Fascism’s slow but inexorable march…

Obama admin. seeks powers to shut firms like AIG


Here is my beef. The Treasury and the Fed are seeking extended and extraordinay powers to short circuit the civic institutions that are supposed to scrutinize their actions. Now, I’ll grant you that civic institutions globally have spectacularly failed to live up to their fiduciary duty in the recent past. Nonetheless, this action is aimed to make it official and legal for unelected officials to side line civic institutions.

Now consider these statements from the article:

” The Obama administration on Tuesday mounted a full-scale push for government authority to shut down troubled institutions like insurer AIG (AIG.N) to avoid the need for future bailouts.” […] Geithner said the government needed the same types of tools to deal with failing non-bank institutions that it already has to deal with struggling banks. Under his proposal, the Treasury chief would determine whether emergency action was needed in consultation with the Fed and the relevant regulator.”
My problem with this request is as follows. The Treasury and the Fed acted unilaterally to give AIG $170Billions of public funds without so much as asking Congress but they want permission to shut the company down? We own 80% of the company and we are seeking permission to shut our own company down????

Of course that is not the case. What Treasury and the Fed are seeking are powers to shut down other companies as they see fit. This is a boondoggle by any other name; fascism by any other name. This is how the transfer of wealth takes place. Non performing assets are offloaded on the public’s balance sheet whereas performing assets are stripped off and end up on the balance sheet of the institutions that are yanking the strings that animate politicians.

Revolution, if not war, can’t be too far in the future… somewhere… at some point…

Got bullion?


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