IT’S A MATTER OF TRUST – PART ONE

104 comments

Posted on 5th August 2012 by Administrator in Economy |Politics |Social Issues

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“All the world is made of faith, and trust, and pixie dust.”J.M. Barrie – Peter Pan

     

“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”Lord Acton

Who do you trust? Do you trust the President? Do you trust Congress? Do you trust the Treasury Secretary? Do you trust the Federal Reserve? Do you trust the Supreme Court? Do you trust the Military Industrial Complex? Do you trust Wall Street bankers? Do you trust the SEC? Do you trust any government agency or regulator? Do you trust the corporate mainstream media? Do you trust Washington think tanks? Do you trust Madison Avenue PR maggots? Do you trust PACs? Do you trust lobbyists? Do you trust government unions? Do you trust the National Association of Realtors? Do you trust mega-corporation CEOs? Do you trust economists? Do you trust billionaires? Do you trust some anonymous blogger? You can’t even trust your parish priest or college football coach anymore. A civilized society cannot function without trust. The downward spiral of trust enveloping the world is destroying our global economy and will lead to collapse, chaos and bloodshed. The major blame for this crisis sits squarely on the shoulders of crony capitalists that rule our country, but the willful ignorance and lack of civic accountability from the general population has contributed to this impending calamity. Those in control won’t reveal the truth and the populace don’t want to know the truth – a match made in heaven – or hell.

“Most ignorance is vincible ignorance. We don’t know because we don’t want to know.” – Aldous Huxley

The fact that 86% of American adults have never heard of Jamie Dimon should suffice as proof regarding the all-encompassing level of ignorance in this country. As the world staggers under the unbearable weight of debt built up over decades, to fund a fantasyland dream of McMansions, luxury automobiles, iGadgets, 3D HDTVs, exotic vacations, bling, government provided pensions, free healthcare that makes us sicker, welfare for the needy and the greedy, free education that makes us dumber, and endless wars of choice, the realization that this debt financed Ponzi scheme was nothing but a handful of pixie dust sprinkled by corrupt politicians and criminal bankers across the globe is beginning to set in. A law abiding society that is supposed to be based on principles of free market capitalism must function in a lawful manner, with the participants being able to trust the parties they do business with. When trust in politicians, regulators, corporate leaders and bankers dissipates, anarchy, lawlessness, unscrupulous greed, looting, pillaging and eventually crisis and panic engulf the system.

Our myopic egocentric view of the world keeps most from seeing the truth. Our entire financial system has been corrupted and captured by a small cabal of rich, powerful, and prominent men. It is as it always has been. History is filled with previous episodes of debt fueled manias, initiated by bankers and politicians that led to booms, fraud, panic, and ultimately crashes. The vast swath of Americans has no interest in history, financial matters or anything that requires critical thinking skills. They are focused on the latest tweet from Kim Kardashian about her impending nuptials to Kanye West, the latest rumors about the next American Idol judge or the Twilight cheating scandal.

Bubble, Bubble, Toil & Trouble

Economist and historian Charles P. Kindleberger in his brilliant treatise Manias, Panics, and Crashes details the sordid history of unwitting delusional peasants being swindled by bankers and politicians throughout the ages. Human beings have proven time after time they do not act rationally, obliterating the economic teachings of our most prestigious business schools about rational expectations theory and efficient markets. The only thing efficient about our markets is the speed at which the sheep are butchered by the Wall Street slaughterhouse. If humanity was rational there would be no booms, no busts and no opportunity for the Corzines, Madoffs, and Dimons of the world to swindle the trusting multitudes. The collapse of a boom always reveals the frauds and swindlers. As the tide subsides, you find out who was swimming naked.

“The propensity to swindle grows parallel with the propensity to speculate during a boom… the implosion of an asset price bubble always leads to the discovery of frauds and swindles”Charles P. Kindleberger, economic historian

The historically challenged hubristic people of America always think their present-day circumstances are novel and unique to their realm, when history is wrought with similar manias, panics, crashes and criminality. Kindleberger details 38 previous financial crises since 1618 in his book, including:

  • The Dutch tulip bulb mania
  • The South Sea bubble
  • John Law Mississippi Company bubble
  • Banking crisis of 1837
  • Panic of 1857
  • Panic of 1873
  • Panic of 1907 – used as excuse for creation of Federal Reserve
  • Great Crash of 1929
  • Oil Shock of 1974-75
  • Asian Crisis of 1998

Kindleberger wrote his book in 1978 and had to update it three more times to capture the latest and greatest booms and busts. His last edition was published in 2000. He died in 2003. Sadly, he missed being able to document two of the biggest manias in history – the Internet bubble that burst in 2001 and the housing/debt bubble that continues to plague the world today. Every generation egotistically considered their crisis to be the worst of all-time as seen from quotes at the time:

  • 1837: “One of the most disastrous panics this nation ever experienced.”
  • 1857: “Crisis of 1857 the most severe that England or any other nations has ever encountered.”
  • 1873: “In 56 years, no such protracted crisis.”
  • 1929: “The greatest of speculative boom and collapse in modern times – since, in fact, the South Sea Bubble.”

Human beings have not changed over the centuries. We are a flawed species, prone to emotional outbursts, irrational behavior, alternately driven by greed and fear, with a dose of delusional thinking and always hoping for the best. These flaws will always reveal themselves because even though times change, human nature doesn’t. The cyclical nature of history is a reflection of our human foibles and flaws. The love of money, power, and status has been the driving force behind every boom and bust in history, as noted by historian Niall Ferguson.

“If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.” –  Niall Ferguson

Not only are our recent booms and busts not unique, but they have a common theme with all previous busts – greedy bankers, excessive debt, non-enforcement of regulations, corrupt public officials, rampant fraud, and unwitting dupes seeking easy riches. Those in the know use their connections and influence to capture the early profits during a boom, while working the masses into frenzy and providing the excessive leverage that ultimately leads to the inevitable collapse. As the bubble grows, rationality is thrown out the window and all manner of excuses and storylines are peddled to the gullible suckers to keep them buying. Nothing so emasculates your financial acumen as the sight of your next door neighbor or moronic brother-in-law getting rich. As long as all the participants believe the big lie, the bubble can inflate. As soon as doubt and mistrust enter the picture, someone calls a loan or refuses to be the greater fool, and panic ensues. This is when the curtain is pulled back on the malfeasance, frauds, deceptions and scams committed by those who engineered the boom to their advantage. As Kindleberger notes, every boom ends in the same way.

“What matters to us is the revelation of the swindle, fraud, or defalcation. This makes known to the world that things have not been as they should have been, that it is time to stop and see how they truly are. The making known of malfeasance, whether by the arrest or surrender of the miscreant, or by one of those other forms of confession, flight or suicide, is important as a signal that the euphoria has been overdone. The stage of overtrading may well come to an end. The curtain rises on revulsion, and perhaps discredit.” – Charles P. Kindleberger – Manias, Panics, and Crashes

When mainstream economists examine bubbles, manias and crashes they generally concentrate on short-term bubbles that last a few years. But some bubbles go on for decades and some busts have lasted for a century. The largest bubble in world history continues to inflate at a rate of $3.8 billion per day and has now expanded to epic bubble proportions of $15.92 trillion, up from $9.65 trillion in September 2008 when this current Wall Street manufactured crisis struck. A 65% increase in the National Debt in less than four years can certainly be classified as a bubble. We are currently in the mania blow off phase of this bubble, but it began to inflate forty years ago when Nixon closed the gold window. This unleashed the two headed monster of politicians buying votes with promises of unlimited entitlements for the many, tax breaks for the connected few and pork projects funneled to cronies, all funded through the issuance of an unlimited supply of fiat currency by a secretive cabal of central bankers running a private bank for the benefit of other bankers and their politician puppets. Crony capitalism began to hit its stride after 1971.

The apologists for the status quo, which include the corporate mainstream media, intellectually dishonest economist clowns like Krugman, Kudlow, Leisman, and Yun, ideologically dishonest think tanks funded by billionaires, and corrupt politicians of both stripes, peddle the storyline that a national debt of 102% of GDP, up from 57% in 2000, is not a threat to our future prosperity, unborn generations or the very continuance of our economic system. They use the current historically low interest rates as proof this Himalayan Mountain of debt is not a problem. Of course it is a matter of trust and faith in the ability of a few ultra-wealthy, sociopathic, Ivy League educated egomaniacs that their brilliance and deep understanding of economics that will see us through this little rough patch. The wisdom and brilliance of Ben Bernanke is unquestioned. Just because he missed a three standard deviation bubble in housing and didn’t even foresee a recession during 2008, doesn’t mean his zero interest rate/screw grandma policy won’t work this time. It’s done wonders for Wall Street bonus payouts.

The growth of this debt bubble is unsustainable, as it is on track to breach $20 trillion in 2015. The only thing keeping interest rates low is coordinated manipulation by Ben and his fellow sociopathic central bankers, the insolvent too big to fail banks using derivative weapons of mass destruction, and politicians desperately attempting to keep the worldwide debt Ponzi scheme from imploding on their watch. Their “solution” is to kick the can down the road. But there is a slight problem. The road eventually ends.

At some point a grain of sand will descend upon a finger of instability in the sand pile and cause a collapse. No one knows which grain of sand will trigger the crisis of confidence and loss of trust. But with a system run by thieves, miscreants, and scoundrels, one of these villains will do something dastardly and the collapse will ensue. Ponzi schemes can only be sustained as long as there are enough new victims to keep it going. As soon as uncertainty, suspicion, fear and rational thinking enter the equation, the gig is up. Kindleberger lays out the standard scenario, as it has happened numerous times throughout history.

“Causa remota of the crisis is speculation and extended credit; causa proxima is some incident that snaps the confidence of the system, makes people think of the dangers of failure, and leads them to move from commodities, stocks, real estate, bills of exchange, promissory notes, foreign exchange – whatever it may be – back into cash. In itself, causa proxima may be trivial: a bankruptcy, suicide, a flight, a revelation, a refusal of credit to some borrower, some change of view that leads a significant actor to unload. Prices fall. Expectations are reversed. The movement picks up speed. To the extent that speculators are leveraged with borrowed money, the decline in prices leads to further calls on them for margin or cash and to further liquidation. As prices fall further, bank loans turn sour, and one or more mercantile houses, banks, discount houses, or brokerages fail. The credit system itself appears shaky, and the race for liquidity is on.” – Charles P. Kindleberger – Manias, Panics, and Crashes

Despite centuries of proof that human nature will never change, there are always people (usually highly educated) who think they are smart enough to fix the markets when they breakdown and create institutions, regulations and mechanisms that will prevent manias, panics and crashes. These people inevitably end up in government, central banks and regulatory agencies. Their huge egos and desire to be seen as saviors lead to ideas that exacerbate the booms, create the panic and prolong the crashes. They refuse to believe the world is too complex, interconnected and unpredictable for their imagined ideas of controlling the levers of economic markets to have a chance of success. The reality is that an accident may precipitate a crisis, but so may action designed to prevent a crisis or action by these masters of the universe taken in pursuit of other objectives. Examining the historical record of booms and busts yields some basic truths. The boom and bust business cycle is the inevitable consequence of excessive growth in bank credit, exacerbated by inherently damaging and ineffective central bank policies, which cause interest rates to remain too low for too long, resulting in excessive credit creation, speculative economic bubbles and lowered savings.

Low interest rates tend to stimulate borrowing from the banking system. This expansion of credit causes an expansion of the supply of money through the money creation process in our fractional reserve banking system. This leads to an unsustainable credit-sourced boom during which the artificially stimulated borrowing seeks out diminishing investment opportunities. The easy credit issued to non-credit worthy borrowers results in widespread mal-investments and fraud. A credit crunch leading to a bust occurs when exponential credit creation cannot be sustained. Then the money supply suddenly and sharply contracts as fear and loathing of debt replace greed and worship of debt. In theory, markets should clear through liquidation of bad debts, bankruptcy of over-indebted companies and the failure of banks that made bad loans. Sanity is restored to the marketplace through failure, allowing resources to be reallocated back towards more efficient uses. The housing boom and bust from 2000 through today perfectly illustrates this process. Of course, Bernanke declared housing to be on solid footing in 2007.

The housing market has not been allowed to clear, as Bernanke has artificially kept interest rates low, government programs have created false demand, and bankers have shifted their bad loans onto the backs of the American taxpayer while using fraudulent accounting to pretend they are solvent. Our owners are frantically attempting to re-inflate the bubble, just as they did in 2003. Our deepest thinkers, like Greenspan, Krugman, Bush, Dodd, and Frank knew we needed a new bubble after the Internet bubble blew up in their faces and did everything in their considerable power to create the first housing bubble. If at first you don’t succeed, try, try again.

Human nature hasn’t changed in centuries. We have faith that humanity has progressed, but the facts prove otherwise. We are a species susceptible to the passions of power, greed, delusion, and an inflated sense of our own intellectual superiority. And we still like to kill each other in the name of country and honor. There is nothing progressive about crashing the worldwide economic system and invading countries for “our” oil.

History has taught that there will forever be manias, bubbles and the subsequent busts, but how those in power deal with these episodes has been and will be the determining factor in the future of our economic system and country.

Humanity is deeply flawed; the average human life is around 80 years; men of stature, wealth, over-confidence in their superior intellect, and egotistical desire to leave their mark on history, always rise to power in government and the business world; this is why history follows a cyclical path and the myth of human progress is just a fallacy.

“That men do not learn very much from the lessons of history is the most important of all the lessons that History has to teach” – Aldous Huxley

In Part 2 of this three part series I will examine the one hundred year experiment of trusting a small cabal of non-elected bankers to manage and guide our economic system for the benefit of the American people.

 

 

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104 Comments
  1. Llpoh says:

    Thanks for this, Admin. to answer your first series of questions, I can think of no government agencies I trust. Actually, I dis-trust every single one that comes to mind. It is a sad state of affairs indeed. I will give the rest of the article some thought and respond further.

    You are the man!

    Well-loved. Like or Dislike: Thumb up 50 Thumb down 0

    5th August 2012 at 5:45 pm

  2. No Field Five says:

    Can’t wait for Part 2. I can’t think of too many friends that trust any of the above agencies or organizations. The last ten years have certainly destroyed what little trust I had in the government.

    Well-loved. Like or Dislike: Thumb up 26 Thumb down 0

    5th August 2012 at 6:19 pm

  3. Zarathustra says:

    I have absolute faith in the utter futility of attempting to change things through the electoral process.

    Well-loved. Like or Dislike: Thumb up 36 Thumb down 4

    5th August 2012 at 6:22 pm

  4. Old Buck says:

    Going to need the pixie dust on Nov 6 .

    Well-loved. Like or Dislike: Thumb up 23 Thumb down 1

    5th August 2012 at 6:49 pm

  5. llpoh says:

    Admin – you say 86% have never heard of Dimon. That is astonishing but not surprising. Education in the US is abysmal, and the system is set up so that survival of the fittest is turned on its head – people no longer need to compete to survive, and so the general population is degraded. Further, this pool of people is allowed to vote, and so two things happen – 1) a group of politicians emerge that pander to the stupid in search of their votes, and 2) the stupid vote for those politicians that promise to keep the welfare goodies flowing.

    The Framers were keenly aware of this, I think, which is why they did not set up a 100% democratic system, thinking that by so doing that they could avoid the pitfalls inherent in allowing the stupid masess unfettered freedom in choosing leaders. I do not think they allowed for the fact that the “leaders” would come to solicit the suppport of the ignorant masses in their election campaigns.

    The stupid are truly stupid. Half the people have IQs under 100. No offense to the avergae Joe out there, but an IQ of 100 does not allow for extreme feats of reasoning, but rather allows for some basic discernment of right from wrong, bullshit from honesty, etc.

    But then, 25% of the population has IQs below 85 – and these folks vote too. Given that they are generally incapable of success in the modern world by any definition, guess who they vote for? They vote for anyone that promises them something for nothing.

    There are too many examples of people being too stupid to understand what is going on around them. For instance, it is astonishing when a retired persons says about his/her Social Security that “I paid in, it is my own money, and I deserve what I am getting”. They have zero understanding – and I mean zero – that they paid in less than half what they are taking out, and that the current generation of workers is actually paying their way. As I said, these folks are simply too stupid to reason, math is beyond them, money is not tied to effort, skill and talent, and their big screen TV is a God-given right.

    I despair that democracy can survive and function in a modern world. It relies on the intelligence of the voters – and there is a vast group of unintelligent voters. And in addition to this group, there is another group that, although intelligent enough to make decisions, are lazy, and prefer to vote to allow the free shit to flow.

    There is no option but a major collapse. The “leaders” support their own welfare and not the general welfare, and the people do not understand that free shit is not reality. Human nature is what it is – and only a painful awakening will bring reality back into focus.

    Well-loved. Like or Dislike: Thumb up 74 Thumb down 7

    5th August 2012 at 6:53 pm

  6. Gessed Sire Lee says:

    Is intelligence mental acuity or physical ability? Is intelligence just remembering the wrong answer to the right question? Did your teacher stick a star on your forehead for giving what really was the wrong answer and declare that you have a high IQ? There are some truly ignorant (unknowing) people in government and high corporate positions. Is the amount of wealth one has (material possessions) a sign of high intelligence? Is Dimon a genius or simply a con man? Why would a person of high intelligence do unjust things? Did admin get his ass kicked by a low IQ but physically superior adversary at an early age on a jersey beach? Why would an intelligent race of humans drop bombs on one another? Do those that have the ability to manipulate others have a high IQ or is it that they think if everyone was like them the world would be a utopia? Was the person that invented money a genius or a sociopathic, pinky or the brain, control freak? Do not the low IQ as well as the high IQ want to rule the world? Are we just dizzy from going in circles for millions of years? Why is your soul immaterial and we value that what is material?

    Roly Poly Fish Heads

    Hot debate. What do you think? Thumb up 21 Thumb down 23

    5th August 2012 at 7:49 pm

  7. AWD says:

    Trust is very important, absolutely. But so is justice. There hasn’t been much justice lately. The whole concept of justice is a joke. For the biggest criminals, there is no justice whatsoever.

    I don’t trust anyone except my children and the people that work for me.

    I don’t trust my ex-wife. The ridiculous pro-female laws have allowed her to steal, rob and rape me worse than any thug could. Considering 1/2 of marriages end in divorce, there are millions of women living high off the hog, not working, and getting “the ex-wife” entitlement. Why anyone (men) would get married, knowing they have a 50/50 chance of almost life-long financial ruin is beyond me.

    I don’t trust politicians, lawyers, insurance salesmen (well, any salesmen), business owners. I don’t even trust my neighbors. One set are state employees, and are living the high life and are looking to retire soon at 50. All these people are criminals, in my book, taking that which they have not earned or worked for, are not entitled to.

    I don’t trust anything I hear on T.V., read in magazines, and most websites and other sources. They are liars and are owned by people that want to control the minds of their “subjects”. I don’t trust anybody anymore; tens of millions are lying, cheating and stealing so they get free shit, free everything, and don’t have to work. Corruption by government allows for utter corruption by the population, until our whole society is rotten to the core. And so we are: rotten to the core.

    The sheeple trust everyone, believe what they hear on T.V. and read, believe the criminals in Washington and Wall Street have thier best interests in mind, and that having more debt than net worth is a perfectly acceptable way to live. They have some nagging feeling things are wrong, but are too stupid and hopeful to understand. They have some idea that most of their money goes to debt service, but they can’t and won’t get out of debt.

    But most of the wrath in the coming collapse, aside from the banksters, politicians, lobbyists, lawyers, Wall Street, government employees, and all the other parasites, will be for every single person that is an entitlement recipient. 90% are not disabled, should not be having children out of wedlock just to get on Welfare for 18 years, should not be taking subsidies, hand-outs, graft, and otherwise stealing money vis-a-vis the government (who is stealing from hard working people paying taxes). Without the USA being an entitlement nation, the rest of the criminals would have a hard time justifying their existence.

    As each month passes, I am utterly amazed it hasn’t collapsed yet. Once Bernake and Geitner can’t peddle their ponzi treasury bonds any longer, the gig is up. The last crash in 2008, the wolves turned on each other, and shorted companies (Bear Sterns for example) into oblivion. I don’t understand how much longer it can continue. The U.S. is insolvent, now and much more so into the future of unfunded liabilities. A grain of sand indeed will bring the whole thing down.

    Nice thought provoking article. The bad news, this has happened over and over and over, the same thing. This time does seem different to me, of course, because it’s going to be the entire world going into the toilet. The good news, people are still around, it’s not going to be the end of everything. People are still around, still doing the same thing, over and over, expecting different results. Very funny.

    Well-loved. Like or Dislike: Thumb up 59 Thumb down 2

    5th August 2012 at 7:50 pm

  8. Colma Rising says:

    “Nothing so emasculates your financial acumen as the sight of your next door neighbor or moronic brother-in-law getting rich.”

    -Administrator

    There is one thing…. I imagine thinking you’re rich and waking up a poor fool by reason of your own folly would have been an ego pop for the pecuniary consumer. Those “Rich” neighbors and such sure look neutered… If they even show their faces anymore.

    Same goes for the geniuses in finance and the upper-echelons of rent-seeking business. (They sure weren’t too proud for an FSA handout of the highest magnitude, however).

    I love these hammer-dropping pieces. No trust here, with only esoteric exception.

    Fuck people.

    Well-loved. Like or Dislike: Thumb up 17 Thumb down 1

    5th August 2012 at 8:22 pm

  9. Anonymous says:

    “There are substantial groups that have basically no financial cushion as they are reaching their latest years,” says Poterba, the Mitsui Professor of Economics at MIT.

    However, the study — one of the first to examine Americans’ end-of-life finances — also reveals a diversity of outcomes among senior citizens. Between 1993 and 2008, it found, unmarried older individuals had median wealth of about $165,000 roughly a year before they died — a figure that includes current and future Social Security income, job-related pension benefits, home equity and financial assets. In the same period, the median wealth for continuously married senior citizens, roughly a year before they died, was more than $600,000.

    “There is a lot of divergence in how people are doing,” Poterba says. Those disparities also complicate the public-policy issues relating to the new findings.

    “One of the clear messages is that it is very hard to do a one-size-fits-all retirement policy,” Poterba says. “We need to recognize that, for example, if we were to substantially reduce Social Security benefits for those later in life, that there is a share of the elderly households for whom that would translate very directly into reduced income, because they seem to have accumulated little in the way of financial resources.”

    Well-loved. Like or Dislike: Thumb up 10 Thumb down 1

    5th August 2012 at 8:26 pm

  10. Colma Rising says:

    California Rules:

    Californicate?

    Let me re-state: Fuck people, especially tourists.

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 2

    5th August 2012 at 8:33 pm

  11. Colma Rising says:

    keep_calm_and_trust_no_one_postcard-p239529870678384657baanr_400.jpg

    Well-loved. Like or Dislike: Thumb up 27 Thumb down 0

    5th August 2012 at 8:38 pm

  12. Muck About says:

    @LLPOH: Good comments, as is AWD’s although his is colored by some bitterness about divorce courts and the bias toward the female and kiddies.

    Unfortunately, corruption, dishonesty, cronyism, and all the symptoms of the Status Quo, ruling Elites, etc., start at the top. When the dishonesty at the top becomes obvious, even to the middle and lower classes, then it starts working its’ way down, layer by layer until the entire society is out to screw one another. (This is not conjecture, but proven fact).

    When statistical data, information in general and data necessary to make informed decisions are twisted by the Feds or the states, people make bad decisions (so do the Feds and states) and it soon becomes apparent that such data is bullshit and not worthy of being taken seriously.

    At that point, we have gone beyond the point of no return. We have moved far beyond that point at this time.

    We are no longer a nation of laws, as our Federal and State Attorneys General make no effort to investigate law breakers (from ‘Fast and Furious” to bank fraud, confiscation of funds from brokers that belong to customers, MERS and extended fraud in the housing market and rampant fraud therein and so much more).

    When citizens (those few who think further than the next credit card payment) recognize that their Government at all levels is dishonest, shelters fraud, protects TPTB and the Elites who occupy The Status Quo, then trust in government crumbles leading to an immoral general public who thinks (rightly) “Hey! If they don’t have to follow the law, why should I?”..

    Slowly the Elites who serve the Status Quo gradually strip the economy of any surplus funds for their own use until such time as they skim off more assets than the economy can provide. Then the Elites start printing money (as they are now doing) to make up the difference. This is a very short term solution, however, as it constantly increases the debt that the system owes until confidence in the system fails and it all collapses in a smelly burnt heap.

    We are on that road, our government is totally corrupt from the Executive to the Judicial to the Legislative. They have one goal. Maintain the Status Quo just a little while longer. Rip off any further productive funds produced by the skeleton of our capitalist system until there is nothing left but dry bones. At that point, the central system collapses into a fascist state where force is used to extort any other private wealth remaining to be given to the Elite.

    After that, we are totally done, finished, kaput… Universal penury will be the order of the day and I suspect civil war will be the result.

    If you need any further pleasant thoughts to finish your evening before bed time, go somewhere else.

    MA

    Well-loved. Like or Dislike: Thumb up 32 Thumb down 0

    5th August 2012 at 8:44 pm

  13. llpoh says:

    City of the Dead pops up out of his grave and shows what a moron he is. Probably did something stupid to get killed off in the first place. He is proof that my hypothesis is correct – let the free shit flow, as surely there ca be no end to it.

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 0

    5th August 2012 at 8:51 pm

  14. llpoh says:

    Muck – good work. I disagree only in that I think most of the population is too stupid to see the corruption.

    Well-loved. Like or Dislike: Thumb up 18 Thumb down 0

    5th August 2012 at 8:52 pm

  15. ThePessimisticChemist says:


    For instance, it is astonishing when a retired persons says about his/her Social Security that “I paid in, it is my own money, and I deserve what I am getting”. They have zero understanding – and I mean zero – that they paid in less than half what they are taking out, and that the current generation of workers is actually paying their way.” – llpoh

    This particular issue really nags at me. Probably because my in laws constantly talk about when they get to retire and finally pull out that social security that “they paid for.”

    All of their friends are the same way, and many are just a year or so away.

    Its really frustrating, knowing that I will be forced to pay for them to live out their days in comfort while still having to save enough back for me and my wife because nobody will be around to help us when the time comes.

    Well-loved. Like or Dislike: Thumb up 25 Thumb down 0

    5th August 2012 at 9:02 pm

  16. llpoh says:

    Foo – you dumb ass. That is sarcasm.

    Like or Dislike: Thumb up 4 Thumb down 0

    5th August 2012 at 9:03 pm

  17. llpoh says:

    TPC – generally, there are a lot of people too stupid to pour piss out of a boot. They have no understanding of self-reliance, and are more than happy to be a drain on society, all-the-while professing to have done their fair share and being entitled to everything they can get their hands on. My condolences.

    Well-loved. Like or Dislike: Thumb up 13 Thumb down 0

    5th August 2012 at 9:06 pm

  18. llpoh says:

    Anonymous – I have no doubt whatsoever that you are part of the problem. Just what the fuck are you going to do about it? Many of us on this site actively are trying to make things better. Those that are of the bleeding heart left want the free shit to flow, and then call those of us that understand that an endles flow of free shit to the unworthy is unsustainable “heartless”. We are not heartless – but the idea of a welfare state has been found fully flawed, as is evidenced throughout the world. If it is unsustainable, it is unsustainable, and all the bleating about heartlessness of it is of no consequence.

    Well-loved. Like or Dislike: Thumb up 19 Thumb down 1

    5th August 2012 at 9:20 pm

  19. Colma Rising says:

    City of the Anonymous Dead Foo says:

    retard.jpg

    “Theories, by definition, are not sound, just opinion.”

    (Oh shit. I think an IQ of 85 is a stretch, folks.)

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

    5th August 2012 at 9:31 pm

  20. llpoh says:

    I think the Admin needs to put some kind of test in place before someone gets to post: maybe something like a math quiz – what is 2 + 2, etc. That would keep ignorami like Foo and anonymous away. And of course toss in the question who is Dimon.

    Fucking mental midgets come into the land of giants and spout off like they actually have a clue. Sic ‘em, Colma.

    Well-loved. Like or Dislike: Thumb up 10 Thumb down 0

    5th August 2012 at 9:44 pm

  21. llpoh says:

    When anonymous’s parents had him it made two and a half. What a dolt.

    Like or Dislike: Thumb up 3 Thumb down 0

    5th August 2012 at 9:49 pm

  22. No Field Five says:

    @TPC – “it is astonishing when a retired persons says about his/her Social Security that “I paid in, it is my own money, and I deserve what I am getting”. They have zero understanding – and I mean zero – that they paid in less than half what they are taking out”

    On a slightly different tack, I have seniors in the office all the time who complain about how much their “insurance” costs, or how their “insurance” won’t cover a certain medication. It is all I can do to keep from screaming “You don’t HAVE fucking insurance! I am your insurance!”. They have NO idea of the true cost of the care they receive, only that their kindly Uncle Sammy keeps increasing THEIR meager monthly share of the cost.

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 0

    5th August 2012 at 9:52 pm

  23. Colma Rising says:

    City of the Dead Anonymous Foos Doppelgangin’ Sophomoric questioner of high-school level concepts:

    You are not intelligent. You are not wise. You wouldn’t know the theories of the scientific method if they were written on your bulbous forehead backwards for mirror’s sake. Your assumptions are low-brow, your writing style abhorrent and Trolling skill sub-par.

    I can only conclude that you are on psychedelics and/or have just started a regimen of supervised medication. You have the air of a teenager on their first trip to Haight, not expecting the pimping you are about to receive. Keep reaching for the unicorns….

    When you’ve given up angrily rubbing your flaccid inch to no avail reminiscing of a kiss long passed in time, do us all a favor and give your nifty red dildo a nice chugging gulp, close your browser, and cry in your dingy, stained sheets for a world of your liking.

    OH: Please do not visit California. If I have to wait for a dumbfounded dipshit to cross the street while looking up at who-knows-what shiny thing in awe while I’m trying to make it through an intersection I will certainly lose what small shred of faith in my fellow sentient monkeys I have.

    You wouldn’t want that on your shoulders.

    Hot debate. What do you think? Thumb up 4 Thumb down 4

    5th August 2012 at 9:53 pm

  24. Administrator says:

    Anonymous is also the Colma doppleganger, Dead Man Rising, Foo, City of Dead, California Rules, AWD doppleganger, and a few others on this thread.

    His posts are quite boring and add nothing to the debate.

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 1

    5th August 2012 at 9:57 pm

  25. Administrator says:

    Just got back from Dark Knight Rising. I’d highly recommend it to TBPers. It has some themes that will make a good article, once I digest them.

    Well-loved. Like or Dislike: Thumb up 15 Thumb down 0

    5th August 2012 at 9:59 pm

  26. Colma Rising says:

    Awe. Let me play with the mousey, Administrator!

    He’s twitching like he NEEDS it!

    OK, seriously though, I agree. It’s like telling a two year old to shut up during a movie.

    Like or Dislike: Thumb up 3 Thumb down 1

    5th August 2012 at 10:03 pm

  27. Llpoh says:

    Admin – can you maybe push your magic button and make the troll disappear? He is fucking up a potentially great thread.

    Like or Dislike: Thumb up 3 Thumb down 0

    5th August 2012 at 10:36 pm

  28. Administrator says:

    llpoh

    The troll has been disposed of.

    Like or Dislike: Thumb up 4 Thumb down 0

    5th August 2012 at 10:38 pm

  29. Llpoh says:

    Damn – I was posting the request while Admin was already doing it! Admin IS a Genius!

    Like or Dislike: Thumb up 2 Thumb down 0

    5th August 2012 at 10:38 pm

  30. Colma Rising says:

    Perfect.

    Feel free to wipe my replies… They’ll fuck up a good thread too. Anything after 8:38 maybe?

    Like or Dislike: Thumb up 2 Thumb down 1

    5th August 2012 at 10:44 pm

  31. Administrator says:

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 0

    5th August 2012 at 10:51 pm

  32. Colma Rising says:

    RCA was the tech bubble of the 20′s too, so Eichengreen says:

    rcamsft.gif

    Like or Dislike: Thumb up 1 Thumb down 0

    5th August 2012 at 11:09 pm

  33. newsjunkie says:

    LLqlZqWJRkqnkipD76BvWQ2.jpg

    Well-loved. Like or Dislike: Thumb up 16 Thumb down 0

    5th August 2012 at 11:12 pm

  34. Colma Rising says:

    trust%20me%201.jpg

    Well-loved. Like or Dislike: Thumb up 6 Thumb down 0

    5th August 2012 at 11:25 pm

  35. Novista says:

    TPC

    That SS thing is one of the topics I’ve already hit in my Doom book (now about 70 pages) and I start with the official text of the 1936 pamphlet — the big lie. And then the modifications and the Supreme’s twist, the myth of the lockbox, the numbers. Oh yeah, and the first SS recipient, who paid in $24.xx and lived to be 100 on someone else’s dime.

    Links to the key items. I don’t know that anyone else has done a comprehensive summation before. Many others have explained one thing or another but it’s all been piecemeal and the context of the whole is unarguable. We’ll see what effect it has.

    I’ve slaughtered enough sacred cows there and elsewhere that should rile enough people to react.

    What fun!

    Like or Dislike: Thumb up 4 Thumb down 1

    5th August 2012 at 12:40 am

  36. Novista says:

    Admin

    Have you got this plugin?

    http://wordpress.org/extend/plugins/youtube-embed/

    various features and … * Allow users to add videos to comments

    I’ve also found some code but doesn’t specifically say it will work in a user comment … I hesitate to try it if it might break something. Also other ambiguous stuff about the comment configuration, dunno …

    Like or Dislike: Thumb up 2 Thumb down 0

    5th August 2012 at 1:39 am

  37. Novista says:

    And another thing …

    “The username or email Novista does not exist here on WordPress.org.”

    Isn’t that nifty? So what I use on the dashboard here works but …
    WPES

    Like or Dislike: Thumb up 4 Thumb down 0

    5th August 2012 at 1:53 am

  38. Guest Post: It’s A Matter Of Trust – Part 1 | Silver Prices & Silver News says:

    [...] Submitted by Jim Quinn of The Burning Platform, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 2:00 am

  39. Ron says:

    The pozi scheme works better for the people on top of the pyramid. Its been a good run but all the crap is being exposed.I cant say how many are clueless,but its a lot.
    I still think Iran soon and martial law before the elections,so there are no elections. One month of oil over two hundred a barrel and the USA is toast.

    Like or Dislike: Thumb up 3 Thumb down 0

    5th August 2012 at 2:05 am

  40. Guest Post: It’s A Matter Of Trust – Part 1 | TheTradersWire.com says:

    [...] Submitted by Jim Quinn of The Burning Platform, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 2:09 am

  41. Guest Post: It’s A Matter Of Trust – Part 1 | TheTradersWire.com says:

    [...] Submitted by Jim Quinn of The Burning Platform, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 2:09 am

  42. Guest Post: It’s A Matter Of Trust – Part 1 » A Taoistmonk's Life says:

    [...] Submitted by Jim Quinn of The Burning Platform, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 2:14 am

  43. Fabian4Liberty » Guest Post: It's A Matter Of Trust – Part 1 says:

    [...] Submitted by Jim Quinn of The Burning Platform, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 2:17 am

  44. AKAnon says:

    Admin-did you wear your bullet-proof leggings to Dark Knight? Personally, I’d be packing.

    Like or Dislike: Thumb up 4 Thumb down 0

    5th August 2012 at 2:23 am

  45. Economy News &raquo Guest Post: It’s A Matter Of Trust – Part 1 | Economy News says:

    [...] Submitted by Jim Quinn of The Burning Platform, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 2:35 am

  46. marissa says:

    “with a system run by thieves, miscreants, and scoundrels”

    Nicely phrased, Jim. Moving near to Kunslter worthy prose.

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

    5th August 2012 at 3:00 am

  47. IT’S A MATTER OF TRUST – PART ONE « Silver For The People – The Blog says:

    [...] Kanye West, the latest rumors about the next American Idol judge or the Twilight cheating scandal.READ MORE August 6th, 2012 | Tags: "Jim Quinn", 'financial system", Collapse, crony capitalists, lawlessness, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 3:19 am

  48. No Field Five says:

    Admin – found your buddy DP trashing your article over at ZeroHedge. I was gonna jump in, but someone had already given him a smackdown. This guy must have a real hard-on for you.

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 0

    5th August 2012 at 5:01 am

  49. flash says:

    +10

    l2.png

    Well-loved. Like or Dislike: Thumb up 16 Thumb down 0

    5th August 2012 at 6:07 am

  50. Purplefrog says:

    Great stuff, Admin.

    This ties in with one of my favorite observations. It is by Ghandi.

    The Seven Blunders
    – Wealth without work.
    – Pleasure without conscience.
    – Knowledge without character.
    – Commerce without morality.
    – Science without humanity.
    – Worship without sacrifice.
    – Politics without principle.

    Well-loved. Like or Dislike: Thumb up 26 Thumb down 0

    5th August 2012 at 6:15 am

  51. FBD says:

    One of Admin’s best posts ever.

    Who do I trust?

    My parents.
    My children.
    My wife.
    My few friends.
    Administrator.
    TBP Big Dogs.

    That’s about it.

    Then again, I know for a fact that I, myself, have not always been trustworthy. I have let people down. So, I wonder if I am now also a hypocrite.

    Who’s more to blame when trust is broken? The one who seeks the trust or the one who gives it?

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    5th August 2012 at 8:23 am

  52. Monday Morning Links | Iacono Research says:

    [...] US looks like a dud – AJC The facts behind government bonds and their investors – voxeu It’s a Matter of Trust – Part One – The Burning Platform A 21st Century Peasants’ Revolt? – Washington’s Blog [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 8:39 am

  53. SAH says:

    Well, I have absolute trust in the stupidity of humanity – which is why since stumbling onto TBP I stick around in shock, at finding some signs of intelligent life. Interestingly, I am not a “math gifted” person, but I always have been heavily into history, philosophy and literature. I find it fascinating that years of studying the Humanities has brought me to many of the same conclusions as the Math/Econ/Science/Business types that hang out here.

    I don’t claim to have much of a grasp on the crazy mathmatical derivatives that Wall Street uses for their schemes, or the insanely huge numbers the Federal gov plays with (too many digits for my scientific calculator) but I don’t even need to. I learned everything I needed to know about the banking system by reading The Merchant of Venice 20 years ago, and have held bankers and the monetary and investment systems in considerable contempt and suspicion ever since. You show me a Dimon, Madoff, Greenspan, Bernake, etc – I see a typical Shylock thirsting for blood and itching to carve a pound of my Goyim flesh. Everything I need to know about the insidious true purpose of gifting “free shit” I learned from reading the Iliad. Show me the Feds gifting the people with entitlements, I see a Trojan Horse full of hidden destruction. Interesting how the archetypes of society don’t change much over time, which is precisely why I’m a misanthrope and have always been one.

    The modern PC chants of “don’t be prejudice” are another way to say “stay ignorant”. Examination of history, cultures and human nature is useless if you don’t use your knowledge predicitvely. Stereotyping and prejudice are just another way of saying “prescient”. It’s especially useful for the non-math gifted, like me, and I find that my negative/realistic view of humanity has served me well and saved me many personal and financial disappointments. More often than not, the math-oriented will eventually factually prove the flaws in the falsely optimistic system by examining the numbers – but only after enough numbers have been generated to be scientifally valid, which of course is too late. By being a misanthropic, humanities oriented, pessimist I can intuitively come to many of these conclusions before any of the facts have played out.

    It isn’t all negative though. History and human nature also lead me to believe this isn’t the end, just the end of an era. Time will march on, idiots will continue to be born and to die, blood will spill, empires and fortunes will be lost and gained, society will be rebuilt and do it all over again. I feel pretty optimistic about the odds of humanity never learning and repeating all the same mistakes in the future, so take heart people. I point to the fact that Italy still exists. If you’ve ever read Gibbons “Decline and Fall of The Roman Empire” – well, things were grim and went to shit and for a time perhaps people felt that the world would end. But Italy exists – that boot still sits there in Europe. It’s still populated. They are drinking wine and eating pasta and taking siestas and going bankrupt again right now in 2012. It will all be alright again – barring nuclear winter – truly, it will be alright.

    Well-loved. Like or Dislike: Thumb up 17 Thumb down 0

    5th August 2012 at 8:45 am

  54. Administrator says:

    DP was the troll stinking up the site yesterday. I guess the sheep kicked him out of the barn. His mental illness is advancing at a rapid rate. But at least he has his banjo. If only his father had stayed away from his older sister/mother.

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    5th August 2012 at 8:48 am

  55. Administrator says:

    Novista

    I’m afraid to mess around with plugins. With my luck, I’ll blow up the site.

    Like or Dislike: Thumb up 2 Thumb down 0

    5th August 2012 at 8:56 am

  56. TeresaE says:

    Trust, just what in the hell is that?

    I had an epiphany a I couple years back, my trust has been completely and utterly shattered, by nearly everyone, and every institution, in my life. Really started at the turn of the century, but took me a good nine years to recognize it.

    I trust my son, yep, that’s about it.

    The realization that the world is a cesspool is astounding for most. To me it just justifies the years of bad experiences with humans, schools, corporations, local governments, cops, state governments, IRS, etc., etc.

    And yes, it is fully getting worse. More obvious, more blatant, more widespread.

    Love your articles Jim, they so highlight and showcase the rage and frustration many of us feel.

    Well-loved. Like or Dislike: Thumb up 12 Thumb down 0

    5th August 2012 at 9:16 am

  57. FBD says:

    I’m not going to pull a “Flash” and post a long article. I’ll just direct you to it, from a group called, International Middle East Media Center.

    The article is titled, “Libya, Syria, And The Unquestioned Media Coverage: How Much Have We Learned?” To read it is to lose whatever thread of trust you might have had.

    In summary; pretty much the entire justification for the West bombing the shit out of Libya was based on lies. Massive lies.

    Now Syria is in the news daily and the Hillary and her war-mongering shithead cohorts are on TV daily … all of them cuming in their shorts waiting to bomb the shit out of Syria. And the justification to do so .. Assad murdering thousands of his people …. also based on massive bullshit, just like in Libya.

    Up next. Iran. Maybe even this year. Can’t wait ti see the false-flag lying sack of shit propoganda they’re going to feed us on that one.

    And CNN, Fox, and the rest of the dick-nosed cunt-faced MSM liars play along to whatever their masters want them to convey. I pray and hope I live long enough to see ALL these fuckers hanging from a noose.

    http://www.imemc.org/article/64012

    Well-loved. Like or Dislike: Thumb up 13 Thumb down 0

    5th August 2012 at 10:20 am

  58. Muck About says:

    @Purplefrog : Nice quote. I’d never heard it before and I’ve read a lot about Ghandi. Thanks..

    @FBD: You and I have about the same “trustee” list. I do have one kid I wonder about now and then, though..

    @SAH: Nice post. Good and true thinking except maybe for the uncontrollable burst of optimism there at the end. However, you are right. The absolute base thing that most people do not understand (and cannot bring themselves to think about at all) is the absolute terrifying concept of a totally disinterested Universe. Hence “religion” to give the unthinkable a run for its’ money. Regardless of what the human species does or does not do to itself, everything will come out just fine in the long run (after we are all dead) as the Universe couldn’t care less that all we leave behind is a burned out crispy critter of a world that is devoid of all living things —- which is the way we are headed.

    Of course, a really good die-off and return to Kuntsler’s World Made By Hand would lengthen our stay on Mother Earth a good bit – maybe long enough to learn the lessons we have, so far, ignored (but I doubt it).

    Stay around and post more often…

    MA

    Like or Dislike: Thumb up 4 Thumb down 0

    5th August 2012 at 10:21 am

  59. FBD says:

    Muck About

    The world will not be devoid of all living things.
    human_cockroach_evolution_chart_hat-p148414294073914665bfnq7_400.jpg

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    5th August 2012 at 10:28 am

  60. Who do you trust? » Why Aren't You Outraged? says:

    [...] IT’S A MATTER OF TRUST – PART ONE « The Burning Platform “All the world is made of faith, and trust, and pixie dust.” ― J.M. Barrie – Peter Pan. “The issue which has swept down the centuries and which will have to be fought sooner or later is the people ver… [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 10:51 am

  61. Jmarz says:

    Well written piece. I trust God not man. We are seeing what happens when you put your faith and trust in the world’s system instead of God’ system. The former leads to misery and the latter leads to hope and life. Those who continue to worship themselves, money, power, greed, status, and anything else besides God will continue to find misery.

    Hot debate. What do you think? Thumb up 10 Thumb down 7

    5th August 2012 at 10:53 am

  62. Administrator says:

    Well-loved. Like or Dislike: Thumb up 13 Thumb down 0

    5th August 2012 at 11:01 am

  63. FBD says:

    recessionimage004-300×218.jpg

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 11:04 am

  64. FBD says:

    clip_image001111.jpg

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 0

    5th August 2012 at 11:07 am

  65. Muck About says:

    @FDB: Maybe so, maybe not. Several things are not in humanity’s favor. The first is global climate change. I include June 2012 data below:

    ******************************
    Global Highlights
    The average combined global land and ocean surface temperature for June 2012 was 0.63°C (1.13°F) above the 20th century average of 15.5°C (59.9°F). This is the fourth warmest June since records began in 1880.

    The Northern Hemisphere land and ocean average surface temperature for June 2012 was the all-time warmest June on record, at 1.30°C (2.34°F) above average.

    The globally-averaged land surface temperature for June 2012 was also the all-time warmest June on record, at 1.07°C (1.93°F) above average.

    ***************************

    There are still highly knowledgable people here on TBP that think global climate change is BS, a fluke, short term change in solar output, et al. They are wrong.

    We have 3-6 degrees Celsius temperature rise over the next 100 years baked in the cake and we keep shoveling more coal and oil onto the fire. The Northern hemisphere will suffer more than the Southern will. Latitudes above 40 degrees North will heat up faster than lower latitudes. It’s not a linear, smooth thing. Deserts will shift, monsoons will fail, rain will increase massively in new places as the warmer air can hold and carry more moisture.

    If, through resource depletion, our human civilization worldwide goes in the cropper, we will still have to learn to survive in a hotter, more unstable world.

    With rising temperatures, resource depletion and atomic capability for war, we stand a roughly 4 out of 5 chance of adding radioactive fallout to both further reduce the population (and a lot of “nature” in the process) and add great quantities of poison to what’s left of the ecosystem (world wide – read “On the Beach” by Nevil Shute for a feeling of it).

    In the endgame (I’m talking about an endgame far beyond the current credit/debt collapse that will be along real soon now), because the changes to our global home are so damned fast, I’m not at all sure that very many cockroaches will have to time to adapt to radioactive waste or a planet with ever increasing temperature due to greenhouse effect. The “Earth as Venus” is not out of the range of possibilities. Doubtful, but possible, depending on how long we keep up pumping carbon formed millions of years ago into the atmosphere in a geological blink of the eye.

    So in the long run you may be right FDB.. Something may be left living – but I’d give great odds on it not being human.

    Where can I get that hat?

    MA

    Hot debate. What do you think? Thumb up 7 Thumb down 12

    5th August 2012 at 11:26 am

  66. nomad says:

    I often tell folks that like to criticize ‘conspiracy theories’ that the real issue is an issue of trust, not whether the conspiracy theories are accurate or not. Trust is dead for anyone that doesn’t flat out hate the truth.

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    5th August 2012 at 11:40 am

  67. Thunderbird says:

    Interesting article about mistrust of public officials, agencies, and corrupt corporate & banking policies that are taking this country to economic ruin. I just returned from a three week trip to California, Nevada, Arizona, and New Mexico that has really opened my eyes about the state of the economy and where we are heading.

    From my observations in these places it seems the economy has contracted about 25% and is continuing to contract at an alarming rate. It is obvious in the places visited that many people are destitute while those still working good jobs are living like nothing is going wrong. These people seem to be asleep in the midst of the economic destruction around them.

    Many of the cities and towns in California are on the verge of bankruptcy. And this condition is the obvious result of mismanagement of public funds by city officials using these funds for questionable projects that went bust. As an example of the widespread practice of using public funds for other than their intended purpose take the City of Stockton, California. This city has a waste water treatment plant that was built in the 1940s and desperately needs replacement. It is flat worn out and now a threat to the environment. It will take 200 million plus to replace. The city is broke and in bankruptcy. Where did all the money go over the years for the upkeep and maintenance of this facility? It went elsewhere. The money was directed to some other use not authorized by the taxpayer. This is gross mismanagement of public funds and it is common among the cities of California. Where is the justice and accountability to the public?

    Look at the landscape of government and business (corporate business) in this country? These two forms of economic activity have sucked this country dry of currency for the common citizen to use to pursue their own aims. Small business has been and is dying on the vine while government and corporate outlets have overgrown everything. When corporate outlets dominate a community these outlets suck out most of the money in that community. They suck out the money as profit for themselves and at the same time suck out money in the form of taxes for the government. The point is that money in a community with mostly small local business owners and local employment stays and circulates in the community creating jobs and wealth in the community, while corporate outlets suck the money out of the community and leaves it destitute. This is what is happening in California.

    Both of the present presidential candidates cannot relate to this because one is a government man while the other is a corporate man. Both come from entities that are the problem in this country. Both cannot see the forest from the trees. Both have no real answers for the people nor do they see the reality of the situation in this country. Both are into their ideologies so deep they are out of touch with the realities this country faces.

    My conclusion is the business depression is continuing to grow so it looks like many corporate outlets are going to close and city governments are going to grow more desperate due to a lack of taxes from these outlets. Along with this situation many more people are going to hit bottom. We are now in a situation where the snake is eating it’s own tail.

    There is no more trust in government nor corporations. Are we the people ready for a new awakening?

    Well-loved. Like or Dislike: Thumb up 15 Thumb down 1

    5th August 2012 at 11:53 am

  68. FBD says:

    “Everything You Wanted To Know About Cockroaches, But Were Afraid To Ask”, by Muck About.

    Holy cow!! That was awesome, man!

    I just read today that;

    1) 2 in 3 Australians will have some kind of skin cancer by the time they’re 70
    2) for the first time ever, some FISH in Australian waters have melanoma!

    The article is here;

    http://www.allgov.com/US_and_the_World/ViewNews/Fish_Get_Skin_Cancer_from_Sun_Under_Ozone_Hole_120805

    .
    .
    The “evolution” hat you can buy here;

    http://www.zazzle.com/evolution_of_man_rise_of_the_cockroach_mesh_hats-148414294073914665

    Like or Dislike: Thumb up 2 Thumb down 0

    5th August 2012 at 12:12 pm

  69. FBD says:

    Shameless excuse to post some T & A.

    I’m telling you, you can’t trust any gubmint organization. Our gubmint recently granted Shera Bechard an O-1 visa.

    http://news.nationalpost.com/2012/06/29/how-canadian-born-playboy-playmate-behind-frisky-friday-qualified-for-u-s-genius-visa/

    (Shera is a former girlfriend of Hugh Hefner). An O-1 visa is reserved for people with “extraordinary ability”.

    Here’s the thing, below is a picture of Ms. Bechard. Please examine the picture very carefully and very closely, and then tell me what “extraordinary ability” this woman has.

    We must erect laws to stop this kind of thing!

    th_294933116_02_123_462lo.jpg

    Well-loved. Like or Dislike: Thumb up 18 Thumb down 0

    5th August 2012 at 1:04 pm

  70. Administrator says:

    FBD

    You’re lucky SSS is on vacation from his permanent vacation. I think I see a nipple.

    Like or Dislike: Thumb up 2 Thumb down 0

    5th August 2012 at 1:09 pm

  71. Administrator says:

    FBD

    You’re lucky SSS is on vacation from his permanent vacation. I think I see a nipple.

    Like or Dislike: Thumb up 1 Thumb down 0

    5th August 2012 at 1:10 pm

  72. AWD says:

    She has a shirt on, so you can’t see nipple. C’mon admin.

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    5th August 2012 at 1:32 pm

  73. ecliptix543 says:

    FBD – That article about Libya and Syria should have its own thread. Great find!

    As far as trust goes, I trust my pets and my mom. Partial trust goes to a couple of good friends that are previous coworkers and high-confidence partial trust goes to a select handful of the peeps here at TBP.

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

    5th August 2012 at 2:22 pm

  74. Colma Rising says:

    I trust some on TBP too….

    I trust that Muck is a poon hound.

    I trust that llpoh is a cockblocker, proven on said poon hound.

    I trust that E543, while having cut it long ago, has a mullet remaining as a phantom limb visible only on the astral plane.

    I trust that Jmarz is a good kid.

    I trust that Smokey will return to give us all some medicine.

    I trust that many others I have missed will trust that I’m thinking of them and trust that they are glad I’m too lazy to continue this list.

    Fosho fosho

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 1

    5th August 2012 at 2:55 pm

  75. IT’S A MATTER OF TRUST – PART ONE » Bullion Insiders says:

    [...] The Burning Platform Be Sociable, Share! Tweet by chowwg Posted on August 7, 2012 This entry was posted in [...]

    Like or Dislike: Thumb up 0 Thumb down 1

    5th August 2012 at 3:33 pm

  76. Thinker says:

    Jim, another one hit out of the ballpark.

    Agree with E543 and FBD that the piece about MSM propaganda needs a wider audience. We’ve talked about how RT is one of the only ones telling the truth (the article references them often), but the entirety of what’s going on is shocking.

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 1

    5th August 2012 at 4:39 pm

  77. Jim says:

    Nice Rant.

    Praise the Lord and pass the Ammo!

    Like or Dislike: Thumb up 1 Thumb down 0

    5th August 2012 at 4:59 pm

  78. Muck About says:

    @FDB: Thanks for the hat info.. I’ve ordered one..

    @Colma: If “poonhound” means to you what it means to me, you may color me “wishful” poonhound..

    As far as the “nipple” discussion, any nipple is better than no nipple at all. Besides, I’m an ass man, myself. Of course, I’m almost 75 years old but I guarantee you that while the body may be weak, the mind is still on the hunt!

    MA

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    5th August 2012 at 5:18 pm

  79. AWD says:

    Muckster:

    Just use your credit card

    Citi%20Women%202_0.jpg

    Like or Dislike: Thumb up 2 Thumb down 0

    5th August 2012 at 5:41 pm

  80. Tactical Zen says:

    The correct couse of action is one that cannot and should not be disseminated in public.

    Time will prove me right or wrong -but perhaps more quickly than expected. I wonder who will be the new Partisans?

    Like or Dislike: Thumb up 4 Thumb down 0

    5th August 2012 at 7:37 pm

  81. A MATTER OF TRUST – PART TWO » Bullion Insiders says:

    [...] is Part 2 of my three part series on trust. Part 1 addressed the history of bubbles and busts and the role trust plays in these episodes. In the end, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 3:49 pm

  82. DEDONARRIVAL says:

    PLACE NOT THY TRUST IN PRINCES, OR ANY CHILD OF MAN——WILLIE FOM STRATFORD.

    Like or Dislike: Thumb up 2 Thumb down 1

    5th August 2012 at 4:43 pm

  83. Guest Post: A Matter Of Trust – Part Two | TheTradersWire.com says:

    [...] is Part 2 of my three part series on trust. Part 1 addressed the history of bubbles and busts and the role trust plays in these episodes. In the end, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 6:00 pm

  84. Guest Post: A Matter Of Trust – Part Two | Silver Prices & Silver News says:

    [...] is Part 2 of my three part series on trust. Part 1 addressed the history of bubbles and busts and the role trust plays in these episodes. In the end, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 6:04 pm

  85. Guest Post: A Matter Of Trust – Part Two » A Taoistmonk's Life says:

    [...] is Part 2 of my three part series on trust. Part 1 addressed the history of bubbles and busts and the role trust plays in these episodes. In the end, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 6:13 pm

  86. Anonymous says:

    Administrator – this is so well done! You are a fantastic writer, and I agree totally. Trust IS the foundation of everything; all else flows from it. A lack of trust creates fear, and nothing good comes from that: more wars, fewer discoveries, less music. It is as if the world closes in on itself.

    Like or Dislike: Thumb up 4 Thumb down 0

    5th August 2012 at 4:16 am

  87. backwardsevolution says:

    The above comment is mine. Sorry about that.

    Like or Dislike: Thumb up 1 Thumb down 0

    5th August 2012 at 4:17 am

  88. It’s a matter trust | Hang The Bankers | He Who Controls the Money Supply, Controls the World says:

    [...] is Part 2 of my three part series on trust. Part 1 addressed the history of bubbles and busts and the role trust plays in these episodes. In the end, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 5:51 am

  89. theCL Report: Disinformation says:

    [...] It's a Matter of Trust, Part 1 [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 11:49 pm

  90. Muck About says:

    @AWD: Thanks for the encouragement. Be advised that my bride of 55 years is a licensed concealed carry person with a .380 in her purse. That’s a real discouragement to a wishful poon hound. Besides, I love her way more now than the day I married her!

    Still, the mind wanders and like the movie (which is fun – no Oscars) Hope Springs, one never knows how things will turn out.

    You know what I think? I think the group of evil eyed, tongue twisted, warped brain, big hearted people on TBP are the best to found on the Blog circuit. I learn at least as much from the comments posted (no apologies, Admin, it’s just true) than I sometimes do from the articles themselves. Besides, over time, you learn great chunks of real truth, littles bits about who a poster really is and really thinks.

    Even through the anonymity of names and Avatars remain, there are a lot of people who come here and stick around that I could be real friends with..

    So thanks to all of you for helping an old man (in years, not at heart!) keep his mind sharp and changing his opinions of things now and then..

    MA

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

    5th August 2012 at 12:50 pm

  91. Novista says:

    Much

    You ain’t wrong … admin and the comments are a perfect balance. Part of the charm of the latter is the free-form, no PC bullshit. Cage matches one day, sweetness & light the next (well, a little hype there.)

    Robust, frustrating, dynamic, annoying, enlightening and everybody brings something to the table.

    Some other sites are so passive, it’s sad. Civil to the point of being comatose. I’d rather be here.

    Like or Dislike: Thumb up 2 Thumb down 0

    5th August 2012 at 8:46 pm

  92. Michael Meek says:

    “The major blame for this crisis sits squarely on the shoulders of crony capitalists that rule our country, but the willful ignorance and lack of civic accountability from the general population has contributed to this impending calamity.”

    I’m wondering if Hamilton, Lincoln, Wilson, FDR, Johnson, Nixon, Clinton, Bush, and Obama can be considered “crony capitalists?” Would not “social engineers” describe them better? It seems to me that the crony capitalists came in once it was okay and more than okay to pay off the social engineers, so that every major corporation and special interest found it necessary to lobby, resulting in CEOs being picked not so much for their business acumen but for their ability to gain favors in WDC.

    Of course, it is human nature that is at the bottom of it all. People are tribal and desire leaders who take responsibility and make them feel superior to the tribe over the hill. The Olympics is a magnificent example of that. A guy that spends fifteen years swimming in a pool becomes a great hero when he brings back the gold to the big tribe in the west. I just love hearing him talk during the many interviews he’s given. So much wisdom as in “Swimming does my talking.”

    Well, you can’t defeat human nature, so what is the answer to our problems, these problems that rise up over and again century after century? Clearly, what we require is an absence of social engineering, but how on earth will that ever be the way of the tribes when any one tribe can get strong enough to raid other tribes? That’s always beat working and offers adventure and possible heroism along with plunder and women. Hard to imagine a peaceful world when there never has been one and we can see why not.

    Like or Dislike: Thumb up 2 Thumb down 1

    5th August 2012 at 12:11 pm

  93. fallingman says:

    Excellent article.

    And , if I might, anarchy is not synonymous with chaos. It means the absence of government. You can see why the Powerz in the “educational” system and the media would like us to conflate the two. So, please say chaos when you mean chaos. When we use the word anarchy in place of chaos, we give the criminal gang of the the state the justification they need to do what they do.

    The idea they want to plant/maintain is that without them, there’d be chaos. I suspect without them, there’d simply be no government and we’d like it…a lot…and since they’re lawless and creating chaos themselves, what do we have to lose by throwing them off?

    Also, it’s the jig, not gig is up. Small things, but I hate to see any flaws in such a powerful and insightful article.

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    5th August 2012 at 2:01 pm

  94. Jaesun says:

    Even though agroup of private bankers engeneer all of America’s booms and busts, they could not pull them off without the help of elected officials and appointed bureaucrats. America has the best government money can buy. Now an inevitable economic crisis looms around the corner and people are about to learn the hard way that self responsibility is the only means of survival.

    Like or Dislike: Thumb up 2 Thumb down 0

    5th August 2012 at 7:45 pm

  95. Odin says:

    Amazing.
    Why haven’t I been reading this blog earlier.

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 9:48 pm

  96. Ernie says:

    Where did Nixon get the authority to close the gold window?
    The Constitution makes gold and silver the only real money.
    Wouldn’t a constitutional amendment be required and not an executive order?

    Like or Dislike: Thumb up 1 Thumb down 0

    5th August 2012 at 10:36 am

  97. Andriano says:

    Ernie you have a point, but before Nixon, the first violation was when Congress created the Fed and relinquished the governments right to issue and control currency. That act in itself was unconstitutional.

    Here’s an excellent article that highlights a lot of the points made in this article:

    Economic collapse is inevitable, here’s why…
    http://www.crisishq.com/why-prepare/economic-collapse-inevitable/

    Like or Dislike: Thumb up 2 Thumb down 0

    5th August 2012 at 4:34 pm

  98. Novista says:

    Ernie

    Andriano was right about the Fed creation. Of course, when FDR took the U.S. off the gold standard in 1933, it was (a) a technical default (inability to replay the Liberty Bond fourth issue and (b) by Executive Order. Heh.

    No Constitution stopped Lincoln from issuing greenbacks unbacked by anything and the 1873 ‘fix’ of the monetary system to compensate for that ended with silver demonetized — must the Coinage Act of 1873 from the U.S. CONgress.

    Like or Dislike: Thumb up 1 Thumb down 0

    5th August 2012 at 1:47 am

  99. FBD says:

    Post #100.

    I win. Again.

    For three whole goddamned days it was stuck on 99. I waited and waited and waited for someone else to claim victory. But you didn’t want it bad enough.

    Like or Dislike: Thumb up 1 Thumb down 0

    5th August 2012 at 12:24 pm

  100. Administrator says:

    FBD Wins!!!

    Like or Dislike: Thumb up 4 Thumb down 0

    5th August 2012 at 1:33 pm

  101. IT’S A MATTER OF TRUST – PART ONE – for those who are just waking up . . . ~J | 2012: What's the 'real' truth? says:

    [...] Posted on August 5, 2012 by Administrator in Economy |Politics |Social Issues Source: The Burning Platform [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 11:56 am

  102. Bob Agard says:

    I recently experienced this scenario: Customer was telling cashier how he trusted no one. A couple in their nineties were next in line. The old man asked, “Would you trust us?” The man looked at the sweet old couple, shook his head, and said, “Yes, I would trust you,” and walked away with a wave.

    Like or Dislike: Thumb up 1 Thumb down 0

    5th August 2012 at 3:17 pm

  103. IT’S A MATTER OF TRUST – PART ONE « The Burning Platform « wwlee4411 says:

    [...] IT’S A MATTER OF TRUST – PART ONE « The Burning Platform. [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 11:35 am

  104. A MATTER OF TRUST – PART TWO | Economy & Society says:

    [...] is Part 2 of my three part series on trust. Part 1 addressed the history of bubbles and busts and the role trust plays in these episodes. In the end, [...]

    Like or Dislike: Thumb up 0 Thumb down 0

    5th August 2012 at 6:55 pm

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