Is America Under Attack … Or Are the Barbarians Inside the Gates?
Oct 6, 2010
Congress and American economists are blaming China for America’s economic woes.
But as I’ve previously pointed out, while China’s weak Yuan policy is hurting the U.S. to some extent, America’s economic problems are largely of its own making.
As I have previously documented, America’s too big to fail banks and government have destroyed our economy by:
Failing to prosecute those who committed rampant fraud, thus encouraging them to do it again
Rewarding the gamblers who bet everything on insane speculative deals by bailing them out once they lost their bets
Letting the largest U.S. banks go bankrupt repeatedly due to wild speculation, then blessing the speculation and helping cover up the bankruptcies
Failing to restore trust in the financial system, but instead suspending the few accounting rules which still exist
Blowing bubble after bubble
Refusing to break up the too big to fails, even though virtually all independent economists say that they are a black hole dragging down our economy
Using bailouts, gimmicks and quantitative easing to temporarily put wallpaper over the holes in our economy, instead of fixing the real problems
Transferring risk from private banks to the people, instead of making the giant banks write down their bad debts
Waging unnecessary wars all over the world, so that even our top military commanders are begging to slash defense costs, and otherwise buried our nation under mountains of debt
Sacrificing any real chance to reduce unemployment in order to keep inflation low
Shipping American jobs overseas, and giving corporations huge tax incentives to claim that their business is all done abroad
Allowing the big financial players operate with insane amounts of leverage
Burdening the American people with trillions in unnecessary interest
Plundering the treasury to effect “a massive redistribution of wealth to the bank shareholders and their top executives” Allowing high-frequency trading to completely warp the markets
Privatizing profits and socializing losses, trashing the real value of the dollar, and letting corruption run rampant
Failing to take any meaningful steps to stabilize – let alone fix – the economy.