Sunday, August 28, 2011
we all knew there was a bunker
"remember, in a system in which money is created through bank loans there is never enough money in existence to pay back all debts with interest. the system only continues to function if it continues growing...consumers can't create more money the way banks do and can't take on more debt if no one will lend to them...as we have seen , the actual inflation-adjusted income of american workers has not risen substantially since the 1970s, but home values did rise during the 2000-2008 period, giving many households a higher theoretical net worth. many homeowners used their soaring home value as collateral for more debt-in many cases, substantially more. at the same time lenders found ways of easing consumer credit standards and making credit generally more accessible....the result: household debt increased from less than $2 trillion in 1980 to $13.5 trillion in 2008.this borrowing and spending on the part of u s households was not only the major engine of domestic economic expansion during most of the last decade, but a major component of worldwide economic growth as well. but with the crash in the u s real estate market in 2007 household net worth also crashed...and as unemployment rose from 4.6 percent in 2007 to almost 10 percent ( as officially measured) in 2010, average household income declined. at the same time, banks tightened their lending standards , with credit card companies slashing the number of offers, and mortgage lenders requiring much higher qualifications form borrowers...less debt meant less spending ( household usually borrow money so they can spend it-whether for a new car or a kitchen upgrade). this is a potentially short-term problem, however, the only way the situation will change is if somehow the economy as a whole begins to grow again ( leading to higher house prices, lower unemployment, and easier credit). here's the catch: increased consumer demand is a big part of what's needed drive that shift back to growth."
from "the end of growth: adapting to our new economic reality" by richard heinberg.
i never used my home equity as debt leverage and as a child of people who came of age during the depression of the 1930s i don't enter into cycles of debt readily...in fact in the last 25 years ( since i sobered up) i have done so only when some critical facet of my existence would have failed with out it ( transportation mostly)..i am almost out of debt...a few more vehicle payments, clean up the last of the credit cards form the 1980s ( compound interest is usury and criminal...i would expropriate the expropriators ) a few years more on the mortgage and then i will be somewhat freer...so as a philosophical position i refuse to take on any more debt to bail fucking wall street out of the hole the greedy degenerates dug for themselves with all their esoteric derivatives...let the market work its stringent discipline on the avaricious shits... i have guns and a garden i don't need wall street...if it weren't for the innocent in the way i would hope irene would scrub the bagnio clean.
so it's been revealed that cheney had a bunker full of "electronic communications equipment" ( what? no semaphore flags or flare guns?) behind a "steel door" in the vice-presidential residence...joe biden probably stumbled into it in a drunken stupor one night and though it was the death star...well...we knew there was a bunker...it is standard fuhrer equipment along with bitter hatre4d and a penchant or violence ( remember the shotgun business)...old dick looks a bit cadaverous these days...the pasty-faced bastard has spent too much time in his montana shadow-fuhrer bunker...somebody should help him.
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