Wall Street WARZONE

DR.DOOM$DAY predicts: Romney Greed Kills Democracy, Triggers New Crash

by Paul B Farrell, JD, PhD
| Discuss | Print | 9/4/2012

Nobel Economist Joseph Stiglitz is our “Dr. Doom” today: “A major theme of the underlying political debate in the United States is the role of the state and the need for collective action. The private sector, while central in a modern economy, cannot ensure its success alone … For example, the financial crisis that began in 2008 demonstrated the need for adequate regulation. … Moreover, beyond effective regulation (including ensuring a level playing field for competition), modern economies are founded on technological innovation, which in turn presupposes basic research funded by government. … This is an example of a public good – things from which we all benefit, but that would be undersupplied (or not supplied at all) were we to rely on the private sector …. Conservative politicians in the US underestimate the importance of publicly provided education, research chemical technology like rc-chemical.com, and infrastructure. … Economies in which government provides these public goods perform far better than those in which it does not. … But public goods must be paid for, and it is imperative that everyone pays their fair share.”

Bernanke: “Zero Rates till 2014.” More Cheap Money for Wall Street, Bad News! Ben’s Blowing a Huge Bubble. Plan Now for a New Worldwide Meltdown. After the Crash, These “20 Rules” of the “New (No-Growth) Economics” Will Dominate Global Politics!

by Paul B Farrell, JD, PhD
| Discuss | Print | 2/3/2012

Yes. a “New (No-Growth) Economics:” Why, because everything you know about economics is wrong. Everything Bernanke knows about economics is wrong. And it will change, after the coming crash.

A whole “New Economics.” With new rules.  Why? Classical economics is fatally flawed. So investors better learn the new rules that’ll win in the “New Economy” dead ahead. Delay, deny, you’ll lose. After the coming global collapse—the big wake-up call—classical economics will be exposed as a fraud sabotaging investors, killing capitalism, destroying America … and the world.

Yes, 20 new rules. Why? Because everything you know about economics is wrong. Everything. Wrong. The old economics is a rigged game in Wall Street’s casino. The cards are stacked in favor of the banks and their co-conspirators, political lobbyists, corporate CEOs and the Super-Rich. The house always wins. You always lose. Worse, America is losing.

Here’s why: All classical economic ideas derive from one central idea. Not even a scientific theory, merely an unproven hypothesis. Worse, all economic conclusions are based on this illusion, a fantasy, myth, wishful thinking. Consequently, all economic conclusions are speculations favoring Wall Street, corporate CEOs and the Super-Rich.

“Eternal Growth:” Bad economics, unscientific, old myths

Here’s the one central (and fatally flawed) hypothesis of all traditional economists today—from Bernanke’s Fed staff, economists in the World Bank, IMF, CBO and White House economic advisors, to economists at Wall Street banks, think tank and academic economists—is their unquestioned acceptance of the dogma of “Eternal Growth.”

All economic thought evolves from one unproven and fatally flawed hypothesis: The unscientific assumption that the global economy will continue growing indefinitely … that the world’s economies will be able to support global population growth indefinitely … and that all necessary commodities and essential natural resources will be available indefinitely to sustain the world’s relentless economic and demographic growth.

Unfortunately, that’s impossible. Absurd. Irrational. Unscientific. Just plain wrong. That’s right, the core assumption of classical economics and American capitalism is an illusion. So are all their economic conclusions. Get it? America’s entire economic system is based on one crucial yet unproven premise that taints the work of all economists. Worse, most are blind, still refuse to see that their own system is not only fatally flaw, it proves the need for a “New (No-Growth) Economics.”

Here’s the 20 Rules Manifesto for the “New (No-Growth) Economics:” Twenty rules, trends, principles emerging after Wall Street and the American economy get hit by another bigger meltdown, totally predictable in today’s self-destructive political arena. Warning: Even with another market meltdown, taxpayers may still get duped into bailing out the banks again. Eventually, however, they will wise up and revolt against this corrupt system.

20 “New Rules” emerging through crashes and wake-up calls

Why shouldn’t you trust economists anymore? Since the 2008 meltdown it became painfully obvious that America’s 15,000 traditional economists were clueless (as were more than 50,000 portfolio managers and all government leaders in both parties). Not just because they’re paid mercenaries. The real problem is their brains are short-term thinkers. They really cannot see the future. So they simply project old data. They’re not future-thinkers. They missed the last crash. They will also miss the next one. …. read the “20 Rules” and full column in MarketWatch.com

“China’s Secret War Plan” Adding Trillions Debt. But We “Love” War! So We’ll Pay Till Bankrupt. Yes, Today Economic Cyber-War. Tomorrow, Real Combat!

by Paul B Farrell, JD, PhD
| Discuss | Print | 8/13/2011

Yes, Americans love war. And yes, wars cost money. Add debt. New taxes. Still, we love war. Why else let the military budget burn 48% of your tax dollars? But why is it “off the table” when the GOP talks “deficit cuts?”

Why? We love war. We’d rather attack with a macho battle cry like “Damn the torpedoes full speed ahead!” than listen to a warning from historian Kevin Phillips: “Most great nations, at the peak of their economic power, become arrogant, wage great world wars at great cost, wasting vast resources, taking on huge debt, ultimately burning themselves out.” Which dominates our Congressional deficit-hawks? Which is China’s military strategy?

Admit it, we love war. Marine Corps posters grabbed me as a kid. Trained me as an aviation weapons system tech. I volunteered for Korea. And I couldn’t resist Erik Sofge’s edgy thriller, “China’s Secret War Plan,” about a China-USA war. Like a fast-paced Tom Clancy thriller. Leaked to Popular Mechanics: One of my favorites as a kid working in a small-town magazine store. Yes, war’s “popular.” Locked in our DNA long ago. Sofge’s thriller was based on war games played by Pentagon generals and Rand Corporation strategists.

Admit it, Americans love war. Can’t resist videogames, war movies: Hunt for Red October. Platoon. Dirty Dozen. StarWars. Terminator. War turns us on, a testosterone virus in our brains. Blinds us to costs, collateral damage, unintended consequences, new debt for our kids. Besides, they’ll grow up “loving” war. DNA is passed on. Can’t resist. That hot button gets pushed by photos of China’s first Aircraft Carrier, or its new Stealth Bomber exposed during the state visit of China’s President Hu Jintao. Sofge’s thriller begins:

August 9, 2015, 0400. China’s war for “Taiwan starts in the early morning. There are no naval bombardments or waves of bombers … 1,200 cruise and ballistic missiles rise from heavy vehicles on the Chinese mainland … Taiwan’s modest missile defense network … a scattered deployment of I-Hawk and Patriot interceptors … slams into dozens of incoming warheads … a futile gesture … The mass raid overwhelms the defenses as hundreds of Chinese warheads blast the island’s military bases and airports.”

Do taxpayers have a choice? No? Just plan for big wars? Bigger deficits? No retirements.

The GOP wants to cut America’s massive debt. But “off-the-charts” military spending is “off the table.” Back in the forties WWII consumed 57% of our GDP. Today, war eats up about half America’s budget. We’re sinking under Iraq war debt. Nobelist Joseph Stiglitz estimates Iraq at $3 trillion, with $2 trillion for future costs, like VA medical. The Afghan war maybe another $3 trillion. Plus endless terrorist threats. Future wars are “planned” years, even decades in advance, strategies based on Pentagon-Rand wargames.

America talks peace. But deep inside our collective brain is a dark monster: We’re little kids who love playing war. Later fighting real wars. Age ten I had a collection of model fighter planes, played air wars. Age fifteen, owned three guns for hunting. Then the Corps. Like a moth to the flames, Americans cannot resist our destiny in war …. read more about this China-U.S.A. war in my column in MarketWatch

Global Population, 9 Billion Marching to WWIII: Can Anyone Stop This ‘Economic Nuclear Bomb?’ Tick-Tick-Ticking! Who’s Listening? Is It Too Late?

by Paul B Farrell, JD, PhD
| Discuss | Print | 7/26/2011

Sssh. Don’t tell anyone. But “while you are reading these words, four people will have died from starvation. Most of them children.” Seventeen words. Four deaths. That statistic is from a cover of Paul Ehrlich’s 1968 provocative “Population Bomb.” By the time you finish this column, another five hundred will die. By starvation. Mostly kids. Dead.

But global population will just keep growing, growing, growing. Why? The math is simple: Today there are more than two births for every death worldwide. One death. Two new babies.

Bomb? Tick-tick-ticking? Or economic “bubble?” Population growth is a basic assumption hard-wired in traditional economic theory. Unquestioned. Yes, population is our core economic problem. Not a military problem. But the bigger this economic bubble grows, the more we all sink into denial, the closer the point of no return where bubble becomes bomb. Where war is the only alternative. A military solution is the only solution.

Yes folks, ultimately, population growth is a economic nuclear bomb, tick-tick-ticking a silent countdown to global disaster. In denial, we march a self-destruct path to WWIII.

Ssh. Stop. Ssssh. Be silence. Don’t say “bomb.” Don’t? Why? Deny it all you want, the global “Population Bomb” will just keep tick-tick-ticking. Out of ear-shot. In the dark shadows of your mind. Warning, denial just prolongs the inevitable day of reckoning.

Simple Math: Two Babies Minus One Death = World War III

Worldwide population doubled to 3.5 billion between the Great Depression and the Great Society. One generation, from the thirties to the sixties when “The Population Bomb” was published. Since the sixties, we’ve doubled again. This year global population shot past seven billion. Two billion living in poverty, surviving on less than two dollars a day. We do live in a globalized economy. And the math is simple: One death, two new babies.

Warning: This economic bomb will not stop tick-ticking any time soon. Why? Scientific American said population is “the most overlooked and essential strategy for achieving long-term balance with the environment.” No wonder Bill McKibben, author of The End of Nature, warns: “Act now, we’re told, if we want to save the planet from a climate catastrophe. Trouble is, it might be too late. The science is settled, and the damage has already begun.”

We’re on suicide watch and yet population control, the world’s number one economic issue in “off the table.” Why? Last year Mother Jones made it abundantly clear why. In “The Last Taboo,” columnist Julia Whitty asked: “What unites the Vatican, lefties, conservatives, and scientists in a conspiracy of silence? Population.” That hot button issue ignites so many powerful reactions. Politicians won’t touch this “third rail.”

Our denial is a massive “conspiracy of silence.” Yes, we’re all in this global self-destructive conspiracy. Families love making babies. Economists obsess about their population growth assumption. Stockholders demand earnings growth. Wall Street is insatiable. Corporate CEOs shoot for quarterly targets to get ever bigger bonuses. The global “Super-Rich” see population growth as opportunities to increase their wealth, widening the wealth gap. We’re all in this rat race together, in a “conspiracy of silence.”

Population, the key economic power that’s driving all economic issues

Yes, you can forget “Peak Oil.” Forget global warming. Forget debt, deficits, defaults. Forget commodities, scarce resource depletion. Forget all other economic, political, military problems. Yes, forget all of them. None of them matter … if our leaders fail to deal with the world’s out-of-control population bomb. Nothing else matters. Nothing. Still, the silence is defining. We’re trapped in this deafening “conspiracy of silence.” ….

read more: MarketWatch.com

Ayn Rand’s “Death of the Soul of Capitalism.” Warning: Greedy, Narcissistic Ego-Maniacs are Now Destroying Adam Smith’s 1776 Ideal of Moral Capitalism

by Paul B Farrell, JD, PhD
| Discuss | Print | 7/11/2011

Atlas Shrugged is Ayn Rand’s most popular work. A mysterious rebel leader John Galt saves America from economic ruin. But before we rise from the ashes, before the redemption, comes the blowup. And for that, let’s turn to my favorite, The Fountainhead, where Rand offers a subtle hint of capitalism’s eventual demise and self-inflicted death.

In The Fountainhead Howard Roark is the ultimate individualist, an idealistic architect and archetypal free market capitalist. Enraged when second-rate competitors compromise the integrity of his plans for a modern building, Roark seeks revenge, takes the law into his own hands and in a terrorist act, he sneaks onto the construction site in the dark of night … and dynamites the building … kaboom … destroying it.

Flash forward: You have a perfect metaphor for Rand’s extreme ideology, how today it is turning against America, blowing up capitalism, self-destructing as the excesses of a great ideology spin out of control, choking on the very dreams that fueled it for decades.

Warning, the commanding inner voice of Ayn Rand’s super-capitalism that’s imbedded itself deeply in America’s collective unconscious will soon trigger the suicide of capitalism, in a volley of excesses taking down the market, triggering a total economic collapse, and profoundly altering America’s political destiny as the global super-power.

Ayn Rand’s terrorist solution: If you don’t like “the system,” blow it up!

Since The Fountainhead was published during WWII, Ayn Rand has been a driving force in America’s collective consciousness. Today she is the patron saint of conservatives and free market capitalism everywhere: in the ideology of the GOP and Tea Party, in the mindset of Greenspan, Bernanke and Reaganomics, in the ranting of Beck, Sarah and Rush, in the Ryan Plan to kill social programs.

The polarizing of all American politics has its strongest roots in her classic, Atlas Shrugged, where a capitalist elite engage in a perpetual cultural warfare for the soul of America, fighting society’s “moochers, looters and parasites,” anyone and everyone demanding government money to solve their problems. The elite see America degrading into a socialist welfare state and communism. Rand says capitalism must be totally free:

“When I say ‘capitalism,’ I mean a pure, uncontrolled, unregulated laissez-faire capitalism, with a separation of economics, in the same way and for the same reasons as a separation of state and church.” Why? Because “capitalism is the only system that can make freedom, individuality, and the pursuit of values possible in practice because capitalism demands the best of every man, his rationality, and rewards him accordingly. It leaves every man free to choose the work he likes, to specialize in it, to trade his product for the products of others, and to go as far on the road of achievement as his ability and ambition will carry him.”

Unfortunately, Rand’s radical dogma has gone far off the course defined by Adam Smith in 1776, warping into an secret conspiracy binding conservative politicians and the egomanical excesses of Wall Street, Corporate CEOs, and the Forbes 400 Super-Rich against the middle class and the rest of society.

Warning: Rand hates altruism, religion, social programs, and average Americans

In a recent USAToday op-ed piece, “Ayn Rand and Jesus,” Stephen Prothero, a Boston University professor of religion and author of God is Not One: The Eight Rival Religions That Run the World—And Why Their Differences Matter, poses a serious challenge to Rand’s disciples: “Idolatry of the conservative icon should lead to some soul-searching within the GOP. After all, Christian morality has no place in an ‘Atlas Shrugged’ world.” ….

… read full column in MarketWatch

“Reaganomics Revolution” R.I.P. 1981-2011. Like Roaring Twenties: “Forever Blowing Bubbles, Dreaming Dreams, Scheming Schemes, Building Castles in the Sky … Then, They Fade & Die” as Capitalism Self-Destructs!

by Paul B Farrell, JD, PhD
| Discuss | Print | 6/18/2011

The thirty-year “Reaganomics Revolution” will be over soon. Like the Roaring Twenties, ending in the game-changing crash. Though a century apart, they share a common theme song of irrational exuberance: “I’m Forever Blowing Bubbles.” Many bubbles, now merging like tornadoes, in a perfect storm, a mega-bubble itching to blow, signaling the end of the ego-centered “Reaganomics Revolution,” which must, unfortunately, also take down America’s markets, economy, monetary system.

Yes folks, that one song captures the collective mindset of both the Roaring Twenties and the Reaganomics Revolution: “Forever blowing bubbles. Pretty bubbles in the air. Dreaming dreams. Scheming schemes. Building castles in the sky. Fortune’s always hiding. I’ve looked everywhere. Forever blowing bubbles. They fly so high, nearly reach the sky. Then like my dreams they fade and die.”

Then … like our dreams … they fade … and die. Nearly a century ago the bubbles popped in the Crash of 1929. Then the bubbly went flat during the long Great Depression. It repeats again with the Reaganomics Revolution’s endless “pretty bubbles.” Tornadoes merging. Destroying the American Dream. For a generation we have watched the damage created by a selfish ideology: The S&L disaster. Dotcom crash. Wars. Subprime meltdown. Great Recession. And yes, there’s more to come, more “pretty bubbles.” You’ll see below.

Irrational exuberance blinds us. On March 20, 2000, as dotcom exuberance raged, our column began: “Next Crash, You Won’t Hear It Coming.” Then came a 30-month recession. We went on reporting twenty advance warnings of the 2008 meltdown. Nobody listened. Till it was too late. Till a conflicted Treasury Secretary, myopic Fed Chairman and clueless Congress all panicked. Making matters worse. Setting up a new meltdown, dead ahead.

“Reaganomics Revolution” destroyed values of American Revolution 1776

Today our collective brain has been consumed by a “greed-is-good” virus. We have lost our moral compass. The values of the American Revolution of 1776 are dead. The Reaganomics Revolution has replaced those values with the unregulated free market with an “every man for himself, get rich quick” ideology that’s destroying America from within: Yes, “we are forever blowing bubbles. Dreaming dreams. Scheming schemes. Building castles in the sky. Pretty bubbles fly so high. Nearly reach the sky. Then like our dreams they fade and die.”

They fade and die. In the Bush years some cocky conservatives predicted a “permanent majority” lasting “for years, maybe decades.” The hubris gods had other plans. Then after Obama’s election, one cocky liberal wrote a book, “40 More Years: How the Democrats Will Rule the Next Generation.” Wrong again. Both parties will lose in the final flame-out of the Reaganomics Revolution.

Yes, so many “pretty bubbles” merging. And still, the pundits and press love the bull, arguing that no one bubble is a game-ender. Even after a generation of increasingly bigger, more frequent economic disasters drain our fiscal and monetary resources, raising our debt to unsustainable levels, destroying our trust in democracy and the dollar, it’s now obvious that America’s “pretty bubbles” are making us vulnerable, inviting trouble. Get it? Today any one “pretty bubble” can trigger a flash point, ignite a chain reaction, an economic nuclear bomb exploding the American Dream. Here are America’s most toxic bubbles, warnings of the “coming crash … the one we refuse to hear.” ….

read more on MarketWatch

Reagan Insider: “My GOP Destroyed the U.S. Economy” Part 2: Politicians Rule Economics, Tax-Cuts for Super-Rich, Cheap Money, War Debt, Unfunded Social Security, Dollar Declining … All Setting Up a New Crash, Dead Ahead!

by Paul B Farrell, JD, PhD
| Discuss | Print | 6/4/2011

“My G.O.P. destroyed the U.S. economy.” Yes, that is exactly what David Stockman, President Ronald Reagan’s Director of the Office of Management and Budget wrote in a 2010 New York Times op-ed piece. Not “destroying.” he said the GOP has “destroyed” the U.S. economy, setting up an “American Apocalypse.” And it’s getting worse.

Update: With the 2012 election lineup up for grabs, Stockman may be the GOPs best candidate for President. A hero in American politics, he’s a rare no-BS truth-teller who’s been delivering the same message since his 1986 Triumph of Politics: Why the Reagan Revolution Failed, an expose written after leaving the White House. Better yet, he’s the kind of fighter who could easily go the distance with Obama on the key issues that will dominate the 2012 election: the economy, employment, interest rates, entitlements, war budgets, the devalued dollar, our rapidly collapsing monetary system, another meltdown.

Last fall, Stockman’s hard hitting op-ed was loaded with jabs like: “If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation’s public debt” screams “for austerity and sacrifice,” instead, the GOP insisted “the nation’s wealthiest taxpayers be spared even a three-percentage-point rate increase.” Obama blinked, pulled his punch. Let’s get both in the ring.

His latest attack proves he’s still a powerful fighter. Recently, Reason magazine’s editor-in-chief Nick Gillespie did a long interview with Stockman. The title builds on the book: “The Triumph of Politics Over Economics.” But instead of just looking back at the failure of a self-destructive Reaganomics, an older and wiser Stockman focuses us on the paradigm shift that’s destroying America from within.

Warning: GOP’s self-destructive capitalism is destroying U.S. economy
In this new “Triumph of Politics Over Economics” we see America at a historic crossroads, struggling to redefine itself. Politicians have become the new economists. Politicians their big money backers and lobbyists now rule the American economy like banana republic dictators. Stockman calls this corrupt system the new “crony-capitalism.” The old capitalist economics that made America the world’s greatest superpower no longer exists …. more ….

Complete column: MarketWatch.com

America’s ‘Super-Rich’ Love Betting on Commodity Inflation: 12 Reasons Super-Rich get Richer, Poor get Poorer … Warning, Class Wars Increasing Worldwide!

by Paul B Farrell, JD, PhD
| Discuss | Print | 5/20/2011

Nobody wants to hear the truth. Not Big Oil. Not Big Ag. Not Wall Street. Not the Super-Rich. Not China’s billionaires. Not Washington insiders on the take. They do not want to hear the relentless warnings of a Cassandra Chicken Little Crying Wolf about the “End of the World as We Know It.” Screw the truth. In their minds all that matters is that they’re getting more powerful and richer and richer.

Nothing else matters in their upside-down world: Wealth increases at the top. Global poverty balloons everywhere else where living on $2 a day isn’t enough for a third of the world. Easy pickings. The rich only see more opportunities to make more money when they read in Foreign Policy that “in the United States, when world wheat prices rise by 75%, as they have over the last year, it means the difference between a $2 loaf of bread and a loaf costing maybe $2.10,” warns Lester Brown in “The New Geopolitics of Food … Inside a Hungry Planet.”

But if “you live in New Delhi, those skyrocketing costs really matter: A doubling in the world price of wheat actually means that the wheat you carry home from the market to hand-grind into flour for chapatis costs twice as much. And the same is true with rice. If the world price of rice doubles, so does the price of rice in your neighborhood market in Jakarta. And so does the cost of the bowl of boiled rice on an Indonesian family’s dinner table

New economics of commodity inflation, resource scarcity, and getting rich
“Welcome to the new food economics of 2011: Prices are climbing, but the impact is not at all being felt equally. For Americans, who spend less than one-tenth of their income in the supermarket, the soaring food prices we’ve seen so far this year are an annoyance, not a calamity. But for the planet’s poorest 2 billion people, who spend 50 to 70 percent of their income on food, these soaring prices may mean going from two meals a day to one. Those who are barely hanging on to the lower rungs of the global economic ladder risk losing their grip entirely. This can contribute—and it has—to revolutions and upheaval.

Yes, it will get worse, far worse. Global population is sky-rocketing, tripling from 3 to 9 billion between 1950 and 2050, as the “Super-Rich” at the top will get richer, as poverty spreads, as more and more go to bed hungry in emerging and developing economies. And “revolutions and upheaval” mean increased global wars over depleting hard assets. In the upside-down worldview the “Super-Rich” will soon have to deal more than that extra dime for a loaf of Walmart bread. The cost of America’s denial will be trillions as the threat of WWIII grows exponentially.

Remember the Pentagon forecast: Global population growth leads to “massive droughts, turning farmland into dust bowls and forests to ashes … By 2020 there is little doubt that something drastic is happening … an old pattern could emerge; warfare defining human life.” As this threat of WWIII increases, America is the major target for many emerging and developing economies.

“Commodity Inflation Revolution” ends America as “Global Super-Power”
Jeremy Grantham is a Cassandra, warning, crying wolf. Has been for many years. His firm manages $100 billion. He warned of the 2008 meltdown 18 months in advance. While Grantham’s latest Quarterly Letter offers faint signs of hope, the truth is, he’s predicting a no-win scenario for America in “Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever.” ….

read full column at MarketWatch.com

“Doomsday Capitalism:” 10 Trends Destroying America from Deep in Our Souls. Warning, This Book Will Never Get Published … Because Wall Street & the Super-Rich Don’t Want You to Know How Bad The American Economy Really Is!

by Paul B Farrell, JD, PhD
| Discuss | Print | 4/27/2011

Doomsday Capitalism?” Capitalism is actually destroying America? Yes, that’s the message in my tenth book. Doomsday Capitalism, 10 self-destructive macro-trends. But you’ll never see it in print. No one, not even book publishers want to hear this truth: Capitalism is destroying America. Why? “Super-Rich” capitalists get rich off these 10 macro-trends. They want happy talk. Back in 2007 Jack Bogle called my warnings “prescient.” But that didn’t stop the meltdown. Next time financial historians warn of a bigger meltdown, a total collapse has been the destiny of every nation for eight centuries. This time, capitalism is the saboteur.

Yale scholar Immanuel Wallerstein warns that capitalism’s at the end of a 500-year cycle: The “political struggle is over what kind of system will replace capitalism, not whether it should survive.” We cannot stop this cycle. Yes, “Super-Rich” capitalists will fight to the death, take the rest of us down with them.

Why? Destiny is trapped in our DNA warn historians, will not change. America is run by these short-term thinkers. They never learn the lessons of history. They do not want you to know that their capitalism is self-destructive, hell, they don’t even know capitalism’s cycle is in a suicidal endgame, that their “mutant capitalism,” as Bogle calls it, is destroying the very soul of America’s democracy.

Instead, leaders inside this conspiracy want Americans to follow their rigid doctrine: In Milton Friedman’s 1962 Capitalism & Freedom, the bible of Reaganomics; In Ayn Rand’s manifestos that misguided Alan Greenspan and now Paul Ryan; and in Steve Forbes post-meltdown apologia, How Capitalism Will Save Us: Why Free People and Free Markets Are the Best Answer in Today’s Economy. Capitalism has become a religion for the “Super-Rich,” with many such “saviors.” Heretics must be denied, such as this one: Doomsday Capitalism is destroying America from within. Here are highlights, with links to a few of the earlier hundred columns on topic. Ten macro-trends building to a perfect storm, a critical mass, flashpoint

1. Doomsday Capitalism—Death of The American Dream, Spirit, Soul
After our bankrupt Wall Street was resurrected in 2008—thanks to their Trojan Horse, an ex-Goldman CEO inside the Treasury stealing trillions from a clueless Congress—it became obvious that capitalism really is killing America’s soul. Nobody trusts government. And no matter who’s elected, wealth, Wall Street and the “Super-Rich” will rule America, total collapse is coming.

Why? Senator Bernie Sanders, the lone independent, said it best: “There is a war going on in this country … the war waged by the wealthiest people in America on the disappearing and shrinking middle class of our country. The nation’s billionaires are on the warpath. They want more, more, more. Their greed has no end and they are apparently unconcerned for the future of this country if it gets in the way of their accumulation of power and wealth.”

continue reading in MarketWatch

Tax America’s “Super Rich” Now, or Face a Revolution, a Market Meltdown More Devastating than 2008, Revolution, Class Warfare, “Great Depression 2″

by Paul B Farrell, JD, PhD
| Discuss | Print | 4/11/2011

Yes, tax the super-rich. Tax them now. They’re killing America. Tax them before the other 99% rise up, trigger a new “American Revolution,” meltdown, depression. Revolutions build over long periods. To a critical mass. Flashpoint. Suddenly ignite, unpredictably. Like Egypt, started on a young Google executive’s Facebook page. Then it goes viral, raging uncontrollably. Can’t be stopped. Here in America the set-up is our nation’s pervasive “Super-Rich Delusion.”

We know the super-rich don’t care. Not about you. Nor the American public. They can’t see. Can’t hear. Stay trapped in their Forbes-400 bubble. An echo chamber that isolates them. They see the public as faceless workers, customers, taxpayers. See GOP power on the ascent. Reaganomics is back. Unions on the run. Clueless masses are easily manipulated. Even Obama is secretly working with the GOP, will never touch his super-rich donors. Yes, the “Super-Rich Delusion” is that powerful, infecting all America.

Here’s how one savvy insider who knows described this “Super-Rich Delusion:” “The top-1% live privileged lives, aren’t worried about much. Families vacation at the best resorts. Their big concerns are finding the best Pilates teacher, best masseuse, best surgeons, best private schools. They aren’t concerned with the underlying deterioration of America or the world, except in the abstract, because they aren’t directly affected by it. That’s not to say they aren’t sympathetic, aware, or don’t talk about the issues you bring up. They are largely concerned with protecting and enhancing their socio-economic positions, ensuring their families live well. And nothing you write about will change things.” Warning, in 2011 that attitude is delusional, deadly, yet pervasive in America.

“Super-Rich” replaying 1920′s “Great Gatsby” era …
won’t learn till too late
Yes, trapped in the “Super-Rich Delusion” our top-1% actually believe they’re immune, protected from the unintended consequences of beating down average Americans for three decades with the free-market, trickle-down Reaganomics doctrines that made them “Super-Rich.” They honestly believe those same doctrines will protect them in the next depression. Why? Because they have megabucks stashed away. Provisions for the long haul. Live in gated compounds. Mercenaries guarding them.

They believe they’ll continue living just fine in a depression. But you won’t. Nor will your retirement. Neither will the rest of America. And still the “Super-Rich” don’t care about the rest of America, “except in the abstract, because they aren’t directly affected.”

Warning: The “Super-Rich Delusion” has pushed us to the edge of a great precipice: Remember the Roaring Twenties? The Crash of 1929? Great Depression? Just days before the crash one leading economist, Irving Fisher, predicted that stocks had “reached what looks like a permanently high plateau.” Yes, he was trapped in the “Great Gatsby Syndrome,” an earlier version of today’s “Super-Rich Delusion.” It was so blinding in 1929 that the president, Wall Street, all America were sucked in … until the critical mass hit a mysterious flashpoint, triggering the crash.

read full column on MarketWatch