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The Collapse of the Capitalistic System

• Economic Policy Journal
 Paul Farrell at MarketWatch writes:
...Hong Kong contrarian economist Marc Faber warns in his Doom, Boom & Gloom Report: "The future will be a total disaster, with a collapse of our capitalistic system as we know it today."

No, not just another meltdown, another bear-market recession like the one recently triggered by Wall Street's too-greedy-to-fail banks. Faber is warning that the entire system of capitalism will collapse. Get it? The engine driving the great "American Economic Empire" for 233 years will collapse, a total disaster, a destiny we created.
Farrell goes on to list the Top 20 reasons capitalism has lost its soul.

Here are my Top Ten reasons the collapse is near. It's all about a harassing government:

#1 The Patriot Act--as the collapse begins because of harassing government, the Patriot Act will make it easier to monitor individuals, harass them and throw some in jail.

#2 Obamcare--It's coming and it will mean declining healthcare for us all. Less innovation, long lines, and less treatments available. The average lifespan will begin to decline, and at some point fall off a cliff.

#3 Goldman Sachs--GS has infiltrated the government money distribution centers, including central banks and other organizations. From this perch, they devise scheme after scheme to direct money inward to GS, at the same time collapsing competitors and the financial system.

#4 Congress--Outside of Ron Paul, there are no men of principle in Congress. They are all out to cut their own deals that adds to the collapse.

#5 Mainstream media--Complete failure of independence from the government. No better evidence exists than the failure to cover the Sibel Edmonds revelations of spying, and acting on behalf of other governments, by members of Congress and senior government officials.

#6 Paul 
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With government control escalating at such a rapid pace, the country we know now will be gone within five years. And to picture what America will be like in ten years, think poverty. Think Cuba. Think collapse.
I haven't read Andrew Ross Sorkin's new book, Too Big To Fail. Jamie Dimon showed up at his book party. Nuff said.

But Bob Murphy

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