Polistra is happy that the roulette tables in the Wall Street Casino are burning. Maybe it will finally bring some reality to the elite coverage of economic conditions.
No, it won't.
Nevertheless, we are still moving toward a two-part economy, like most Latin American and African countries, and like J. P. Morgan's 1890 America. The elite barons, both 'Left' and 'Right', live in gated compounds with private security, free to move to Dubai after they have shorted America into submission. The masses have their bread and circuses.
Yesterday the distinction between Upstairs and Downstairs showed brightly, with a glint of irony, when Glenn Beck interviewed Peter Schiff, a pessimistic expert.
Transcript of relevant section, from GlennBeck.com:SCHIFF: Well, it`s going to be worse, certainly, than the 1970s. We -- we`re going to have to pay the price for years of living beyond our means, while we were spending all this money and consuming, our real industrial base was disintegrating beneath our feet. So we`ve been living off of borrowed money and an artificial standard of living, and that`s all going to come to an end.
Just like an individual, if you quit your job and live off of a credit card, eventually, you know, the bills -- the bills come due, and you have to downsize your lifestyle. That`s what`s going to happen. But you know, you talked about the 1930s, where if you were in cash, you did well.
Unfortunately, this time around, our money, the U.S. dollar, is going to collapse, as well. So simply having money in the bank...
BECK: Hold on. Hold on. Hold on just a second. Peter, you honestly are sitting here making the prediction that the U.S. dollar is going to collapse?
SCHIFF: Yes. I think it`s going to lose at least 50 percent of its value, maybe more.
BECK: In what time period?
SCHIFF: It could happen over the course of just a couple of years. Maybe even sooner.
Schiff's diagnosis is exactly right. Under both brand-R and brand-D "Free Traders", i.e. Chinese agents, we've sold our industries and patents to China, and allowed our own factories to disappear. The irony: this process actually does "hurt minorities and women most", because as I've discussed before,
it removes low-skilled men from the pool of providers and decent husbands, leaving them no option but crime; which in turn removes low-skilled women from the pool of full-time mothers, requiring them to work at WalMart.
Well then, does Schiff have a good solution? Yes indeed. BECK: I`ve got 30 seconds, and we could spend an hour on this. What exactly is the average person supposed to do?
SCHIFF: Well, I mean, what you could do is get rid of your dollars while you can. I mean, that`s what I`m helping my clients do at Euro Pacific. We`ve been doing that for years. We`re selling dollars, and we`re accumulating foreign assets. We`re investing in Asia and Europe. We`re trying to get rid of a currency that`s on the verge of a collapse.
BECK: Holy cow. Peter, thank you very much.
Get rid of dollars??? Sell dollars???
Telegram for you, Schiff: this phrase is not even comprehensible, let alone helpful advice, to the average man.
This may well be useful advice for the Wall Street Casino Bettors who are ready to move to Dubai, but it's several universes removed from the average man.
Labels: the broken circle