As they say, you can always judge a society by how they treat their weakest members. So I shudder to think of how future generations will judge our society. We’ve become a nation that discards our poor like they are trash, and anyone who doesn’t “fit in” is segregated from the herd.
The police are now fining homeless folks for any arbitrary offense they can think of, and city councils across the country are making it illegal to sleep in public. They’ve gone so far as to make it illegal to camp, or even sit or lay down in certain public areas. Worst of all, many cities are making it illegal, or prohibitively expensive to give food to the homeless. According to an interview from The Independent, with a former police chief involved in a charity dedicated to feeding the poor:
The homeless are an embarrassment for the town, said Arnold Abbott, a 90-year-old former police chief from Pennsylvania and director of Love Thy Neighbor, an organization that has been feeding homeless here for over 20 years. Five times the city has tried and failed in court to stop him serving meals each Wednesday on the beach beneath the tourist strip.
The town, he said, really wants the homeless to go away. “They would like to put them in a bus and send them to Miami or Palm Beach. It’s very close to ethnic cleansing. But they are not going to succeed.”
Thank God there are still some people willing to do the right thing, even if it means breaking the law.
In other cities, you now need a $500 permit from the health department to give away food, or perhaps you’ll have to spend $800 to rent the park every time you try to hand out food there. On the surface, it’s bad enough that they are making it so difficult to help out those in need, but when you take the homeless out of the equation, it starts to sound really asinine. To the city councils out there that are perpetuating these laws, are you really going to make it illegal for one consenting adult to buy a sandwich, and voluntarily give it away for free to another adult who wants it? When it’s phrased that way, doesn’t it just sound utterly contemptible and insane?
By Greg Hunter
August 4, 2014
Analyst/trader Gregory Mannarino says the recent Argentina bond default is a big deal and is a symptom of a much bigger global problem—debt. Mannarino explains, “I’ve been talking about the insurmountable debt problem for years now. It is the greatest threat to humankind—period. What really needs to be understood here is that it is not just a financial issue, but also a resource issue. We have been allowed through this mechanism of failing monetary system that pulls cash out of the future to acquire resources that we would not normally have. We have created an alternative universe.” Mannarino goes on to say, “Yes, Argentina is in default now, and we have at least 10 of 11 more that we know of. As an analyst, I look for common themes. What is the common theme here between all of these nations, including the United States of America? It’s very simple. It’s their debt to GDP ratio. Whenever you have a debt that exceeds your gross domestic product (GDP), the country begins a terminal decline. That’s it, period, the end.”
Think this economy can last? Think again, as Mannarino says, “We have all been hearing that the global debt is not sustainable. What does that mean that it is not sustainable? That means that we cannot continue this mechanism of pulling cash out of the future to live in this alternative universe. Mannarino says what makes this situation so “dangerous” is exponential leverage of derivative bets that are hidden in the system. Mannarino contends, “It’s in the quadrillions, and the thing about this is they are all off-the-books. No one knows what this number actually is when we are talking about derivatives.”
So, with the help of derivatives, can a big bond default, like Argentina, cause a daisy chain of default in the future? Mannarino says, “This is what we saw in 2008; but this time, it’s much, much worse because nothing was fixed back then. This issue with Argentina is going to trigger a credit default swap event. A credit default swap is an insurance policy that is purchased by another entity to insure the debt of another institution or, in this case, country. So, we just found out that the issue with Argentina is, in fact, going to trigger a credit default swap event. What that means is whatever debt is owed is the problem of another entity. And, if that entity can’t pay it back, it becomes the problem of another entity, and another entity, on and on. So, absolutely, boom, boom, boom, a cascade of events that will happen. This is not a maybe. We are going to watch this sweep the globe. We are going to see, at one point, an absolute failure and collapse of the financial system. 2008 was when the music stopped, and this is the terminal side effect. They are not done yet because they are going to do some more things to keep this whole system propped up. That’s really all they can do because the system is dead.”
The world added more debt to a debt problem in 2008, and Mannarino says, “That’s like pouring water on a drowning Man.”
Join Greg Hunter as he goes One-on-One with Gregory Mannarino of TradersChoice.net.
By: Jim Willie CB
Jul 31, 2014
The contributors are many as actors in the American Tragedy, to cause the systemic breakdown failed state. Faulty monetary policy, economic policy, and political policy have caused the resulting failure. The primary perpetrators are the central bankers, led by Greenspan and Bernanke. These two men have done more to destroy the — USEconomy, the US financial structure, the US currency, than any two men of prominence. To be sure, the Bush, Clinton, and Rubin gang played a huge role in the collapse. Their supporting cast of destructive actors is very long, like the serial bank criminals residing on Wall Street. To be sure, the system itself has played a key role in the harmful factors. The two most apparent harmful resident factors are the strong US labor unions and the influential environmental movement, which together encouraged the vast outsourcing of US industry at first to the Pacific Rim, and then fanning across the developing world. Both workmen compensation and OSHEA regulations interfered with US cost settings, but not as much as USGovt corporate taxes. The textile industry went to India and Pakistan, even Bangladesh. Call centers went to India, Philippines, even Costa Rica. The culprits are too numerous to cite.
Corporations in general sought out any foreign nation with fewer rules, and weaker unions in which to conduct business at lower cost, with lower taxes and lower fences in regulatory oversight. In the last decade, the destruction of the US system, both financial and economic, has been in a greatly accelerated mode. Almost all actions by the USGovt to defend against defection and defiance have resulted in amplified reaction by the East in opposing the USDollar system and all its many features, devices, weapons, and subterfuge. The motive for actions taken are clearly in defense of the King Dollar Regime. The responses taken are clearly to reinstate the Gold Trade Standard and no longer deal with a toxic USDollar for trade and banking. The unintended consequences are uniform if not universal. The outcome will be to develop the Eastern Gold Trade Standard while the entire Western system crumbles, deteriorates, sinks, and implodes. Review a list of factors, events, and reactions, the common theme in unmistably fashion, is a tragedy extending from the original sin, breaking the Gold Standard. The United States has given the world two choices: war to defend the USDollar, versus work with Eastern Alliance toward the Gold Standard.
The nations of the world will choose commerce and trade eventually, and turn their backs on the United States. They will return to Gold. The BRICS nations will in the next several months possibly install a gold-backed currency for usage in the Eurasian Trade Zone and elsewhere. The threat of a Returned Gold Trade Standard is cause for war with the United States. Thus the series of wars, in hidden defense of the USDollar, with distractions galore on declared reasons of thin type. The BRICS Development Bank is a cover for a Gold Central Bank. The interference is universal by the USGovt and Wall Street bankers in control. They risk sinking the entire global economy in order to preserve power. Before they chose to prop insolvent banks, instead of liquidating them. Now they choose to wreck the global economy. They want global fascism, a veritable hell on earth.