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Guest Post: Is An Economic Deluge Nigh?

Tyler Durden's picture


Submitted by David Galland of Casey Research

Is An Economic Deluge Nigh?

If history has taught one certain lesson, it is that the less fettered an economy, the better humankind is able to do what it does best: run from trouble and run toward opportunity. In this way mistakes are quickly resolved and progress assured.

Conversely, the deeper the muck of regulation, mandates, taxes, subsidies and other bureaucratic meddling, the slower we humans are in following our natural instincts until the point that progress is slowed or even stopped.

It is said that history doesn't repeat itself, but it often rhymes. In the current circumstances, it appears that enough time has passed that current generations have completely forgotten the critical connection between the ability of humans to freely pursue their aspirations and economic progress.

You can see this ignorance in the popular demand for even more, not less, meddling in the affairs of humankind. Should this trend continue – and for reasons I will touch on momentarily, I firmly believe it will – then the aspirations of the productive minority will soon be dampened by ever higher taxes and other attempts to "level the playing field" and the global economy, already in tatters, will fall off the edge.

There is no more timely nor acute example of this growing trend than what is currently going on in France. I refer, of course, to the first round of the presidential election process, scheduled for this weekend.

In France, if no candidate attracts no better than 50% of the vote, then the two leading candidates go to a decisive runoff vote, this time around to be held on May 6.

The current president, Nicolas Sarkozy, a conservative in name only, was running at a fairly steady gait toward re-election (thanks to the head start awarded all incumbents), when leading socialist candidate Francois Hollande came out with a proposal to tax anyone with an annual income of over one million euros at a rate of 75%. He also promised to add a tax on all financial transactions and increase taxes on France's biggest companies to 35% – securing bragging rights as levying the world's third-highest corporate taxes, the US being #1. This all on top of a 25% VAT, one of the world's highest. By some calculations, the result of Hollande's new taxes is that effectively 100% of all incomes over one million euros will now be stripped away by the state.

For good measure, Hollande also promised to reverse the recent modest increase in retirement age from 60 to 62 pushed through by Sarkozy. While I am sure it is mere coincidence, I found it noteworthy that Mssr. Hollande's campaign slogan is "Change – Now!"

Remarkably, at least for those with some small understanding of economics, as a result of leaning into the microphone with these proposals Hollande has galloped ahead of all other potential contenders and is now projected to finish nose by nose with Sarkozy.

After which the also-rans will be removed from the race, freeing their supporters to share their affections elsewhere. Given that the leading contender for third place with an estimated 14% of the vote is one Jean-Luc Mélenchon – charitably categorized as "far left", a label that can be applied to most of the other candidates – it is projected that the "conservative" Mssr. Sarkozy will go down in double-digit flames come May 6.

Bringing to mind the prophetic utterance of Louis XV: "Après moi, le déluge."

The deluge in Louis' case manifested as the murderous affair commonly known as the French Revolution. In the case of Mssr. Hollande taking up residence in the Palais de l'Élysée, the deluge is likely to manifest in the form of rising interest rates as investors look to protect against an acceleration in the country's debt to GDP ratio, already projected to hit almost 90% this year, exacerbated by a flight of capital, investors, entrepreneurs and large businesses.

As is the nature of such things, because of the aforementioned predilection of humans to run from trouble, we likely won't have to wait for Mssr. Hollande to be formally enshrined in the gilded halls for the trouble to start – it will begin within days and maybe even minutes of the handicappers concluding that his ascendency is a sure thing.

Given that France is the third-largest economy in the already-troubled Eurozone, one can expect the deluge to spread, with potentially devastating consequences. That the guillotines may soon be rolled out across Europe can be better understood by taking into account that the Eurozone sovereign deadbeats are on the hook for roughly nine trillion euros in debt, some significant percentage of which has to be rolled over to ready buyers over the next couple of years. Adding weight to the problem is that, according to the latest figures out of the IMF, Europe's banks may have to sell off up to 3.8 trillion euros in assets, many of them questionable, between now and the end of next year. At least, if they want to remain solvent.

Across the pond, the United States also has aggressive funding needs, given that the "change" we experienced ourselves in the last presidential election has left the government gasping for about $1.4 trillion in additional funding each year. Then there is Japan, officially the world's largest debtor in terms of debt to GDP, where the easy availability of local funding has dried up, requiring that nation to go to the international markets for funding as well.

The phrase "an awful lot of hogs at the trough" comes to mind.

My point is not just that these governments are broke and are about to get a lot more broke as interest rates rise on their many debts and financings, but rather that the global trend toward a resurgence in public demand for socialism in response to a worsening crisis is a certainty.

How could it be otherwise when for decades now the schooling of children has been delegated to functionaries of the state?

For evidence, look no further than the screen swipe here. It is a quote from an essay by a college student in the United States on role the government should play:

The writer of those words was a member of a Valencia University economics class. The professor, Jack Chandliss, asked the class to write an essay on what the American dream means to them, and what they want the federal government to do to help them achieve that dream. Out of 180 students participating, only about 10% wanted the government to leave them alone and not tax them too much, but a whopping 80% wanted the government to provide pretty much the whole dream thing wrapped in a tidy bow – including free college tuition and health care, jobs, even the down payment on their future homes, money for retirement and hard cash, taken in the form of taxes from rich people. Please take a moment to watch a worthwhile interview with the professor.

Pretty eye-opening, eh?

The point here is not complex, but it is important.

With the apparatus of state education over many years serving to bamboozle the populace into the hardened belief that government has a positive role to play in virtually all aspects of modern life, it should come to no surprise to anyone that, when push comes to shove, people are now trained to look to government to solve the problems – even when it was the government that created the problems in the first place.

Thus, confronted with the intractable mess they have made, these governments have to keep alive the mythology they have created about their omnipotence. Which is easier said than done, because with things now swirling fairly quickly around the drain, the mob is beginning to lose faith – and even patience.

Which puts these governments in a very tight spot, because the only way they can actually fix things is by doing exactly the opposite of what people have come to expect from their governments, which is always to do more. Put simply, the only hope now is that these governments begin to reduce their roles in their respective economies, and dramatically so. Concurrently, they have to encourage people in their aspirations to greater wealth, by lowering their taxes and unwinding the tangle of regulations they have created over the last half-century.

But if the governments actually tried to take these actions, the brainwashed masses would be positively befuddled then outraged, as it goes against everything they have been taught. Why, it would be like the Pope shuffling his way to the balcony of St. Peter's Basilica and informing the doting faithful that there isn't a god and never has been.

Riots would follow.

So it is that we find ourselves at a particularly interesting juncture in the historical record.

On the one hand you have a majority of the world's population who have been carefully schooled into believing that the institution of government holds the solution to all problems and is the source of succor to all who need it. (Even that subset of the populace who has lost confidence in their current government invariably believes as doctrine that the next and better government can change things for the better and lead the way to the shining castle on the hill.)

In this mix are the politicians and their functionaries, 99.99% of whom believe that, if for no other reason than their re-election prospects, they have to do something to meet the demands of the public.

Of course, under normal circumstances the "something" usually consists of making grand-sounding speeches and otherwise blowing smoke. Today that's just not going to cut it, for the simple reason that the crisis is real, it is spinning out of control, and it's not going to go away unless and until the markets are allowed to breathe again.

Which brings us full circle to the simple truth that the brainwashed public won't stand idly by while the politicians lower taxes and regulations on the profit makers or cut back state pensions and guarantees or otherwise reduce any of the many services the state has taken on itself to provide.

"Between a rock and a hard place" is an inadequate phrase to describe the situation.

Meanwhile, the mob has started to gather, their dark mutterings heard by the politicos who quickly don the red caps themselves, the better to be viewed as one with the people and join in expressing outrage against the capitalists who have been selected as fall guys in this unfolding drama.

When confronted by reporters about the fact that his 75% tax on high-income owners would raise nowhere enough revenue to offset France's towering debt and social obligations, Mssr. Hollande was heard to respond:

"It's not a question of return. It's a question of morality."

When coercion and theft are considered moral, anything is possible, and none of it good.

While I certainly can't say how this is all going to end, I'm pretty sure it's not going to end well.


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Sat, 05/05/2012 - 12:45 | 2399421 Hohum
Hohum's picture


Up arrow.  Chase (for example) survives, America dies.

Sat, 05/05/2012 - 11:15 | 2399276 Oh regional Indian
Oh regional Indian's picture

Showaschism is the warm blanket being wrapped smugly around the world's throat right now. MAssive nationalization in the west and privatization (as a pre-cursor to re-nationalization after they have been hollowed out by LBO style vampires) in the east.

All in all, I'd say the deluge is going to be one of liquidity. Moar amd moar and moar..... But it keeps getting parked/stored. Think how much "liquidity" is stored in Oil Tankers and CHinese copper storage yards.

It's almost overwhelming for most people, life at this time. Who can make sense of a $30 Laptop and the price of food tripling?

Of course they want to be protekted!

The famous shot from Jungle Book comes to mind, where the Python sways from side to side, eyes throwing out lazydaisy spirals at Mowgli and saying "Truuuuuust in meeeeeee, truuuuuust in meeeeeeee"




Sat, 05/05/2012 - 11:45 | 2399291 AssFire
AssFire's picture

Expect to be blasted.. the planners demand it be called "The Rainforest PDF".. Also note the python is now living on disability- "Bipedally Challenged" and so fat with government bloat he is unable to perform spirals but only vote and scream "Not Fair, Not Fair".

Sat, 05/05/2012 - 12:06 | 2399361 WmMcK
WmMcK's picture

Kipling also wrote:
"Gold is for the mistress -- silver for the maid --
Copper for the craftsman cunning at his trade."
"Good!" said the Baron, sitting in his hall,
"But Iron -- Cold Iron -- is master of them all."

Sat, 05/05/2012 - 12:46 | 2399425 Oh regional Indian
Oh regional Indian's picture

Hah! Nice one WmMcK!

That was an interesting twist to the ending.


Sat, 05/05/2012 - 18:56 | 2400043 o2sd
o2sd's picture

Iron still needs blood to weild it. So the mind is the true master.


Sat, 05/05/2012 - 11:25 | 2399288 JEHR
JEHR's picture

The government has a role to play in the lives of its citizens and the private sector has a role to play in the lives of the same citizens.  The private sector pursues capitalism that allows people to fulfill their dreams and to even become rich; the public sector represents all the citizens that vote for a government which can best provide the regulations and institutions that are required to live in a country without recurrent crises such as the present financial crisis which resulted in wealth being siphoned off to the elite at the top of the ruling pyramid.

A government that is truly representative of the will of all the people will provide the means to fulfill both individual and societal needs and wants.  When money skews the system by choosing the candidates for office, by lobbying the politicians in office and by putting men (like bankers) into office that have interests that are not conducive to the public interest, you have the present-day problems.

The pursuit of money and hence power by those who run the country (policiticians, lobbyists, bankers) has resulted in recessionary times.  How the balance will be corrected I have no idea.

The great offender of our present problems is not socialism which is defined as 

"a theory or system of social organization  that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole."

The land belongs to everyone and everyone should share in its wealth.  At present, there are a few corporations and a few banks that have a disproportionate amount of the wealth of the country and the wealth ultimately comes from the land and, again, belongs to everyone.


Sat, 05/05/2012 - 11:58 | 2399314 Nid
Nid's picture

Where do I pick up the deed for my portion of the land which belongs "to everyone"?

Sat, 05/05/2012 - 12:13 | 2399378 donsluck
donsluck's picture

Go to Yellowstone, check it out.

Sat, 05/05/2012 - 12:25 | 2399403 Nid
Nid's picture

Lovely place....strangely, it cost me $50 to step foot on my own land.

Sat, 05/05/2012 - 18:02 | 2399961 Cathartes Aura
Cathartes Aura's picture

"Home" Owners Association dues. . . ^^

A homeowners' association, a legal entity created by a real estate developer for the purpose of developing, managing and selling a community of homes or a voluntary association of homeowners gathered together to protect their property values and to improve the neighborhood

who owns ya baby. . .

Sat, 05/05/2012 - 12:21 | 2399393 hedgeless_horseman
hedgeless_horseman's picture



You are the few pounds of dust that will be returned to the Earth when you die. 

Sat, 05/05/2012 - 11:51 | 2399336's picture

A government that is truly representative of the will of all the people will provide the means to fulfill both individual and societal needs and wants.

Forcing individuals to undertake actions which they would not have chosen to do voluntarily does not lead to the fulfillment of the desires of those individuals. How could it?

Sat, 05/05/2012 - 18:03 | 2399964 Cathartes Aura
Cathartes Aura's picture

oh, the irony.

Sat, 05/05/2012 - 12:33 | 2399396 Sean7k
Sean7k's picture

And who defines what this role is? You? Me? Our neighbor across the street? A voting public? 

And who frames the issue? Who persuades and elicits the vote? 

All isms are at fault. Systems of rule are hijacked, without exception, by those that have the persistence and drive to secure power and influence AT ANY COST.

To ignore this, is to ignore history. 

Please get out of the cotton candy line and be responsible for your own life. 

Sat, 05/05/2012 - 17:10 | 2399863 BigJim
BigJim's picture

 And who defines what this role is? You? Me? Our neighbor across the street? A voting public?

What??? You mean you don't believe homosexuality (or whatever) is perfectly fine in countries where the majority think it's ok, but is evil in countries where the majority of people wish to ban it???

'majority' meaning the largest minority of eligible people bothered to vote, of course.

Next time a 'liberal' is promulgating majoritarian democracy (like when they say it's ok to tax high earners 75% of their income, because the 'majority' voted for it), remind them that in many African countries, the populace would like to imprison/beat/stone gays, and are they ok with this? I love watching their faces when they try to work out what their position should be... but... but ... gayness is fine! ... but... but... Africans are fine too!.... Oh! Which are the bigger victims? I'm SO confused!

Sat, 05/05/2012 - 18:30 | 2400014 r00t61
r00t61's picture

"Democracy is merely mob rule dressed up in a sports coat."

Sun, 05/06/2012 - 00:14 | 2400334 Bohm Squad
Bohm Squad's picture


Big difference between a Democracy and Constitutional Republic.  The US is supposed to be the latter.

Sat, 05/05/2012 - 18:08 | 2399972 Cathartes Aura
Cathartes Aura's picture

I'm down with these words;

All isms are at fault. Systems of rule are hijacked, without exception, by those that have the persistence and drive to secure power and influence AT ANY COST.

as long as it is applied across the board, equally to all.

Sat, 05/05/2012 - 12:54 | 2399440 DosZap
DosZap's picture

The land belongs to everyone and everyone should share in its wealth.

Great definition of Communism, and Socialism.( and they have shown to both work SO well.)

This is America, read the Founding documents.....................the property belongs to those that bust their ass to work for it.

Sat, 05/05/2012 - 14:13 | 2399576 BooMushroom
BooMushroom's picture

As long as you assume that The Party IS the community, and the regulations are the control, then you have described our system perfectly.

Sun, 05/06/2012 - 00:08 | 2400330 Bohm Squad
Bohm Squad's picture

JEHR  re:  land belongs to everyone and everyone should share its wealth


Utopias do not and will never exist because scarce resources must be allocated to those who are the most productive with them.  When everyone shares a common resource, then no one is accountable for it.  No offense, but your ideas are representative of Marx and his economic theory has been utterly debunked.  


You write intelligently, so I'll assume you are an individual capable of critical thinking and willing to consider an opposing viewpoint - I'd suggest you read up on Austrian economic theory and ditch the utopian pipedream completely.  A good starting point that directly counters your current paradigm is Tragedy of the Commons.


Land belongs to those who use it most productively.  Corporations that do not use resources productively will have it taken by those who will.

Sat, 05/05/2012 - 11:34 | 2399302 Muppet Pimp
Muppet Pimp's picture

Excellent piece.  This should be on the editorial page of every MSM newspaper tomorrow morning.  Short, concise, and easily understandable by the masses.  Man have we got a mess on our hands.

Sat, 05/05/2012 - 11:35 | 2399305 Dien Bien Poo
Dien Bien Poo's picture

cretin. its the second round of the French election, not the first.

Sat, 05/05/2012 - 12:08 | 2399363 smiler03
smiler03's picture

+1 Thank you for correcting this, I was beginning to think I was the only one.

Sat, 05/05/2012 - 12:24 | 2399400 Sean7k
Sean7k's picture

There isn't a date on the article, but if you read it, it is clear the author is writing about the first runoff election from two weeks ago.

Sat, 05/05/2012 - 12:42 | 2399417 Bear
Bear's picture

Written a few weeks ago. ... He describes the process correctly as if written prior to first election

Sat, 05/05/2012 - 11:41 | 2399316 Salt
Salt's picture

The incomming deluge shall be governed by the Law of Unintended Consequences. So be it.


Sat, 05/05/2012 - 11:44 | 2399323 lolmao500
lolmao500's picture
‘We Are Preparing For Massive Civil War’ Says DHS Informant

Department of Homeland Security buying up enough ammo to wage seven-year war against the American people

DHS Purchases Bullet Resistant Checkpoint Booths Amid Large Scale Ammo Buildup

Figured it out yet? Armed TSA checkpoints all across the US are gonna go up any time now and the government is preparing to roll them in... just waiting for the good excuse... NATO meeting false-flag?? They are also preparing for economic collapse and huge riots/fights to break out. And if you think this is BS, you really think they are not preparing to protect themselves when the government has a 8% approval rating, that both parties are the same, that the economy is on the verge of collapse and that an Iran war is planned?? Please. 
Sat, 05/05/2012 - 12:34 | 2399404 hedgeless_horseman
hedgeless_horseman's picture



I am certain that seven days of free cable, free fast food, and free beer would stop any American Revolution dead in its tracks.  Just look around.

DHS probably has warehouses of 100% off coupons for Papa Johns, Wal-Mart, and iTunes to helicopter drop on rioters.

Sun, 05/06/2012 - 22:57 | 2402416 AurorusBorealus
AurorusBorealus's picture

I think that it has become obvious that some of the brighter lights in the Department of Homeland Security have realized that civil disorder is approaching like an iceberg dead ahead.  It is also obvious that they have the president's ear.

Sat, 05/05/2012 - 11:53 | 2399331 Bluntly Put
Bluntly Put's picture

When dealing with any brainwashed, unrealistic liberal socialist (or whatever "progressive" moniker they wished to be called) there are two irrefutable points you must make clear.

1) Public debt is an unfair burden upon everyone in the system.

2) Exponential debt growth/accumulation transposed upon linear growth is an unsustainable system for everyone as the burden lies upon future participants in the sytem who did not have opportunity to vote on the debt accumulation.

The net result is that public entitlements or socialism must be limited to what the majority wants/decides/votes upon funded through taxation insted of debt. This ensures collapse of the system sooner rather than later.

Sat, 05/05/2012 - 11:54 | 2399345's picture

Don't forget the "conservatives" who believe that they have a right to use my money to kill innocent people and occupy foreign lands. Red or blue, a mooch is a mooch.

Sat, 05/05/2012 - 12:00 | 2399351 WmMcK
WmMcK's picture

"She had a dream that the King of Sweden
He gave her things that she was needin´
He built her a house of gold and steel
A diamond car with platinum wheels" - Cab Calloway

Sat, 05/05/2012 - 13:22 | 2399486's picture

Minnie was my favorite hoochie-coocher. With the possible exception of Charo, of course.

Sat, 05/05/2012 - 12:02 | 2399355 Bluntly Put
Bluntly Put's picture

Socialism in form works as long as aggregated wealth can profit from the system, waging never ending military conflicts in the guise of democracy for mercantilist interests profits aggregated wealth. 

Socialism would never have taken hold in the public consciousness if banks did not grossly profit from the exponential accumulation of debt as they conned the world into using the private debt they created corporately and public debt they enabled as "currency" good.

It ends when the profitability for aggregated wealth ends, perhaps another "solution" will be offered?


Sat, 05/05/2012 - 14:29 | 2399602 Zero Govt
Zero Govt's picture

"Socialism in form works.."

No it doesn't in any form, in any country in history... it's a fucking disaster 100% of the time becauase it robs the productive distributed by the unproducitve (parasites) who (get this) thinks the sun shines out of their arses for stealing other peoples hard earned

...listen to Hollande ...or Bumma ...or Gordon Brown or any other thieving leftie tosser

Sat, 05/05/2012 - 15:56 | 2399742 mjk0259
mjk0259's picture

Sweden? Norway? Denmark? Canada? All more socialist than US. Higher self reported levels of happiness. Higher life expectancy. Even China has higher life expectancy now.

Sat, 05/05/2012 - 17:39 | 2399899 BigJim
BigJim's picture

They're not socialist, though given the frequency people make this mistake, it's not surprising to hear it being repeated here.

From wikipedia:

Socialism  /?so???l?z?m/ is an economic system characterised by social ownership and/or control of the means of production and cooperative management of the economy,[1] and a political philosophy advocating such a system.

What they have is heavy regulation... like the fascists did. And plenty of social welfare schemes... like the fascists did. And wealth redistribution... like the fascists did.

How much of their means of production is directly owned by the state? Relatively little. These countries are actually more fascist than socialist. But so what? The differences between fascism and socialism (both forms of collectivism) are actually fewer than between either of them and free-market capitalism. And pretty much every country is heavily collectivist nowadays.

As for Sweden, it is less collectivist now than back in the seventies and eighties... before it had a major (and inevitable) downturn in the 90's. And it was one of the poorest countries in Europe until they adopted pro-free market legislation in the late nineteenth century, which enabled them to become enormously wealthy, until they started electing 'socialist' governments in the '60s... their position in the wealth league tables has been slipping since the '70s. And as they didn't have vast amounts of their wealth destroyed by two world wars, it's hardly surprising they had a head start on most of the rest of the developed world back in the '50s and '60s.

Norway? State largesse paid for by huge oil reserves... a bit like Saudi. I notice you don't cite them as an example of the wonders of socialism, for some reason.

China has a higher life expectancy? Not according to this:

Of course, one of the major advantages of all these other countries is that they don't waste anywhere near as much money killing foreigners.

Sat, 05/05/2012 - 11:54 | 2399344 DaveyJones
DaveyJones's picture

well the national christmas tree died, so I guess it's over

Sat, 05/05/2012 - 20:53 | 2399982 Cathartes Aura
Cathartes Aura's picture

"transplant shock" eh.

soooo many one-liners spring to mind. . .

Sat, 05/05/2012 - 12:08 | 2399364 shovelhead
shovelhead's picture

I want my mommy...


Would this be known as the Peter Pan Principle?

Sat, 05/05/2012 - 12:34 | 2399410 lolmao500
lolmao500's picture

Good point. Most people are children.

Sat, 05/05/2012 - 12:10 | 2399370 Dr. Kananga
Dr. Kananga's picture

Many (most?) regulations seem to accomplish two things at the same time--(1) restrict the activities of those trying to enter markets, on behalf of 'the greater good' (however you define that) and (2) preserve or enhance the position of those already in the regulated market, by restricting entry.

We focus on one aspect and ignore the other to our detriment (choose your aspect...)

Political systems seem to work the same way. Keep everyone at the table arguing over whether the glass of wine is half full or half empty, while the waiter takes a sip and laughs at the table.

Sat, 05/05/2012 - 12:24 | 2399399 amadeusb4
amadeusb4's picture

"Given that France is the third-largest economy in the already-troubled Eurozone..."

France is the third largest economy in the Eurozone? Behind Germany and... ? Who exactly?

Why do I continue reading this article?

Sat, 05/05/2012 - 12:31 | 2399407 carbonmutant
carbonmutant's picture

We all know what to do, we just don’t know how to get re-elected after we’ve done it” -Jean-Claude Juncker

Sat, 05/05/2012 - 13:55 | 2399542 MedicalQuack
MedicalQuack's picture

Yes we have lost ethis and morality for sure and technology is right in here wiht being both used "for" us and "against" us.  Back a couple years ago I wrote a bit of a satire post about data addiction and abuse would be the up and coming next 12 step program on the horizon and darn if it doesn't look like we are needing one:)  This is also why I continue my series of "The Attack of the Killer Algorithms" which starting to get some real attention as I try my best to bring to light what happens in the back side that we don't see today and in essence I feel is the reason behind the entire Occupy Movement as well.

Sat, 05/05/2012 - 14:09 | 2399562 Zero Govt
Zero Govt's picture

the societal robbery that is Govt actually hangs on a knife-edge

all it takes is for small businessmen/women to stick 2 fingers, or 1 finger if they prefer, up Govts nose and say we're not paying your taxes, we're not being robbed by you f'ing scum

small business employs and generates 90% of the real economies productive effort, not the big diseased corportae dinosaurs so ingratiated with Govt who are trivial to the economy

small business, there's the battleground, not the sheep-like doting/voting masses

Stop Paying Your Taxes (small business) ...put all the suckers in their place

Sat, 05/05/2012 - 14:36 | 2399620 I did it by Occident
I did it by Occident's picture

Damn it Europe, you have already caused something like 6 or 7 world wars in the last 300 years!!  Please get your act together.  But of course war is good business for those on the top, they aren't the cannon fodder after all.

Anyways, regarding Mr. Hollandes' take on morality, I find that envy is a poor substitute for greed on the morality scale, sort of a pot kettle balck situation.


Sat, 05/05/2012 - 14:40 | 2399625 goforgin
goforgin's picture

More Casey Research Right-wing talking points. The fact is that taxes have been lowered to the point where they have no meaningful impact on the pocketbook of the rich. Feudal lords paid more in taxes to the King and kingdom and actually had more skin in the game. During time of war, feudal lords were dispatched to the war themselves unlike in contemporary times when only the poor become paid mercenaries and go off to war. The Army of the poor brings in with them consultants, advisors and accountants whose only purpose is to bill the taxpayers for the cost of war and shovel the money off to elites.

As for regulation, we know that the only thing that the government regulates is abortion and gays in the military.



Sat, 05/05/2012 - 14:48 | 2399636 insanelysane
insanelysane's picture

Our "civilizations" are too large enabling reality to decouple.  When you live in villages of a couple hundred people, you notice that everyone needs to do something that benefits the society as a whole.  In our current version only 60% of the village is working and only 49% are paying into the community fund.  As the scales tip further to fewer people working, it exponentially accelerates, and it will crumble.  The population in college and high school are just useless sacks of crap and not useful for anything.  They want free education, but they also do want to learn any useful skills like technology and medicine because those things are "too hard" and "not fun."  The expect high salaries for things anyone can do and they can barely do.  I was in a fast food restaurant a few wees ago and this girl was struggling.  My wife says well I think she is new.  I say it is 4 sandwiches, 4 fries, and 4 drink cups.  New, no training, to read a screen and get 4 cups, 4 sandwiches, and 4 fries.  Training?  We are outspending most of the world on education and we are producing complete morons.

Sat, 05/05/2012 - 16:31 | 2399800 lotsoffun
lotsoffun's picture

the nice girl at starbucks.  i ordered a coffee, muffin, orange juice.  she told me that's $15.  i told her no.  as overpriced as they are - i explained '3 items - they aren't $5 each'.  she had absolutely no intuitive sense of the math or the prices.  her eyes were glazed.  she simply had to key the things back in and see the result.

thank you bill jobs and steve gates!  icons are wonderful.  i can't read.  i can't write.  i can't do math.  but, i can click and drag.  i can work fast food and push on a picture of the item they ordered.  then you can tell me the price and the change to make.

i guess it's my fault.  i really should just be swiping a starbucks card instead of using bennie bucks.  electronic bennie bucks are so much better for everyone.

i was invited to see the avengers yesterday.  i thought that stuff was for kids?  oh well, i guess i'll learn to grow down someday.  me and winston smith.


Sat, 05/05/2012 - 16:44 | 2399822 robertocarlos
robertocarlos's picture

Takes it on the jaw?

Sat, 05/05/2012 - 16:45 | 2399825 WmMcK
WmMcK's picture

For real fun, (when you're not in a rush) just try to get 1-3 quarters as change by including smaller coins in your payment.

Sat, 05/05/2012 - 15:49 | 2399730 mjk0259
mjk0259's picture

What humankind does best is run to the couch and watch TV while eating potatoe chips. 

Sat, 05/05/2012 - 16:37 | 2399807 nah
nah's picture

i am constantly amazed how many people value money over people, place, and opportunity

Sat, 05/05/2012 - 17:16 | 2399879 AssFire
AssFire's picture

You probably don't payout like a slot machine like me and Roadkill. We care about our families and our communities and lately it's getting hard to pay for all the people you think deserve our money despite them having screwed off their whole lives and squandering their opportunities save gaming the system for more freebies.

I hope to see you more even more amazed soon. A good kick in the ass is what is in order for many.

Sat, 05/05/2012 - 16:57 | 2399838 RoadKill
RoadKill's picture

The regulation / deregulation arguement is important but the how much of my shit you parasites get to steal is even more important. You assholes take 35% of my income PLUS 5% at the state level before I moved to FL from Mass. Not to mention making me pay 3% to medicare Ill never use and $15,000 a year into SS (13% of max amount) that you will declare me inelidgable to collect by the time Im 65. If I invest it and make 10% a year you steal 15%-35% of that so my return is 7.5%. But inflation is 10% so you are really taxing my assets by 2.5% a year. If I spend it I pay 5%-8 of sales tax. If I buy a home you take 1.5% of its value each year. And your Commrade in Cheif wants even more. Lots more. Not just going back to Clinton rates. But lets impose 6 different Millionaire taxes to pay for 6 new welfare programs. And a tax on unearned income to pay for Obama Care. Fuck you!!!! Im done paying for your shit!!!! You mean less then nothing to me. Atlas is about to shrug and Im about to renounce my citizenship and move to a tropical island somewhere. Their is some sarcasm in the above. Bit its what the angry voice in my head keeps screaming. Imagine what is going throigh every successful persons mimd in France as they await the election results with horror and dread. As for regulations. Put them on a grid. One axis is most expensive / least expensive to enforce and comply with. The other axis is most important to public safty vs least. Cut everything in the most expensive / least important category TOMORROW. 25% of regulations gone in the first 50 days of the Romney admin. Next get rid of every thing in the low cost / low importance section. These are nuisances. 2nd 50 days. Then give t

Sat, 05/05/2012 - 17:17 | 2399886 AssFire
AssFire's picture

Fuck the parasites! Nice rant Roadkill. +1.. Now finish that post!

Sat, 05/05/2012 - 20:31 | 2400144 francis_sawyer
francis_sawyer's picture

I'll finish it for him...

- Stop working (or work for minumum)

- Get a SNAP card

- Go on welfare (or whatever public dole is offered)

- Save every dime you can from that & buy physical gold with it


If even a small percentage of slaves did that, the whole fucking 'social' bullshit lab test would implode within a few short years... I'm sure Krugman would have an explanation for it... He'll tell you about it in the soup line...

Sat, 05/05/2012 - 23:37 | 2400311 RoadKill
RoadKill's picture

Hehehehe...  I think it would be the ultimate irony to go on unemployment, welfare and food stamps...  Take all my money and put it in physical and use it in the barter economy.

The problem is I like to work, I'm good at what I do, and at least I THINK I can make more money doing it, even with all the taxes, then hiding in physical and just keeping pace with inflation.

Of course in Hong Kong and 50 other places I can buy citizen ship and pay just 5%-10% income and capital gains taxes.

Sat, 05/05/2012 - 21:29 | 2400199 goforgin
goforgin's picture

Let me give you an inner tube so you can float to Mexico. You have been living off the fat of others for too long; that $54 trillion in total debt is owned to whom--certainly not those whom you call parasites. Where did that $55 trillion come from--out of thin air.

Another words, the parasites owe $54 trillion in debt to 'masters of the universe' for goods and services they themselves produced.

Yes I know, guys like you created this world in 7 days.

Sat, 05/05/2012 - 23:33 | 2400307 RoadKill
RoadKill's picture

The regulation / deregulation arguement is important but the "How much of my shit you parasites get to steal" is even more important.

 - You assholes take 35% of my income PLUS 5% at the state level before I moved to FL from Mass.

 - You make me pay ANOTHER 3% for Medicare Ill never use AND $15,000 a year into SS (13% of $105,000) that you will declare me ineligable to collect by the time Im 65.

 - If I invest what's left over and make 10% a year you steal 15%-35% of that so my return is 7.5%.  If I still lived in Mass it would be 20%-48.5%!!!  But inflation is 10% so I have to bust my ass to beat the market, and take all the downside risk and in return you STEAL 2.5% of my assets a year.  On top of that - if I make a gain you take your pound of flesh.  But if I make a loss then I can only deduct $3,000 a year.  I can't ask you to refund taxes on gains I made in the past!

 - If I spend any money I pay 5%-8% sales tax.  If I buy a home you STEAL 1.5% of its value each year.

 - And your Commrade in Cheif wants even more!!!  Lots more.  You LIARS say its just going back to Clinton's rates.  But you also want to impose 6 different Millionaire taxes to pay for 20 new welfare programs.  We already have a surplus tax on millionaires and new taxes on unearned income to pay for Obama Care.

Fuck you!!!! Im done paying for your shit!!!! You mean less then nothing to me. Atlas is about to shrug and Im about to renounce my citizenship and move to a tropical island somewhere.

Their is some sarcasm in the above. But its what the angry voice in my head keeps screaming.  Imagine what is going through every successful person's mimd in France as they await the election results with horror and dread.

As for regulations.  Put them on a grid.  One axis is most expensive / least expensive to enforce and comply with.  The other axis is most important to public safty vs least.

Step 1 - Cut everything in the most expensive / least important category TOMORROW.  25% of regulations gone in the first 50 days of the Romney admin.

Step 2 - Get rid of every thing in the low cost / low importance section in the next 50 days. These are nuisances.

Step 3 - Every regulation in the most expensive / highly important section sunsets in 2 years.  You have to resubmit it to Congress with a plan to reduce compliance and enforcement costs by 50%.

The stuff in the highly important / low cost category should be the gold standard by which all regulations are measured.  No new regulations unless its more important to public safty then something else on the books.  If you are going to pass a new regulation, you have to find one on the books that is less important and more costly to sunset.

Sat, 05/05/2012 - 22:09 | 2400227 stopthejunk1
stopthejunk1's picture

What a self-important, pompous, trite and uninformed article.  I give it a 2.

Robber barons don't like regulation either.

Only nitwits and half-wits still believe in the false choice between "free markets" (without regulation) = prosperity and "socialism". 

Get an education.  Government force obviously must be used to reign in capital.  It isn't being used enough in the U.S., which is why our income inequality is the most severe among developed nations.  A society that has severe income inequality is not stable, and cannot be made stable.  Poor people only clamor for collectivism because they are taught to clamor for it, as the only possible response to corporate slavery.  They are taught that they have to choose between two outdated simpletons: Ayn Rand, and Carl Marx.

Instead, they should read Hillaire Belloc and WTFU, and agitate for a solution that will WORK.

Property is not sacred.  In a fair society, property rights will be abridged somewhat, to the end of ensuring that ownership of productive property is *widespread.*  That is the only way to ensure a stable society.  Among its unmitigatable flaws, the U.S. constitution fails to recognize this FACT, which is why it must be rewritten from scratch. 

The U.S. constitution and current U.S. society care more about property than about people.  All modern western societies suffer from the same defect.  Equitable distribution of property has not been seen since medieval times, before the rise of capitalism in England.


Sun, 05/06/2012 - 00:05 | 2400327 stiler
stiler's picture

In a traumatic brain injury manual (TBI), it states, in following the BF Skinner model of environment (BS Skinner, one of the Ones who rule from the grave), that all behavior is lawful. What!? Through environment we can shape, reinforce or cause the extinction of behaviors wanted and "unwanted". Under this people really are just material sacks. Well this is what our govt is doing to the gen pop. is it not. Relativizing right and wrong. Making people to depend on the govt for their every need as they take over more and more areas of legality and as the govt promotes immorality in order to gain importance.

Sun, 05/06/2012 - 11:34 | 2400711 Shizzmoney
Shizzmoney's picture

Young Players and Regulars Turn Their Backs on Poker in France

Even the degens know the taxes are too high

Sun, 05/06/2012 - 14:05 | 2401009 loveyajimbo
loveyajimbo's picture

If it were not for Europe rapidly heading down the shitter... the US would be getting the same press... we are next in the barrel, so buy plenty of "Obama-lube"...

Sun, 05/06/2012 - 15:24 | 2401298 Umh
Umh's picture

RE: the survey that was shown with this article.


Is President Barack Obama most to blame for the lack of economic recovery? We have to start somewhere!

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