The Economic Flop That Was 2010 by Bill Bonner

The Economic Flop That Was 2010 by Bill Bonner


What troubles me is the behavior of our own so called 'leaders.' They devote themselves almost exclusively to the pursuit of power-- for its own sake. I'm disturbed that the media, so called journalists, slavishly serve the interests of power hungry Washington politicians and the evil greedy people who pull their strings. I am troubled that our own oligarchs, on Wall Street and beyond, have somehow managed to steal / cheat / defraud us of 700 billion dollars and stick the poor working stiff with the bill: an enormous bill that will take GENERATIONS to pay for !!! Yet still they escaped scrutiny and ran off with their pilfered billions. These are criminals too, no ???

We have collectively passed into debt servitude to pay for the misdeeds of our own Wall street oligarchs. That's what troubles me. No one noticed or cared. It happened while our media busily distracted us with tales of terrorists and evil Muslims.

The real, private economy spent 2010 paying for mistakes it made over the last 20 years – particularly in the last 5 years. It couldn’t undertake anything new; it had to reckon with things that it did in the past.

Consumers generally paid down debt…or defaulted. Businesses hoarded cash and refused to hire new employees. Bankers made fortunes gaming the Fed’s easy money system. They took the Fed’s money and speculated. They lent out little money to the real economy.

Meanwhile, the authorities were actively making the situation worse. Not just with low interest rates. They had other bamboozle programs and crackpot projects – notably “quantitative easing ".

No great progress for humanity was made in 2010. There were no great achievements. The health care bill was a muddled fraud. The 2010 election was a farce.

HAPPY NEW YEAR MY FRIENDS !!! .