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The End of America's Grand Economic Bargain
h/t Gates of ViennaThe "grand bargain" that has been the basis of the American economic system since 1913 is entering its end-game phase. What will replace the expiring order is unknown, but there are two substantially different substitutes that could emerge over the medium term. One is a return to the free market that existed before the institution of the progressive income tax and the Federal Reserve in 1913. This isn't likely, given the weakness and inability of so-called conservative "leaders" to communicate ideas effectively. The other is a form of financial repression resulting in the kind of fascistic state seen in Venezuela. This is the more likely scenario, given President Obama's mesmeric hold over the mainstream media, government employee unions and the burgeoning recipient class. Posted by: g(r)omgoru 2013-01-15 |
| http://www.rantburg.com/poparticle.php?ID=360142 |