Monday, September 8, 2008

Washington's Kleptocratic State: "More Communist Than China" (Will Grigg)

Will Grigg on the socialist American state (Lew Rockwell tends to call it national socialism or fascist corporatism) and the coming economic collapse:

Unlike the Creator, Who rested from his labors on the seventh day, the architects of our kleptocratic State do their most important work over the weekend.

The arrival of each week's two-day market sabbath is heralded by the announcement of yet another bank failure tied to the collapse of the real estate/mortgage/debt refinancing bubble, with the bad tidings disclosed after the final bell sounds on Wall Street.

The most recent episode involved Nevada's Silver State Bank, which appropriately enough has ties to high-ranking personalities in both branches of the Ruling Party. (Washington Mutual is presently the leading candidate for this week's high-profile failure.)

At irregular intervals, the weekend also brings news of the latest installment of the incremental nationalization of the investment markets. This began several months ago with the federally backed and brokered buy-out of Bear Stearns. Over the most recent weekend this process reached an important milestone when Fannie Mae and Freddie Mac were transformed from fascist entities -- that is, "public-private" partnerships -- into fully realized, federally owned socialist organs.

Read the rest

No comments: