In the current George W. Bush-Tony Soprano, infamous main character of the HBO TV series "The Sopranos", scheme, every time a corporate player commits fraud, he gets to keep the profits, and borrowers have to pay an inflation tax as a result.
Eventually, this results in the fraudsters owning more and more of the nation and world economy until they own it all.
Money is simply printed out of thin air to bail out the fraudsters which causes all of our expenses to rise because we don't have the rigged income to hedge those costs as the fraudsters do.
We have only begun to see the reverberations of the mortgage meltdown. They will be as sweeping and mind boggling as global warming or an earthquake measuring 10 on the Richter scale. Tony Soprano economics aren't necessarily noisy, but they are gargantuan in their reach and ramifications.
Global economic meltdown, initiated by the ruling elite of the United States with full knowledge of omnipresent, pervasive global resource depletion-or as some have called it "Peak Everything", will obliterate the American middle class and result in the ownership of the planet by a voracious ruling elite.
Tony's predecessor said it best decades before Tony was even a twinkle in his father's eye:"Capitalism is the legitimate racket of the ruling class."
Al Capone
Column: Carolyn Baker
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Monday, September 3, 2007
Bush's Bogus Bail Out: Introduction To Tony Soprano Economics 101
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