

I think it's time for the tree of liberty to be watered again.

Sun, 05/05/2013 - 21:23 | 3533176 Grin Bagel
Grin Bagel's picture

WORD

Sun, 05/05/2013 - 21:34 | 3533197 Room 101
Room 101's picture

To quote the article: "Sound money is the bedrock for prosperity and the best check on big government and crony capitalism."

Problem is big government and crony capitalism is what is wanted.  Thus sound money is not in our future. 

Sun, 05/05/2013 - 21:34 | 3533199 boeing747
boeing747's picture

Mr. Paul please bring your own Microphone technician when interviewed by CNN next time.

Sun, 05/05/2013 - 21:48 | 3533226 harleyjohn45
harleyjohn45's picture

The USA has no problems.  We are going to give 11 million illegals citizenship, plus we have 25 million more waiting to slip across the border.  Thats 36 million democrat voters whose production will boost the economy.  I see nothing but sunshine.

Mon, 05/06/2013 - 03:57 | 3533552 August
August's picture

We are going to give 11 million illegals citizenship....

 

The value of US citizenship is now a negative number.  Believe it.

Mon, 05/06/2013 - 09:59 | 3534019 RKDS
RKDS's picture

The exalted job cremators who've scoured every corner of their own asses in search of Americans to do those jobs will be pleased at least.

Sun, 05/05/2013 - 21:45 | 3533220 W T F II
W T F II's picture

Ron Paul Is Boring

Rand Paul Is A Douche

Les Paul Is Awesome

Sun, 05/05/2013 - 23:34 | 3533401 Pareto
Pareto's picture

and WTF II is a Retard

Mon, 05/06/2013 - 00:45 | 3533457 IridiumRebel
IridiumRebel's picture

One out of three ain't bad.

Mon, 05/06/2013 - 02:18 | 3533518 CaptainSpaulding
Mon, 05/06/2013 - 02:27 | 3533523 bunnyswanson
bunnyswanson's picture

http://www.youtube.com/watch?feature=player_embedded&v=plIaMABtmKA#!

See a light at the end of the tunnel? 

Sun, 05/05/2013 - 21:54 | 3533243 samsara
samsara's picture

Again, 

The Best President America Never Had.

Mon, 05/06/2013 - 00:16 | 3533297 epwpixieq-1
epwpixieq-1's picture

"We are certainly not in a recovery."

 

But according some propagandist media,  we are recovering, and here is the response:

Recovery, Recovery you say.

Master Bernanke, not a recovery. The shroud  of the free money has fallen.

Begun the currency wars have.

Sun, 05/05/2013 - 22:28 | 3533315 andrewp111
andrewp111's picture

When all you have is a hammer, everything looks like a nail. When all you can do is to buy Treasury and Agency debt, and interest rates are at the Zero Limit Bound, your only tool  is QE. And QE is like a Heroin addiction - you keep on needing greater doses to achieve the same effect. It is like this because it is stimulative short term and deflationary long term. So Bernanke retires in January, and dumps the greatest bubble ever on his successor.

Sun, 05/05/2013 - 22:29 | 3533320 nicoacademia
nicoacademia's picture

the thing is can the american people take the pain.

then they would've just let IMF-style the banks default.

Sun, 05/05/2013 - 23:41 | 3533407 scraping_by
scraping_by's picture

If you're talking about the pain of busting up the TBTF banks, busting up the night and fog derivatives markets, and busting the fucktard management for every financial felony in the book, the American people wouldn't have to take the pain. A small group of wealthy investors would take the pain. The rest of us would make other arragements, perhaps nationalized remnants of the TBTFs or credit unions, and get on with life.

Or is it the kleptocrats' pain you're mentioning. To quote David Bowie, 'This is not America.'

Sun, 05/05/2013 - 22:35 | 3533332 helping_friendl...
helping_friendly_book's picture

Just take the blue pill Ron or arrange a siege of jACKSON hOLE NEXT MEETING.

Sun, 05/05/2013 - 23:31 | 3533399 ak_khanna
ak_khanna's picture

Illusion of Democracy today.

People sponsored by the rich, make false promises to the masses to get elected. Distribute national wealth amongst themselves and their sponsors (Industrialists) and when that is not enough borrow money from rest of the world and continue the distribution process. The borrowed money has to be paid back by taxing the masses keeping in mind that tax rules are made such that the politicians and their sponsors pay minimum or no taxes.

End of political tenure, rinse and repeat till the whole system breaks down and the world wealth is cornered by a miniscule of the population.

http://www.marketoracle.co.uk/Article35345.html

Mon, 05/06/2013 - 15:24 | 3535086 MagicMoney
MagicMoney's picture

hey buddy, democracy is a system of cronyism, and theft. You think "real" democracy is poor people, and less income people voting to steal money from people with more income, or the rich? Democracy is a mob rule. Society would collapse. Democracy as a tool to prevent cronyism, and corruption is a total myth. Try using logic sometimes.

Sun, 05/05/2013 - 23:40 | 3533406 Debugas
Debugas's picture

market place works great in africa - invisible free market hand is forcing children to starve to death

Sun, 05/05/2013 - 23:51 | 3533419 Pareto
Pareto's picture

Not a fair comparison.  Property rights are not defined in Africa and this is a hallmark of capitalism.  Actually, its not entirely true.  20 years ago the elephant population was being lost to the ivory trade.  In an effort to curb the diminishing count, government allowed private ownership of the elephant by local populations.  Within 5 years the elephant population was nearly recovered.  In addition, the Ivory trade continued to flourish, but, only as a result of stewardship over the animal, which could never occur under socialized ownership.  That was the problem.  Since nobody owned the elephant, there was no incentive for anybody to steward or apply basic herd management to the elpehant.  Hence poachers had a field day demonstrating yet again that when everybody owns ebverything, nobody owns fuck all.  Don't blame the "market", rather blame government that gets in the way of it.

Mon, 05/06/2013 - 00:27 | 3533451 scraping_by
scraping_by's picture

Actually, in Africa they do have ownership, but it's held in the tribe, the clan, or the village. The property rights are traditional rather than written. The famines are sometimes natural events, most often it's european immigrants and mulitnationals creating plantations. The people are surplus and get shuffled into the cities. But there's a market for winter vegetables in Europe, so the traditions that uphold tribal property rights have no reality.

The end of the slaughter of elephants was the banning of the international trade in ivory. By governments, not business. The free market solution to extinction is to find some other resource. Until it's completely gone, it's taken without regard to long term needs, much less any noneconomic value. An antimarket solution. And the locals were hired to act as game wardens. If they 'owned' them they'd be slaughtered for meat in the urban game markets in that protein-poor part of the world.

Don't romanticize amoral economic activity. Most worthwhile things can't be measured in money, and measuring things in money is a poor social organizing principle.

http://en.wikipedia.org/wiki/Ivory_trade

Mon, 05/06/2013 - 00:53 | 3533463 Pareto
Pareto's picture

Nothing of what you said is correct, for if you understood property rights, you would also understand they are not mutable or preivelaged distributions by government.  They are inalienable.  And banning the ivory trade is what acclerated the demise of the elephant since the cost of ivory sky rocketed - demonstrating yet again how preferences and action define an economy, not government.  Just because the government outlawed it, doesn't mean at all that they were successful.  Finally, I stop arguing, when someone writes this: Most worthwhile things can't be measured in money, and measuring things in money is a poor social organizing principle.

Mon, 05/06/2013 - 00:03 | 3533431 scraping_by
scraping_by's picture

Sorry, Ron. Your Randist Romantics just won't fly.

Sound money, smoke and mirrors money, doesn't make a difference. When the government won't govern, that is, when they won't regulate, the bottom falls out and the kleptocrats flourish. When the free market is defined as every man for himself, it's hypocracy to act surprised when there are a few bad actors who use fraud instead of honest exchange. With no one to enforce honesty, honesty is a fatal disadvantage.

The mythology of entrepreneurs is thinning out. The destruction of the real economy was entrepreneurs sending manufacturing and professional jobs overseas. Government got out of the way, and business started grinding down the 99%. No new Edison or Ford or Wozniak is going to originate the next new industry. The R&D money's going to be distributed as bonuses and dividends.

Paul's ideas are either brilliant, obvious, or batshit crazy.

In the real world, as every bit of protection goes away, the damage increases. Just exactly the opposite of the Far Right Alternate Universe.

Mon, 05/06/2013 - 15:19 | 3535065 MagicMoney
MagicMoney's picture

Nobody trades with fraudsters. It's called freedom of association. Freedom is not something you are care about doesn't it? Also government creates the incentive to go overseas. Nobody is a true altruist. Everybody works so they can trade. Socialist romanticism is by far the most laughable thing ever. Heh. Go live in a christian communist commune hermit yourself from the free society. Heh.

Mon, 05/06/2013 - 00:25 | 3533449 RiverRoad
RiverRoad's picture

"Where is all this money going?"  Why, into tax havens, wherever, of course.  That's why the sheeple ain't seein' none of it.

Mon, 05/06/2013 - 01:34 | 3533492 sethstorm
sethstorm's picture

Now what would prevent those small and indefensible countries from just being taken over by surprise?  Shock and awe would work well when those places can't transfer fast enough.

 

Mon, 05/06/2013 - 06:17 | 3533627 bunnyswanson
bunnyswanson's picture

Buying US debt. 

Mon, 05/06/2013 - 00:45 | 3533458 ILoveDebt
ILoveDebt's picture

Just think of the Fed as a giant black hole and you will feel better.  Lots of bad assets get sucked in, and nothing or worth comes out. 

It may be a house of cards, but who's going to knock it down?  The world needs a giant debt jubilee, but that won't happen.  So what's the next best thing?  To erase all the bad debt of those holding massive amounts of it.  Hence the Fed's actions.  The massive amounts of derivates and CDS's that exist obviously can only be called on against the assets of the counterparty.  The Fed's actions guarantee enough liquidity (or will guarantee if the amount needs to increase) to insure that no major entity will hold so many illiquid bad assets that they can't almost immediately trade them to the FED for USD. 

Only a power grab by an entity with enough liabilities to bring down the entire financial system could counteract what the various central banks are doing now.  Considering all those players are exposed to so many overvalued positions that they must stay complicit in the deceit almost guarantees that this power play by central banks will at least allow stagflation as long as the people allow it. 

And there in lies the only real rub.  The various corporations could suck it up, and pay their employees more, and make the shareholders suffer for a while as we slowly grow out of this mess, but they wont - their charter is not to their employees.  The shareholders could willingly take a hit, but they won't - that's not why they put money in large corps.  Everyone's interests are ultimately self-aligned.  There will be minimal inflation as long as the FED continues to absorb assets into their blackhole, but that doesn't mean their multitude of dollars is completely devoid of any opportunity cost.  To maintain the status quo for those that "matter", real wages must be suppressed relative to the amount of dollars that do contribute to the real economy.  There is no realized value in the assets the FED takes, thus their USD swap must be realized in some dilution of the USD for those that choose to trade it for real assets.

As long as the US government continues to support those with suppressed real wages with relatively equivalent support in available services, there will be no uprising here.  I'm afraid the end result of this world complicity is yet another world war.

As Europe is already experiencing, there is a price to pay when you can't artificially swallow assets with negative P/B.  You can move them around a bunch and jawbone that you will do exactly what the FED can do, but the reality is that someone in Europe will evetually ask for their money back and it won't be there.  There is no other alternative besides a fiscal and political union of the entire continent.  I see war as much more likely.  As with all large scale wars, all the current world powers will be sucked in by neccesity.  The US becomes a liability for one side, or a benefactor for another.  As does China and Russia and Japan, who may already be on their way to their own Pacific front with China. 

This is not all as imminent as this site makes it seem.  the population of the world is more complacent than it was 70 years ago.  We have many vents for our frustration that temper the drums of war.  But nothing tempers hunger and thirst, warmth and shelter - the very needs of the people who in a decade or less won't have them in many countries.  You will continue to see food stamps and equivalents programs continue to expand as long as they can in every first world contry that suffers on this planet until the day comes when the people who are paying let greed for their wealth overtake their disregard for the safety it provided. 

 

The we're all fucked. 

Mon, 05/06/2013 - 00:45 | 3533459 Brixton Guns
Brixton Guns's picture

Im sorry all you pAUl tards.  Ronnie is überdouchebag.  Controlled opposition, pressure release valve to give us the false sense of security that we have any representation at all in Congress.  Its all a charade.  This dirtbag is a blood-oath-sworn Rosicrucian. END OF STORY.

Mon, 05/06/2013 - 01:35 | 3533496 ronaldawg
ronaldawg's picture

Yep Brixton +1000

Ron is court jester and all these fools fell for it - with their campaign contributions to his phoney campaign.  A distraction.  He said enough to get attention and support.

If he really meant what he wrote, he would have went third party and exposed the whole ponzi.

He didn't to save his boy Rand.  The Ron bots will fall in line for Rand in 2016.  Count on it.

(If there still is an economy by then)....

Mon, 05/06/2013 - 04:05 | 3533557 The Abstraction...
The Abstraction of Justice's picture

Being English, I am not in the know, so veer towards the benefit of the doubt, but it is certainly true of Nigel Farage, who dines out with the Mossad agent Murdoch.

Mon, 05/06/2013 - 00:58 | 3533467 devo
devo's picture

Give up, grandpa. Word on the street is nobody wants to haul around sacks of silver.

Mon, 05/06/2013 - 03:56 | 3533551 ebworthen
ebworthen's picture

Except me, and many others.

Taking the red pill?  I expected better.

Mon, 05/06/2013 - 04:04 | 3533556 The Abstraction...
The Abstraction of Justice's picture

And -100 for the stupid hat.

Mon, 05/06/2013 - 00:59 | 3533468 knowshitsurelock
knowshitsurelock's picture

I'm sure this has been said before, but it bears repeating...

Fuck Bernanke

Mon, 05/06/2013 - 03:26 | 3533535 The Heart
The Heart's picture

"In the meantime, real families are suffering."

And sadly, it is ONLY going to get worse. Change? Hummmm. 

Here for the morning crew is Sunday's Dave Hodges show that Lindsey Williams was interviewed for two hours on in the latter part of his three hour weekly broadcast. Feel free to share this around to help you, and others prepare.

Hr 2:

http://216.240.133.177/archives32/Hodges/2013/05/Hodges_2_050513_220000.mp3

Hr 3:

http://216.240.133.177/archives32/Hodges/2013/05/Hodges_3_050513_230000.mp3

Mon, 05/06/2013 - 03:50 | 3533549 lolmao500
lolmao500's picture

Channel 10: #Syria's Assad reportedly conveys message to #Israel via Russia that any further strikes will draw immediate war.

Mon, 05/06/2013 - 04:55 | 3533582 Sandmann
Sandmann's picture

Like Austria in 1914 with Germany, Israel will simply draw on its blank cheque with the United States

Mon, 05/06/2013 - 03:55 | 3533550 ebworthen
ebworthen's picture

Nice to hear Ron Paul speak the TRUTH YET AGAIN.

To all you Ron Paul haters, tell me what you have done more than him or fuck off.

The man speaks truth in an age of lies, spoke it, and voted it, all his time in the Circus trying to change it.

Mon, 05/06/2013 - 04:53 | 3533581 Sandmann
Sandmann's picture

Soviet Communism lasted 73 years because the US/UK stopped it ending after 24 years and saved it.  The Hitler regime lasted 12 years until the US/UK ended it.

The Welfare for Wall Street Program and City Subsidy Scheme in US/UK has let the latest phase of the 25 year Super Credit Cycle continue to grind down the societies because they failed to stop the mess in 1982 with Penn Square; 1998 with LTCM; 2000 with Dot.com Bubble; and simply ramped up the housing market to boost Bank Balance Sheets until that Boom busted in 2005-2006 and then TARP came to the rescue.

So it looks as if The West is on the 73 year Communism Cycle rather than the 12 Year Hitler Cycle

Mon, 05/06/2013 - 05:00 | 3533588 Bearwagon
Bearwagon's picture

Seventy-three years? Wouldn't that approximate a Kondratiev wave "Grand supercycle" quite well?

Mon, 05/06/2013 - 07:07 | 3533658 Cloud9.5
Cloud9.5's picture

Here in the U.S. it started in 1932.

Mon, 05/06/2013 - 08:44 | 3533778 BidnessMan
BidnessMan's picture

And a Fourth Turning.

Mon, 05/06/2013 - 05:09 | 3533585 falak pema
falak pema's picture

This is NOT a house of cards. This is a road to hell deemed necessary in THE NEW GLOBAL RESET. 

What we are seeing today is the great global reset. The financial argument of money printing is but the MEANS of achieving this global reset.The power construct and  OBJECTIVE started under the aegis of Reaganomics and Thatcherism; aka NWO neo-feudalism power to attain a new world elitist architecture; named after them as the new catholic kings of the universal empire. Seen as harbinger of an elitist world which will banish all bottom up anarchial effervescence in society, cause of nation state wars and subsequent welfare state constructs which are the very essence of the democratic road to serfdom imposed by fools on to the intelligent few.

Western civilization to these people is standing on its head since the French Revolution and Enlightment meme and now needs to be set right again. Voila ! The new world objective after Bolshevick, Hitlerian and Maoist convolutions, all in the name of national socialism, is that we need world resolution in elitist, aristocratic, capitalist oligarchy. The NEW OLympians, the over achievers of the technology age and pathfinders of new frontiers.

The real problem today as perceived by the <Oligarchy is the transition from the old legal status of Nation States to World Oligarchy supranational western led empire structures, a united nations blueprint, like new world territory of a new Charles V; son of catholic kings of yesteryear, like Potus is today of Reagan. History is now repeating, as humanity ALWAYS follows historical patterns in trial and error mode to achieve new hiatus and socio-economic equilibrium. 

In this transient phase of world order architecture morphing from old nation state shells to a new integrated world oligarchy, we will now see the battle between statist Oligarchs; those who haven't "got it"; like the king of France or the Popes of Rome facing Habsburgian grand design; and the new multinational, oligarchy market fed/controlled capitalistic kings of global integration who ride their Caymanista chariots of fire, tax exempt, into the battle of big data modeled and MIC laserised supremacy, like the ancient conquistadors pathfinding into Aztec and Inca gold. 

Ron Paul is an old druid, relic of the past who "has not got it" as seen from the Olympian hill of Congressional DC. 

More fool him, goes the oligarchy song sung in hubristic, fiat crazy Wall Street; now into epic money printing like Cortes and Pizarro to save their world combine.

Play on into the bonfire of vanities Oligarchy brave new world and... more Sisyphus us! . 

Mon, 05/06/2013 - 04:59 | 3533586 Inthemix96
Inthemix96's picture

Its a bank holiday here today folks and I am nursing a nice hangover with a pounding head.

Regarding Mr Paul, I was on the drink yesterday and was in a group of around thirty people all of whom I know and all of whom I care about.  Forget the sheeple at this point, some folk are wide awake, some folk know somethings not right and some folk dont or wont care as the pain and solutions are far to serious that they dont know what to do, or know how to stop the shit that is happening to us on a daily basis.

Know this though, I was sitting there having a beer when I was overcome by a sense of melancholy, and looking around the folk I was with including my two brothers I was suprised at just how good people really are.  There was a camaradary amoungst us, a sense of will and determination and group of ordinary good folk who know the score, cant do fuck all about it but will eventually be there for one an other.

We will get through these trying times my friends, we are human, we aint nothing like the bastards who brought us down this rocky road, and if my friends and family are anything to go by we will see these hard times through.  I know we go along to get along but have faith in your fellow man, I have never enjoyed myself as much as I did yesterday in a long time, worrying about this shit makes you nervous but these people put me at ease, they made me realise we can do this, and we will.

Rest assured folks, the good folks out there far outnumber the fucking swines who brought us here, so my message is this, chin up bitchez, we aint done yet and we will prevail.  We will live to fight another day boys and girls, as we are better and stronger than those who would bring us down.

Mon, 05/06/2013 - 05:04 | 3533590 Bearwagon
Bearwagon's picture

I'm delighted to read such an encouraging comment, just two hours into monday open. Thanks for it, and I agree completely. As for your hangover ... try to counter it with another beer.  ;-)

Mon, 05/06/2013 - 05:15 | 3533595 Inthemix96
Inthemix96's picture

Cheers bear,

And yes indeed, I am having a nice cold can of scrumpy jack cider, medicinal of course to help the head.

Dont let the constant bad grinding news get you down mate.  we will pull through this, we always do.

Mon, 05/06/2013 - 05:25 | 3533597 falak pema
falak pema's picture

yesterday was a special day spent in the sun eating bouillabaisse and drinking some bubbly; I say cheers and keep that beer flowing, as rocky roads and muddy byways are all part of the scenery leading to a sandy beach somewhere...cheers! 

Mon, 05/06/2013 - 06:20 | 3533630 Inthemix96
Inthemix96's picture

Morning falak and cheers back at you.

We have to get past that sense of hopelessness, we aint, yesterday was the first time for quite a while I found out that we will go down fighting, the group of folk I was on the piss with were staunch and know the score, we all find out in our own way how far gone the economy and governments are.  I never realised that people can sort this out in their own way and come to terms with whats going on around them.  All in their own unique way, we all do things differently and seeing others sounding off and sorting it out in their own ways gave me a wry smile, the fuckers must read ZH, the population is awakening falak.

If nothing else comes close these folk give me one thing, and yesterday it hit me square in the face, they give me hope, they once again after waking up to whats around us and whats going on they put my trust firmly back where it so rightfully belongs.

With us mate, we really are better than this.

Best to you and yours friend, take care and take it easy, what will be will be mate, we cant do fuck all about that.

Mon, 05/06/2013 - 05:37 | 3533604 bunnyswanson
bunnyswanson's picture

http://www.worldpublicunion.org/

I just came upon this.  It may be worth checking out. 

http://www.youtube.com/watch?feature=player_embedded&v=plIaMABtmKA#!

This documentary "Domino Effect" explains what it is about at the end of the clip. 

Mon, 05/06/2013 - 05:41 | 3533606 Bearwagon
Bearwagon's picture

"I have a dream ..."  As interesting as it always has been!

Mon, 05/06/2013 - 05:42 | 3533607 lolmao500
lolmao500's picture

Moscow concerned about the raids on Syria

Meanwhile, Syrian official tells the New York Times strike hit elite Republican Guard units; local doctor reports at least 100 soldiers killed.

Airspace over northern Israel reopened to civilian flights. Army official reassures that there are no "winds of war" on northern front.

According to the report, Assad notified Washington via Moscow that orders had been given to allow deployed ground-to-ground and ground-to-air missile batteries to be used against Israel without advance notice in the event of another attack.

Mon, 05/06/2013 - 06:02 | 3533621 MiltonFriedmans...
MiltonFriedmansNightmare's picture

You've gotta creep on sheeple sites occaisionally.  Taken from a Yahoo Finance poll:

POLL

The latest government jobs report put unemployment at 7.5%. Do you believe the jobs picture is improving for good?

Yes, very much (19429)
  15%
Somewhat, but I'm not fully convinced (48168)
  36%
Not at all (66045)
  49% A
Are they awakening?

 

 

Mon, 05/06/2013 - 07:29 | 3533672 bunnyswanson
bunnyswanson's picture

Desperately broke tends to make one pay closer attention.  hard to relax when one is in a state of anxiety pretty much all of the time.

http://www.youtube.com/watch?v=gD6KGaQIW04 

A tune called the Little Green Bag (Reservoir Dogs, George Baker)

Real of US Government (9 min or so)

There is a video that has a powerful message.  Reality of the situation as they see it.

http://www.youtube.com/watch?feature=player_embedded&v=SuUa361URlU

Mon, 05/06/2013 - 06:34 | 3533644 JMT
JMT's picture

 In the meantime, real families are suffering. We are certainly not in a recovery.

really?? don't really see that anywhere here in the Boston area (or actually anywhere in eastern MA where there is new construction everywhere, stores are packed on weekends, rents are soaring everywhere and when the number one concern of many employers is finding qualified applicants).

Real families are suffering? how, hard to be convinced when everyone is somehow able to afford an Iphone, designer clothing with the latest trendy labels, usually a late model beemer or acura) again this bleeding heart crap apologist 'reporting' is complete and utter bullshit

Mon, 05/06/2013 - 06:49 | 3533648 22winmag
22winmag's picture

Greater Boston is the very definition of "little islands of wealth in a large sea of depression".

 

If the bomb-making companies (aka defense contractors) and poison-pill-making companies (aka pharmaceutical companies) moved out of greater Boston, the area would look like Detroit within a week.

Mon, 05/06/2013 - 10:02 | 3534036 TheMeatTrapper
TheMeatTrapper's picture

Greater Boston is the very definition of "little islands of wealth in a large sea of depression".

We have the same effect here. There are places in Alabama where people live in virtual castles and drive Bentleys to their law office. 45 minutes down the road, people are living in trailers with holes in the floor. 

Mon, 05/06/2013 - 08:12 | 3533716 Vooter
Vooter's picture

That's because you're looking at Lexington, Newton and Wellesley, rather than at Everett, Billerica and Brockton (and a whole lot of other towns). You definitely need to get out more...

Mon, 05/06/2013 - 06:57 | 3533650 luckylongshot
luckylongshot's picture

The problem I have with Ron Paul is his view that money should be created by a variety of market players rather than by the current Rothschild controlled monopoly or by the government on behalf of the people. Using an analogy we currently have a dog being killed by one big parasite. In this context Ron Pauls solution is to increase the number of parasites and make them compete against each other. What I don't get is how that fixes the problem as it means the dog still has parasites. Public banking as a solution seems better as it means the parasite dies.

Mon, 05/06/2013 - 09:52 | 3533992 captcorona
captcorona's picture

The idea that a "public/government" monopoly, over interest rates and money creation, would some how be less abusive than the current Un-Federal Reserve System, is laughable upon it's face. Monopoly's are abusive by their very nature and the Government is currently the biggest client and motivator of the current money monopoly. A competitive Banking system, where the market set interest rates through competition, is the only way that the "price discovery mechanism" of the free market can function. Thus, greatly reducing bubble formations and mal-investments. Banking can provide a much needed asset/service to society and the economy as a whole. So I am a bit befuddled by your parasite analogy when it comes to "Free Banking" or free market driven competitive banking. Honest interest rates would emerge based upon the preferences of millions of lenders (aka depositors), capital formations would be created from successful labor and investments. Credit would be created at a fair lending value. Savers would be rewarded and over leveraged banks would go out of business. Another effect would be, that cheap money would NOT be available to the Government, thus forcing some restraint upon it. There is no better or stronger regulator than that of the free market, which is based upon competition, for a services that are perceived to have value. Breaking up the Banking Monopoly and allowing competition, is the only possible cure to the US peoples financial dilemma. Just my 0.02 cents.

Mon, 05/06/2013 - 10:26 | 3534103 luckylongshot
luckylongshot's picture

Thanks for your comments, they helped me understand the discourse that the Ron Paul lobby promotes. While I agree this discourse is a better one that what we have now the issue I have is that in society today the ultimate power is the power to create money. Leaving this in private hands has resulted according to Vitali Glattfelder and Battiston (2011) in a single banker led entity amassing 80% of the world's wealth. As it is clear this is the reason why there is a financial crisis today, the issue of why private bankers should continue to be given power over governments, when history shows they abuse this power, remains a valid one. Your argument against monopolies is a good one but given the situation where one organisation now owns 80% of everything it is hard to see how competition can be anything more than a slogan. Furthermore when the people own the right to create money it is not truly a monopoly as everyone owns it.

Mon, 05/06/2013 - 10:29 | 3534120 Bearwagon
Bearwagon's picture

It should be considered, that the creation of money is not exactly the same thing than it's distribution. So, these two may need to be adressed separately ...

Mon, 05/06/2013 - 14:59 | 3534969 captcorona
captcorona's picture

Competition..If given the legal option (absent legal tender mandate) to accept gold and silver bullion for your services vs paper Federal Reserve Notes (backed by nothing), where the Courts would respect and enforce the terms of the contract, regardless of the medium of exchange you chose..what whould be your choice? With out a doubt, I would choose Siver, then Gold, then anything else that was a good tangible store of wealth long before I accepted the Federal Reserve Notes backed by nothing. I am certainly not alone. Millions of people would make the same choice. This simple exercise of choice would send the Federal Reserve Notes into the Dust Bin of History to join the GreenBack and Continental. During the Industrial Revolution, there were more than 6000 different notes in circulation from San Francisco to New York. It's was the fastest and largest expansion of wealth from poverty to the middle class in human history. There was individual choice..We should try that again, IMHO.

Mon, 05/06/2013 - 21:17 | 3536244 bunnyswanson
Mon, 05/06/2013 - 07:49 | 3533691 lickspitler
lickspitler's picture

GET MORE INSULAR , SEPTIC BITCHEZ. SELL USD

Mon, 05/06/2013 - 07:49 | 3533692 lickspitler
lickspitler's picture

GET MORE INSULAR , SEPTIC BITCHEZ. SELL USD

Mon, 05/06/2013 - 12:30 | 3534430 Shizzmoney
Shizzmoney's picture

http://gawker.com/unemployment-stories-vol-33-we-will-not-bounce-back-49...

As I read through the volumes of submissions from the unemployed, I find comfort in the knowledge I'm not alone. Our personal nightmare of unemployment, financial devastation, shame and sadness seems to have no end. I marvel that every last person I know escaped the ravages of the recession. Not a single job loss amongst our friends or family members. Not one lost their employment, their home, their savings, or their quality of life. My husband and I have had to endure watching them work, party, travel, remodel their homes, buy new cars, dine out, and shop as if the recession never happened. But we are left with nothing. Our downward spiral was fast and furious. We lost our home, our savings, our insurance, our joy, pride, self-respect, dignity and everything that made us, us. I have to drive past my former home. It sits there with its new owners tucked safely inside; making memories for them now. Our little home that we worked all our lives for. I am haunted by the memories of it, and especially of my little rose garden which I tended to happily, year after year. I miss my home so much I can hardly bear it. We weren't rich. Just middle class. A simple middle class life. With my husband and my dogs and my roses. And the ocean nearby. Now we live in a ghetto. My view is of trash, graffiti, abandoned shopping carts and the homeless. My personality is a shell of what it was pre-recession. We are broke, uninsured, have health issues, our clothes have holes in them, and we are looked upon by our friends and family members with a mix of pity, fear and disgust. We can see it in their faces. I try to hold my head high, but it's an act. A pathetic act. And they know it. I'm embarrassed, and terrified. I know things are only going to get worse. The free-fall continues. We will not bounce back from this; we are too old. Too damn old. I envy the young. They are marketable. They are beautiful. They are what employers are looking for. They have the hope of tomorrow. We do not. If I were not such a gutless excuse for a human being, I'd drive my old, broken down car off a cliff. Alas, I do not have the courage. And so I am trapped on this hamster wheel of poverty and shame and desperation. But I am grateful too. For my husband, and my dogs. I hold on tight to them every night. They are all I have now.

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