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News Link • Economy - Economics USA

The Unloading of the Economy Continues

 Markets have certainly fallen quickly. It was only on 12,721 on July 21 and now we are looking at a low close of 11.269 after a 500-point PPT arrangement. There is no question investors didn’t like the bill encompassing debt extension, nor the perceived cuts to be made. That was followed by a long awaited fall-in the debt rating of the US by the S&P. At the same time the financial and economic conditions in Europe worsen with Italy officially joining the ranks of near insolvency. These events were accompanied by calls for the president to bypass the Constitution or to use the 14th Amendment to bring about the debt extension. Under a façade of political wrangling as a cover the real impetus for the standoff became obvious. The whole exercise was not only about debt extension that could have been settled in 15 minutes, but about cutting individually paid for plans, such as Social Security and Medicare, which will eventually lead to a corporatist fascist dictatorship. This super-Congress is very reminiscent of the 13th century “Star Chamber”, the Soviet Politburo, or Adolph Hitler’s 1933 “Enabling Act.”

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