Monday, October 20, 2008

Financial Dictatorship

"Obviously the powers of the treasury secretary have been greatly expanded. The most powerful officer in the cabinet now."
~ Tom Brokaw's comment during the second Obama McCain 2008 debate.

"Finance is being socialized before our eyes. We are embarking on a New Financial Deal that revamps and updates the New Deal. How far we go and how soon it transpires is guesswork. This socialization moves us toward lower social welfare. Economic stagnation becomes more likely. Collapse is not quite upon us, but it’s closer. See Nazi Germany between 1932 and 1940 for parallels.

Expect a new fascist rhetoric to emerge to paper over the existence of a dictatorship, American style. Expect more such terms as Homeland and Financial Stability Oversight Board, which is a devious and roundabout way of saying Financial Dictatorship."
~ Michael S. Rozeff, retired Professor of Finance

Read more

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