How much longer will it hold? I have no idea, but I refuse to buy the conventional wisdom. Since there was no fiscal cliff, there can’t be a rescue. If the day of reckoning has been delayed, it’s more likely the realization of what happened on November 6th has yet to set in. The lame duck Congress has been put on life-support because the paper-work is not yet complete. Of course, I could be wrong.
The financial oligarchy is on the ropes. Or rather, its existence hangs by the thread of an illusion. For, the reality is that our currency, the dollar, is issued by our federal government and the notion that banks create the money with which to strangle the populace is a myth perpetrated by Congress as a gross deception.
The deficit and the debt limit and the balanced or unbalanced budget are all fictions created by our supreme legislative body to perpetrate a scam. The deception has worked so well that the antagonists of corporate dominance were able to be arrogated by the very corporations they blame for their correctly perceived Congressional intransigence. If the Tea Party did not do as well in 2012 as in 2010, it was simply because their corporate sponsors were dissatisfied with the quality of the substitute legislators they’d sponsored to replace the old guard.
Expectations are bound to be unsatisfied when the whole scenario is false.
That Congress has been rationing the dollar in the interest of feeding their power lust just hasn’t registered fully yet. In part, that’s because the banksters and financial engineers are appreciative of the false scarcity. It allows them to hoard and increase their nominal wealth as any monopoly surely does.
However, as more people figure out what is going on, they will continue to shift the real economy into the underground where it is almost impossible to trace and, incidentally, tax at any rate. While Republicans give lip service to protecting their “rich” friends from increasing rates, their real concern is with the underground that doesn’t pay. Greece, the admitted poster-child of distress has an underground equivalent to 40% of the calculated GDP. Nobody knows the percentage in the U.S. because everyone is afraid to look. It is almost certain not to have decreased from the estimated 9% at the turn of the 21st century.