The Global Debt Trap, Come on People, Wake Up!
Politics / Global Debt Crisis 2012 Jun 30, 2012 - 12:52 PM GMTBy: Joseph_Russo
The never-ending D-Days of the 21st Century are getting extremely dangerous.
The revolving 'D's are all disgustingly circular, establishing a vile state, destabilizing in its nature, which entrenches a widespread destructive status-quo paralysis throughout the fabric and core of all societies subject to them.
No matter how broadly one searches for a consensus of clarity, reason, actionable-leadership, and commonsense solutions to mounting global challenges of epic proportion, they are simply not available.
In contrast, there is no shortage of divisive solutions ranging from the sublime to the ridiculous, which arguably warrant full examination in an entirely separate endeavor.
Why is it so utterly impossible for leadership to stop dreaming and instead begin to formulate objective common-sense solutions no matter how difficult or painful they might be?
Amid ones quest for such answers, occasionally one stumbles upon a rare voice speaking truths ground in simple logic and common sense.
Today, as it relates to the global debt trap and the growing dilemma of central banks, I stumbled upon one such voice, the voice of Charles Biderman, founder and CEO of TrimTabs.
Mr. Biderman asks simply; why does the financial world still believe in something for nothing?
If Mr. Biderman's piece was not quite enough to quench your thirst for basic common sense, perhaps paraphrasing some passages from Adam Smith's Wealth of Nations might help.
"Prudence and good conduct of the majority, in most instances, is sufficient to compensate, not only the recklessness and misconduct of a minority private citizens, but the state's public extravagance of government.
The uninterrupted effort of every man to better his condition, the principle from which public and national, as well as private wealth is attained, is frequently powerful enough to maintain the natural progress of affairs towards improvement, in spite of both the extravagance of government, and the greatest errors of administration.
Like the principle of animal life, it frequently restores health and vigor to the constitution, in spite not only of the disease, but also of the absurd prescriptions of the doctor.
True wealth increases by savings, and diminishes by recklessness and misconduct. Whatever a person saves from his labor he adds to his wealth, and either uses it himself in maintaining his ability to continue producing, or entrusts some other person to do so, by lending it to him for an interest, that is, for a share of the profits such a loan may produce.
As the wealth of an individual can be increased only by what he saves from his annual income, so is the wealth of a nation, which is the sum of all the individuals who compose it, and thus a nations wealth can be increased only in the very same manner."
How refreshing was that? Unfortunately, Mr. Biderman's brief synopsis makes it painfully clear that the world has reached a stage of decline whereby the prudence and good conduct of the majority of its citizens is no longer sufficient or able to compensate for the misconduct of the few in concert with the extravagance of government.
On that note, we shall end with an observational opinion of the Supreme Court's recent ruling.
Order in the Court
In upholding Obama-Care as constitutional, mainstream media has conveyed that chief justice Roberts of the Supreme Court framed his decisive vote to uphold based upon the constitutionality of the Federal Governments legal right to impose taxation. (This staple concept itself needs comprehensive reconsideration.)
Justice Roberts inference of shifting the responsibility to Americans to elect a congress that shall execute their wishes in deciding what is taxable, is further proof that America is no longer the republic it set out to be, but rather a broadly corrupt, pass-the-buck-partisan, social-democracy to which neither adequate representation or accountability is rendered by its career politicians or appointees.
It matters not who we vote into office, but rather the composition of"the system and controlling power structures" to which those elected individuals become bound and obligated to serve.
For the last 100-years, once elected, the vast majority of politicians are indistinguishable in their complicity to serve the insatiable powers of the state and those who legally fund and direct it, vs. serving impartially, the most basic and general common interests of its people.
Often accused of conspiratorially attempting to create an evil and clandestine New World Order, if the most powerful forces on earth allow the world to continue on its present course, in due time, there shall be no order at all. Let's hope that's not the plan.
It is essential that bold leadership arise and clear heads prevail in reconstituting the enlightened principles and formal Rule of Law (vs. rule by law) upon which free and thriving societies can best sustain themselves in general accord.
Until then,
Trade Better/Invest Smarter
By Joseph Russo
Chief Publisher and Technical Analyst
Elliott Wave Technology
Email Author
Copyright © 2011 Elliott Wave Technology. All Rights Reserved.
Joseph Russo, presently the Publisher and Chief Market analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program.
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