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The End Of Capitalism As We Know It

By: Steve Johnson

10/14/2008 - 16 Comments

The banks have stopped lending money and without lending money, the economy cannot function. Therefore, the government sees no other option then to take over the banks.

The Bush administration has decided to use $250 billion of the $700 billion bailout package to partially nationalization nine key banks, buying up a portion of their shares so that the government can force them to lend money to consumers.  The notion of government ownership in the financial sector, even as a minority stakeholder, goes against the foundation of American.

The US government has already become the largest mortgage and insurance provide, in the unprecedented events that led to the takeover of Freddie and Fannie and the bailout of AIG.

This is the same US government that has been preaching to the world for the last three decades about how they should lift the heavy hand of government from the finance industry.

The Real Cause Is Government Economic Planning

The worst part of this is that the free market capitalism is getting blamed for the crisis, while the real cause was decades of government intervention through the Federal Reserve and the political failure to regulate the government sponsored entities Freddie and Fannie. These organizations are at the nucleus of the market crash.

It was the government’s economic planning that failed by creating a system of easy money, which allowed Wall Street to create a pool of toxic investments that has infected the global financial system.  Bush says Wall Street got drunk with greed and easy money, but when you find everyone drunk at a teenage party, whose fault is it – that teenagers or the guy that brought the booze? 

Everyone from the Bush administration to the presidential candidates are blaming the wrong guy – capitalism, when the real problem was government intervention all along. Capitalism is taking the heat, while leading world governments even further away from capitalism then they are today.

It is a sad shame that the market crash is turning the hearts of world leaders away from capitalism, because the alternative is a global financial system – which is the enslavement of humanity. The few free nations of the world are turning their back on the only free market system left in the world – in exchange for slavery.  The new ‘financial world order’ with enslave us all – with the government as the primary owner of everything. 

Follow up article: The Financial Crisis Will Quicken the Expansion of the Global Financial System

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