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Currency system looks like a big Ponzi scheme

Over the past few decades, neoliberal trade policies sucked millions of high-paying jobs out of the country and lowered the wages of millions more, creating large profits for corporations and stakeholders alike with income differentials at their highest point in our nation’s history. Nevertheless, billions of tax dollars were needed to bail out “too-big-to-fail” financial institutions and the auto industry, while corporate tax receipts continue to be half of what they were before this great exodus of jobs began. Many large corporations paid no taxes at all in 2010, including ones that received bailout money and large governmental subsidies.

Our fiat currency system is beginning to take on the characteristics of a giant Ponzi scheme with the administrations from both political parties now simply “printing up” the financing of both large-scale programs and gargantuan military expenditures. In the past, every war in American history was paid for with taxes raised for the purpose of financing those wars. But we’ve recently had an administration put not only one, but two such wars on this national credit card – and this after signing off on a massive tax rebate.

In spite of this, our illustrious GOP now makes the suggestion that all of our current economic problems are due to “entitlement spending” or, in a symbolic word, Obamaphones. What other nation on earth could get such a turkey to fly? But here in America, all you need to do is add the secret ingredient of race into the mix and suddenly it all gels. Not only does the turkey take flight, it soars like an eagle.

Rick Bridenbaker

West Seneca