In response to the ongoing financial crisis, world leaders are planning "a new Bretton Woods," according to Italian Prime Minister Silvio Berlusconi. According to an October 10th article by Steve Schere on the business and financial news website Bloomberg.com:
ITEM: The New York Times for September 9 editorialized: "As an act of crisis management, the government takeover of Fannie Mae and Freddie Mac, the mortgage-finance giants, was a reasonable and reassuring move. It ensures the flow of mortgage credit and is likely to reduce mortgage rates, which are important steps toward the eventual recovery of the ailing United States housing market."
Perhaps Karl Marx best described life on the commons: “From each according to his ability, to each according to his need.” That’s a prescription for tragedy; no wonder Communist governments slaughtered millions of their own citizens. But mass murder isn’t socialism’s only evil. When property is communal rather than private, cities fester in depressing dilapidation while pollution chokes the environment – all because everyone exploits what everyone owns.
On July 28, White House Budget Director Jim Nussle announced that the expected deficit for Fiscal Year 2009 (it begins October 1, 2008) would be a whopping $482 billion. A record for red ink, the figure shatters the previous deficit of $413 billion set in 2004.
After President George W. Bush asked guests at a Republican fundraiser to turn off their cameras — which at least one person failed to do — he proceeded to blame Wall Street for the current financial and housing troubles: “Wall Street got drunk.... It got drunk and now it’s got a hangover. The question is how long will it [take to] sober up. And then we have the housing issue.”
Will we be seeing $10-$12/gallon gasoline and a lot more body bags before the end of the year? That depends on the answers to a couple other important questions, such as: will the Bush-Cheney war hawks launch a war against Iran before the November elections, as they have been aching to do for the past several years? Or will they encourage/sanction an attack on Iran by Israel that will end up drawing us into the fray? Either way, we certainly seem to be headed needlessly on that disastrous collision course.
It was a full year ago when the New York Times carried a small 220-word article claiming that rumors about construction of a massive new highway system from Mexico through the United States into Canada were the product of “urban legend.” But the July 31, 2007 article included a tiny 1x1.5-inch photo showing a map of the planned route that would, in effect, bisect Texas and gravely impact other states. Only a conceptual drawing of the road’s potential location, the photo had been released by NASCO, the North American SuperCorridor Coalition. If no substance to the rumors, why the NASCO map?
Many Americans today are understandably concerned about the state of the economy. The current recession is likely to be one of the worst in recent memory, and comes at a particularly difficult time for many Americans, just as many of the Baby Boom generation are planning to retire. American workers have come to expect stocks, mutual funds, bonds, and other investment opportunities to increase year after year, yet the stock market’s marginal performance over the past few years and the recent instability in the banking sector have made many wonder whether their retirement and savings accounts are safe.
Americans can’t be warned too often that the path toward cancellation of sovereignty for Europe’s 27 nations is the same route being carved out here. Europeans are discovering that they have been duped into accepting what they thought was only a trade pact. But, in reality, the European Union is a super government built to dominate the continent.
Former Federal Reserve Chairman Alan Greenspan (pictured) lives a charmed life. Besides pulling down an $8.5 million advance on his memoir, The Age of Turbulence: Adventures in a New World (topped only by Bill Clinton’s $10 million advance), he recently was treated to an orgy of media hype and hoopla usually reserved for screen idols and rock stars.