However, if we continue to privatize profits and socialize losses in the next depression, In the long periods between depressions the conservatives would say we socialize profits and privatize losses. It is called taxation. And you know I cant blame the conservatives for feeling that way. Everyone can be taken for a ride. That does not make them guilty of anything at all. The bankers simply all did what was the order of the day. They were not mass killers. They dont need the electric chair because people of limited means decided that a McMansion needed their name on the deed. If we are going to talk about the bankers being ejits we need to look at the goldbugs since 2011. Any bull market is a ride and the music stops eventually. I am not saying I am burning any trails, but lets be honest here the end of the world is not priced into the markets for a reason. As for the laws that came out of the Great Depression, from tax hikes to the S&L institutions, they all caused the massive rise in inflation in the late 60s and throughout the 70s. The laws coming out of the Great Depression were the worst set of mess ups this world has ever seen. The road to hell is paved with good intentions. If we suffer inflation in the period 20 years out through 30 years out like that of the 1970s we can permanently kiss the dollar good bye. The USD would look more like the Italian Lira did in the 1980s. You can hand it all over to the dictators in China. And therefor you can count of a nuclear war for your kids and grandchildren. They will perish. We need all countries to have wealth. That does not mean we need to had over a complete economic and military victory to a country that is a sick dictatorship for the foreseeable future. The US must remain at the top of any list of military powers for the very long haul. China is much better off if we do remain the leading military and economic power. Dave
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