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Mice for Fat CatsSpecial Edition

O
n Tuesday, the news reported that gold had hit a record high, breaking $1,600 an ounce for the first time in history. This got me thinking: “There are people out there that stand to make a lot of money if this country fails to raise the Debt Ceiling.” As people grow nervous over the possibility of economic disaster, they are buying gold, pushing the price up. And it’s not just gold. If the country fails to raise the Debt Ceiling by the August 2nd deadline, interest rates will skyrocket, and who stands to profit from that? Bankers, credit card companies, investors in T-Bill’s, anyone that lends us money would all stand to profit from higher interest rates. (In 1979, Republicans waited until the last second to agree to raise the Debt Ceiling. The resulting brief interruption in payments raised interest rates half of a percentage point… and remained there until 9/11. The resulting hike in interest rates further depressed an economy already reeling from the Iranian & Russian oil embargo and helped lead to Carter’s defeat in 1980 on economic issues.)

Just who is advising these Teabagging morons, telling them that they can ignore scores of economists, and that NOT raising the Debt Ceiling would be no big deal? Has anyone checked to see whether these “advisers” stand to profit from an economic meltdown? I haven’t heard ANYONE ask presidential candidate Michele Bachmann WHO exactly is telling her that we don’t HAVE to raise the Debt Ceiling, and that everything will be just fine if we don’t. Is there ANY doubt in your mind that a Republican would take the advice of Big-Business or Wall Street over “some academic”?

Republicans have long been the “useful idiots” of Special Interests (the Military Industrial Complex backed George W Bush because they knew how eager he was to invade Iraq and topple Saddam Hussein) that stand to BENEFIT from catastrophe. And NO ONE seems to be looking into just WHO is advising these law-makers that threaten to push the nation to the brink of economic disaster, and whether they are being deliberately misled by people who stand to profit from the fallout.

Then there are the “privatize everything and drown the rest in a bathtub” Small Government evangelists that see refusing to raise the Debt Ceiling as a way to finally push through MASSIVE WHOLESALE PRIVATIZATION & DEREGULATION. Did someone say, “Disaster Capitalism”? Without enough money to pay for all those government services (like Police, Fire Fighters, the Securities & Exchange Commission (SEC), the FBI/CIA, school teachers, highway construction, Air Traffic Control, the DMV, prisons… not to mention Medicare and the United States Military… for starters), the government can no longer afford to run them, leaving them to the mercy of Corporate America. And with soaring unemployment and a steadfast refusal to tax the very people who use these government services the most (courts, cops, and comptrollers) tax revenues are at record lows. The only way then to pay for these programs is to BORROW it. And not all of it comes from foreign investors. When you buy a “T-Bill” (Treasury Bonds), you are financing our Debt, and in return, we pay you interest. That’s the “publicly held” portion of our National Debt. If the country is unable to borrow… either because they refuse to raise the Debt Ceiling or they pass an insane “Balanced Budget Amendment” (forbidding the government from spending more than it collects in taxes), then the country may be left with no choice but to PRIVATIZE hundreds of government programs, leaving millions of Americans to the mercy of Corporate America, who will then cut corners, deny services, raise prices, and cut employee salaries all to pay off shareholders and the exorbitant salaries of their CEO’s.

There are A LOT of Special Interests that stand to make A LOT of money if the nation fails to raise the Debt Ceiling, and I don’t see anyone asking those legislators claiming we don’t need too, just who’s telling them it’s okay.

If they won’t believe President Obama, maybe they’ll believe The Gipper:

(ADDENDUM: Clearly, I’m not alone in thinking there are nefarious groups manufacturing this “crisis” as a means of forcing massive privatization: Naomi Klein, author of “The Shock Doctrine”, wrote last week “Is the Debt Crisis Just Another Trumped Up Scam to Steal Social Security?”)

(ADDENDUM July 25: GOP now calling for mass repeal of Environment Regulations as part of their hostage-taking over raising the Debt Ceiling.)

(ADDENDUM 2: July 25: I was just reminded of last weeks report that Rep. Eric Cantor is “shorting”… ie: “betting against”… 20 year U.S. Treasury Bonds. Cantor stands to make a hefty profit if he is able to ensure no deal goes through.)

 


 
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