The new feudal overlords of Europe will be the bankers of the ECB - Telegraph
http://www.telegraph.co.uk/...
According to the economist Friedrich von Hayek, the development of welfare socialism after the Second World War undermined freedom and would lead Western democracies inexorably to some form of state-run serfdom.
Meanwhile, rational market participants are selling debt of risky nations, and getting out of the euro. The whole fiasco is now leading to a shift away from risky assets all around the world, and the worldwide cost of such volatility is not small.
Debt peonage looms for a range of countries that were recently thought immune to serious fiscal crisis, including the United States and UK.
The UK and US need to prepare themselves for more storms. The United States will be in the pleasant position as the world's safe haven, but this will only encourage America's profligate politicians to spend more and build more debt.
Yeah around $1.6 Trillion fiscal deficit and going much higher with the Gulf of Mexico oil disaster + much more
Conclusion: Hayek's predicted demise of western society as he knew it will prove correct, but welfare socialism will prove the victim, erased by a political and financial elite gone awry.
so read these 2 excellent diaries again
Sen. Sanders tells the ugly truth "We're an Oligarchy and I think it's getting worse"
http://www.dailykos.com/storyonly/2010/5/22/867524/-Sen.-Sanders-tells-the-ugly-truth-Were-an-Oligar
chy-and-I-think-its-getting-worse-
Yves Smith: "Are The Guillotines Being Sharpened?"
http://www.dailykos.com/...
Our corporate state has gutted environmental regulation as tenaciously as it has gutted financial regulation and habeas corpus. Corporations make no distinction between our personal impoverishment and the impoverishment of the ecosystem that sustains the human species. And the abuse, of us and the natural world, is as rampant under Barack Obama as it was under George W. Bush. The branded figure who sits in the White House is a puppet, a face used to mask an insidious system under which we as citizens have been disempowered and under which we become, along with the natural world, collateral damage.
Chris Hedges http://www.commondreams.org/...
Obama admin ( and Bush and Clinton before him ) and our corptocracy infested Congress has NO WILL to change the status quo so the US economy will continue its over-dependence on Financial capitalism ( asset bubbles, ponzi schemes ) and Americans will get more 'extend and pretend' and kicking of the can down the road...
1950's to 1980's viable US middle class
1980's to 2005 asset inflated US middle class
2005 > fast diminishing US middle class
BOL because we'll all need it !
Update 1: What makes this looting possible?
http://globalguerrillas.typepad.com/...
Costless debt (from central banks), a free pass on usury, subsidies (bailouts), government collusion (no arrests, investigations, or meaningful new regulation after the crisis), mark to make believe valuation (a mechanism that allows banks to avoid realizing losses on worthless assets), government purchases of bad assets, and government guarantees (on all of the new bad "assets" of too big to fail banks).
Clinton
then Bush
now Obama