Hi All
Below are snips from an article concerning events across the pond. Hope they prompt you to read the entire article and then to comment.

Of course, mainstream media faux journalists aren’t paid to inquire, think critically, or even think at all. They are paid to regurgitate propaganda designed to keep the masses sedated and ignorant.

The Federal government induced sham auto recovery is small peanuts compared to the bubble they are blowing in the higher education realm. Since the Federal government took over 85% of the student loan market in 2009, the debt outstanding has surged to over $1 trillion from below $600 billion. The Feds don’t care about credit risk or loan losses. You’re on the hook for the losses. The purpose for doubling the amount of student loans was to artificially lower the unemployment rate by removing as many people from the labor force as possible. The 600,000 University of Phoenix enrolees getting their on-line master’s degrees in basket weaving while sitting in their mother’s basement, subsidized with $20,000 loans from the taxpayer, didn’t count as unemployed.
When subprime mortgages blew up, at least there was collateral to alleviate some of the losses. When the subprime auto loans blow up, at least there will be vehicles to repossess. Student loan debts are the ultimate in subprime, with no collateral and millions of jobless debtors.
Essentially, the kleptocrats’ primary purpose has been to protect and enhance the wealth of the oligarchs that control Wall Street, Washington DC, and corporate America. They have achieved their goal, while destroying the middle class and sentencing unborn generations to a life sentence of debt servitude.
The world is going mad. Governments across the globe are all trying to out debase each other. Austerity and inflation for the peasants and caviar and champagne for the Davos class is the chosen path. All is not well. Ben Bernanke and the oligarchs running the show will be immortalized in history books forever when this farce comes to a spectacular conclusion.   

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Comment by joe taylor on February 9, 2013 at 21:48

I got the link to that article from a regular contributor, Stevie Finn, to David Malone's highly recommended economics blog  

Stevie replied to my comment "It make me think that either I’m an utter moron because I can’t understand what they are up to, or many of them must be certifiably insane" with:

"I wish I could see some flaws in that article but unfortunately all the pieces seem to fit horribly together. Even with the benefit of being educated by the likes of David, seeing the situation described in all it’s stark reality still has the power to shock me.

Perhaps one of the reasons they are getting away with it is because the average person being informed of this or reading it would probably come to the conclusion that it had come from the mind of a lunatic, such is the difference between the MSM view & the actual ghastly reality."

David Malone's blog http://www.golemxiv.co.uk/


Comment by Roger Alexander on February 8, 2013 at 13:50

Anyone with interest in this subject has seen all this stuff before and may or may not be alarmed.  It raises the question, what are we going to DO about it? and this blog is full of suggestions about politics that are shaped by money.

The truth is that America has invested in young people but the illusion that money is tangible is the problem.  The people who have been educated believe that this gives them the right to demand more of society than those who have not been educated.  They wave bits of paper called qualifications and quote other bits of paper produced by organisations that operate a closed shop of 'peer review'.

Out of this system has emerged 'successful' people who have benefited society with mass communications on a fantastic scale and scientists who understand the rules of nature that are the basis for our engineers to achieve incredible structures and machines to make our lives healthiers and more comfortable.

We have 7 billion people and that is wonderful.... now lets make them all healthy, comfortable and happy.  It is the stupid people who think that death and destruction achieve any imrpovement in the human condition and the sensible ones who see cultural persuits and helping each other as the way to remove the illusion that we are in a difficult position.

We give people 'money' for doing nothing and that is fine.  We create money out of nothing, robots and computers produce most of our consumable wealth and the rich have so much money the do not know what to do next.

Do we need a governmant to tell us what to do with our time? Do we need an 'entrepreneur' to give us permission to follow our own ideas?  Do we need a financier to give us permission to live in out house?

I think people should look at Iceland and Norway ..... but not from a financial point of view.

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