Paul B. Farrell: The Fed is dead, maybe by 2012

[marmar]

By Paul B. Farrell, MarketWatch


ARROYO GRANDE, Calif. (MarketWatch) — OK, so Nassim Nicholas Taleb, the “Black Swan” author, actually said: “The Fed won’t exist in 25 years.” Warning: It’ll happen much sooner, fallout of the coming Second American Revolution.

It’s inevitable: Wall Street banks control the Federal Reserve system , it’s their personal piggy bank. They’ve already done so much damage, yet have more control than ever.

Warning: That’s a set-up. They will eventually destroy capitalism, democracy, and the dollar’s global reserve-currency status. They will self-destruct before 2035 … maybe as early as 2012 … most likely by 2020.

Last week we cheered the Tea Party for starting the countdown to the Second American Revolution. Our timeline is crucial to understanding the historic implications of Taleb’s prediction that the Fed is dying, that it’s only a matter of time before a revolution triggers class warfare forcing America to dump capitalism, eliminate our corrupt system of lobbying, come up with a new workable form of government, and create a new economy without a banking system ruled by Wall Street. ...........(more)

The complete piece is at: http://www.marketwatch.com/story/the-fed-is-dead-maybe-by-2012-2010-10-05

[Odin2005]

1. K&R

[Statistical]

2. ROFL. I am not sure which is funnier the headline or the author's "timeline".

Good maybe for an end of the world fiction book not so much for a "fact based" article.

Stage 1: The Democrats just put the nail in their coffin confirming they’re wimps when they refused to force the GOP to filibuster Bush tax cuts for billionaires.

Ok I give him this one but last stop before crazy land.

Stage 2: In the elections the GOP takes over the House, expanding its strategic war to destroy Obama with its policy of “complete gridlock” and “shutting down government.”

The Dems might lose some seats but they won't take the House. Even if they do destroying Obama with a Policy of gridlock only works when you are the minority party. When you are the majority not getting anything done results in your party being blamed.

Stage 3: Post-election Obama goes lame-duck, buried in subpoenas and vetoes.

ROFL. If there is one thing Obama is good at it is making speeches and simplifying things for the American people. We are expected to believe Obama will be powerless to explain that the GOP has halted the govt and the only way to fix that is vote them out of office.

Stage 4: In 2012, the GOP wins back the White House and Senate. Health care returns to insurers. Free-market financial deregulation returns. Lobbyists intensify their anarchy.

Nope looks Obama couldn't do it. Magically not only does the GOP win back Senate but they somehow gain a super-super majority to effortlessly pass legislation.

Stage 5: Before the end of the second term of the new GOP president, Washington is totally corrupted by unlimited, anonymous donations from billionaires and lobbyists. Wall Street’s Happy Conspiracy triggers the third catastrophic meltdown of the 21st century that Robert Shiller of “Irrational Exuberance” fame predicts, resulting in defaults of dollar-denominated debt and the dollar’s demise as the world’s reserve currency.

Washington is ALREADY corrupt. It has been corrupt for roughly 50 years (maybe 100, hell maybe since it was founded). However despite surviving for 2 centuries it will all end in 2012? OK Default of dollar-denominated debt? Um that happens every single second. Maybe he means federal debt? Still why wouldn't the govt simply inflate their way out (not saying it is a good thing) rather than default?

Stage 6: The Second American Revolution explodes into a brutal full-scale class war with the middle class leading a widespread rebellion against the out-of-touch, out-of-control Happy Conspiracy sabotaging America from within.

Hardly. The American middle class has shown no interest in exploding anything (except maybe their belt size).

Stage 7: The domestic class warfare is exaggerated as the Pentagon’s global warnings play out: That by 2020 “an ancient pattern of desperate, all-out wars over food, water, and energy supplies would emerge” worldwide and “warfare is defining human life.”

Well if this is happening anyways it kinda makes points #1-#6 moot huh. It would be like saying "Stage 8: Giant life ending asteroid hits earth in 2020 killing all humans and 99% of surface life." I doubt it really matters if Obama wins or loses 2012 election when that happens.