The Risky Rich
Today’s swollen fiscal deficits and public debt are fueling concerns about sovereign risk in many advanced economies. Traditionally, sovereign risk has been concentrated in emerging-market economies. After all, in the last decade or so, Russia, Argentina, and Ecuador defaulted on their public debts, while Pakistan, Ukraine, and Uruguay coercively restructured their public debt under the threat of default.
But, in large part – and with a few exceptions in Central and Eastern Europe – emerging-market economies improved their fiscal performance by reducing overall deficits, running large primary surpluses, lowering their stock of public debt-to-GDP ratios, and reducing the currency and maturity mismatches in their public debt. As a result, sovereign risk today is a greater problem in advanced economies than in most emerging-market economies.
Indeed, rating-agency downgrades, a widening of sovereign spreads, and failed public-debt auctions in countries like the United Kingdom, Greece, Ireland, and Spain provided a stark reminder last year that unless advanced economies begin to put their fiscal houses in order, investors, bond-market vigilantes, and rating agencies may turn from friend to foe. The severe recession, combined with the financial crisis during 2008-2009, worsened developed countries’ fiscal positions, owing to stimulus spending, lower tax revenues, and backstopping and ring-fencing of their financial sectors.
The impact was greater in countries that had a history of structural fiscal problems, maintained loose fiscal policies, and ignored fiscal reforms during the boom years. In the future, a weak economic recovery and an aging population are likely to increase the debt burden of many advanced economies, including the United States, the UK, Japan, and several euro-zone countries.
More ominously, monetization of these fiscal deficits is becoming a pattern in many advanced economies, as central banks have started to swell the monetary base via massive purchases of short- and long-term government paper. Eventually, large monetized fiscal deficits will lead to a fiscal train wreck and/or a rise in inflation expectations that could sharply increase long-term government bond yields and crowd out a tentative and so far fragile economic recovery.
Fiscal stimulus is a tricky business. Policymakers are damned if they do and damned if they don’t. If they remove the stimulus too soon by raising taxes, cutting spending, and mopping up the excess liquidity, the economy may fall back into recession and deflation. But if monetized fiscal deficits are allowed to run, the increase in long-term yields will put a chokehold on growth.
Countries with weaker initial fiscal positions – such as Greece, the UK, Ireland, Spain, and Iceland – have been forced by the market to implement early fiscal consolidation. While that could be contractionary, the gain in fiscal-policy credibility might prevent a damaging spike in long-term government-bond yields. So early fiscal consolidation can be expansionary on balance.
For the Club Med members of the euro zone – Italy, Spain, Greece, and Portugal – public-debt problems come on top of a loss of international competitiveness. These countries had already lost export-market shares to China and other low value-added and labor-intensive Asian economies. Then a decade of nominal-wage growth that out-paced productivity gains led to a rise in unit labor costs, real exchange-rate appreciation, and large current-account deficits.
The euro’s recent sharp rise has made this competitiveness problem even more severe, reducing growth further and making fiscal imbalances even larger. So the question is whether these euro-zone members will be willing to undergo painful fiscal consolidation and internal real depreciation through deflation and structural reforms in order to increase productivity growth and prevent an Argentine-style outcome: exit from the monetary union, devaluation, and default. Countries like Latvia and Hungary have shown a willingness to do so. Whether Greece, Spain, and other euro-zone members will accept such wrenching adjustments remains to be seen.
The US and Japan might be among the last to face the wrath of the bond-market vigilantes: the dollar is the main global reserve currency, and foreign-reserve accumulation – mostly US government bills and bonds – continues at a rapid pace. Japan is a net creditor and largely finances its debt domestically.
But investors will become increasingly cautious even about these countries if the necessary fiscal consolidation is delayed. The US is a net debtor with an aging population, unfunded entitlement spending on social security and health care, an anemic economic recovery, and risks of continued monetization of the fiscal deficit. Japan is aging even faster, and economic stagnation is reducing domestic savings, while the public debt is approaching 200% of GDP.
The US also faces political constraints to fiscal consolidation: Americans are deluding themselves that they can enjoy European-style social spending while maintaining low tax rates, as under President Ronald Reagan. At least European voters are willing to pay higher taxes for their public services.
If America’s Democrats lose in the mid-term elections this November, there is a risk of persistent fiscal deficits as Republicans veto tax increases while Democrats veto spending cuts. Monetizing the fiscal deficits would then become the path of least resistance: running the printing presses is much easier than politically painful deficit reduction.
But if the US does use the inflation tax as a way to reduce the real value of its public debt, the risk of a disorderly collapse of the US dollar would rise significantly. America’s foreign creditors would not accept a sharp reduction in their dollar assets’ real value that debasement of the dollar via inflation and devaluation would entail. A disorderly rush to the exit could lead to a dollar collapse, a spike in long-term interest rates, and a severe double dip recession.
This piece was originally written for Project Syndicate. Copyright: Project Syndicate, 2010.
27 Responses to “The Risky Rich”
Or, IOW:”The US Federal Reserve is no longer able, in reality, to continue its multi-decade combat against the « barbarous relic » in order to guarantee the supremacy of the US currency at the centre of the international monetary system. For LEAP/E2020 the decade which has just begun will be clearly marked by a complete KO of the Dollar (and the fall of most major international currencies) by gold.”http://www.leap2020.eu/geab-n-41-is-available!-the-decade-2010-2020-towards-a-knockout-victory-by-gold-over-the-dollar_a4201.htmland again:“Could it all be a bad dream, or a nightmare? Is it my imagination, or have we lost our minds? It’s surreal; it’s just not believable. A grand absurdity; a great deception, a delusion of momentous proportions; based on preposterous notions; and on ideas whose time should never have come; simplicity grossly distorted and complicated; insanity passed off as logic; grandiose schemes built on falsehoods with the morality of Ponzi and Madoff; evil described as virtue; ignorance pawned off as wisdom; destruction and impoverishment in the name of humanitarianism; violence, the tool of change; preventive wars used as the road to peace; tolerance delivered by government guns; reactionary views in the guise of progress; an empire replacing the Republic; slavery sold as liberty; excellence and virtue traded for mediocracy; socialism to save capitalism; a government out of control, unrestrained by the Constitution, the rule of law, or morality; bickering over petty politics as we collapse into chaos; the philosophy that destroys us is not even defined.”http://jessescrossroadscafe.blogspot.com/Ron Paul and revolutionary changesKeywords: volatility | Minsky Moment | insanity | irrationality | incompetenceHo hum
Does such a scenario imply sovereign default of an advanced economy?
that must behttp://www.businessinsider.com/nouriel-rubini-parties-at-roman-abramovich-with-gwen-stefani-marc-jacobs-and-lots-of-girls-2010-1#nouriel-and-roman-1
Past behavior is predictive of future behavior.I’ve rarely seen, at least on the US national level, any party willing to do what’s neccessary regarding tax hikes.They’ll inflate this one away…
“America’s foreign creditors would not accept a sharp reduction in their dollar assets’ real value that debasement of the dollar via inflation and devaluation would entail. A disorderly rush to the exit could lead to a dollar collapse, a spike in long-term interest rates, and a severe double dip recession.”Austrian Economists have been concerned over a dollar collapse for years, all the while claiming that bailouts will surely expedite such an event.Professor, if we had taken our medicine (allowed failure to fail), do you believe we could have rebuilt without suffering a currency crises?Do you foresee regretting bailouts?Actually, will someone in the media please ask the professor this question during your next interview?hlowe
Speaking of “God” er, Breaking news (sic):NEW YORK (The Borowitz Report) – In the wake of his comments about the earthquake in Haiti, televangelist Pat Robertson has become a “public relations nightmare” and a “gynormous embarrassment to me, personally,” God said today.In a rare press conference at the Grand Hyatt in New York City, the usually reclusive Almighty said that He was taking the unusual step of airing His feelings in public because “enough is enough.”"I pray that his TV show would just go away, but of course, when you’re me there’s no one to pray to,” God said, to the laughter of the packed room of reporters.While God held out no hope that Rev. Robertson’s “700 Club” would be cancelled any time soon, He did say, somewhat ruefully, “If Pat Robertson were on NBC he’d be replaced by Jay Leno by now.”Can anyone deny that insanity rules the moment?Ho hum
http://www.georgewashington2.blogspot.com/Monday, January 18, 2010The Crusade Continues in IraqABC News is reporting that U.S. military weapons are inscribed with secret ‘Jesus’ Bible codes:Coded references to New Testament Bible passages about Jesus Christ are inscribed on high-powered rifle sights provided to the United States military by a Michigan company, an ABC News investigation has found.The sights are used by U.S. troops in Iraq and Afghanistan and in the training of Iraqi and Afghan soldiers. The maker of the sights, Trijicon, has a $660 million multi-year contract to provide up to 800,000 sights to the Marine Corps, and additional contracts to provide sights to the U.S. Army …One of the citations on the gun sights, 2COR4:6, is an apparent reference to Second Corinthians 4:6 of the New Testament, which reads: “For God, who commanded the light to shine out of darkness, hath shined in our hearts, to give the light of the knowledge of the glory of God in the face of Jesus Christ.”Other references include citations from the books of Revelation, Matthew and John dealing with Jesus as “the light of the world.” John 8:12, referred to on the gun sights as JN8:12, reads, “Whoever follows me will never walk in darkness, but will have the light of life.”Trijicon confirmed to ABCNews.com that it adds the biblical codes to the sights sold to the U.S. military. Tom Munson, director of sales and marketing for Trijicon, which is based in Wixom, Michigan, said the inscriptions “have always been there” and said there was nothing wrong or illegal with adding them. Munson said the issue was being raised by a group that is “not Christian.”The company’s vision is described on its Web site: “Guided by our values, we endeavor to have our products used wherever precision aiming solutions are required to protect individual freedom.” ….comment: before i read this i did not know that biblicalcitations were inscribed on weapon accessories. now i know..” who would jesus shoot? ” i wonder..insanity and cruel stupidity rule, no doubt, there is so muchmoney in it. cash money from hard lobbied government contracts.and some say jesus rules but i think they refer to a “differentlevel” or something like that?.and it seems some think the “light” of jesus is likened to abullet from a gun barrel?.”And the king answering, shall say to them, VerilyI say to you, Inasmuch as ye did it to one of thesemy brethren — the least — to me ye did it.”.or words to that effect…anyway.
Where are you guys hanging out?This seems to be the largest group of comments I have seen in a long time.As for monetizing debts, I wonder IF it is even possible to monetize in the face of a derivative collapse?And in the end, will it have any real effect on the underlying economic conditions? All they have done so far IMHO is to keep the pace of decline slower than it would have been at the expense of the time lines. In other words, the bottom will still be reached, it will just take a lot longer to get there. As such, any real recovery won’t start for a long time. In the mean time, social and political unrest is growing.Interesting times to say the least.
Dr. Roubini fails to mention that the price of the barbaric relic of gold could easily surpass the $2000/oz. mark if the last paragraph ultimately becomes the policy response of choice.Let us not forget Warren Buffett’s cautionary op-ed in the New York Times dated Wednesday, August 19, 2009 in which he suggest the three possibilities to address these issues. 1. borrowing from foreigners 2. borrowing from own citizens 3. or through a roundabout process of printing money.Judging from these three scenarios there seems to be only one logical conclusion to the outcome in which our leaders “steering ship” will ultimately choose.Buffett concludes his op-ed by suggesting “the dollar’s destiny lies with Congress.”
Greetings Dr Roubini,I am amazed that for someone who call the current March to date rally manuare you dont go out of your way to defend your comments – clearly you only blog when the markets turn – and when your wrong your hiding?Much A Do About Nothing…
If God were to hold a press conference it would be at the Wynn in Las Vegas — not a Pritzker property in New York. God has a long memory and He liked A. N. He does not think much of the current generation.
Roubini basically hid the blogging part in the new website I think a lot of people left. It’s sad cause here was a place of gathering where truth was actually being discussed and real dissatisfaction vented and Roubini shut it down. We have to find a way to displace the monopolistic media brainwashing the population with “free-market” religion, this was one such website for people to buck the oppression sadly Roubini may be part of the old guard. Any one who has had it good doesn’t understand the suffering out there. As soon as a grass roots website/forum sprang up that challenged the status quo the corporate mentality took over and shut us down. We’re not crazy people Roubini we’re just mad as hell that consolidated wealth and power is destroying our way of life, taking away our freedom your new website was a reflection of the yawning you do to the peoples plight, you took away one the more influential gathering places for people to reveal truth and challenge the status quo, I hope you and your staff make lots of money this year!
The incrowd, including Roubini, not wanting to listen to the others, us. As Obama, connected to Summers-Geithner-like types:The political capital lost in bailoutsThe real killer for Obama has been his dependence on Summers and Geithner which I liken to George W. Bush’s dependence on Rumsfeld and Cheney. For his part, Geithner, now ensconced in a huge scandal over the cover-up at AIG, says:The test is whether you have people willing to do the things that are deeply unpopular, deeply hard to understand, knowing that they’re necessary to do and better than the alternatives.And indeed they have been willing to go against the will of the people. But, Obama mis-underestimated the outrage these policies would cause. It’s the bailouts and the crony capitalism and looting they brought into public view that people object to most.http://www.roubini.com/us-monitor/258298/grading_obama___s_economic_policy_after_one_yearWe, the people, stand alone. We can either vote Dem (Geithner) or Rep (Paulson), never getting someone to take it up for us.Lobbied (bribed, bought) gov. is the outcome.Roubini found his place.
Obama under voter’s pressure, finally listening to Volcker?Let’s wait and see what (if any) real outcome will follow.Obama Calls for Limiting Banks’ Size, Trading OperationsJan. 21 (Bloomberg) — President Barack Obama called for limiting the size and trading activities of financial institutions as a way to reduce risk-taking.“My resolve to reform the system is only strengthened when I see a return to old practices at some of the very firms fighting reform,’’ Obama said in a statement released by the administration.The proposals will be part of an overhaul of regulations and would specifically prohibit banks from running proprietary trading operations or investing in hedge funds.The plan is subject to approval by Congress, where the president’s earlier regulatory proposal has hit resistance from some lawmakers.Obama is scheduled to announce the plan at 11:40 a.m. at the White House after meeting with former Federal Reserve Chairman Paul Volcker, who has been an advocate of taking such steps.
Theft! Were the US & UK central banks complicit in robbing the middle classes?by Albert Edwards, Societe GeneraleMr Bernanke’s in-house Fed economists have found that the Fed wasn’t responsible for the boom which subsequently turned into the biggest bust since the 1930s. Are those the same Fed staffers whose research led Mr Bernanke to assert in Oct. 2005 that “there was no housing bubble to go bust”? The reasons for the US and the UK central banks inflating the bubble range from incompetence and negligence to just plain spinelessness. Let me propose an alternative thesis. Did the US and UK central banks collude with the politicians to ‘steal’ their nations’ income growth from the middle classes and hand it to the very rich?http://www.zerohedge.com/article/scandal-albert-edwards-alleges-central-banks-were-complicit-robbing-middle-classesRe-appoint Bernanke, for who’s sake?
Where can one purchase a printing press?
Supreme Court on Thursday rolled back restrictions on corporate spending on federal campaigns — http://www.huffingtonpost.com/2010/01/21/supreme-court-rolls-back_n_431227.htmlCorporate Personhood and free-speech? The insanity continues!This makes Volcker’s efforts next to worthless.One step forward and three steps back …
Speaking of crasse insanity and the most appalling irrational madnesses that this World has ever experienced:”Writing for the majority, Justice Anthony Kennedy said that the Supreme Court rejects “the argument that political speech of corporations or other associations should be treated differently under the First Amendment simply because such associations are not ‘natural persons.’”http://www.alternet.org/workplace/145322/supreme_court’s_%22radical_and_destructive%22_decision_hands_over_democracy_to_the_corporations/Now you have “cognitive infiltration” recommended by ‘academia’ in the absence of transparency, honesty, integrity, honour, etc., or, to maintain the consistency of stealth and deception of “leadership”, a priori,and / or of political (mis)representation and now…corporation taking on life and replacing people, all under voluntary induction.This is a nightmare and will become hell. The first visible signs of the coming Dark Age are now looming in a threatening state for all to behold in fear and trepidation.Volker has arrived too late methinks.Ho hum
Professor, once again, you prove U R Da’ man!:The US also faces political constraints to fiscal consolidation: Americans are deluding themselves that they can enjoy European-style social spending while maintaining low tax rates, as under President Ronald Reagan. At least European voters are willing to pay higher taxes for their public services.A couple of points on the Professor’s improved website: The amount of high quality economics information the little guy can get at this site is awesome. However, I do have a constructive comment to make on the blogging section: economics is not a a real time science so in a sense the blog space should take a second seat to other content. However, it would be nice if the Professor finds a way to give the site some real time flavor by making blog comments more prominent. Hint: take a look at http://www.BusinessIncider.comAs I have said many times before, I am always a couple of months early. It looks like the vix is finally starting to crack:-)
There is some hope for this world, PJB, if you read the stinging dissents to this gawdawful opinion.
The Supreme Court just took an AK-47 and blew away the last shred of the Constitution today.January 21, 2010 — the day our democratic republic died.
This level of stupidity is rampant throughout society, tea baggers fighting for all the things that are destroying us. I live in Michigan amongst average people who have suffered dearly yet you’ll never hear a progressive thought uttered. It’s not just the Government/Supreme court/Corporations it’s the masses, most of them are incapable of intelligent thought, our government/leaders are a reflection of that. The masses are being led off a cliff like cattle, our destiny at this point is to chance.
Fed’s role and double agenda revisitedBy far the major enabler was the Federal Reserve Board (FRB). Acting as the banking system’s lobbying organization, its tandem of Alan Greenspan and Ben Bernanke fought as a free-market Taliban against attempts to introduce financial regulation. Working with the Goldman Sachs managers on loan to the Treasury, the Fed managed to block attempts to rein in debt pyramiding.Mr. Bernanke ignored the very first lesson taught in business schools. This was the lesson taught by William Petty in the 17th century and used by economists ever since: The market price of land, a government bond or other security is calculated by dividing its expected income stream by the going rate of interest – that is, “capitalizing” its rent (or any other flow of income) into what a bank would lend. The lower the rate of interest, the higher a loan can be capitalized. At an interest rate of 10%, a $10,000 annual income is worth $100,000. At 5%, this income stream is worth $200,000; at 4%, $250,000. Mr. Bernanke thus rejected over three hundred years of economic orthodoxy in testifying recently that the Fed was blameless in fueling the real estate bubble by slashing interest rates after 2001. Financial fraud also was not to blame. Anointed with the reputation for being a “student of the Great Depression,” he showed himself to be clueless.He is not really all that clueless, of course. His role is to play the “useful idiot” whom financial elites can blame to distract attention from how they have gamed the system. Wall Street’s first aim is to make sure that the Fed remains in control as the government’s central regulator – or in the present case, deregulator, able to disable any serious attempt to check Wall Street’s drive to load down the economy with yet more debt so as to “borrow its way out of the bubble.”Public relations “think tanks” (spin centers adept in crafting blame-the-victim rhetoric) use simple Orwellian Doublethink 101 tactics to call this “free market” policy. Financial self-regulation is to be left to bankers, shifting economic planning out of the hands of elected representatives to those of planners drawn from the ranks of Wall Street. This centralization of authority in a public agency “independent” from control by elected representatives is dubbed “market efficiency,” with an “independent central bank” deemed to be the hallmark of democracy. The words “democracy,” “progress” and “reform,” are thus given meanings opposite from what they meant back in the Progressive Era a century ago. The pretense is that constraints on finance are anti-democratic, not public protection against today’s emerging financial oligarchy. And to distract attention from the road to debt peonage, financial lobbyists accuse governments strong enough to check the financial interest” of threatening to lead society down “the road to serfdom.”http://michael-hudson.com/
Obama is a Dead Man Walking and a Kiss Of Death to all he tries to help get elected.
http://www.counterpunch.org/roberts02242009.html.February 24, 2009Doomed by the Myths of Free TradeHow the Economy was LostBy PAUL CRAIG ROBERTS.http://www.counterpunch.org/.January 21, 2010The Rule of Law Has Been LostSecurity FoolsBy PAUL CRAIG ROBERTS…….”The greatest human achievement is the subordination of government to law. “…..comment : i disagree in that the greatest human achievement isthe capacity of the human mind to symbolically model in consciousness the physical world and “accurately” represent and communicate these models to one another, minds, and to recognizeand appreciate the difference between a word, a representation,a model, a concept and the actual “thing” itself. and also appreciate the manifest, self evident, connectedness of everything.but , yes, controlling the authority / tyranny of “government”, its”law” and invariant and dismal ignorance is / was a good thing.end of this comment…..”One Obama appointee, Harvard law professor Cass Sunstein, advocates that the U.S. government create a cadre of covert agents to infiltrate anti-war groups and groups opposed to U.S.government policies in order to provoke them into actions or statements for which they can be discredited and even arrested.Sunstein defines those who criticize the government’s increasingly lawless behavior as “extremists,” which, to the general public, sounds much like “terrorists.” In essence, Sunstein wants to generalize the F.B.I.’s practice of infiltrating dissidents and organizing them around a “terrorist plot” in order to arrest them. That this proposal comes from a Harvard Law School professor demonstrates the collapse of respect for law among American law professors themselves, ranging from John Yoo at Berkeley, the advocate of torture, to Sunstein at Harvard, a totalitarian who advocates war on the First Amendment.” ……”Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances. “.comments ….speaking of corruption and confused association of freedomof speech and homicide, is there any difference? ( is there any limit to what any particular word can mean or represent ) and isit now “legal” by interpretation of supreme justices to stealelections and is there a symbiotic circular power that dolesout, prints, money for a sector of the economy to then exerciseit’s “freedom of speech” ( pimping ) in lobbying and buying( owning ) representation by financing political ( whores ) to deliversector friendly legislation marketed as just “law”, ( civilization devolving into chaos via fascism ). mr. o, we have seen publicly violatedby his own policy to bailout wall st. via justice k. etc. as alwaysthe taxpayer, present and future, and pensioner must pay for all folly, thank you forplaying the “you get it in the rear for caring” game..i thought that “God” had no skin in the game whenit comes to mankind and that is why we have so manyforsaken. then i thought what is the function of thisconcept of “God”? how does it relate to time and the concept/sof time and man and his concept of himself? ( itself ).and gender variations…in time/s..and of technology and education and familial relations andthe socialization process as it relates to maturity, identityand the creative capacity for humanity to solve problems, makeproblems and blow smoke up other peoples arses..i wondered how is it that so few people could screw so manyout of so much for so long? i still wonder. ( see “law” )..and i have observed this. all law depends, primarily, on onething and, primarily, it is NOT enforcement. it is VOLUNTARYCOMPLIANCE. without this no law can “live”. they must beinternalized or they die, hence we have a history of civildisobedience. to kill certain laws, to change the law andto make the law. a “persons” obligation to other “persons” andto him/her self. we also have a history of legal lawlessness in a number of sectors of the economy and society in general..so the question becomes how do a small group of peoplemanipulate the “masses” to live lives that are not in theirown interest, if indeed that is what is happening. i guessit is due to some combination of ignorance and illusion, satisfaction and threats of punishment, induction and indoctrination. joining the herd, belonging and adheringto the articulated description and imagery of “culture”.so we must educate to articulate “culture”.and educate to be rid of the destructive elements and forcesin the culture…and this relatedto biologic and neurological development so it takes time, energy and sympathy/empathy etc.. sensitization. and great balance….and technology as it relates to communication and cognitive development as this intersects with the basic imagery of thefamily unit… mother/ child/ father…..siblings and associatedneurological patterns. again, structure and function…lessonlearned, many wishing they were orphans..having said that i wonder if we have arrived at a point inour collective consciousness that could be characterized asperpetually adolescent? ( unconscious ) has the “information revolution” renderedthe individual, all individuals, inept? undeserving of identity?of secondary “person hood” due to lack of political affiliation this being the means of securing finances to buy legal and lawfullooting, this being systemically essential.have we forsaken thought and the mind as corporations have none.no heart and no recognition of the individual “person”, but onlytheir function as in their “cog ness”.incapable of synthesizing it all in a functional, humane way? or incapable or reaching maturity. we seem to go right from adolescence to senility never reaching maturity or a state ofcivility. consciousness. forgotten oscar wilde quote goes here..leading to collapse welcomed with open arms, and the arms willbe many?.i see a man trying so hard to be a father to strangers andthey, so wanting to see a father in a stranger, on a stage withno curtain but the light of day..one thing we do is adapt, for better or worse. there is always someone exploring those limits. perhaps everyone? perhaps we have reached a limit to which further adaptation is not possible..that may be the elusive meaning of maturity. i wonder.where insanity becomes lucid, does man evolve?.and they say there is looting in haiti, ( for survival ) andthey say there is looting on wall st. ( for survival ), but…they are different and are met with different responses butthere is no opacity, only transparency, in viewing the differingresponses. it is systemic, ( the system ) that does not workfor some “persons” but is designed to create and sustain other”persons”, whatever a person might or might not be.bail outs maintain the fed, why they call it “the fed”. othersmust feed themselves if there is anything left after the fed havebeen fed..so now all pet owners should be able to declare their pets as”persons” and reap whatever gains this “distinction” may afford.or can fiat “persons” coexist with natural “persons”. do we notknow what a person is? at the highest levels of supreme justice?of course we don’t! if we did, we wouldn’t be able to wipe themout so carelessly, that is the natural persons. consider there may be a lag in realizationbetween being doomed and the perception or experience, with perhapsan opportunity to avert the thing, but only perhaps.but then again it is all taking place in a delusional and synthetic concept of time on the one hand yet crushing the momenton the other..that was my nightmare. when some people woke up their realitywas even worse, but are they really “persons”. conscious persons?apparently consciousness is not a prerequisite for person hood?i guess we already knew that.
Apparently, Blind(person), consciousness is not a prerequisite for person hood if you’re getting a return on investment (ROI).Therein lies the rub.<sigh>