Monday, June 30, 2008

Be Afraid

The central bank of central banks says we are at a tipping point:
The Bank for International Settlements (BIS) says global markets may still be set for severe economic down turn.

The BIS also said in its annual report that the current market turmoil in the world's main financial centres is without precedent in the post-war period.

The Swiss-based central bank for central banks says fears that the global economy might be at some kind of tipping point are not groundless.
So it's not just all in my imagination, then. And all those rich and powerful people who have long been saying that everything is just hunky dory are LIARS AND FOOLS.

So what now? This long Mike Whitney interview with Michael Hudson (Dennis Kucinich’s Chief Economic Advisor ) provides some ideas:
Obviously, the more regressive the tax system is, the more poverty and inequality there will be. And as Aristotle said, democracy is the political stage immediately preceding oligarchy. That's what the economy is now evolving into...

As the Roman Empire polarized, the economy and its political wrapping were beyond saving. All that Christianity was able to do was provide charity on an individual basis. It could deal only with symptoms, not root causes. When the point has been reached where you can deal only with people who have slipped through the cracks, the long-term game is lost.
It's tempting to say "Good riddance!", but first we have to get through this mess, and put a better alternative in place. It won't be easy, and it won't be fun. Strap yourselves in, folks.