Obama aide: Debt limit fight could be "catastrophic" ... A fight over the budget loomed on Sunday as a top aide to President Barack Obama warned of catastrophic consequences if Republicans follow through on threats to reject an increase in the nation's borrowing limit. Republicans, who will take control of the House of Representatives this week, are demanding spending cuts to curb the $1.3 trillion budget deficit and several have said they would oppose a higher debt ceiling if Obama does not agree to a range of painful cuts. – LA Times
Dominant Social Theme: We shall overcome. Regulatory democracy shall be expanded.
Free-Market Analysis: In this article, we hope to show that where the US – and Europe, too – are headed has nothing much to do with business-as-usual. This is a dangerous time. The elite is unfathomably powerful yet; its injuries will make it angry. We will explore why the elite simply cannot fathom that its situation has changed radically and why sooner or later the realization that it may have to take a step back will sink in.
The truth-telling of the Internet is forcing changes – and placing the elite on a kind of knife-edge, in which the intended international economic catastrophes must be calibrated to promote continued globalization without overwhelming blowback from the masses. As stated, a difficult time.
The Anglo-American elite is fighting to keep the European Union from disintegrating. And as we can see from the article excerpted above there is a good deal of concern over the US debt situation as well as worry that the obvious US decline will not be properly managed. The elite, which has organized a central banking economy with commercial banks as distribution points, does not wish for a default in either Europe or America.
The global economic downturn has been worse than imagined and aggravated by the communications revolution and globalized network technology. Investments, social systems and the Way the World Works in the 21st century will all be determined by whether the elite can manage to create a version of the New World Order as it evidently and obviously wishes, or whether it cannot...
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The Soros interview is further evidence that the elite is confronting a troublesome period. It is not only the decline of the United States that needs to be managed – but the decline of Europe, the rise of austerity and the level of cooperation that can be extracted from China. Ordinarily, none of this would be discussed by blogs; but in this day and age the Internet is acting as virtual adjunct to the power elite. Conversations that used to take place once a year at Bilderburg are taking place minute-to-minute on the Web. The power elite in our view misjudged the severity of the downturn of the world's economy and also the truth-telling of the Internet and the degree to which it would be used by every-day people once they started losing their jobs and pensions.
We would go further and suggest that it is the arrogance of the elites generally – especially after the triumphs of the 20th century – that led them to this place. They were surely blindsided by the Internet and even now with their maneuvering exposed they forge ahead as if nothing has happened. There are perhaps many reasons for this behavior but one of them surely is that after so many years of ruling the world behind the scenes they cannot fathom that their power is less than unbrookable or that their plans are less than absolute.
Conclusion: As setbacks mount, so does concern. We would anticipate that if the anxiety grows strong enough certain actions will be taken – a war being the most likely. We hope the reaction is not simply to lash out. Sooner or later, Western elites may have to take a step back from their plans for world dominance – simply because the situation demands it.
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