Monday, February 13, 2012

On the wings of Icarus

Greece is the epicenter of a drama that threatens to unwind with all the intrigue and subterfuge of ancient Greek myths and tragedies. As with the legend of Icarus, big, and now bigger, transnational banks provoked the gods with their wax-and-feather financial fabrications to create the appearance of soaring wealth. Now that they have flown too close to the sun and their wings have melted, these banks are being brought to earth by the obligations and consequences imposed by their fabrications.

Rather than take responsibility, these banks seek to appease the gods by sacrificing taxpayers. In fact, if one looks closely, these banks aspire to be gods themselves. They clothe themselves in their indispensability and shield themselves from accountability with tales about how many innocent citizens will be hurt if they don’t get their next bailout. It is as if they say, “We are above the law… We are the law.” Mathematics, legal enforcement, restraint, humility all must fall under the sword of their hubris.

In the end, just as with a Greek tragedy or a Yeats poem, this center cannot hold and things fall apart. When one abuses the laws and principles of mathematics and capitalism, claiming to be a faithful servant, consequence and accountability eventually catch up. The breaking point inexorably nears. Citizens are beginning to think, voice, and act: “We can do without the false idols that call themselves banks. In fact, we need them to be dissolved for us to survive and thrive.”

Reality is the revenge of the gods.

The Great Unwinding, a theme BRT has written about on more then one occasion, is finally at hand regarding all things relating to finance.

The Ponzi scheme of transforming dollars into bits and shuffling them about in the vain attempt to paper over the financial folly the central banking system has perpetrated on the world for nearly 100 years, has finally run it's course, thus precipitating the upcoming wrenching change about to be foisted upon the TBTF banks and the minions who work at their beckon and call. No doubt, the anticipated carnage will impact everyone in possibly disastrous ways but, like the 5th Labor of Hercules, the equivalent of the fetid Augean financial stables must be cleared of central banking hegemony if we are to move into a viable economic and political environment able to handle the ever changing vagaries of a most uncertain future.

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