Jim Willie

My warning quip to the idealists among us has been often used lately, when people salivate over the prospect of chronic conmen suffering deep losses, enduring insolvency, incapable of shame, yet almost certain to end up in some form of bankruptcy. My stated line is "Beware when billionaires face bankruptcy, since they make a phone call and change the rules. Often those rules conflict with your strategy and plans." This time the rules might be concerning gathering wealth from strategies that oppose the defense of a national financial integrity. This time those attempting to secure their wealth and protect it from illicit national grabs and seizures might be labeled as unpatriotic. This time the system has been virtually broken by decades of destructive inflation, of misspent funds, of grand theft (see Fannie Mae and military contractors), of encouraged abandonment of the manufacturing sector, of destructive emphasis of a war economy footing, of irresponsible Medicare guarantees, of harmful demographic shifts, and lately of incredibly deep bond fraud. The bond fraud episode is the crowning finale of the US banking system, with toxic outlets to most global banking centers. One might wonder if it were planned.