Financial Meltdown Ushers in New Era of Socialism, Top Down Socialism

September 19, 2008

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If you’re not following the economic news closely, you might want to start. That even the MSM is speaking of the crisis upon us as “catastrophic”, “the worst crisis since the Great Depression”, etc should not just give us pause, but should instead lead to careful study and personal and political planning. With more than $900 billion of our tax dollars already spent on bailing out big companies like AIG, Fannie Mae and Freddie Mac, to name but the most recent, we have clearly embarked upon a new era of socialism, top-down socialism in which we are “privatizing profits and socializing the losses”, in the words of NYU economist Nouriel Roubini.

Formerly ridiculed by some in the MSM as “Dr. Doom” for his predictions of a meltdown like the one we’re in, Roubini is now one of the most important voices speaking about the financial meltdown. He earned his place, in no small part, thanks to his courage and intelligence in predicting that a confluence of factors – radical free market ideology, lack of transparency, de-regulation, out and out lying, corruption, and government enabling of its corporate keepers, to name a few,-would lead us into this colossal mess.

I highly reccommend you follow posts on Roubini’s site, which is updated daily and contains lots of important and useful information. Hardly a radical Marxist, he has sounded alarms that are only now being heard. Check out this article he wrote yesterday titled “The transformation of the USA into the USSRA (United Socialist State Republic of America) continues at full speed with the nationalization of AIG.

With the federal government taking an 80% stake in AIG as it becomes big businesses’ lender of last resort, we have essentially started the process of nationalizing the banking system. Problem is the distribution of profits and losses; The rich get the profits while we pay for their mismanagement, lying and corruption with our taxes. Add to the nearly $1 trillion we’ve already spent on bailing out big businesses the $3 trillion the Bush Administration is well on its way to underwriting Halliburton, Blackwater and others with in Iraq and you have a $4 trillion drain on the economic basis of our citizenship. When combined with stolen elections, electoral malfeasance and the domination of our political system by big corporations, this situation renders our citizenship and sovereignty politically and economically worthless.

The big dividend for us, especially the poorer among us, are increasing numbers of cops, national guard, heavily-armed immigration agents and other big gun-toting types whose primary function is serving and protecting-big business. Remember: the CEO’s and their military-industrial partners knew how much funny, fake money was on their balance sheets before we did (and we still don’t know how bad things are!) and surely started laying the policing-military groundwork to “protect” their interests long ago, but did so under cover of “the war on drugs”, “getting tough on immigrants” and “defending the homeland,” to name but a few of the more well-known excuses for militarizing society before the meltdown.

In any case, ou also can get a sense of Roubini’s approach from the MSNBC interview below. Note , for example, the enormous difference between the flubby tone and outlook of the corporate talking heads and Roubini’s diamond-cutter talk as when he predicts that upwards of 700 banks, maybe even including such giants like WAMU, will go belly up before this unprecedented economic threat subsides. Let us hope it subsides soon and brings about a new economic day. Just wanted to signal alert on an economic crisis I think will also be accompanied by even more repression if history holds any lessons. This abject, dangerous failure of and increased state violence prophecied by the Free Market Religion should serve to remind us that it’s High Time to dust off our own sacred books containing the ancient knowledge of self-determination, self-defense and bottom-up socialism. So, pay close attention to this tragic economic development as the seeds of perdition and possiblity are contained therein. Really.

4 Responses to “Financial Meltdown Ushers in New Era of Socialism, Top Down Socialism”

  1. […] credit market roughly the size of one third of the UK’s annual GDP only serves to formalize the existing relationship between the capital markets and the US government. This relationship can not be any closer in fact […]

  2. […] Thatis, before President George W. Bush ushered in a new era of socialism, top-down socialism. […]

  3. […] was designed to keep them rich. The Republicans caused an economic crisis and to deal with it their turned to socialism.(thanks to Anti-BVBL for the […]

  4. […] episode with Speaker Pelosi at, where you can also see bloggers Roberto Lovato (Of America) and Matthew Yglesias (Think Progress) tear apart the Bush-Paulson bailout plan. An encore episode […]

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