Monday, September 12, 2011

Nothing Less Than A Total Return To Glass-Steagall? Or Is It Just Too Little, Too Late?

We were harping about Glass-Steagall years before the 2008 bust.   Years before the public generally knew anything about Glass-Steagall.  And that is what Wall Street and politicians wanted – society to be ill-informed.  Fraud and evil are only possible in the shadows and the darkness.  There are only two intents of the human mind – truth and control.  Evil --> control;  Love --> truth.    Do politicians and elites operating in the shadows love our citizens and our democracy?  Or do they seek to control you and subvert democracy for less than honorable motives?   If Glass-Steagall was repealed for the benefit of democracy and the search for truth, then why was it accomplished in the darkness and the shadows under duress of billions of dollars of lobbyist bribes?  And why was the fraudulent financial reform act of 2010 passed in the darkness under the same duress?

Investment banking is something we have railed against as a criminal enterprise for years.  A criminal enterprise fueled by MBAs graduated from elite Ivy League schools and enabled by a corrupt political class.  

After the 2010 financial reform act, we linked to my original copy of Glass-Steagall on here and compared its concise two dozen page verbiage to that of the Democrat’s multi-thousand page financial fraud act of 2010.  We highlighted how the thousands of pages of this current bill were simply loopholes and fraud meant to tighten the grip of the status quo and lock out competition.  And we wrote on here early in Obama’s presidency that the day would come when his statements that the economy and financial sector were fixed would come back to haunt him.  That faith in government had already collapsed and when faith in those who filled government collapsed, there would be nothing left for people to believe in.  That day has now come.   No one is emotionally or economically invested in the status quo except elites and their political toadies.  Change will be coming.  And it will be coming like a freight train.   

Because of the rapid exchange of ideas and the incredible awareness millions of Americans are gaining due to the internet, the greatest democratization medium or tool in human history,  as I have said before,  I think we are going to take down the Wall Street beast forever.    Wall Street had its opportunity to do what was in society’s best interest.  That window has passed and I believe that could actually make Glass-Steagall irrelevant.   While I don’t expect Wall Street to disappear tomorrow, at some point within the next five to ten years, depending on well too many timeline variables to anticipate exactly when, I believe Wall Street will cease to exist.  Forever.   Forever is a long, long time.  :) 

I expect the status quo to attempt to bamboozle us with a return to the gold standard or even Glass-Steagall at some point.   But at this point, those tools will be used as a deflection from the fundamental truth.  They will be  used in some attempt to prop up the massively corrupt system rather than dismantle it.  Our banking system has never served human development or democracy and I think that is where we are ultimately going to end up quite some years from now.   The efforts of returning to gold-based money or Glass-Steagall  are simply putting lipstick back on the pig and that pig is far too exposed right now.  Ain’t no one ever gonna kiss Wall Street ever again.  Lipstick or not.  Well, sans politicians.  They’ll kiss anything with a dollar tied to it.  Those efforts are too far lost and far too late.   I don’t believe the ultimate solution will have anything to do with gold–based money (a timeless tool of the status quo and elites)  and I don’t believe Wall Street can recreate itself in any sustainable fashion to survive.   We’ll dig very deep into all of this at some point but being against a return to gold-based money is and always be a consistent position on here.   Soon enough we’ll blow a hole in the gold thesis and expose the gold money advocates as nothing more than useful idiots laying the ground work for elites and the status quo; who by the way are the largest buyers of gold today.   If you think the status quo is going to win the future, then you too should be on the same side of the trade as they are.    

I have commented numerous times that I have no problems with capitalism with a handful of very transformational changes from what we see today, or as I coined it before, American-style capitalism versus state-based or corporate capitalism.  But there are other merit-based and democratic solutions that we have highlighted as well.  Not only do I think that Wall Street is going down but it is quite possible that capitalism is in its final throes.   We most definitely are seeing an end to capitalism as defined by Wall Street and neoliberal politicians.  That is, state-based capitalism and corporate capitalism.  We shall see what fills the void. 

The system has failed.  There is no going back.  I am amazed at how many people still continue to use the rear view mirror to anticipate the future.  ie, How many people who believe the future will be based on the past and how many prognosticators who remark we are in for decade(s) of economic crisis.   That is completely based on yesterday’s beliefs.  Yesterday is gone forever and so is that belief system.   Those views are completely illegitimate.  The American economy could roar right now without a massive government stimulus program if we had a democratic economic model.  And so could the global economy.  

The ego or manufactured self-image of the world around us, loves to be lazy.  In some ways, it is programmed to be lazy.    It does so by seeking control.  Volatility & unpredictability and the ego’s desire for control don’t mix well.   In an attempt at control, the ego anticipates the future using the linearity of the past as defined by our senses.  There is a lot of repetitive and assumptive subconscious and unconscious processing in that lazy interpretation of the future.  It is only when that linearity is shattered that the mind is often capable of envisioning a world beyond that which our senses (ego) have grown accustomed to.   It is only then the mind is able to give up control.  Yesterday and today’s mind view of the world must be shattered.  That is exactly what has happened for countless billions  on our planet today.   With our sensory belief system of the world shattered, the search for truth and a new world is now possible.   That truth will not be based on the control and fraud of the last thirty years and in some cases the last one or even two hundred years.    Truth is achieved in the moment.  By being present and considering what is possible without assigning any value to yesterday’s experiences or anticipating tomorrow’s outcomes.   In that moment one realizes our financial system and our economy must be transformed to serve truth, democracy, community and an emotionally-healthy human experience. 

The status quo had a chance to re-institute Glass-Steagall.  I now think it is more than likely too little, too late. 

The age of enlightenment continues.

Title link here.

posted by TimingLogic at 12:55 PM