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Sunday, July 10, 2011

IMF chief, Christine Lagarde says "real nasty consequences"

In essence, what the IMF chief, Christine Lagarde, said today is this:  The US must privatize Social Security and Medicare in order to prevent "real nasty consequences" if the US does not lift its debt ceiling.  As a member of the ruling elites she is holding a gun to our government; the Republicans are aiming that gun as well. The non-negotiations by President Obama with the Republicans will result in a loss of social supports for tax payers that we have already paid for.  Think IMF.  Think Greece recently.  Then, of course, Wall Street will administer what remains of Social Security, for a fee.  This is just the same way Goldman Sachs held the gun to AIG and the US economy back in September of 2008 until they got the tax payers to give them the money that AIG had lost.  And we got to keep the "toxic assets." Matt Taibbi in Griftopia reports that estimates of the eventual cost of the AIG and mortgage scams may exceed "$13-plus trillion."  And, of course, let's just blame the people who lost their homes, the rape victims.  They should not have been hanging out in the wrong country.  Shame.  What is to be done?

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