Wednesday, October 26, 2011

This is the autumn of our discontent. I believe something sinister is coming down the pipe. Week after week of demonstrations around the world could be a harbinger of revolt and even mass violence.

The Second American Revolution

personalliberty.com
October 26, 2011


I do not believe that what is going on today around Wall Street is what Thomas Jefferson had in mind when he wrote in a letter to James Madison on Jan. 30, 1787, in reference to Shay’s Rebellion: “I hold it that a little rebellion, now and then, is a good thing, and as necessary in the political world as storms in the physical.”
I don’t think we are facing a little rebellion. All rebellions start small; but some, like the one France experienced and what we may have to endure, could be earth-shattering.
The reasons are simple: too much debt and too little economic growth. Consider the facts:
The U.S. unemployment rate stands above 9 percent. The true unemployment rate, which takes into account people who have given up looking for work, is close to 17 percent.
For the past decade, U.S. stock indexes have been flat. Accounting for inflation, they have actually declined. Many Americans have lost a lifetime of savings.
The U.S. money supply has grown threefold in the past three years. If the investment banks ever stop collecting bonuses and lend this money, it will trigger double-digit inflation; an event which will make Americans even more angry.
Since the stock indexes peaked in 2007, real income for Americans has dropped 10 percent. Despite the addition of trillions of new dollars courtesy of the Federal Reserve, many Americans are undergoing the greatest loss of wealth since the Great Depression.
The U.S. and other Western democracies stand at a precipice. It is a situation that is sending citizens to the streets in protest. Economic collapses and protests can quickly spill over with violence.
In case you think I am exaggerating the danger, consider these recent words from columnist Frank Miele of Daily Inter Lake:
The Russian Revolution (which coincidentally was another October Revolution) started out with slogans and protests, too, just like “Occupy Wall Street.” Of course, life in 1917 Petrograd was a lot harder and a lot more desperate than it is today in Philadelphia or New York — but the ruffians on the streets don’t care about that because they don’t study history. If they did, they might be more apt to follow the Russian example and overthrow Obama’s czars who have imposed absurd and unwieldy regulations on banking and business instead of trying to destroy the capitalists who actually have the capacity to create wealth — and jobs.

Read the whole thing Here!

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