BANKISM
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Under the philosophy of Bankism and Bubble finance, the profittability of U.S. financial institutions has become the dominant concern of American monetary authorities. Under Bankism the federal government has elevated the welfare of the nation’s banks above the welfare of its citizens and the aggregate health of the economy. Under Bankism, legislation now works towards keeping the big banks out of insolvency while letting all others fail, all the while making banks ever larger, more powerful and more profitable while risking the nation.The great 2008 Bailout followed the rules of Bankism because it saved the banks from bankruptcy but didn’t save the U.S. economy, which is now dependent upon rising debt to keep it afloat and artificially inflate asset prices. Financialization, which substitutes the expansion of debt, leverage and speculation for the creation of real goods and services in a nation, has become a toxic means to temporarily avert catastrophe by propping up the economy, but the apparent prosperity is a house of cards waiting for some black swan event to come along and burst the bubble.We are well past the point of no return. Bubble finance no longer works. The new debt is producing less and less of a stimulating effect while its rising volume makes raising interest rates impossible. The U.S. is now unable to repay its exponentially rising debt load, and the hidden insolvency now threatens the entire world economy through the domino effect of interlinkages. No one can afford to raise interest rates without crashing their economies. The Fed has basically lost its control of being able to steer the economy and its emphasis on Bankism and Bubble finance has not only ruined the country but actually turned the Federal Reserve into a rogue element undermining the nation.To complicate matters even worse, while all this has been going on the real U.S. economy has been hollowed out due to the loss of domestic manufacturing, the offshor
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