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It's how predatory capitalism works, harming many for so few - snake oil masquerading as good policies, corrupted politicians and central bankers force-feeding harmful ones, wrecking economies and human lives so corporate favorites benefit. Their short-term losses, in fact, are considered investments for greater gains.
As a result, expect rising unemployment, growing poverty, greater human deprivation, and accelerated transfers of more wealth from working households to corporate favorites and elites.
Destroying America's social contract also is planned, incrementally with multiple cuts for perhaps years. Principally, Social Security, Medicare, Medicaid and publicly funded pensions are on the chopping block for elimination.
Also targeted are all other New Deal/Great Society programs to return America to 19th century harshness. An Obama-led bipartisan conspiracy assures it. In fact, he was chosen to do what no Republican would dare - a classic reverse Nixon goes to China moment, pulled off at the 11th hour as planned. The fix was in, theatrically orchestrated, then consummated as both sides agreed.
At the same time, on August 4, the specter of 2008 repeating hit global financial markets hard, plunging on fears of a a greater economic crisis ahead.
On July 31, Boston-based GMO investment analyst Edward Chancellor headlined his Financial Times article, "A hapless union has lost its direction," saying:
"There are many economic challenges around the world today. The US teeters on the brink of default (in fact, decline because of years of bad policies), deleveraging continues across the west, cracks are appearing in China's fixed asset investment boom, Japan remains stuck in the deflationary doldrums (its economy heading south), while inflation is picking up in emerging markets. None of these problems, however, are as intractable as those facing the eurozone."
At issue are nations like Greece, Ireland, Portugal, Spain and Italy vulnerable to default from over-indebtedness, besides numerous other problems at a time global contraction seems imminent.
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