How goes the state of the union? I wonder...
Well, as pointed out so eloquently by New York Times columnist Paul Krugman, the state of the economy remains terrible. Three years after President Obama’s inauguration and two and a half years since the official end of the recession, unemployment remains painfully high. Under Obama, prices of essentials have skyrocketed: gasoline is up a whopping 83 Percent, hamburger 24 Percent, and Bacon 22 Percent!
That's foul, I tell you!
“I am not here to cheer you up. The situation is about as serious and difficult as I’ve experienced in my career,” George Soros tells Newsweek. “We are facing an extremely difficult time, comparable in many ways to the 1930s, the Great Depression. We are facing now a general retrenchment in the developed world, which threatens to put us in a decade of more stagnation, or worse. The best-case scenario is a deflationary environment. The worst-case scenario is a collapse of the financial system.”
Soros sympathizes with the Occupy movement, which articulates a widespread disillusionment with capitalism that he shares. Soros warns that riots on the streets of American cities are inevitable. “Yes, yes, yes,” he says, almost gleefully. The response to the unrest could be more damaging than the violence itself. “It will be an excuse for cracking down and using strong-arm tactics to maintain law and order, which, carried to an extreme, could bring about a repressive political system, a society where individual liberty is much more constrained, which would be a break with the tradition of the United States.” Uh-oh!
The Press is also a target.
Is it too late to do anything about all of this?
"Waiting for tomorrow waste of today." Charlie Chan in Egypt (1935)
Tags: #Occupy, George Soros