You know that scene in Mr. Smith Goes to Washington? The one where the good guy, Jimmy Stewart, stands up in the Senate protesting the graft and corruption he sees all around him. He’s not as smart as the other Senators. He was only elected by accident and knows that he’s not properly qualified to […]
Planet Ponzi – the massive build-up of debt, the total loss of political transparency – had caused multiple casualties across the world. The failure of banks, the huge rise in government debt, the failure of business, the loss of jobs, the pressure on real incomes – all these things stem from the same dark causes.
But there’s one consequence greater than any of these things. In the last few weeks, democracy has taken a pasting. For all Berlusconi’s faults (and there are many), he was the democratically elected leader of his country. The new Italian government does not boast a single elected politician. The Italian people have had nothing to do with choosing the direction of their country. Given that their nation has faced no more serious issues since the Second World War, this is a somber thought indeed.
It’s the same thing in Greece. George Papandreou may not have been a perfect leader, but he was the country’s elected leader. When Europe presented Greece with an ultimatum, Papandreou’s first instinct was to take that offer to his country. The future of the Greek people would be defined over the next ten years or more by these matters: Papandreou was right to consult his nation. As soon as the ‘international community’ got wind of those plans, he was promptly rebuked, he left office – and a new government took power without an election.
In the United States: the same thing. The budgetary ‘super-committee’ was set up in the wake of the debt-ceiling vote to define a budget strategy for the US government. That is: party apparatchiks chose – without election or public consultation – the men and women who will plan the nation’s fiscal future. Again: a total absence of democracy, a total lack of transparency.
And what happens? What emerges from this process? Answer: failure. The politicians in America, as in every country, are chosen in order to debate and solve the leading issues of the day. They need to solve those issues through open debate and place themselves in front of the electorate sufficiently often that the electorate can express a view.
In America, our political process has shown itself, so far, incapable of this basic task. To speak bluntly but fairly: American democracy is, at the present time, failing the nation.
Even in the countries, like Germany, that are not a part of Planet Ponzi, democracy seems close to collapse. Why should the German people be asked to bail out their southern neighbours and not get a vote on it? Why should the ECB pile into buying Italian bonds – probably illegally – and yet the people of Europe have no say on these things? Why should the British government refuse a Euro referendum, simply on the grounds that the leaders might not like the answer?
The solutions to Planet Ponzi are simple. More democracy not less. Less debt, not more. At the moment, we have things – tragically – the wrong way round.
by Mitch Feierstein about 2 months 1 day ago
On January 17, 1961, 58 years ago, President Dwight David Eisenhower* gave his farewell address to the nation. In his speech, Eisenhower recognized that after WWII, the United States was “compelled to create a permanent armaments industry” and build up a gigantic military force. The Cold War made clear the “imperative need for this development,” […]
A Ponzi Scheme applies to any investment scheme where the promoter offers crazy returns to attract investors. If you invest your money in such a scheme, you might even get it back – plus some crazy rate of interest – as long as there’s still a flood of money from new investors. But the scheme […]
by Mitch Feierstein about 2 months 3 days ago
Alexandria Ocasio-Cortez – A naive, extremist anti-American New York congressional candidate. When Donald Trump was democratically elected the 45th president of the United States of America, the Democrats decided to create a “resistance” party to remove Donald Trump from office. The face of political advocacy and the neo-liberal agenda for the new Democratic party is […]
by Mitch Feierstein about 2 months 4 days ago
What we know now: Coordinated global central bank market manipulations have distorted price discovery mechanisms impacting valuations in stock, bond, and property markets. Politicians are taking credit for record-high stock prices and the unprecedented 5,000-point surge in the Dow Jones industrial average. A 2017 gift that will keep giving: NY Stock Exchange — Margin debt […]
by Mitch Feierstein about 2 months 1 week ago
Zuckerberg’s answers at the hearing were evasive and lacked veracity. NEW YORK: Mark Zuckerberg, CEO of Facebook, faced very few tough questions during a two-day Congressional hearing recently. Instead of pretending to ask tough questions, these so-called “lawmakers” should have simply asked, “Thank you for coming here today, Mr Zuckerberg, would you like some tea and […]
by Mitch Feierstein about 2 months 1 week ago
It has recently come to light that the Obama administration obstructed a criminal justice department money laundering/DEA investigation into Hezbollah (a terrorist organization) to ensure that the 2015 Iran nuclear deal moved forward. Obama’s deep-state operatives, the lifetime bureaucrats in the State Department, as well as those in intelligence and military circles, actively conspired to […]
There is more debt, credit, and leverage today than there was preceding the banking crisis of 2008. No lessons were learned from that catastrophe as trillions of taxpayer dollars were provided in the form of bank bailouts from the U.S. Federal Reserve. Despite their name, U.S. Federal Reserve Banks are not part of the federal […]
by Mitch Feierstein about 4 months 3 weeks ago
The entire nomination process to confirm Judge Kavanaugh to the Supreme Court has become a national disgrace, but it is all happening according to plan—a plan formed by the Democrats in a desperate attempt to usurp our democracy. This plan to ensure that all of Trump’s Supreme Court nominees were stymied until 2020 was given […]