Suicide of the Middle Class
from Jesse’s Café Américain
Posted originally 06 April 2011
Marc Faber had an interesting interview with KWN: Bernanke Is Killing the Middle Class.
I AM NOT SURE IT IS BERNANKE THAT IS KILLING THE MIDDLE CLASS, as much as they are committing suicide to please the top one percent, and differentiate themselves from the poor, who they see as hopeless victims. Nothing else explains why ordinarily intelligent people spout slogans and support ridiculous notions and theories that are designed to reduce themselves and their own children to perpetual servitude. The politicians and pundits are obviously paid to say and act as they do. But why do the many willingly march to their own doom?
It tends to support the theory of Bernays, that the great bulk of people do not act on reason, but on emotions which are easily controlled and influenced, and therefore subject to manipulation. I can think of no better example of this than the manner in which the Tea Party was turned away from its initial cause of financial reform and put to the task of plundering the weak, the victims of the Wall Street and governing class frauds, upholding the very abuses by Wall Street that they had originally organized to protest. As propaganda campaigns go, it does not get much better this. No wonder the monied interests are so emboldened of late.
A little learning is a dangerous thing;
drink deep, or taste not the Pierian spring:
there shallow draughts intoxicate the brain,
and drinking largely sobers us again.
– Alexander Pope, Essay on Criticism
“Anger makes dull men witty, but it keeps them poor.”
– Francis Bacon
These quotes remind me of some of the rhetoric I see on the web, especially with regard to economic matters wherein people make long winded argument full of rhetorical flourishes about how this or that CANNOT happen, and that those who hold some other view are obviously istas who are ignorant beyond belief.
One could almost feel badly, except that these arguments are so often held by those with a general contempt for those weaker or less fortunate than themselves, and are often obviously self-serving, intolerant, and strident.
And yet they are mostly wrong and wrong again, acting against their own interests, and likely losing sums of money if they actually invest in accordance with these wrong-headed conclusions. It seems almost like some sort of karmic justice.
Sophocles was right. Many are the wonders, but nothing stranger than man. Everyone serves something, and if not a God of the highest good, then more likely some boastful bully or unworthy idol, or even worse, themselves, and so they serve a fool.
Turning to the markets, this is where I would look for some sort of trend consolidation or correction. Having said that, it is good to recognize that we are in extraordinary circumstances, with the Fed and the developed countries printing the major currencies without a firm anchor to something external like gold, silver, or even GDP growth.
Near the end of the day it was announced that Portugal will be asking for aid as it teeters on insolvency in support of the banks. There is also talk that the ECB will be raising rates tomorrow. The right hand gives while the left hand takes, the better to deceive you, my dears.
Let’s see how this develops.
Written by aurick
07/04/2011 at 12:25 pm