Saturday, April 6, 2013

The Days of Rage Are Approaching

ZH just published 21 key poverty statistics for the United States. 57% of American children live in a household that is economically marginalized. They live on the bread crumbs falling off the table. When the bubble bursts, that number will only grow exponentially given that most Americans are no more than one or two pay checks away from bankruptcy. The United States is at risk of devolving from a nation, into a failed historical experiment. Of course, should that occur, the resulting crater would subsume much of the rest of the planet as well.

Those who profess an undying faith in laissez-faire capitalism, should have kept their monster under control. Instead they let if off its leash to rampage across the planet. As long as someone else's children were the ones dying, the apologists never seemed to mind. Well, now the monster has come home hungry.  These Ayn Rand worshippers are now going to be silenced by their own self-cannibalizing creation...

Prechter tells us that there has been little or no public outrage since 2008, because moral laxity is a function of shifting social mood. Occupy Wall Street came and went of course, but the Idiocracy at large mocked them rather than joining ranks. A mistake that will haunt them to the grave. In any case, this concept that morality changes with the times - aka.  "relative morality" is one way of looking at things. It certainly appeals to those who feel the need to rationalize greed and malfeasance. However, there is this several thousand year old competing concept of absolute morality - primarily manifest in religion - that argues that these behaviours were never acceptable. Perhaps if the religious leaders were less preoccupied with "other distractions", they could have focused their attention on the global financial ponzi or better yet, the 30,000+ children who die every day for want of a few dollars of food and medicine while they wait in vain for the false salvation of globalization to lift them out of poverty.

Regardless, of this philosophical debate, there is no doubt that we live in a massive bubble - both a credit bubble and a social bubble. Behaviours that are considered acceptable during these manic euphoric times will be considered anathema on the other side of the collapse. To paraphrase our Irish friend, a barely-of- age teenager can steal a candy bar and have a criminal record that follows him around for life. But banksters who deployed every trick in the book to game the system and inflate their bonuses, culminating in the 2008 financial crisis, all walked away scot free. Most still have their same jobs and have gone on to become far wealthier. Others were paid hundreds of millions to walk away - Stan O'Neal,  Charles Prince, John Thain et al.. That is the world we live in today. Zero accountability. And of course, zero accountability brings with it moral hazard - the temptation to take even more risk on the assumption that someone else is on the hook if things go sideways. In the case of the bailouts, the costs are borne by the taxpayers and anyone who holds dollars, as this Federal Reserve has no problem adding trillions to the money supply all at our shared cost - i.e. higher gas and food prices transmitted via futures markets. The real costs of the bailout of course have been totally overlooked by the stooge media. The greatest costs emanating from the financial crisis are these massive recurring fiscal deficits resulting from the economic crater left behind by the meltdown. These deficits of course bury future generations under a pile of debt - $5 trillion and counting here in the U.S. alone. Totally ignored by the corporatized media mannequins.

The Days of Rage
Therefore the days of greed are dwindling and the days of making apologies for greed are dwindling as well. Those in the near future who offer excuses for these ongoing chasmic divergences in wealth, and otherwise deride the hardest working people as "takers" will be met with a somewhat different response than what they are used to. We are on the cusp of a sea change in attitudes towards prevailing greed sponsored behaviours which up until now have been deemed business as usual by the business community and willfully overlooked by broader society. When that sea change occurs, those still engaging in those behaviours will find out quickly why the greedbots in the 1930s chose to jump off  buildings rather than spend the rest of their lives as pariahs for activities they spent half their lives believing were acceptable.

The Forgotten People
The columns of the temple of greed are swaying ever-more freely. Soon the globalized economy will collapse in on itself, revealing what it has been all along - just another ponzi scheme. By that time, it will have failed the overwhelming majority of people across the globe and in the developed nations as well. No one spoke out for the people at the bottom of the pyramid. Their voices were silenced long ago. Soon their ranks will be swelled by many more people who will find out what it's like to be submerged by the oceans of history, with nobody around who gives a damn.