I first became activated to start a website in part because of David Walker, the former top financial cop at the GAO. Something was terribly wrong with America’s chronic and systematic debt accumulation and Mr. Walker used to write about it consistently at the GAO website.
Along with this was a character down in the Rabbit Hole who scared me so thoroughly that I became a
raving looney (well, actually a quiet looney with a website) living an alternate reality to those of my friends and neighbors. One of the early alarms was that the government would confiscate personal IRA’s and institute capital controls as the debt sucks us all down the socialist tubes as one big hubris addled former super society.
That was a decade ago. I have found it best to tune out the hysteria all these years however, because I am a market manager and that is directly opposed to being a hysteric (unless you are a gold bug writer/promoter, in which case hysteria feeds into your pitch). Yet the original reasons for being remain intact and appear to be taking shape globally.
I read this article (linked from a popular gold website) The International Monetary Fund Recommends Stealing Americans’ Wealth Now! and thought ‘oh good, there’s the confiscation theme (very possible IMO); let me see if he makes some good points’.
I read the article and while the premise (capital controls) seems viable it seemed like the same old stuff to be tuned out in service to effective market management (you take all well and good precautions, but then you go forth and speculate in this new world of high stakes capital on the fly). Then I came to this and just thought ‘#@%$ you pal’.
“The world is not satisfied with America’s historical benevolence. They want control over our incomes, property and lives. In addition, they mean to take it while their poor and emerging economies bankrupt America.”
Oh it is their poor economies that are bankrupting America is it? Or is the article seeking to stir up enemy making and resentment among less sophisticated Americans who need a boogey man to blame?
America and its out of control financial apparatus has put its tentacles in every corner of the world. At the very least America is bankrupting itself as many of its citizens stuff their faces with high cholesterol meat products every Sunday and watch their second religion, football (okay, I do that too). They do this on ever bigger and ever higher definition TV sets bought with credit cards, supported by a Federal Reserve that is inflating to beat the band and a government that had the debt limit Kabuki Dance in the bag the whole time.
Americans live on debt and they have been doing so since before I ever got the idea to start writing. My now departed friend Jonathan Auerbach spent much time with his boots on the ground in these “poor and emerging economies” and the input was that they are slowly progressing due to their own productivity and resources. America has contributed debt and war to the world over the last 13 years.
If ever I think I have gone soft in not being alarmist trying to get peoples’ emotions up, I just have to read something like this and think to myself ‘hey dood, stay the course; don’t get hysterical and try to be honest, because that works best over the long run’. Public writing is a responsibility and sadly over all of these years I have seen all too much of it that tries to be influential toward agenda rather than provocative of rational thought.