Sunday, January 25, 2009
BOHICA (bend over, here it comes again)
No, gentle reader the above graphic (courtesy of Reuters and the Daily Mail) is neither a clip from a Hollywood set of an historical production or a time traveler's view of Roman legionaries arrayed to defend a provincial prefecture headquarters. In spite of their appearance, the gentlemen positioned behind that array of scuta wearing a variation of the imperial Roman helmet these are Icelandic police officers defending government offices from irate Icelanders protesting the disappearance of their savings from banks as a result of the ongoing financial/economic crisis. The Icelandic government is thus far the first political casualty of the currently unraveling fiat money debacle although arguably the US Republican party could lay claim to the distinction.
Although the evaporation of global wealth since the beginning of the meltdown in 2008 is triggering political upheaval, it pales with the economic contraction advocated by the new and emerging warmista religion (note that the EIA projections are a best case i.e. rosy scenario presented BEFORE the onset of the current recession/depression).
As is invariably the case, the collectivists in the media and the government hasten to construct the myth that this, like the depression of 1930 1941 is attributable to a failure of the free market system when in fact no such thing as a "free market" has obtained in the US since at least 1895. As a corollary to the acceptance of this myth, the collectivists insist that an increased application of the causes of the difficulties such as loose monetary and credit policies, regulation and confiscatory taxes are sure to cure the ailment. This is political and economic quackery foisted on the ignorant masses for the purpose of the politicians' retaining and accreting power in the short term.
Through the relentless propagandization of the population as well as the enactment of legal tender legislation, conventional "wisdom" has it that bank notes and their electronic variations are "wealth". That we have come to acquiesce in the concept that government manipulation of digits on scraps of paper is "wealth" surely qualifies as an example of a scam that rivals that of the great religions. In this respect we are poised to proceed down the path which the people of Zimbabwe have been led by that Pied Piper Robert Mugabe.
If any of you gentle folk doubt the possibility of such a pass, I would advise that you carefully examine the wording printed on any bank note which you may be fortunate enough to have in your purse/wallet. A bank note is nothing but a "promise" made by a government controlled bank. This also applies to the metal tokens struck and circulated by the government mints which are debased far beyond that which would have resulted in the execution of a coinsmith under even the most corrupt Roman emperor.