I just read that US president Barack Obama is touting a $2 Billion investment in solar energy.
Where does one even start?
Okay, first of all, I applaud the gesture of investing in the country’s infrastructure and particularly in investing in sustainable energy. There couldn’t possibly be a more important investment for the country to make. But it’s a question of scale and priorities, you know?
In the last couple years, the Federal Reserve and the US Treasury have ballooned the public debt by around $3 TRILLION (to say nothing of the already looming 60 or 70 TRILLION of “unfunded liabilities”, aka “more debt”). To be clear, that is money that the Treasury and the Federal Reserve have either borrowed or created by fiat — out of thin air. And all that money, one way or another, is public debt. In other words, that is debt created by the Federal Reserve and the US Treasury on behalf of the US taxpayer (that’s you and me, bub). And a huge portion of that $3 TRILLION has gone, in one way or another (whether via direct lending or buying up bad mortgages), to bailing out big banks and their bond-holders — the people who lent the banks money so they could in turn lend it out recklessly to people who could never afford to pay it back.
The country really needs a sustainable energy future. And in the short run, the only thing that the country needs more than that is a boost to employment, research, and industry (to put the P back in GDP) — which a significant investment in sustainable energy would certainly help create.
I’ll tell you what the country doesn’t need though. It doesn’t need big banks. It doesn’t need the people who lent money to the big banks to have their bad investments bailed out. The economy will get along fine without the big banks with their big CEO’s and their enormous salaries and bonuses that our taxes are paying for. I don’t need those big banks. You don’t need those big banks.
So who needs the big banks? Well, Lloyd Blankfein sure probably feels like they are necessary. And Jamie Dimon. What about our president, Barack Obama? Does he need the big banks? Let’s see, who was the biggest contributor to the Obama campaign? Why that would be Goldman Sachs. How about Timothy Geithner (Goldman Sachs), Henry Paulson (Goldman Sachs), Lawrence Summers? Ben Bernanke (the Federal Reserve is the biggest bank of them all)? Barney Frank? Chris Dodd?
All of these people, in one way or another, are making their real wealth off of the viability of the big banks. That makes their interests very different from yours and mine. Whenever they speak publicly, they try to tell us that they have our interests front and center. But do they really? Do you really need Goldman Sachs, JP Morgan Chase, or Morgan Stanley to get along in your life?
I say no, not all. And I don’t just mean that in the stupid, direct sense. I really feel that even taking into account all the impenetrable web of interconnected debt and liquidity in the American economy as a whole that we would be just fine without these — I can’t find any other word that seems more apropos — parasites.
So here’s what’s really chapping my skinny ass about this $2 Billion solar energy announcement. If we ignore the rhetoric and look at the actions of our elected representatives, we see that they have essentially given the big banks TRILLIONS and now they are making a big deal about a comparatively trivial $2 Billion investment in infrastructure and sustainable energy for the country’s future.
Can you even imagine how much better off the country (shit, the world) would be, if instead of bailing out the big banks and the impossibly rich people who own them, we had let the banks fail (basic capitalism), let the Banksters take the loss on their bad loans and investments in the banks (again, capitalism 101), and as a nation, invested $1 TRILLION into research and development of sustainable energy? Or how about throwing $1 TRILLION at world hunger and just ending it completely, forever. That kind of investment would completely change the future of mankind in an unimaginably positive way. Seriously, instead of lining pockets we could have totally changed the future, our future, for the better. Collectively, I gotta say, we really suck.
To put things in crystal clear perspective, on our behalf, the Bureaucrats have funneled the Banksters and their assorted minions some TRILLIONS of dollars, while assuring us Morts that the world would end if they didn’t (and maybe theirs would; you know, that world of private islands and private jets. But that world is not my world, and not your world, though they want you and me to pay for it). And now our president is making a big deal out of investing $2 Billion in our world, the one that the rest of us live in. $2 Billion is 0.067% of $3 TRILLION. In words, it’s less than one tenth of one percent. The Bureaucrats’s actions are saying loud and clear that they think that keeping the Banksters obscenely rich is a 99.933% more important way to spend your money and my money than investing in a sustainable energy future for everyone, a sustainable and thriving US economy for everyone, and jobs for Morts like you and me.
UPDATE: More perspective… The latest headline on the AP is that Warren Buffet has given away $1.93 Billion to charity for 2010. Bravo Mr. Buffet. So the US Government is proudly boasting about a one-time, nation-wide investment in solar energy that is approximately equal to a single rich man’s charitable contributions for 2010. Way to go Mr. President, I’m duly impressed.
Refuse the debt.