Congress Brings Socialism To America With This Proposed Law

Tyler Durden's picture

Submitted by Simon Black of Sovereign Man blog,

Sadly today I am reporting to you yet another development that seems as if we are all living within the pages of Ayn Rand’s seminal work Atlas Shrugged.

You may recall from the book that John Galt, the enigmatic protagonist, started off as a young engineer at the Twentieth Century Motor Company.

When the owner of the company died, the heirs decided to run the business according to the new enlightened principles of the time.

Primarily, they let all the workers vote on how the factory was supposed to be run and how much everyone should be compensated.

And it was soon decided that “everybody in the factory would work according to his ability, but would be paid according to his needs.”

Naturally, bright hard-working employees soon left; they found themselves working around the clock for the benefit of others who felt entitled to contribute as little as possible.

John Galt was among the first out the door.

And not long after, the once successful company went bust. No surprise.

Unfortunately this is no longer fiction. Because in the Land of the Free, the United States Congress is striving to make Atlas Shrugged a reality.

Their latest brainchild is to set up a new government bank, stuff it full of taxpayer funds, and loan the money to American workers for the exclusive purpose to help them form collectives and buy the companies they work for.

It’s called the United States Employee Ownership Bank Act.

And, straight from the bill, they aim to provide “loan guarantees, direct loans, and technical assistance to employees to buy their own companies. . .”

The goal of this legislation, curiously, is to “preserve and increase employment in the United States” which is still problematic six years after the global financial crisis.

Since September 2008, the US government has increased its debt level over 50% to $17.6 trillion.

The US Federal Reserve has increased its balance sheet four-fold, conjuring $3.5 trillion out of thin air.

All of this was supposed to create jobs. And with each of these being a failed policy, Congress is now descending into outright socialism.

To be fair, people throw around the word socialism a lot. They’ll say “Obama’s a socialist” or something like that. Often it’s taken to exaggeration.

But this legislation– the government effectively sponsoring the communal takeover of private business– is textbook socialism: private property and the means of production owned by the community.

Socialist Yugoslavia actually tried the exact same thing: worker-owned cooperatives. And the consequent failure was absolutely epic.

But politicians never let pesky things like truth get in the way of a bad idea.

It’s time to wake up smell the reality. This isn’t about panic. It isn’t about doom and gloom. It’s about facts, not fear.

Any rational, thinking person has to look at this and ask a simple question: where is this trend headed?

The evidence is pretty clear. And more and more people are starting to realize it.

People all over the world are thinking: “This is not the country I grew up in. And I don’t like the trend.”

It’s unfolding right in front of our very eyes for anyone with the intellectual courage to pay attention.

Whether it happens today, tomorrow, or five years from now is irrelevant. It’s the TREND that is so important to pay attention to.

And with that simple premise in mind, does it make sense to hold everything you’ve worked your entire life to build in a place with such a negative trend?

Your livelihood. Your savings. Your retirement. Your family’s security.

Rational people look at facts objectively and have a plan B. What’s yours?

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Obama_4_Dictator's picture

It's a secret where I'm going

knukles's picture

"I know where you're going to live."

johngaltfla's picture

FWIW, it died in 2012 and Sen. Sanders (Socialist-VT) reintroduces this every year.

knukles's picture

Bernie ....

Hah ha ha ha ha ha ha

max2205's picture

When's the next plane out of here.....oh wait

Chupacabra-322's picture

We're Goverened by Pure Evil Psycopaths, Sociopaths, Children & the Insane.

CheapBastard's picture

Good! I can finally buy myself out! As soon as I own the company, I'm going to fire myself but take a massive Golden parachute with me!

Escrava Isaura's picture


Do you have a problem with capitalism?

nightshiftsucks's picture

Capitalism ? Where ? Shut up stupid fuck.

Manthong's picture

It’s all good as long as we get enough Czars and Commissars to assure 70 or so years of successive 5-Year Plans and collectivist failures.

surfsup's picture

FDR's shadow returns...   All the better than the interest going to offshore foreign entities to churn in their casino's instead of going back into the economy... 

This is a concept that is a whisper now but will be screaming in the future.   Take the interest to near zero with no middle man and no private parties siphoning off the un earned gains and it has a chance of working... 

Funny that there is so much idle talk against it as it atleast it is one step closer to representative economics rather than back door rooms of un elected committee's who operate by decree and late night phone calls... 

This is the natural back lash against the monopoly of publishing script and of course will be cloaked in all mannar of "fear" based associations....

WHEN the thud of deflation hits these types of concepts will go viral as they did from 1929 to 1938.   

However by the time any popularist concept builds steam the internationalists will attempt to discredit the unit of exchange and just move their little street carney shell table to another jurisdiction -- which they ARE doing, but will those new jurisdictions eventually turn on them also -- and will any new system of FDR style rebuilding domestically use actual assets to support any return to real economy?    The central wankers madly fear this -- as we've seen by recent "foreign interest pupeteered" villany in Libya with the killing off of the African Gold Backed Dinar as such base will not be tollerated by the current rabble of misfits who assume to hold sway .   Now they are on to hammering the islamic areas due to their long standing memory of actual history as interest based systems always collapse on theselves not so much becuase of graft and corruption but because of simple mathematics.  But that debate will not be tollerated....   From cradle to grave the idea of interest has been etched in -- but not in Islamic nations...   Hence why they are targeted for Synarcy. 

After the lawn mower clear cuts the economy as part of its plan of exhausting then burning the plantation any effective remedy will "appear" as socialism, however at some point a return to constitutional laws regarding units of exhange will be considered again -- but as well -- the scheming misfits will attempt to sew discontent among the masses to not trust each other especially not any group from which ideas of real remedy emerge.  

Meanwhile the offestting clear cut of the institutional peadofiles continues as the decentralized organic opposition knows that is their center of gravity as msifits too are beginning to not trust each other and down she goes -->

Babylon indeed has already fallen.   Keep clear of the debris if at all possible.   

surfsup's picture

"But we've already had low interest rates and look where we are... "


Has anyone really had low interest rates?  "Some" Banks, yes...   Individuals?    None...   

A 30 year fixed 4% rate (per year) loan on an asset which is property of the lender until full payment is made is NOT zero percent.

A credit card at 0% for a year certainly is but one late payment and it ramps up to 12% at very least so that is in reality is NOT zero% notwithstanding the fact that any introductory zero percent credit card WILL ramp up at some point in the future to a figure well beyond zero... 

So in truth there has not been any zero percent intrest for the population... 


On the issue of script "management" with no represenation, the previaling idea is:   "Politicians, you cant trust them so they should not set monetary policy..."

Think if the depth of that false construct and what supports it.   Wel...   A pedophile system of calculated entrapment and "tagged" felons of course.   

Google "David Hawkins abel danger"  and dig into the next layer down in the rabbit hole...   Nothing fails like success.  

Mr. Ed's picture

Think you're barkin up the wrong tree...

Here's what probably happened:

1. Someone couldn't find a buyer for their business(es) and came up with a scheme that used taxpayer money to help them cash out.

2. They realized that they'd get 3 or 4 times what the business was worth if they got Mr. Deep Pockets involved (the US Gov) ...same way US Gov involvement has helped the medical industry and universities to get way more for what they sell than it's worth by stepping in with cheap taxpayer money.

3. They started the "Socialism" boogeyman story themselves, knowing it would likely have critics chasing and barking at their own tails (giving cover to the real story).


People.  people...  we don't live in a leftist ideology driven hell (although it seems that way): we live amongst a bunch of scheming psychopaths!

If you want to understand what's going on in the world, think. like. a. psychopath!!!!

Offthebeach's picture

5 Year Plans?
Hey Bud, you think I just fell off the collective turnip truck? 5 years?
I'm a frik'n Amerkin, we are impatient. 2 year plans, maybe 3. But no way am I waiting for glorious future for 5 years.

stant's picture

5yr plans only last about 1 quarter

ebworthen's picture

Tee-hee-hee, Capitalism, funny.


Chief Wonder Bread's picture

Opt out of this corrupt evil system, whatever you deem to call it. Go crypto-Galt (modify & aDjust your dissent however much you can find room for within your current familial situation.)

YES, this nutty bill will not passs the CONgress, but still indicative of the current degraded state of affairs of this USSA goberment.

It reminds me of the TREASON of the New Deal which probably stretched the misery of the Great Depression throughout the 1930s. Garet Garrett argued it was equivalent to treason anyway in 1938 (he didnt' use that word). See this classic essay 'The Revolution Was':

I don't know if the distress that FDR's policies caused were deliberate. But it does not bode well for the US system of governance that an economic illiterate and political animal such as Roosevelt could (and can) gain such power as the presidency.

The damage has been done over the course of the 20th century. It cannot be easily reversed as it might be in a parliamentary system because the constitutional system of the Imperial Presidency (inchoate since its inception) is so hard to change. This is often cited as its strength but could it actually be its weakness?



deflator's picture

 The idealism of socialism has been co-opted by force of central governments every bit as much as the idealism of Ayn Rands "Atlas Shrugged". There is no difference between socialism and capitalism if either can be manipulated by a central government. You guys crack jokes about Communists but it seems to me that "capitalists" sell out their idealism for government largess every bit as fast as socialists. 


 On second thought, Capitalists will always sell out faster than anyone.

Anusocracy's picture

The problem was, is, and always will be government.

Until it goes away, or people do.

The Mason's picture

Banksters is the problem. They run the Government

PT's picture

... and that is why so many "socialist" programs involve someone borrowing money that they can not afford to repay!!!!!

IF YOU HAVE TO PAY THE MONEY BACK THEN IT IS NOT SOCIALISM, IS IT!!!!!!!!  Oh, that's right, the taxpayer is backing the loan that will never be repaid.  But the taxpayer's money is not going to the "socialist parasites", it is going to the BANKs, with how much interest???  When the "socialist parasite" goes bankrupt and the bank gets fully bailed out by the taxpayer, does the "socialist parasite" get to keep anything?

Is it really "socialism" when an idiot buys a loss making pile of debt that previously only maintained artificially high valuations through corruption?  On the plus side, the idiot does get to learn that he is an idiot.  On the minus side, the banksters win again and no-one peeks behind the curtain to see them laughing all the way to the, oh, they're already there.

Anusocracy's picture

Have to disagree.

No banksters, government is still the problem.

No government, banksters become bankers. no problem.

Cause and effect.

sessinpo's picture

deflator   The idealism of socialism has been co-opted by force of central governments every bit as much as the idealism of Ayn Rands "Atlas Shrugged". There is no difference between socialism and capitalism if either can be manipulated by a central government.


You have have a fatal flaw in your post. If you understood Atlas Shrugged, it was about the problem of big government. That is different from capitalism vs socialism.

Socialism is just a more blunt, in your face, big government advocates. Whereas, capitalism has its big government and small government advocates. Your mistake is confusing political ideology with economic ideology and it is easy to do since they are intertwined.

The Alarmist's picture

Who is John Galt, besides a literary figure after whom a boulevard in Omaha Nebraska is named?

This is a sign of a coming apocalypse in that we only offer shares of the various quasi-public enterprises when we no longer have confidence that they can attract interest from sophisticated buyers.

PT's picture

Spot on. The difference between this and the Rand novel is that the companies are already bankrupt before the workers even buy them.  The propaganda is "let the people buy their jobs" or "let the people decide how to run the company".  The reality is, record low revenues, record high valuations and no-one else dumb enough to buy it.  Sell it to the dumb schmucks with money that they BORROWED!!!!, watch them run it into the ground ... errr, it was already in the ground - watch them hit the earth's core, then buy it back again for pennies to the gigadollar, while pumping out the "I told you they couldn't do it" propaganda.

"Here, your turn to look after the patient", they say as they switch off the machine and walk out the door with all the life-support equipment.

Ayn-UK's picture

That's what we said about Obama in 2007. I don't laugh any more.

Escrava Isaura's picture

Simon Black writes: "It’s time to wake up smell the reality... Since September 2008, the US government has increased its debt level over 50% to $17.6 trillion.

Well, that's wrong!

Escrava Isaura's picture


Thanks for the reply, and my apologies. Simon was right. When I first read his post, it gave the impression that double. And that is NOT what Simon said.

Anyway, the link below is easier than the graphic. And thanks again.

ebworthen's picture

No worries, thanks for your polite response and the page link.

fxrxexexdxoxmx's picture

Wonder why Bernie does not introduce a bill that would allow employees to save tax free their own money which then could only be used to purchase a business? Would that not then make each "investor"  have skin in the game? But Bernie is a socialist and the only "skin" he wants or craves is someone elses. What a POS!

ebworthen's picture

Bernie should introduce a bill that sends to every legal taxpaying U.S. Citizen a tax free check equal to the amount slathered on corrupt Wall Street banks/insurers/corporations since 2008.

I figure it's about $3 Million per citizen.  It's only fair.  Then we can each choose to start a business, gamble in the equities casino, party and get laid, or buy a place to live with cash and tip well.

rbg81's picture

There is a good reason all the Socialists and Communists hate Ayn Rand.  She saw right through them and wrote about all their tricks (most of which they're still using today).

The_Virginian's picture

It's remarkable Vermont's gun laws are still as good as they are...I guess they can't touch those, just yet. Used to be a pretty bad ass it's NYC/Boston retirees and trust fund babies. 

villainvomit's picture

Yep, and the whole Enron 401k turned out wonderfully for the employees that chose to go all in.......but the SEC, FINRA and all the other SRO's couldn't see it coming. 


I am shocked .../sarc


Escrava Isaura's picture

villainvomit... Shocked,

So what do you make of this:

Simon Black: "To be fair, people throw around the word socialism a lot. They’ll say “Obama’s a socialist” or something like that. Often it’s taken to exaggeration."

Please help me here.

nightshiftsucks's picture

I'll help you ,Get on your knee's open your mouth and open wide for my Benelli.

ebworthen's picture

If Obama were really a Socialist he would have arrested half of Wall Street and enacted National Healthcare that put insurance companies out of business and had price controls on Corporate Hospitals and Big Pharma.

And he would have gotten us out of the Middle East completely.


Richard Chesler's picture

That there are still common folk who contnue to support this corrupt miserable piece of miserable shit must be one of the greatest tributes to human stupidity.


scrappy's picture

Actually Socialism, Fascism, Libertarianism and Crony Capitalism equally suck ass.

Individual Freedom and the commons (Society)  are accounted for in this model.


               That's why they erased Henry George, it's too fair and too moral.

             How they erased him.



by Dr. Robert V. Andelson


Escrava Isaura's picture


You're killing us here.

Henry George?

ebworthen's picture

Forget your Wheaties this morning?

A good breakfast always helps your day be better.

Bananas are good, lots of potassium - and a whole grain cereal with 2% milk.

And coffee, black.  You have to have at least two mugs of hot black coffee.  I recommend Folgers original roast or Chock Full O' Nuts.

Escrava Isaura's picture

new ebworthen,

First: I need to read your posts more carefully.

Second: I don't eat grains.

Third: I was in the impression, maybe totally wrong, that Simon Black was an American Libertarian… Pro-business, contrary to Henry George, but more like the views of most hedgers.

ebworthen's picture

No grains, man, sorry.  Gluten allergy?

I think Simon was saying that it's hard to pin Obama; what the hell does Obama stand for?  He says he's progressive which has a Socialist bent, but is buddies with Jamie Dimon and other crony Capitalists.

And the government bank using taxpayer dollars to form companies is pretty "Venezuala" (?). 

Thanks again.

Escrava Isaura's picture

Gluten allergy?

No. I just don't like it. And never developed the habit for it.

Escrava Isaura's picture

By the way,

There are some great points made here. And I agree with many. But the definitions and clichés are way off, in my opinion.

And making it way hard to understand... and to follow.

Hugh_Jorgan's picture

Here we are again, debating the difference between textbook Socialism which involves way more sunshine and lollipops than mankind will EVER be able to muster and the reality of who socialists are in today's political environs. As EB said, Obama has a Socialist bent, he wants to collect as much of the producer's earnings as possible (aka American Middle class) and hand it out to those less... ahem, fortunate. Wherever and whomever they may be in the world. IMHO, in his naive mind, it is time for America to give it ALL back because our prosperity has been too lengthy and it was from ill-gotten gains to begin with. Despite this, however, he himself is a hardcore hedonist and corruptocrat like the vast majority of his "successful" Socialist & Communist forebears. It is ok for HIM to trip the life fantastic, because he is forcing many others to give back what really isn't theirs anyway. Remember, "you didn't build that...". He seems to fail to understand what tyranny means as well, obviously.

Personally, I like the term Statist more and more, because it describes all of the government-grower political types, GOP and DNC alike, which need to be purged from office ASAP. Even then, we as a people will need to adopt some common moral code that we can all live by, otherwise we will be back in trouble before long. With great freedom comes great responsibility. Americans abandoned our responsibility and now we are losing our freedom.