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But we've all been handed a temporary reprieve by the Fed. Through its emergency (and artificial) intervention in financial markets, we now have extra time before reality unravels our global system of multi-trillion-dollar debt. Remarkably, the Fed has just handed you more time to protect yourself and avoid a total loss of all investments and bank deposits. They haven't altered the laws of economics, however. Bad debt must still be paid. It can't be swept under the rug, nor swept into a giant "debt rescue fund" and simply forgotten. Ultimately, it will all come back to you and me -- the taxpayers. Socializing losses, privatizing gainsIn bailing out these financial institutions and preventing a global financial meltdown, the U.S. government has done something truly bewildering: They've socialized the losses and privatized the gains from financial institutions.In other words, they've allowed the wealthy elite criminals who created these problems to walk away with their pockets stuffed full of profits. All the losses, however, are being distributed among taxpayers, who are now burdened with a multi-generational debt bill that's thrown on top of the existing $9 trillion in debt the U.S. already owes to world investors. How's that for smart economic planning? We the taxpayers get ALL the losses, NONE of the gains, and NONE of the ownership if the company is sold in the future. It's such a bad business decision to invest in this way that you'd have to be smoking crack, shooting up heroin or sitting in the White House to even propose such a system. It also appears that our financial decision makers have snorted up one too many kilos of smack, because -- get this -- they are now proposing that U.S. taxpayers bail our FOREIGN banks, too! Yes, friends, it's not just wealthy elite American bankers who deserve to walk home with all their gains while scattering their hundreds of billions of dollars in losses among American taxpayers; now our federal government is proposing that American taxpayers pay for all the losses of British banks, French banks, German banks, Japanese banks, Chinese banks and any other bank that suffered lending losses operating in the United States. See: http://www.politico.com/news/storie... It just keeps getting more bizarre by the day...Before last week, I was already concerned about the financial future of America. During last week, I was astonished. Today I'm flabbergasted. I've never seen any government pull so many debt tricks out of their magician's hat and sell it to the People using such blatant misdirection.As Treasury Secretary Henry Paulson said on ABC's This Week: "That's a distinction without a difference to the American people. ...Remember, this is about protecting the American people and protecting the taxpayers, and the American people don't care who owns the financial institution. If the financial institution in this country has problems, it'll have the same impact whether it's the U.S. or foreign." Get articles like this delivered to you FREE in our popular email newsletter Related CounterThink Cartoons:
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