“In the past few years, we’ve seen too much greed and too little fear; too much spending and not enough saving; too much borrowing and not enough worrying,” Summers said Friday in a speech to the Brookings Institution. “Today, however, our problem is exactly the opposite.”
Larry Summers – Idiot
Oh, the twists and turns of elite logic make for so much fun. Fun, that is, if there weren’t tent-cities rising like wild mushrooms along the decayed American landscape. If the fruits of the “ownership society” weren’t un-payable usurious debt, debauched currency and foreclosed houses full of slave-labor crap; the envy of first-worlders everywhere – never to mention the literally billions of human beings who live on less than a devalued dollar a day.
Never mind the policies of insane technocrats like Summers, Paulson, Greenspan, Bernanke, Geithner – free money, easy credit and crack pipedreams of an ever rising prosperous tide – have left the world destitute and peoples’ reeling as we fathom the depths of irresponsible depravity banks and governments have sunk to for no reason whatsoever other than CLASS WAR.
If money is lifeblood in a modern society then VAMPIRE is not too strong a word to label those whose policies and schemes have suckered and sucked tens of trillions of dollars from villagers’ retirement funds, home mortgages and future prospects of happily ever after.
Never mind all that.
“Before, we had too much greed and too little fear. Now, we have too much fear and too little greed.”
Doesn’t Summers’s statement take your breath away? It does mine. Think about it.
Before we were selfish and brazen and now we’re timid and afraid. We need to be selfish and brazen again.
Never mind it’s just that mindset which drove the world over a ditch in the first place.
“An abundance of greed and an absence of fear on Wall Street led some to make purchases — not based on the real value of assets, but on the faith that there would be another who would pay more for those assets. At the same time, the government turned a blind eye to these practices and their potential consequences for the economy as a whole. This is how a bubble is born. And in these moments, greed begets greed. The bubble grows.
“Eventually, however, this process stops – and reverses. Prices fall. People sell. Instead of an expectation of new buyers, there is an expectation of new sellers. Greed gives way to fear. And this fear begets fear. …
“It is this transition from an excess of greed to an excess of fear that President Roosevelt had in mind when he famously observed that the only thing we had to fear was fear itself. It is this transition that has happened in the United States today.
“What is the task of policy in such an environment?
“While greed is no virtue, entrepreneurship and the search for opportunity is what we need today. We need a program that breaks these vicious cycles. We need to instill the trust that allows opportunity to overcome fear and enables families and businesses to again imagine a brighter future. And we need to create this confidence without allowing it to lead to unstable complacency.”
Of course, virtually everything Summers says is complete bullshit.
Mr. Summers explanation of a bubble is baloney. People wanting a return on their investment creates bubbles? Uh, isn’t that what the market is for? Isn’t that the point of investment? Please.
If someone buys a house for more than it’s worth on the expectation someone will buy it for even more then what do we have here? A conspiracy of dunces. There is no shortage of idiots in the world. Are we headed to the Babysitter Society like the UK?
How do you control idiots without sending them to camps?
Well Mr. Summers et al, you got to ask the question; Where did the idiot get the money to buy things not worth the money paid?
Isn’t the strategy of cheap money – which is actually how bubbles form – to give idiots access to cheap money to buy worthless assets, really the problem?
Isn’t driving the value of the dollar down through massive deficit spending necessitating massive public borrowing and freezing real wages for more than a generation forcing consumers to borrow to meet their needs really the problem?
Isn’t Consumerism itself a bubble based upon ever expanding debt to buy more and more “luxuries”?
One of the great arcane truths of our economy is the economy itself is based upon the bubble theory. Stressed out consumers and greedy day-traders did not get us into this mess. The modern economic model is non-sustainable because the entire structure is based upon DEBT AS MONEY.
Money enters into the supply as debt which is repaid with interest which requires “new money” (debt) to pay. Say there is 100 dollars in the money supply and we borrow it all to buy a new car. We borrow the money at 10% interest. We owe $110. Since we borrowed all the money in the supply with interest, where does the money come from to pay back the interest?
New money must enter the supply and that money, because our monetary system (supply and valuation) is privatized (against the warnings of Jefferson and the Constitution which gave this power to Congress,) new money is loaned to the American People by private banks at interest. How do Americans pay the money back?
We can’t.
We the People are a burst balloon and right now we’re flying chaotically through the air making flatulent sphincter noises and hoping we don’t end up in some Wes Craven remake of the Wizard of Oz.
It’s not strange that folks might be a little skittish right now Mr. Summers. You resonate with us like Freddy Kruger. You’re a horror show. Your words ring hollow. Not only are you not part of the solution; you should be in a “Capitalist ReEducation Camp” before you completely destroy the fabric of this nation.
People are afraid because their institutions have failed them. YOU Mr. Summers. It is not the people who are to blame, as you’d like your fellow Banksters and Technocrats to believe. The American People pretty much do what you tell them too. It’s not us who fucked this thing up. It’s you and your ilk Mr. Summers.
It’s time the Technocrats, Politicians and Elite managers of industry, media, finance and the Military-Industrial-Complex stopped treating human beings as chattel.
Because, Mr. Summers, if you don’t, then this fear you belittle will turn to anger from which you’ll flee. And we’ll come looking for you, Mr. Summers. And your ilk.
“A fellow ain’t got a soul of his own, just a little piece of a big soul, the one big soul that belongs to everybody . . . Then it don’t matter. I’ll be all around in the dark – I’ll be everywhere. Wherever you can look – wherever there’s a fight, so hungry people can eat, I’ll be there. Wherever there’s a cop beatin’ up a guy, I’ll be there. I’ll be in the way guys yell when they’re mad. I’ll be in the way kids laugh when they’re hungry and they know supper’s ready, and when the people are eatin’ the stuff they raise and livin’ in the houses they build – I’ll be there, too.”
Tom Joad, “Grapes of Wrath”
