Mania and the Economic Meltdown of Society
by Barnabe Geisweiller
During a period of the Dutch Golden Age prices of tulip bulbs reached extraordinary levels. Single tulip bulbs were bought and sold for small fortunes, making some very wealthy. It is widely considered the world’s first speculative bubble and, like all bubbles, it suddenly collapsed. The period is popularly referred to as “tulip mania.”
There have been numerous manias since the tulip craze of the 17th century. Recent bubbles include the dot-com bubble and many real estate bubbles around the world. In bubbles products and assets trade at considerably inflated values compared to their intrinsic ones.
Today, we are at the end of a period of wealth and excess like the Roaring Twenties. This time it is the value of money itself that has been distorted, and the pursuit and concentration of wealth without a relative productive merit to society that has reached the point of mania.
There has been one member of Congress that has been willing to stand up to the Federal Reserve more than any other, and now that it has been revealed that Barack Obama’s “financial reform” plan would give the Federal Reserve almost dictatorial power over the U.S. economy, Ron Paul is hopping mad.
On MSNBC the other day, Ron Paul was not shy about telling the nation that the U.S. government should not be handing massive new powers to the institution most responsible for creating this current financial mess. In fact, Ron Paul told MSNBC that he believes that the Federal Reserve is already more powerful than Congress…..
“The regulations should be on the Federal Reserve. We should have transparency of the Federal Reserve. They can create trillions of dollars to bail out their friends, and we don’t even have any transparency of this. They’re more powerful than the Congress.”
The truth is that the Federal Reserve is about as “federal” as Federal Express is. The Federal Reserve is a private bank that is designed to maximize profits for the elite international central bankers that own it.
The most frightening thing is (Read More...)