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Home | Friday 23rd October 2009 | Issue 696

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Great SchNEWS fodder surely, finding an article called, “Death of ‘Soul of Capitalism’: 20 reasons America has lost its soul and collapse is inevitable.” Should be a good rant with a title like that. And it is.

The author notes that radical economist Marc Faber has brought out a damning analysis of the current capitalist state of play called ‘Doom, Boom & Gloom’ and proceeds to enthusiastically summarise all his main points and resoundingly agree with them.

No pussyfooting here: “No, not just another meltdown, another bear market recession like the one recently triggered by Wall Street’s “too-greedy-to-fail” banks. Faber is warning that the entire system of capitalism will collapse. Get it? The engine driving the great ‘American Economic Empire’ for 233 years will collapse, a total disaster, a destiny we created ... OK, deny it. But I’ll bet you have a nagging feeling maybe he’s right, the end may be near... I have for a long time...

Headings include: ‘Collapse is now inevitble’ and ‘When greed was legalized’, and ‘Wall St sacked Washinton’, cutting through the crap in fine style, for example:
“...’Wall Street America’ went over to the dark side, got mega-greedy and took control of ‘Washington America’. Their spoils of war included bailouts, bankruptcies, stimulus, nationalizations and $23.7 trillion new debt off-loaded to the Treasury, Fed and American people.

Who’s in power? Irrelevant. The ‘happy conspiracy’ controls both parties, writes the laws to suit its needs, with absolute control of America’s fiscal and monetary policies. Sorry Jack, but the “Battle for the Soul of Capitalism” really was lost.”

The other 15 ‘reasons’ pull no punches either, a list of lucid facts and figures pointing out things like America’s top 1% own more than 90% of the wealth, oil and energy costs will skyrocket, foreign nations have started dumping the dollar as reserve currency and how the new financial reforms will do nothing to prevent the next meltdown.

The big finale is not only to endorse Faber’s view but push it further: “Faber is uncertain about timing, we are not. There is a high probability of a crisis and collapse by 2012. The ‘Great Depression 2’ is dead ahead. Unfortunately, there’s absolutely nothing you can do to hide from this unfolding reality...”

Wow, 2012! Even us conspiracy nuts and Mayan sympathisers in the office hesitate to stick out our necks so far as to definitely state that the London Olympics will actually be the start of armageddon, as attractive a proposition as that is.

So which loony lot would be publishing such incendiary scaremongering doomism? Er, how about, a ‘respectable’ news wire reporting the ups and downs of stocks and shares and packed full of investor related anaysis and trading tips. Owned in fact by Dow Jones, the American stock market index people,
Stranger and stranger. And who owns Dow Jones? Er, Rupert Murdoch’s News Corporation – Fox news, the Sun, half the world’s crappest right wing media etc...Damn, now we don’t know now whether to write off any apocalypse-angled anaylsis as part of a double bluff elite conspiracy or head for hills and brush up on extreme survival skills...


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