Quite a lot has happened since I last wrote, the bust is far bigger than even the most realistic forecasters predicted, but bang on from my point of view, {see Nov 2007, Creation}.
We are where we are was a mantra trotted out by some of the insiders and movers of this mega bust, paper over the cracks, move on and rebuild on the same quicksand that is causing this ever extreme cycle.
We could say that the dream of the free market capitalist economy, as initiated by the politics of the Thatcher/Reagan era, has turned into a complete nightmare. But even going back to then and blaming that ideology for the current state of our economics is missing the point.
One thing is clear from the situation that is being played out in front of us is the global nature of our economics and how everything is connected, the shin bone is connected to the knee bone etc. The Dow goes down followed by the Nikei and the Fste, individual markets are part of the one big market, and this market has an energy, a collective consciousness, that dictates because so much faith has been invested into it. Great intelligence and understanding of the systems, allied to unfettered greed are close to the root causes of the collapse. This is manifest in fear, lack of trust and confidence which is coursing through the veins like a rampant virus in the bloodstream of the body. Banks do not even trust each other anymore and why would they as they are very aware of the lack of liquidity in their institutions. still they are paying themselves vast amounts in dividends and bonuses. Theft. There is an old saying, ” As you sow so shall you reap”.
And the good old Usa is the prime shaker in this saga. We became aware of this “sub prime” lending in their system and how this has impacted right across the globe. Whats all that about? Let me tell you a story.
200 years ago in that great land a people with a long history and an understanding of where they were, roamed across the plains. They were free and lived without the ideology of property and ownership of the land. The Great Spirit provided for all their needs. Then along came the whiteman, with his guns, his whiskey, his “Christianity” and his great need to possess the land. it did not take too many broken treaties for the newly arrived settlers to carve up the natives land among themselves. Huge properties became smaller holdings, small towns, big cities, real estate and sub prime mortgages. after every step, huge profits were being made, all on land stolen from the original occupiers. ” As you sow so shall you reap” The whiteman was recently arrived from Europe, English, Irish, Scots, Germans, every nationality, represented. The economy of each country is being severely undermined, all triggered by toxic debt in the lending on land in the Usa. Funny?
We are where we are.