It’s sad but true. This is something pretty much all critics of crony capitalism can agree on whether on what is traditionally called the “Right” in this country, or the “Left” in this country. Very powerful, very rich interests influence government policy on a fundamental level. From the military industrial complex, to Big Pharma, to the unions, to George Soros, to Carlos Slim, to the auto manufacturers, to the media, to the insurance industry, to the king crony capitalists of them all, the banks.
Like it or not Bitcoin is changing the world. A year ago very few people outside of wonky libertarian financial circles even knew what Bitcoin was. Now it is known by everyone, including and especially governments and central banks. They for the most part are not keen on the crypto-currency. And one can understand why. The central planners have no control over Bitcoin and that scares them to death. How are they supposed to manipulate monetary policy if everyone is using blockchain based virtual currencies?
I can’t argue with Will on this. We should be ashamed of ourselves. We have allowed profligate spending. We borrow to pay our current bills. We elect people who year after year expand government and who pass laws which reduce our liberty and fundamentally our very humanity. It is we who have allowed this to happen.
We’ve said it many times here, and many others have said it before us in other places. Free markets are not typically the friend of big corporations with lots of market share, money, and friends in government. These companies are already fat and happy. Free markets and free prices allow new challengers to enter the marketplace. This brings prices down and quality up. Not what the fat firms want.
The horses are lining up in the gates. Rand Paul, Chris Christie, Mike Huckabee (seriously he’s going to run again I think) Rick Santorum (this guy has nothing else to do), Jeb Bush, Rick Perry may make another run, and who knows who else, are all chomping at the bit. The 2016 nomination isn’t that far away. They can all taste it.
It won’t happen tomorrow but slowly but surely the world is moving from dollars. The petrodollar system which has been key to the world economy over the last 40 years is eroding. More and more country to country deals are being done in currencies other than the dollar. The economic world as we have known it, after Bretton Woods in the Cold War Era, the post Cold War era, and the post 9-11 era is fundamentally shifting. The dollar is not what it once was. It is no longer “almighty” and one should be prepared.
Nomi Prins is a very interesting and talented financial journalist and attached is a great in-depth interview with her on Democracy Now. She discusses her new book All the President’s Bankers.
In the book she explores the relationship between the banking establishment and the American presidency. It probably won’t come as a shock but she finds that in many respects Wall Street and Washington have long been partners, and particularly since the establishment of the Federal Reserve in 1913.
This is your “recovery” folks. Inspires confidence doesn’t it?