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Economic Straight Talk

By       Message Stephen Lendman     Permalink
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Economic Straight Talk


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A protracted Main Street depression continues.

by Stephen Lendman

Things aren't as good as they seem. Dire economic conditions masquerade as sound. Media scoundrels twist reality. Big Lies proliferate. Repetition convinces most people hard times are good or not as bad as their personal situations suggest.

Wall Street manipulators transformed America into an unprecedented money making racket. Business models prioritize grand theft. Money is made by stealing it.

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Government officials collude at the highest federal, state and local levels. They're well rewarded for going along. Who said crime doesn't pay? 

Swindling is the national pastime. It's the American way. It's institutionalized. So are casino capitalism, market manipulation, front-running, pump and dump schemes, and other fraudulent practices. 

Goldman Sachs CEO Lloyd Bankfein calls it "doing God's work." He left unsaid which one he means. 

It's hard imagining greater brazenness. It's harder knowing the Supreme Court ruled banks and other financial entities immune from securities fraud by those harmed. 

Washington alone may sue for redress. It rarely happens. Criminally prosecuting top officials never follows. They're free to steal again. They take full advantage.

No one knows for sure what's coming when. The late Bob Chapman warned about impending crisis conditions. He predicted an eventual house of cards collapse. Only its timing remains uncertain. It could come any time from now to 2017, he believed.

America's economy is much weaker than reported. Europe's in crisis. Conditions have been deteriorating for years.

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Bailouts at best buy time. They delay eventual day of reckoning final say. They assure greater trouble. Burdensome debt gets more onerous and harder to repay. Solving a debt crisis by adding more assures failure.

Billionaire investor George Soros warns about a potential EU breakup. He compared it to Soviet Russia's dissolution. "The European project is stalled," he said.

"And if it can't go ahead from here, it will go backwards. (T)he euro will go to pieces and the European Union, too."

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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