When a Nation Adopts a Culture of Fraud
For the past two hundred and thirty years....America has stood for Freedom and Liberty. It has endured and overcome tremendous obstacles. It has stood strong when many fell around it. The foundation for much of America's sucess has been the principal of integrity and responsibility.
Integrity in all aspects of the culture from Government, to its people, to its finanicial system. Investors from around the world brought their wealth to America for safety from the fleeting financial institutions and economies of their homeland. America was the place for integrity and safety for their wealth....and we Americans were tremendous beneficiaries of the influx of capital.
Back in March, when we allowed banks to lie about the value of the assets on their books, we threw out generations of trust and accountability in an instant. No longer would our banks be forced to be truthful about the value of their assets....and could continue to borrow and lend despite their questionable solvency.
If a citizen even remotely tried to engage in similar behavior, if caught, they would be immediately arrested, prosecuted, and likely convicted and jailed for criminal behavior.
For a nation that was founded on the principal that justice is blind.....it has now turned a blind eye to principal. We are basically living in a culture of fraud and most are too scared to question it.
The only reason citizens are not being forced to face up to the responsibility of our current financial situation is that we have a President and Congress that is spending TWICE as much as it is taking in.....NEVER BEFORE HAS THIS HAPPENED IN AMERICAN HISTORY.
OUR GOVERNMENT IS SPENDING ILLUSORY MONEY.
Our forefathers would have never permitted the nation for emasculate the principals it was founded upon. Instead we are permitting insolvent banks to screw the American citizens by tightening credit and charging higher interest rates on money that they ordinarily wouldn't be able to lend. Our citizens are suffering great distress as a result. Ironically, we are cheering on the fact that trillions are being deceptively spent that doesn't even exist and in the end we will be held accountable.
At some point, the charade will come to an end....someone will refuse to accept our currency, a war will break out, or some other convulsive event.....when it occurs we will learn, just like many nations that have preceeded us who have similarly tried to fruadulently counterfeit an economy....our nation is broke.....and the longer we fake it.....the more pain will befall the citizens.
At this point our wilful indifference to face the reality is allowing the fraud to perpetuate....slowly the anger is beginning to perculate.....the SEC took a similar perspective to Markopolis' letters warning about Madoff for SEVEN YEARS. In the end, once Madoff ran out of access to new money, the fraud came to an end.....a similar condition will likely happen to us.......it is just a question of what the triggering event will be?
And how will our government react once it is forced to tell its citizens that it is broke?