A Run.
Whatever one thinks about The Bailout, Representative
Paul Kanjorski's description of pending economic meltdown is the best I've
found. http://www.youtube.com/watch?v=pD8viQ_DhS4
Others present at the 2008
Bernanke/Paulson meeting (which Kanjorski describes) say that all Bush's
emissaries represented the accelerating economic vortex as so dire that martial
law would be declared unless the banking system was immediately reinforced by
what we now call The Bailout.
When humans lose their
footing and fall into boundless fear, a threshold is reached at which people go
crazy.
Craziness takes many forms, but whatever form it takes it has no patience for measured democratic discussion.
In brief, there is no room
for Reason.
It can be argued that, on
that fateful day, Bernanke was falsifying the record and that his real
intention was to use a fictitious "crisis" to advance the cause of a
"banking coup" or to justify the expropriation of taxpayer wealth
into bankers' pockets. (One difficulty with such scenarios is that 700 to 800
billion dollars is a trivial sum relative to the amounts of money to be made in
a healthy economy. To pilfer a trillion taxpayer dollars at the expense of global
economic calamity is a course of action anathema to the banking system. Yes, Cowboy Capitalists are crazy. But they're not that
crazy.)
We are living in a time of
self-reinforcing plutocratic impulse. But it is not possible -- as a practical
matter -- for Americans to harbor such deep cynicism about their officials
without a collapse of confidence that will result in widespread lunacy.
(Perhaps this is what has happened.)
The survival of any financial
system depends on "full faith and credit."
When faith and credibility
are radically undermined, financial systems collapse and empires crumble.
It is "the nature of the
beast" that "this side of barter," no financial system based on
"symbolic" exchange instruments (such as green pieces of
paper and stock certificates) can survive - much less
thrive - unless we first make foundational Acts of Faith.
In finance there is no proof
because there can be no proof.
There is only faith.
"In God We Trust."
We either live our financial
lives faithfully, or, in the absence of faith, financial systems collapse.
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