Death of 'Soul of Capitalism': Bogle, Faber, Moore
20 reasons America has lost its soul and collapse is inevitable
By Paul B. Farrell, MarketWatch
ARROYO GRANDE, Calif. (MarketWatch) -- Jack Bogle published "The Battle for the Soul of Capitalism" four years ago. The battle's over. The sequel should be titled: "Capitalism Died a Lost Soul." Worse, we've lost "America's Soul." And, worldwide, the consequences will be catastrophic.
Here are the 20 reasons America has lost its soul and collapse is inevitable according to By Paul B. Farrell from MarketWatch.
1. Collapse is now inevitable
2. Nobody’s planning for a ‘Black Swan’
3. Wall Street sacked Washington
4. When greed was legalized
5. Triggering the end of our ‘life cycle’
6. Wall Street wealth now calls the shots in Congress, the White House
7. America’s top 1% own more than 90% of America’s wealth
8. The average worker’s income has declined in three decades while CEO compensation exploded over ten times
9. The Fed is now the ‘fourth branch of government’ operating autonomously, secretly printing money at will
10. Since Goldman and Morgan became bank holding companies, all banks are back gambling with taxpayer bailout money plus retail customer deposits
11. Bill Gross warns of a "new normal" with slow growth, low earnings and stock prices
12. While the White House’s chief economist retorts with hype of a recovery unimpeded by the "new normal"
13. Wall Street’s high-frequency junkies make billions trading zombie stocks like AIG, FNMA, FMAC that have no fundamental value beyond a Treasury guarantee
14. 401(k)s have lost 26.7% of their value in the past decade
15. Oil and energy costs will skyrocket
16. Foreign nations and sovereign funds have started dumping dollars, signaling the end of the dollar as the world’s reserve currency
17. In two years federal debt exploded from $11.2 to $23.7 trillion
18. New financial reforms will do little to prevent the next meltdown
19. The "forever war" between Western and Islamic fundamentalists will widen
20. As will environmental threats and unfunded entitlements
He ends the article writing:
"America Capitalism" is a "Lost Soul" … we’ve lost our moral compass … the coming collapse is the end of an "inevitable" historical cycle stalking all great empires to their graves. Downsize your lifestyle expectations, trust no one, not even media. "
"(…) There is a high probability of a crisis and collapse by 2012. The "Great Depression 2" is dead ahead. Unfortunately, there’s absolutely nothing you can do to hide from this unfolding reality or prevent the rush of the historical imperative."