Stacy Summary: Of course it is no surprise that India, which, by the way, is not a signatory to the Non-Proliferation Treaty, but protected by the US has now escalated tensions with Pakistan by launching a nuclear armed submarine. No doubt, the tensions caused was the outcome that was desired. There must be facts on the ground to warrant all those lucrative contracts for $1 billion embassies and military bases to ‘protect’ the region from the instability we sow. I also like that similarly the second story (h/t to several!) is a consequence of pro-oligarchy legislation that tried to lock the peasants forced to live in the free-market in perpetual debt but which has come back to create instability. The NYTimes asks whether the battle between debtors and creditors will escalate into a Shay’s Rebellion like conflict.
Tags: destroyer of enemies · pre-emptive defaults13 Comments
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Wow, I guess reality has almost caught up with the banksters. The loans loose their credibility as governments “loan” to troubled banks and while banks are enjoying the bonuses the debtors are supposed to suffer at the expense of their own taxdollars. This will be like that moment in a movie when a guy gets beaten heavily and then suddenly begins to punch back.
Exciting times we live in. I thought I’d never live in a time when there was so much insanity in works..
http://www.globalresearch.ca/index.php?context=va&aid=14530
“Private Prisons turn a handsome profit”
Great artcle.
Just a few thoughts. I’m getting worried about the ‘free market revolution’ thats hitting America – the Von Mises crowd. Ron Paul is a great man and I’m sure his heart is very much in the right place – his adherence to the US constitution and his movement to get rid of the FED are honourable as well as his ‘sound money’ policy – but this ‘free market’ rhetoric (and his comment that health care is not a right) is worth talking about further.
As Max will tesify, markets are not free, and have never been. Schmadas have always found ways to game the system. After studying what happened in Russia in the mid 90′s ‘under’ Yelsin when overnight state companys were privatised, massive inflation hit and Russia literally couldn’t feed themselves. Putin came to power on the promise of destroying this new oligarchy and he’s still doing it. IMO, a healthy balence of public and private companies is the answer.
Rant over. Interested in hearing opinions. Be gentle with me
“ruthless defaulter” – been there, doing that; but unlike the woman featured in the article, i did not spend on frivolous luxuries. i used the capital from several cards to invest in precious metals – this was back in mid-2007. still invested, still waiting for a realistic gain on my investment before i can repay the cards off.
from my end, the banks have shot themselves in the foot via market manipulation & refusing to lower card rates. if the markets were honest, i would have already made an honest return, and already paid the principal back before my rates skyrocketed from 0% to 20,25, 30%!
the banks should be more interested in “the return of their capital, than the return on their capital” at this juncture.
Well, it’ll be the usual suspects behind India I guess, you know the ones that are behind practically every war on this planet. Of course it has nothing whatsoever to do with the people and their wishes. It’ll be about who they’ve managed to bribe at the top of government.
Regarding those in debt walking away from their debts – I say, good on them. In fact we should all walk away from everything to do with this evil system. Stop doing business with the banks (use credit unions or Islamic banking perhaps) and stop cooperating with the state, do not vote (it only encourages them) and do not consent to these stupid laws they keep bringing in. I know it’s easier said than done and would require collective action if we are to succeed, but we have to do something because if we don’t they’re going to continue taking the p*ss until there is nothing left and our children will be slaves.
“The only hope of saving the United States, according to Hamilton, was to scrap the Articles of Confederation and replace them with a stronger federal plan of government.”
http://www.shaysrebellion.stcc.edu/shaysapp/person.do?shortName=alexander_hamilton
Yes, Shay’s rebellion does resemble the response to come to Team Obama and Washington’s cronyism. Here’s Alexander Hamilton’s original ‘deficits don’t matter’:
“He also believed that the mere existence of a national debt would tie the states more closely to the government and thus strengthen the union.”
Hamilton believed that the populace was dangerous and childlike:
“As pessimistic as Hamilton was about the abilities even of educated, thinking people to resist the impulse to succumb to revolutionary excesses, he found it “almost impossible among the unthinking populace. When the minds of these are loosened from their attachment to ancient establishment and courses, they seem to grow giddy and are apt more or less to run into anarchy.” For the rest of his life, Hamilton exhibited the same mistrust in the abilities of ordinary persons to govern themselves without descending into anarchy.(4)”
Was the cause of Shay’s rebellion state usurious taxation for war debt or an unfair allocation of capital? I believe the latter.
India protected by the US? How does that work, exactly? And India has escalated tensions with Pakistan? Of course that must be right – when terrorists supported by the Pak establishment killed dozens on people in Mumbai last year, when Pakistan continues to support terrorism in Kasmir, and when the US continues to provide money and arms to Pakistan knowing fully well that a majority of them are used against India, that is not escalating tensions. But when India deploys a submarine, that escalates tensions !
Spare yourself the self-flagellation, dear Stacy. Indians do not need US protection, nor are they getting it or hoping for it. Let the US continue to arm Pakistan for their glorious war on terror – akin to funding the Mafia for the war on organised crime. India has taken care of itself and will continue to do so. AFAIK, there are no US military bases in the subcontinent.
@jayesh – it’s protected from compliance by the US, in that India needs not comply with NPT because the US says so, though the Congress is supposed to cut off all military and civilian aid in such circumstances and there are supposed to be other trade / technology transfer consequences
and, yes, devising new nuclear weapons always escalates the tensions, and it demonstrably did when the US and the Soviet Union had their cold war; and as we are seeing between Pakistan and India over the past decade; and it also escalated tensions when Rumsfeld ordered (despite the NPT) that new nuclear bunker busters be built
I just can’t get excited about thieves stealing from all of us, who are imagining they’re getting even with the other thieves stealing from all of us. Under the crushing weight of this heap of greed and dishonesty is not some evil banker somewhere, but honest hard-working people who made the sacrifice of living beneath their means and investing the difference. The people who actually made the capital available to create the jobs these pre-emptive defaulting bums used to establish their “credit-worthiness” in the first place. I doubt many of them have the capacity or willingness to understand the implications so I’ll leave it there.
I’ve recently come across someone called Hypertiger who has written extensively about economics and how the world works. He seems to know what he is talking about but has a great deal of contempt for people (he’s probably sick of trying to wake people up). Here’s a tidbit from his site:-
http://hypertiger.blogspot.com/
“The world has to come to grips with the fact that the global system has reached the maximum potential of inflation greater than previous inflation.
The world emerged out of the 1933-1945 bankruptcy reorganization of global trade system…reorganized…but still bankrupt.
All the system did basically is provide an ability for Billions of you to exist as you currently do.
The vast majority of the population of the planet has to come to grips with the fact that you all will soon no longer be needed or wanted by the system you all know almost nothing about.
You all will be forced to wake up from the daydream you are currently deeply in Love with into the nightmare.
In the end they will be forced to basically fly over and spray you all like roaches.
You all exist currently and have a general feeling that you have a right to exist because you are assets…But you all will eventually transform into unfundable liabilities and will be liquidated one way or the other.”
Not a big deal but I traced the two links “When Debtors Decide to Default” and “Credit Bailout: Issuers Slashing Card Balances” back to @frances snoot who btw posted just after my link “Guaranty Bank warns its on the verge of failure”.
Again no big deal but it would be nice if people at least post a “title” to their link(s) cause than you know a little what you are clicking on and makes it easier to find them back, in case.
@Youri:
advice taken
@Daniel S
I agree, these feckless folk who ran up extraordinary credit card bills and took out mortgages they couldn’t afford were one half of the problem. The prudent folk are the ones who will unfairly suffer.