EU Credit Warnings: 2008 Crash Continues And Worsens As More Wars Loom

We are in the middle of the Second Great Depression and as I predicted several years ago during the height of the credit bubble boom, it will take many years to escape this collapse and worse, it will probably lead to many wars and maybe, WWIII.  The relaxation of regulations of banking systems led directly to this mess.  The creation of the entire galaxy of bizarre paper entities which I call collectively, the Derivatives Beast, led to the creation of a huge shadow financial entity that is bigger than the value of everything on earth.  This is what the world’s top bankers are clinging to keep alive.  This is what hasn’t blown up…yet.  Meanwhile, whole  nations slide off the economic cliff.

 

The entities holding 90% of the various derivative contract paper are freaking out because of a number of rules imposed by various international organizations or major countries like the US might cause the derivatives business to crash totally.  As is must.  But they don’t like this and don’t want this to happen.  They get most of their phantom wealth via gaming the derivatives markets.  The US has made a feeble attempt at reining in some of the worst practices of the top five bankers:  Volcker Rule Draws a Barrage of Bank Lobbying – Bloomberg

 

“Regardless of how the final rule turns out, it will be a shock to the U.S. financial system, as banking entities will need to take extraordinary measures to attempt to implement it,” Barry Zubrow, executive vice president of JPMorgan Chase & Co. said in a 67-page letter. Goldman Sachs Group Inc. (GS) and Morgan Stanley submitted letters by midnight last night. Mark Lake, a spokesman for Morgan Stanley, and David Wells, a spokesman for Goldman Sachs, said the companies wouldn’t publicly release or comment on the letters.
The rule, named after former Federal Reserve Chairman Paul Volcker, was included in the 2010 Dodd-Frank Act in an effort to restrict risky trading at banks that operate with federal guarantees. Five U.S. regulators released the 298-page proposal seeking comment on how it would affect market-making, liquidity, foreign institutions and private equity and hedge fund investments.

I have a very easy solution to one part of our financial problems: send the US navy to all the many ports and islands across the planet that host tax havens for our many billion and millionaires.  Arrest Romney for hiding his wealth overseas.  Arrest Bloomberg, too.  Force them to cough up all the loot.  Force everyone who has exploited international banking systems set up for tax evasion.  Accuse them of treason if they are part of our government or are holding elective offices.

 

Charge them with fraud!  They ran for office in order to evade taxes, after all!  And then monkeyed with the tax code so they could evade even more taxes.  Greece is going bankrupt due to the entire population evading taxes and ditto is happening to Italy.  But it is also happening here which is why the ‘reduce spending’ mantra about our own deficits always fails.  We can cut and cut and cut again and all that happens is, the millionaires who control our government cut their own taxes even further.
The normal progression of events is, in good times you save money and raise taxes and make the cost of credit higher.  In bad times, you drop the cost of credit, lower taxes and spend more government money on society, thus ‘evening out’ the business cycle which tends heavily towards boom or bust.  Instead, we have a reverse system: lower taxes and make credit easier and easier during boom times and restricting government spending and raising taxes in bad times.

 

In the EU, taxes are going up, not down.  Britain just raised their high VAT to 20% which is totally strangling the economy and at the same time, government spending is being cut ruthlessly!  In the US, they are cutting the deficit for the government but lowering taxes even more…for the rich.  But fees and local taxes, charges of various sorts and penalties are going up, not down.  As the government sells off more functions to privatizers, the costs for these go up.  Worse, the real problem with depressions isn’t a drop in the value of assets, it is the fall in the value of LABOR.

 

Workers get paid less and less.  Wages collapse.  Taxes collected from workers collapse.  Workers spend less and less and this feeds back into the downward spiral as we see already in Japan.  As wages fall, all systems decrease until people are reduced to living like medieval peasants.  The collapse in peasant economies can last for centuries.  Many centuries, a thousand years or more.

 

It is a death trap.  But the first world is moving all its working class into this peasant death trap!  This is the entire problem.

 

So, Moody’s issues credit warnings on nine European countries including the UK | Business | guardian.co.uk

 

Britain’s AAA credit rating was thrown into doubt after the ratings agency Moody’s said the ongoing euro crisis and a credit squeeze on the banking sector put the country at a higher risk of defaulting on its debts.

Moody’s said that countries including the UK, France and Italy would be put on negative watch after citing “uncertainty” over Europe’s handling of its ongoing debt crisis.

The possible loss of the UK’s much coveted triple-A status will be a bitter blow for the chancellor George Osborne who has staked his reputation on distancing Britain from the ailing eurozone

 

To keep their credit rating up, they will impose more taxes, cut government spending even more and force workers to have lower and lower wages.  The UK, like the US, is one of the nations with the least sovereign wealth and the most foreign debt.  Japan holds most of its debts but ran trade surpluses all the way until this year.  Now, Japan has taken a fatal turn for the worse and is not only running immense government deficits, is totally incapable of taxing its rich families who are now relocating their wealth, their factories and even families overseas from Japan, it now runs a trade deficit and more and more factories are relocating outside of Japan.

 

Japanese workers paid for the credit bubble by seeing wages fall drastically.  Lifetime employment is a thing of the past and nearly half of the population is contract workers or part time workers.  This is rising in the US, too.  In many industries, wages have fallen by 30-40%.  Union workers work alongside younger workers who get barely more than the minimum wage and virtually no benefits.  In another 10 years, the last of the union workers will be gone and it will be all low wage labor and this means no recovery of US business in domestic markets and low tax returns for the government due to low wages.

 

The profits from wage repression will move offshore into sheltered bank accounts run by hedge funds and the top five US banks.  So the money drain will accelerate with us being unable to tax it once the profits are made.  A double loss for our government.

 

Meanwhile, the world’s #1 sovereign wealth nation is being asked to rescue everyone from these follies:  China warms to euro rescue efforts – Asia-Pacific – Al Jazeera English

 

Wen said on Tuesday that China was “full of confidence in its own future” and hoped to see Europe “maintain stability and prosperity” as well.

 

But Wen stopped short of saying whether China would buy bonds in a bailout fund designed to rescue debt-stricken EU countries…(On the other hand, meanwhile) The talks between EU and Chinese officials are expected to also touch on a European law imposing charges on airline carbon emissions. China has said it will prohibit its airlines from paying the charges, aimed at curbing emissions of climate-changing gases.

 

China has smart leaders.  Wen is waiting for the EU to tell the US to stop ringing China with our naval bases and military forces and to stop the US from talking about Chinese internal affairs.  The US will bail out the EU by printing oodles of fiat dollars as we have done repeatedly in the last several years.  But this devalues the dollar which is why everything we have to buy to stay alive these days are so inflated.

 

Just this week, gas shot up another $0.20.  This is due to US and EU pushing relentlessly for more wars with oil producers who are Muslims.  But the fact is, the US is seeing ruinous levels of inflation with ZIRP (zero percent) interest rates.  We have the cheap credit but it is only for bankers.  It doesn’t filter down to consumers who have to pay usurious rates!  The Home ATM machine that spat out endless dollars as property values rose is now broken beyond repair.

 

Needless to say, the mortgage deal that led to paying some trivial fines after breaking every real estate rule meant no bankers went to prison for fraud and theft while the housing market now drags down the government.  For the government, that is, all tax payers, is now mostly responsible for any losses due to wild lending and defective foreclosures.  This, in turn, becomes impossible if the richest Americans focus mainly on tax avoidance.

 

The ZIRP rates for lending is causing countries like China to question the sanity of the US system:  Bernanke defends Fed’s low-rate stance – Xinhua | English.news.cn

 

When questioned about unintended consequences of maintaining low interest rate, mainly the shrink of return on savings and greater risk taking, Bernanke said although low interest rate would erode the earnings on savings, savers don’t necessarily hold treasury bonds, they may also hold corporate debts, stocks or a variety of other securities, and performance of securities depend importantly on the strength of economy.

 

Bernanke also argued that risk taking “to some extent” would move people from very conservative positions to riskier positions, which would be helpful for the economic recovery. “But we won’t go too far,” he added.

 

The ZIRP rates had one effect that makes all of what Bernanke says, total rubbish: it fed a gold bubble.  The value of gold shot up as the value of savings collapsed.  People simply moved things from savings which is the capital base for all lending, to gold which is much more ‘inert’ and basically isolates savings from the banking system!  As for not going ‘too far’?  The Bank of Japan not only has had ZIRP rates for two entire decades, it also soaked up trillions in Japanese government debts and the end result is a near-total collapse of the entire Japanese society!

 

“The U.S. economy has been gradually recovering from the recent deep recession, but the pace of the recovery has been frustratingly slow,” he said in the prepared testimony. He urged lawmakers to reduce the long-term budget deficit, but noted sharp changes in fiscal policy in a short time would hurt economy.

 

This so-called ‘Great Depression expert’ is an idiot.  I said this from day one when he first entered the Federal Reserve.  I read his stuff and was thoroughly disgusted with his analysis of the Great Depression.  He is asking the government to cut the deficit when we are in a serious depression!  But then doesn’t want it cut too much!  Just slowly cut it.  He doesn’t talk about how to bring back all the hidden wealth of the super rich who have squirreled it outside of the country.  He doesn’t talk about raising the wages of workers so they can pay higher taxes and buy more goods.

 

Instead, he wants us to be ‘riskier’.  Huh?  Oh, invest in the Chinese markets!  Yes!  A growing economy with many risks but huge rewards!  Indeed.

 

The government is slaying everything in sight except for our assassination death machine programs:  Big NASA Budget Cuts to Slash Mars Missions, Experts Say.  The Chinese communists are focused on replacing us in space.  They have a 100% chance of succeeding.  While we spread killer drones and spy robots all over the place, they are going to the moon and beyond.  While we focus on stealing oil and killing Muslims, the Chinese are focused on trade deals that make China stronger, not weaker.

 

Japan has to go along with these endless oil/Muslim wars so they went along with shutting down trade with Iran but…PM: Japan seeks waiver from US penalties on Iran.  NONE of our allies want this embargo.  But the controlling interests in Tel Aviv want it so this is what we get!  Will AIPAC and Bibi get their war? – Opinion – Al Jazeera English

 

In a letter to AIPAC executive director, Howard Kohr, McCollum described what happened next. In short, she was threatened by an AIPAC official from her district, called a “terrorist supporter” and warned that her behaviour “would not be tolerated”. In response, McCollum told AIPAC not to come near her office again until it apologised.

McCollum was not, of course, the only legislator threatened that way. She is, however, the only one in memory who went public.

As one who worked on Capitol Hill for 20 years, I know that many, if not most, legislators who vote with AIPAC complain about its strong-arm tactics – but only in private. In fact, some of the most zealous defenders of Netanyahu and faithful devotees of the lobby complain most of all. Among staff, AIPAC’s arrival in their offices during the conference is a source of dread. Hill staff, much like legislators themselves, like to think they are perhaps a little important. AIPAC eliminates that illusion. Although AIPAC calls its requests “asks”, they are, in fact, “tells” – and “no” is not a permissible response. (Staffers who like AIPAC, and there are a few, tend to work with it hand-in-glove, which is how AIPAC invariably knows what is going on even before the elected representatives do.)

This strong-arming our ‘representatives’ so they vote against our best interests is a complete disaster for our society, our economy and our public health.

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38 Comments

Filed under .money matters, Free Trade

38 responses to “EU Credit Warnings: 2008 Crash Continues And Worsens As More Wars Loom

  1. “The government is slaying everything in sight except for our assassination death machine programs”

    Better than the wicked witch of the west’s broom and scarier. As for slaying everything, I’ve no doubt that if the Illuminati has it’s way they will sterilize or make eunuchs out of all the survivors of their coming world wars. Even sex would be regulated by the controllers.

  2. DeVaul

    It appears that America’s youth have finally found a weapon to use against the ruling oligarchs. While the youth of other countries dug up cobblestones and threw them at the police, America’s youth sat on the couch (unfit for such strenuous activity) and wondered what they could do.

    Enter: Anonymous

    Yes, computer skills are pretty much all they have, and now they will use them on the older generation of leaders who cannot learn them in time or catch up to the advanced computer skills of America’s younger population. They will have to hire mercenaries to defend their websites or go house to house and confiscate computers. Taking down the electrical grid is not an option, although that would end Anonymous immediately (as well as the US government).

    Haha. I predict more will join Anonymous and fewer will bother to expose themselves to police violence when they can wreak havoc from the comfort of their couch with its nearby portable fridge and gaming console.

  3. Peter

    The Chinese will never make it to Mars.Nobody will.
    Peak oil means peak space exploration as well.
    We are stuck in the bottom of a deep gravity well with only chemical rockets that the Chinese invented thpusands of years ago.
    We don’t have the energy sources that would enable us to get of this planet.
    If we had kept world population to a minimum and used every drop of oil to explore space we might have made it ,but I doubt it.
    I was raised on Star Trek and it was a shock to realize it ain’t gonna happen!

  4. newoaktown

    Only nuclear power would enable space travel, and what a mess that would be. Agree w/ Peter.

    Peak oil means time for our populations to drop back to 1-2 billion from 8 billion…what a rocky road it will be. 30-300 years of pain ahead.

  5. DeVaul

    I believe war in the Persian Gulf is now a foregone conclusion. Even the admirals piloting the decrepit warships back and forth there know they are just sitting ducks. They even admit they don’t really belong there:

    http://rt.com/news/iran-boats-uss-lincoln-hormuz-279/

    Let’s see:

    1) A war in spring guarantees Obama re-election (can’t vote against “the commander-in-chief”!).

    2) The rich want him re-elected. He makes them rich.

    3) The rich have off-shored all their wealth, so now is the time to “tax the rich”. (America is broke and will remain so).

    4) Israel cannot have a middle-eastern country that it cannot unilateraly attack without total impunity, so it must destroy Iran according to its own military doctrines.

    5) Israel is not strong enough to destroy Iran, so America will be the club it swings at Iran; hence, the screaming and yelling from Bibi and AIPAC.

    6) Whether American soldiers understand this or not, they are incapable of committing a mutiny or rebellion, and there is no support back in the homeland for them to do so. Political bribes flow here like a river from hell.

    7) The global financial meltdown is exposing the rich bankers and the aristocrats behind them, so a major diversion is desperately needed by them.

    8) China and Russia cannot stop an attack on Iran without risking thermonuclear warfare, so they will have to just stand by and watch. Iran knows this.

    9) Iran is in a race to develop a nuclear weapon BEFORE it is invaded, looted, and destroyed. Once it is complete, it will be off-limits to Israeli attacks. Israel knows this.

    10) AIPAC will meet soon to discuss the total failure of all the “false flag” events, and agree on a unified reason for all parties to attack Iran in the spring as well as hashing out all the final details of the coordinated attack. The meeting will not be reported in the US media and probably not even in Israel.

    11) Major Russian, American, and Chinese military figures are resigned to the fact that there will be war, but openly wonder what the consequences will be.

    12) All current events are remarkably similar to those that occurred before and led to the “Guns of August” and the “Drang nach Osten”.

    I cannot hear the goddess of history laughing, but I can see her in the Other World as she dips her pen in human blood, ready to write a new chapter.

    I wonder if anyone can cheat her?

  6. theyenguy

    Perhaps Japan will finally implode now that it has only a few power plants back in operation since the Great Tsunami.

  7. melponeme_k

    The only hope we have is what pound of flesh China will require when they finally bail out certain countries. They will almost certainly take control over resources (public and private).

    They will and MUST require the heads of the elites that caused the world financial meltdown. These people cannot be allowed to run free from the mess or remain solvent with ill gotten goods. If they remain the way they are now, it will leave them in a position to start undermining China’s government. No country is immune to bribery. I think China is well aware of this fact.

  8. Elaine's #1 fan

    Did you see the video today of the Eye-ranian terrorist as he is laying on the sidewalk, trying to figure out were his legs went? It’s on Youtube, search for “Bangkok Bomb Attack Terrorist Legless”.

    I fapped and fapped so hard, I came all over my computer monitor. It’s still covered in jizzm as I type so forgive any typos please

  9. Nice summation DeVaul. Although I think you’re being optimistic when you say China and Russian will not risk nuclear war. Any way you look at it, the Elites are out to provoke a world war and everyone is getting an itchy trigger finger waiting to see who will strike first.

  10. DeVaul

    Maybe… but I still hope for an outcome that does not destroy the earth.

    What you mentioned above are some of the “unintended consequences” that Russian and Chinese and American generals are contemplating right now. Even if Russia and China are not willing to risk all out war, and I do not blame them, it does not mean they will not retaliate in some other way (turn off the gas next winter, dump the dollar on the forex markets — use your imagination).

    I do not expect the Chinese to go after those who ruined our country. They helped China, so why would they hunt them down? They will not be allowed to enter China unless they know how to build space stations and satellites, which I do not believe is taught on Wall Street, so they will retire to island paradises and South America until looters fall upon them.

  11. melponeme_k

    “I do not expect the Chinese to go after those who ruined our country. They helped China, so why would they hunt them down?”

    They must, China will have their hands full fighting their own vipers in the heart of the nest. They don’t need them making common cause with the western elites.

    All of the infrastructure that our elites were foolish enough to build in China will all be nationalized by China. Our elites were so overwhelmed by greed, they thought that they would avoid this eventual outcome. But they have so hollowed their own countries (UK, US etc) that there will be no one to save their legacies. The next plan is to assiduously track their own currency because I have no doubts our elites are trying to transfer wealth from dollars to yuan.

    Our elites will be taxed but their wealth will now go to China.

    You are probably right that they will be allowed to hunker down in South America. But those people have been suffering from Chicago school policies for many decades now. They will relish the chance to storm those palaces and kill the ones who caused them so much pain.

  12. emsnews

    Ahem….When the Chinese cooked up their 50 year plan, it was quite simple: lure in all the factories and THE TECHNOLOGIES and then seize them from the western and Japanese capitalists!

    END OF STORY. This is the grand plan, not accidental at all.

  13. Since I became a thinking adult, I rejected the accidental theory of history. I do not believe power-mad men leave the accumulation of wealth to chance.

  14. Pingback: Materials And Financials Trade Lower As Moody’s Downgrades European Nations And Puts UK And France On Outlook Negative « EconomicReview Journal

  15. OC

    Last night, the Japanese Govt decided to bless the world with the easing of 10 trillion yen…I do agree with you Elaine…the Japanese is getting crazier by the day..perhaps this is another form of kamikaze..

  16. OC

    According to Martin Armstrong, Singapore has taken over the derivative market after the MF Global incident and its aftermath…

  17. newoaktown

    oregon gettin feisty http://quakes.globalincidentmap.com/

    watch out portlandia and cascadians

  18. I agree with comments 12 and 13 and have read about various technologies, lured to China, then stolen!
    And they send their students and criminals here!

  19. csurge

    http://www.dailymail.co.uk/news/article-2101050/Apple-iPad-shortage-fears-Chinese-firm-owns-trademark-tries-block-exports.html#ixzz1mP3C0EdG

    Ha ha. Now maybe people will listen when I point at the Made in —– labels on goods and tell them it’s important. Even my step-father (an accountant) doesn’t get it when I try to explain the Made in —– labels are life and death for countries. But then, I’ve noticed accountants in general are rather useless at grasping basic economic principles. Isn’t that strange? Good with juggling numbers, but useless at practical thinking.

  20. billibaldi

    See the following page – http://ificlaims.com/index.php?page=misc_Top_50_2011 .

    Hon Hai, the parent company of Foxconn, the company that makes all of Apple’s stuff is ranked at No 9. Apple is No 39.

    Apple’s future has more than a few storm clouds in it.

  21. billibaldi

    “We are in the middle of the Second Great Depression..” Elaine, I hope you are right, this means we are halfway thru. (ha ha)

  22. Alstradomus

    Since Nixon opened China in 1972 the “plan” has been in place to slide America into the abyss and move the elite aristcracy to the east,land of the Dragon. 2012 is the year of the dragon. The north star has been in the constellation of Draco the dragon for 6,000 + years, and if you see the little dipper as the dragon’s wing (as many ancient star charts do), then the return of the feathered serpent arrives with the Polaris north star moment. The word leviathan in Hebrew means the encircling serpent and makes reference to Draco. It comes from the root word lavah best used in Proverbs 22:7 ” the borrower is the slave to the lender”.

  23. emsnews

    Being a creditor power is vast power. China knows this and aimed for this. They made sacrifices so they could be this. The US prints money. This is an abuse of the fiat currency system which was allowed due to the US also letting in a flood of imports. But this system is now beginning to collapse.

  24. Alstradomus

    with the winter solstice (midnight) at the galactic center , you see Ophiuchus(Michael the archangel) holding a serpent preparing to cast it into the bottomless pit (black hole ). This will be the end of the system of lavah (the time of the serpent) thus the end of capitalism as we know it. The story to be told is a story quite old So please listen carefully as the secrets unfold Science and myth become religion as they twist through the circle of time, different yet they rhyme Before there were books or tablets to read the story was there for all to take heed Written in the stars so the whole world could see a never ending story ETERNITY

  25. csurge

    Aye, Elaine. Chinese payback is neigh. They will be what the US was 70 years ago when all the dust settles. The funny thing is that US could have easily prevented it with a few well placed trade barriers — barriers China will impose and keep in place for at least 40 years after WW3. Europe is in the shit too unless they start doing a little grovelling before the Russian Bear. Putin is reaching the end of his tether with that lot. He knows now they won’t budge an inch unless he gives them a bloody nose.

    It’s going to get very ugly, very soon at the UN. That pesky thing called reality just can’t be papered over any more.

  26. Csurge, I think the US needed more than a few trade barriers. The problem was that they stuck with a military-keynesian system after WW II. Japan proved that there was a more efficient way to develop new technology, when it built a car industry and then an electronics industry in the 70′s and 80′s. The US noticed that happening, but maybe its leaders were too racist to admit that Asians had a better system for stimulating technology than the U.S. of A. For whatever reason, they stuck with funding development through the military-industrial complex, and have inevitably fallen behind over time because that method simply isn’t as efficient at designing goods for consumer markets.

    ΩΩΩΩΩΩΩΩΩΩ

    ELAINE: While the Japanese did all this, US energy was aimed at forcing peasants in Vietnam to be capitalists via using guns and bombs. A stupid way to educate anyone. But then, here we are, doing it all the time. Dumb, dumb, dumb.

  27. CK

    The US gives printed paper, of which the forests of the US can produce much and easily.
    Others give the US stuff. Useful stuff. Tools, fasteners, computer parts, machines. Real stuff … paper promises. As long as the world allows this operation to maintain, it is good to be US.

  28. @CK

    But Papyrus money leads to Pyrrhic victories; just like the US armies are winning themselves to defeat. The US is getting hollowed out morally, financially, socially etc etc. In the end all that remains is defeat. Only empty people and empty nations give empty promises lacking dignity, self-respect and humility. The winner takes all mentality is the ultimate defeat.

  29. csurge

    I was only speaking broadly…. I know it’s more complicated than just trade barriers. Some of Elaine’s articles do penetrate my thick skull occasionally. :) The simple fact is the US elites have been repeatedly duped and outplayed by their allies and rivals alike over the past 40 years. That’s all I’m saying.

    The military industrial complex you speak of is closely tied to the corporate oligarchy. Neither one has ever looked out for the best interests of the American people. Instead they thought only of profiteering and tax evasion. Hence all the crucial industries are now in the hands of rival powers. Very soon those powers will seize the factories they lured into their borders and assume leadership over the planet after the Western powers do something very stupid. Civilian factories can easily be converted into war factories after all.

    One way or another it will be a very short world war this time around. I guarantee it.

  30. emsnews

    Correct, you got it! :)

  31. CK

    And Christian said: “Only empty people and empty nations give empty promises lacking dignity, self-respect and humility.”
    Criminals are not necessarily empty. Contrarily most criminals are full of themselves and their importance and they always have a weapon near at hand and a pol or two in their back pocket.
    Promises are performance oriented. You are making the classical mistake of thinking that what is said is more important than what is done. Promises do not have dignity, nor humility, promises have terms and sanctions for failure to perform and payments for successful performance. Likewise promises have neither self respect or disrespect. Humans may have self respect when they are comfortable, they may have dignity ascribed to them by observers and some have humility ascribed to them by their paid courtiers. The cad says I will always love you, the parasite says I will gladly pay you on tuesday for a hambuger today, a nation’s diplomats proclaim an alliance of mutual interests with some other nation.
    The cad loves many, the parasite is somewhere else on Tuesday, the mutual interests co-incide until they don’t.

  32. @CK

    No doubt the elites are full of themselves.

  33. CK

    The thing about the elites is that it is much better to be one than to be looking up at them as they ride past. All things considered, as a wise singer once sang; “first I looks at the purse.” ‘Tis just as easy to love a rich person as a poor one and much more renumerative in the long run. Which is why God invented Pre-Nuptual aggreements in the late 60′s.

  34. CK

    Enough Phyrric victories and one can die in bed, wealthy and revered.
    The option is to outlive your usefullness but to die before you can be pilloried by the revisionists. Or, once you’re dead it doesn’t matter one little bit what anyone says about you.

  35. @Alstradomus. How poetic. Do you have a poem for WW3?

    I pity the Japanese. They seem to be caught between a rock (U.S.) and a hard place (China) right now. Not to mention their narcissistic elites and dysfunctional government. Was there ever a country in such dire straits?

  36. alex lemas

    Long after other sins are old, avarice remains young

  37. emsnews

    Yes, avarice can go to the very bitter end and it is most bitter. We see this with hoarders who save garbage, they would kill their own children if the kids try to toss even one dirty diaper in the mess.

    Wealth greed often leads the avaricious to disown their own children at the end of life, too. The Achilles heel of despots is the same: they often kill their own heirs if they live to a very great age. For example, Peter the Great beat his son to death right before dying, himself. The British royals of the middle ages would openly war with sons like Henry II against Richard.

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