Black Friday: Collapse of Financial Markets, Poverty and Unemployment
By Stephen Lendman
Global Research
January 17, 2016
Black Friday may be signaling big trouble ahead. What can’t go on forever won’t and never will. Eventually day of reckoning time arrives. Whether now is the moment of truth remains to be seen.
Paul Craig Roberts calls the US economy “a house of cards.” Phony government data created “the illusion of recovery.”
Monied interests never had it better for years, profiting hugely from Wall Street-orchestrated casino capitalism and manipulated markets, creating an unprecedented, unsustainable wealth effect, an open-ended near zero-interest rate climate money grab – doing nothing to create jobs and economic growth.
Wealth transference from ordinary people to super-rich elites and corporate interests was never greater in world history – reflecting government-sanctioned unprecedented greed and grand theft.
The vast majority endures protracted Main Street Depression conditions – getting worse, not better. Poverty, unemployment, underemployment, homelessness, hunger, overall deprivation and human suffering are growth industries – in America and developed economies.
America spends unlimited trillions of dollars for militarism and endless imperial wars. Vital popular needs increasingly go begging. The world’s richest country was thirdworldized, transformed into Guatemala, control maintained by police state harshness.
The misnamed Federal Reserve isn’t federal and has no reserves. It’s wholly owned, controlled and operated by major Wall Street banks, solely for their own self-interest, public welfare be damned.
Money printing madness substituted for stimulative growth policies. Unprecedented, unsustainable, unrepayable debt levels were created.
The greatest ever ill-conceived experiment in monetary policy may produce global economic collapse. Systemic crisis can happen any time.
US equities posted sharp losses Friday, posting the worst 10-day start in US market history, greater than during the depths of the Great Depression – signaling economic weakness at best, looming crisis at worst.
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