Bankruptcy Filings… (Photo credit: MyEyeSees)
California is broke. America is broke.
America was broke a long time ago. Nixon breaking Breton Woods was a declaration of bankruptcy, that American would no longer honor real-world value for the dollar. And all the parties to the substitute were co-conspirators.
In bankruptcy court, the judge divides up the assets left to the bankrupt, and distributes them to the stakeholders in proportion. The foreign banks and governments that went along with Nixon and the Federal Reserve went along with taking dollars that had ZERO guarantee outside “take my word for it”.
But the credit rating is falling fast, the polish has worn off, the ugly rust is showing, the dollar, instead of representing a lasting value like gold, now represents a Federal Reserve that prints money for a Congress that keeps asking for more.
Now matter how much they say “fair share”, the demagogues know that all the millionaires and billionaires in America don’t have enough to “save Medicare as we know it”, or the welfare state.
They know that the welfare state has created more poverty than wealth, and they keep going. Platitudes about how righteous welfare recipients are don’t change the truth.
Related articles
- QE3 and The Welfare State (libertybullhorn.com)
- Robert Samuelson Badly Understates the Size of the Welfare State (businessinsider.com)
- Britain’s welfare state is broken – so what’s next? (telegraph.co.uk)
- Welfare States R.I.P. (economicnoise.com)
- America, The Welfare State? Over 55 Million on Food Stamps or Disability (econmatters.com)
Tags: Bankruptcy, California, Federal Reserve, Federal Reserve System, Medicare, Nixon, United States, Welfare state
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