The Bursting of the Bubble

This post was originally posted in February 2009.

It's unfortunate that it's taken the current recession, with all its bankruptcies, bailouts, tax increases, lay-offs and other tragedies, to more easily explain to people what a racket the economy really is.

People like me have been telling anyone who'll listen for the last 40 years or so that the economy (in my case of the UK, as that's my country) is fatally flawed, and that there's going to be an almighty crash eventually.

The response is usually quite sceptical. After all, when times are good and the economy is booming, everyone seems to have a job and all the shops are open, it's difficult to believe that it's all based on a bubble that will soon burst.

The Demise Of Manufacturing

But that's what has happened. I discussed in my last post how we in the west don't manufacture much ourselves any more - it's all imported, mostly from China and other Asian countries. The economy shifted over the years from being a manufacturing based one to, well, it's difficult to say what it has been based on for the last 40 years or so.

With the demise of manufacturing, the economies of most Western countries have come to be based around big, lucrative, projects, usually involving defence contracts or building contracts, and similar devices. With such a lot of money being shovelled around in these projects, it's not surprising you soon had the usual band of freeloaders and parasites creaming off the profits.

It became a paradise for the accountants, tax advisers, lawyers, brokers and all the other in-betweens that are attracted to easy money. This itself helped create a boom in the City and all the financial institutions. Money flowed around, in and out of the country, and while our factories and mines shut down the suits in civvy street prospered and paid themselves million pound bonuses.

Corruption blossomed. And as often as not it involved the very people who are supposed to be looking after our national interests - our ministers, MPs and Councillors. Examples of all this have been in the national newspapers nearly every other day for many years now. While the wheels came off the wagon the party inside carried on as if there were no tomorrow.

Reality Pops Up

Now the wagon has crashed with little hope of repair, many of the party goers have suddenly come face to face with reality - you can't carry on for ever pretending to be wealthy when you no longer produce any wealth to speak of. The bubble has burst. The only surprise is that it took so long.

And the real tragedy is that, until enough of us can organise resistance, the global elite / money power will continue to pursue their aims of global domination while ordinary folk suffer the consequences.

So for that reason, make sure you've downloaded "Promise To Pay" and are distributing it far and wide, and that you're doing all you can to . . .

Spread the word!

Philip Gegan

 

 

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