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Analysts: All This Uncontrollable Debt Makes You Wonder About the Future of Democracy

Sep. 28, 2012 11:30pm Guest Post

[Editor’s note: the following is a cross post of an article that originally appeared on CNBC.com]:

Contrary to popular belief, bankers and politicians are not to blame for the financial crisis. Rather, it’s systemic flaws in the very nature of democracy that allowed financial imbalances to take root, or so says the authors of “Democrisis” David Roche and Bob McKee.

“Social plateshifts fostered excesses of leverage and a dearth of thrift that brought capitalism to its knees,” Roche and McKee write.

McKee blamed politicians, particularly those in democratic economies, for allowing the credit boom to take place. “Politicians did not do anything about it, they fail to control debt from rising in their countries which threatens democracy,” he told CNBC.

He argued that democracies have to reconceive themselves to address the core causes of modern-day problems, rather than treating symptoms, such as slow economic growth, joblessness and debt.

“The next five to ten years will be decisive in the extent to which politicians are able to revitalize democracy,” McKee said, comparing democracy in its current state to a computer anti-virus program.

The authors examined non-democratic political systems in successful emerging economic powerhouses and found that, although non-democratic political systems can successfully drive economic growth, not all democracies must be replaced by authoritarian regimes.

McKee does not think China will overtake the U.S. as the world’s leading economy without making its regime more democratic.

Paul Donovan, economist at UBS, told CNBC that democracy is necessary because it allows freedom of speech and freedom of expression which encourages innovation, “but some things need to be taken out of democratic processes and put into institutions which are not democratic but may have democratic oversight.”

Social unrest is on the rise as economic weakness continues, with protests taking place in Greece and Spain this week. Tens of thousands of people gathered in Athens and Madrid to express discontent over new austerity measures.

Last week hedge fund guru Ray Dalio told CNBC that he does not know if we’re beyond the point of being able to successfully manage the global financial crisis. He said he is worried about how another leg down in economic growth would cause social disruptions, and referred to when Hitler came to power in 1933 and the depth of the Great Depression.

“The fact that the Neo-Nazi party is on the rise on Greece does indicate that the connection between the rise of radical elements and depression remains a phenomenon, even in 2012,” Dalio said.

“In other, richer countries this doesn’t seem to be a trend at all, but it’s one reason to recognize that dealing with short-term economic crises (like unemployment) is also a good long-term move.”

–

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Comments (104)

666Sucks
Posted on September 29, 2012 at 8:21am
I am sick of the word democracy! If Adolf Hitler and Mother Teresa came back to life and ran for president, and Hitler won (and Mark my words, American Jews would vote him back in in a heartbeat if he offered new improved gas chambers with FREE shampoo) then that is still a democracy! What we need back is our Free Market Constitutional Republic under God!

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- SocialistSlayer
  Posted on September 29, 2012 at 8:42am
  You are correct – As long as Hitler ran on the “Democratic” ticket these fools would vote for him like the Lemmings they are ! In fact the Devil himself could be on the Commie-Crat ticket and all these ignorant fools would vote for him. They will get what they deserve ….. unfortunately the rest of us will have to suffer with them. My advice; prepare yourself and your family for the worse. The difference between us and the Commie-Crats are we are smart enough to see it coming.
  
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- Prosecute_Constitutional_Treason_In_Washington
  Posted on September 29, 2012 at 9:25am
  Agreed. I want to remind everyone under the Constitution the majority does not matter. You and I have a right to take this Country back using the Constitution as a legal basis. We have a right to remove any and all threats and attacks upon our once great nation. This is still a choice. You and I have to decide are we going to organize. Are we going to stand for liberty or be crushed by the freeloaders and marxists? Are we going to take to the streets or our we going to cowarder? Are we going to attack with worthless words or are we going to take up the cause and march on DC? Are we going to fight for our neighbors property and life or are we going to let our neighbor be stripped and sent to prison for what is unjust? Prayer, repentance, and revolution is the only way. Will you be strong and stand or weak and hide? Words will not be enough to win. The minority has every God given right under the Constitution of the US. We can not depend upon our pastors, politicians, or business leaders. The cause is everyones to organize and take back our freedoms with action.
  
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- davuf
  Posted on September 29, 2012 at 9:41am
  @prosecute – You are wrong. Demoncratically elected leaders appointed the judges that would hear those legal cases. Just as the 1960′s victories were pushed by the sympathetic courts it is likely a slew of cases based on the constitution would give more power to the Marxists by allowing the courts another opportunity to legislate from the bench. The system has been manipulated for too long for simple solutions. The only answer is to get the majority on board and overwhelmingly elect leaders with constitutional values. They will appoint better judges. When the right judges are in place, then bring your cases forward. It should take 10-20 years for the legal route to be effective.
  
  Report this comment
- John_Free
  Posted on September 29, 2012 at 10:23am
  What if the NWO were real, and this debt thing is their way of setting us up for the coming one world government….?
  
  Report this comment
- watashbuddyfriend
  Posted on September 29, 2012 at 10:38am
  @666Sucks
  Posted on September 29, 2012 at 8:21am
  
  “I am sick of the word democracy!….”
  
  A very true comment!
  
  Report this comment
- Detroit paperboy
  Posted on September 29, 2012 at 11:39am
  They are bankrupting our children to pay their wages, benefits and retirement packages…simple as that…..PERIOD.
  
  Report this comment
- Kregneva
  Posted on September 29, 2012 at 11:54am
  The best course of action would be to have everybody focus on the debt as if we were fighting World War II. Get the entire country engaged in a All Out War on Debt. Within a few years we would solve that issue and if we simultaneously reformed taxation and regulation we could reset the economy by 2020.
  We should reward economic patriots as much as we do military heroes. Medals and parades touch a special chord with various patriotic members of our American society, and give instant recognition that it takes diversity, cooperation, and broad sacrifice to be the greatest country of earth!
  
  Report this comment
- Individualism
  Posted on September 29, 2012 at 12:37pm
  Democracy doesn’t work because people are ignorant which explains support for Obama and Romney. although its questionable how multiplied from the actual numbers, the numbers shown are. Also explains the not so giant outrage of adolf hitler legislation called the NDAA that allows murderers to arrest and detain people for as long as they like.
  
  Report this comment
- GhostOfJefferson
  Posted on September 29, 2012 at 12:59pm
  Hi. Hate to break it to the columnist, but the issue is that the monetary policies of these united States ARE out of our hands. What rational person would run a debt this high in his household (percentage to income I mean)?
  
  What we need to do, and I know this will cause an uproar (because it’s true), is to stop franchising people. Remove the “right to vote” from 18 year olds, no voting until you’re 25 and can show proof of employment. Put in a basic math and Constitution requirement to vote (you have to pass a test devised for 5th graders for math and the Constitution), and you have to get an 80% or higher to get the nod to go into the booth. And if the matter of taxes is up for a vote, only property owners can pull the levers (real property, not “I own one square inch in a commune loophole” property).
  
  Again, this would cause an uproar, precisely because it’s the opposite of doing what has been done to get us to this state in our society, and the powers that be and their flocks of idiots would riot, since they wouldn’t be allowed to vote to take other people’s hard earned incomes.
  
  Report this comment
- Kregneva
  Posted on September 29, 2012 at 2:06pm
  Ghost, with all due respect your post seems to advocate the out-of-touch and royal class King George/House of Lords “elitist rule” dogma that caused the real Jefferson and the rest of our founding fathers to take up violent revolution in the first place. The 47-percent who are today fortunate enough to not pay Federal income taxes are the salt of the earth and the very soul of our country. Republicans reject Federal taxation. Wouldn’t it be great if not even one American were required to pay income taxes to the IRS?
  
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- mudbitedlite
  Posted on September 29, 2012 at 9:09pm
  @GHOSTOFJEFFERSON
  I must agree that you are far off on you solution. Democracy only takes quantity and biological age into consideration, not quality. What you just stated is still democracy (I swear this is exactly why I have been leaning more and more monarchical as of late) with an emphasis on biological age and not quality of solutions. When we started off we had the one (monarch like president), the few (aristocratic senate based on intelligence not inheritance), and the many (democratically popularly elected house) to do our legislating. The senate was there to check unjust democratic demands from the house and vice versa. Clive James stated “There is no reasoning someone out of a position he has not reasoned himself into” and you can apply this to the entire nation LEFT and RIGHT. Mass reasoning to get us out of this mess is a leftist Utopian dream that this country is not capable of doing. Please read at the very least our founders in the inherent defects of democracy and its naturally totalitarian character no matter what the age is to vote or if they are employed or not. If you would like to delve further into this subject there are many brilliant scholarly writings on democracy such as: Lord Acton, Alexis de Tocqueville, Erik von Kuehnelt-Leddihn, Plato, Aristotle and so many more. I truly believe the religion of democracy that so many hold dear is far more dangerous than Islam or any other and people must know this enemy to its very roots.
  
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Bohump
Posted on September 29, 2012 at 7:51am
WHAT FUTURE !.. The Democrat,s, .. Have Sold Us Down The River !

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- Prosecute_Constitutional_Treason_In_Washington
  Posted on September 29, 2012 at 9:32am
  Great causes are born in such adversity to freedom. Will you become another N Korea, China, or Iran or will you stand for freedom and under the Constitution even as the minority take back our rights of birth? If you are willing to fight for your neighbors family and property, you are a patriot. If you are just words, you are not needed. Take courage, freedom can be taken back but this will require a fight for freedom. Those who believe in the Constitution must organize and be willing to die for freedom if necessary. Unless you are willing to pay the ultimate sacrifice, freedom is lost forever.
  Your choice will determine your future. Evil, wicked, vile people have a strangle hold on our Country and it’s up to you and I whether freedom is lost forever. Freedom is worth more than life itself.
  
  Report this comment
KingCanon
Posted on September 29, 2012 at 6:00am
History is a phenomenon…. correct?
Well then…. there you have it!

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bikerdogred1
Posted on September 29, 2012 at 4:43am
In as a few words,Don’t you think that is the plan.That should sum it up.

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- poorrichard09
  Posted on September 29, 2012 at 7:33am
  A must read is Crisis by Design, by John Truman Wolfe-he connects the global dots and names names. Title says it all.
  
  Report this comment
- Palmer1943
  Posted on September 29, 2012 at 8:28am
  Absolutely, It is all spelled out in great detail in Saul Alinsky’s book “Rules For Radicals” taught by Obama in college.
  
  “A Marxist begins with his prime truth that all evils are caused by the exploitation of the proletariat by the capitalists. From this he logically proceeds to the revolution to end capitalism, then into the third stage of reorganization into a new social order of the dictatorship of the proletariat, and finally the last stage — the political paradise of communism.” p.10
  
  Obama is a believer ! His whole political career follows the book page by page.
  
  Vote:
  
  Report this comment
azcowboy1
Posted on September 29, 2012 at 4:10am
I’m just a country hick, but please listen to me,Trolls and all. YOU CAN’T SPEND MORE THAN YOU MAKE. There, is that so hard. Stupid is as stupid does. Doesn’t matter, socialist,communist,democracy YOU CAN’T SPEND MORE THAN YOU MAKE.
Cheezus K. Rist

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- HKS
  Posted on September 29, 2012 at 7:58am
  I was wondering about social security, does the government pay the employee half for all its employees like private business has to do? Or do they just ride the system and let it go broke? That would mean that the government deficits are much bigger than reported and social security has no chance at all.
  
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Arc
Posted on September 29, 2012 at 3:41am
Without Democracy, eventually there will be FORCED LABOR camps that will be controlled with an iron fist to ensure that the WELFARE STATE continues to exist.

Laborers will TIRE of working their azzes off to feed the sorry ones who refuse to work.

The laborers will riot because the NON WORKERS will riot

Then the previous laborers will be jailed for not caring about the less fortunate and the ruling class will be forced to make the old NON WORKERS perform.

But their performance will be SUB-PAR, thereby reducing the GDP which in turn will reduce exports and trade, the ruling class will wonder why the old welfare recipients will not perform.

The ruling class will consume one another because SOMEONE made a bad decision that created a revolution.

Back to square one.

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- woodyee
  Posted on September 29, 2012 at 7:04am
  We are founded as a Constitutional Republic.
  
  democracy = government by the people; a form of government in which the supreme power is vested in the people and exercised directly by them or by their elected agents under a free electoral system. source: dictionary.com
  
  republic = a state in which the supreme power rests in the body of citizens entitled to vote and is exercised by representatives chosen directly or indirectly by them. source: dictionary.com
  
  A democracy is mob rule.
  
  Report this comment
- Verceofreason
  Posted on September 29, 2012 at 8:00am
  We currently do NOT have a democracy. wake up.
  The government is controlled by corporations and the rich, defined as:
  Corporate controlled govt = fascism
  Rick folks controlled govt = plutocracy.
  
  America is currently a Plutocratic fascist state, a democracy in name only.
  Our elected reps have not been working – for the poeple in decades.
  
  Report this comment
- starsfan22
  Posted on September 29, 2012 at 10:47am
  “Democracy” = the French Revolution (1789-1799) included “dechristianization” and led to mass executions and later Napoleon.
  “Republic” = the American Revolution (1775-1781) acknowledged “Divine Providence” and led to a Continental Congress and later the Constitution.
  
  Report this comment
crusaderx9
Posted on September 29, 2012 at 3:26am
This is obama’s FAILURE – it brings to light the obama LIE that he would cut the deficit in half. The DEBT has been driven by >$1 Trillion deficits per year in obama’s time.

democrat solution? Roll out Bill – the misogynist sexual-harassing dis-Barred serial LIAR to spin a tale of how wonderful obama has been – even if everyone knows obama FAILED/BLAMED/LIED and was not up to the task.

What could be worse? obama and hillary looking as confused as Replacement Refs trying to get their LIES ready for the week following the terrorist attack and execution of the US Ambassador to Libya along with 2 Navy SEALS and another American citizen.

I don’t want to see another F’ing writing of this sort without obama’s picture and name in it as the PERPETRATOR of this crime.

obama put us in the hole over $5 Trillion dollars – in less than 4 years. He lobbied AND signed for the spending in 2009 and just kept spending every year after that. He’s still trying to blame Bush even though obama’s 4 years are almost up with the first 2 having democrat control of the House, Senate, and WH. AND as Leader of the democrats, obama did nothing to boot reid into fulfilling his Constitutional Duty of completing the nation’s budget.

obama has failed America in economic, domestic, and international security – it’s all at a dangerous level and TRENDING DOWN.

obama’s lazy disengaged live-off-the-taxpayer routine: Golf, Party, Campaign, Fundraise, Soft Interview, Repeat… is going

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- justangry
  Posted on September 29, 2012 at 7:07am
  Yup, none of the past government officials had ANYTHING to do with the shape we’re in.
  
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- soybomb315_II
  Posted on September 29, 2012 at 7:23am
  so all we have to do is get Obama out and our problems will be solved….
  
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sWampy
Posted on September 29, 2012 at 2:34am
The family that caused the cancelation of the black wedding in crystal spring ms are getting married tomorrow, everyone should show up to stop it.

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LameLiberals
Posted on September 29, 2012 at 2:32am
Thomas Jefferson QUOTES:

(too late The USA is now doing this)
“The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. ”

(too late SS/Medicare/Medicaid/ObamaCare/RomneyCare, TSA, etc )
“I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.”

Too late USA is WAY over regulated and getting worse
“My reading of history convinces me that most bad government results from too much government.”

“The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.”

In light of the present financial crisis, it’s interesting to read what Thomas Jefferson said in 1802:
“Banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquere

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birdmanbob4
Posted on September 29, 2012 at 1:52am
Solving this one is easy (unless your a Keynesian) ,,,,

PEG THE DOLLAR TO GOLD,,,,,,,like it was before Nixon

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- TSUNAMI_22
  Posted on September 29, 2012 at 2:59am
  There’s not enough gold.
  
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- justangry
  Posted on September 29, 2012 at 9:55am
  But there are other commodities as well.
  
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- Norm D. Plume
  Posted on September 30, 2012 at 2:30am
  Peg the dollar to the melt value of gold, in dollars. Peg the coinage to its melt value, valued in gold. Get rid of paper. We are going to need to keep SOME kind of commerce flowing, with the tokens we have to hand, even when the ridiculous fiat monstrosity it’s attached to goes boom.
  
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LeadNotFollow
Posted on September 29, 2012 at 1:42am
…
America is 16 Trillion Dollars in debt.
Stop sending money to other countries.

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Delores at CH WV
Posted on September 29, 2012 at 1:26am
Republic, you uneducated, useless, lazy pundits! We would be financial sound if the Marxist Americans and their foreign Masters hadn’t colapsed our Stock Market. Remember, how someone ? made an error and caused the stock market to crash!!!!!!

It was the action of Central and World Banks; The Masters convinced our government to open an endless checkbook that only has borrowed money in the Treasury account; to loan to these Corrupt bankers money they did not want or need.

Now, are dollar is weak, production down, and less money flowing into the Treasury because of this Administration and that missing in action, Sec. of Treasury, little, brainless, corrupt Timmy G.

Fed Up:

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- JACKTHETOAD
  Posted on September 29, 2012 at 2:34am
  The future for ‘democracy’ (mob rule) looks. good. Our Republic is in deep poo.
  
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mudbitedlite
Posted on September 29, 2012 at 12:57am
Ahh yes the anti-intellectualists are out tonight. This has been the problem of the right for so long it’s almost embarassing to be a Republican. We are far closer to a fascist government than a socialist government ( which they are very similar in nature but there is a difference ). We have been warned by the most brilliant minds through history that democracy leads to instability and a government of the stupid, by the stupid, and for the stupid. Plato, Aristotle, Lord Acton, and De Tocqueville with many more warned about this exact thing and yet nobody sees that a democracy has always led to a totalitarian gov’t regime throughout history. We are all scared about socialism and imperialism and try to blame forms of gov’t that we just clearly are not without looking at the form of gov’t that we are? Which is far worse in my opinion. Democracy brings forth rivaling factions (class warfare is the most natural), gridlock (which leads to imperialism), instability (which leads to gov’t intervention), added with the stupidity of the masses and you have the recipe for a collectivist society. There are so many scholarly books on this subject, but you can just look at quotes from our founders to see that they fully understood democracy and its defects so they made us a FEDERAL ( i can’t stress that word enough ) republic. You can’t fight an enemy until you get to its very roots and in America’s case (maybe the worlds) it’s democracy.

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- woodyee
  Posted on September 29, 2012 at 1:11am
  Nice! Good post! Thank you.
  
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- 1TrueOne55
  Posted on September 29, 2012 at 2:41am
  Yeah weill the “Democrat Party” needs to know the difference between a ‘Federal [representative] Republic’ and a “Democracy”. The first 10 yrs after the winning of the Revolutionary War from England we tried a form of Democracy within each state and it failed. Then our Congress called for a special meeting in Philadelphia and created the then New system we have today, a Federal Republic with a Constitution that could be added to but not subtracted from.
  
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- RepubliCorp
  Posted on September 29, 2012 at 2:59am
  As long as I got my Obama phone ……all is good
  
  Report this comment
- mudbitedlite
  Posted on September 29, 2012 at 3:57am
  @1TRUEONE55
  At our founding of the new constitutional republic we were far from representative. We had a form of mixed government with a new theory of separation of powers (not a pure theory but mixed) that had a bicameral legislature. Remember that our senate was not representative in the same was that the popular house was. Neither was the judicial branch. This has changed and in essence has made our bicameral legislature into a unicameral legislature based on popular rule. I don’t get where you think we can’t take away from our constitution???We as individuals reserved the right to over throw our government and instill a new form if need be making the people absolute sovereigns in the constitution. And this isn’t just a democrat thing. We have seen many on the right (in many instances to a far more tyrannical way) rule by one man instead of the rule of law (which was John Adams definition of a republic and I tend to agree with him more so than Thomas Jefferson who believed that republics were defined in their ability to be representatives of the people). And to call the states form of a democracy a failure can only be stated from a nationalistic P.O.V., I think many states would have disagreed with you in their failure.
  
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- OLDPAINT
  Posted on September 29, 2012 at 4:17am
  No doubt the govt. will be drawing on the ‘teachings’ of Torquemada and the Marquis de Sade too. Maybe even some American Indian tortures too. Let’s play ‘good-chiief – bad-chief.’ Obama or Romney.
  
  Report this comment
RevRiles
Posted on September 29, 2012 at 12:53am
Of course it does. America is our last best hope. (No, Islamists didn’t found any of the 13 original colonies.)

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Solidspine
Posted on September 29, 2012 at 12:51am
The problem is Buckwheat, get rid of him and Romney can start to straighten out the mess Buckwheat has made.

Bush gave Buckwheat and excellent starting point

and buckwheat is so stupid he just had to screw it up,

he did this intentionally and wasted the trillions of dollars intentionally because he hates America, and he hates white people.

simply jealous.

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- NOTMOHAMMED
  Posted on September 29, 2012 at 2:00am
  Dhimmi, why you do this to me Dhimmi…
  
  Father Karras’ Mother
  
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Old_Warrior
Posted on September 29, 2012 at 12:25am
I’ve said it before, and I’ll say it again. Only this time, I feel the need to shout it.

WE DO NOT LIVE IN A DEMORACY!!!!!

WE LIVE IN A CONSTITUTIONAL REPUBLIC!!!!!!

When we say the pledge, the key proof is when you say… “AND TO THE REPUBLIC FOR WHICH IT STANDS”

Not, “and to the Democracy”

If you don’t understand the differences, better educate yourself like yesterday, because in so many tomorrows you’re about to vote. Now will your vote come from an uneducated fool who enjoys being lied to from both parties… or do you actually want your vote coming from somebody who is no longer duped?

Apologies to the people who know what I’m talking about. I can’t stand it when I read crude like that ‘Democracy’ word when spoken as if that is the type of Government we’re supposed to be.

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- pwatkins
  Posted on September 29, 2012 at 12:43am
  Agreed..I am tired of hearing democracy from these idiotiotic socialists..
  
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- mudbitedlite
  Posted on September 29, 2012 at 1:00am
  We were a republic. You must educate yourself and realize that we are a democracy and understand the differences and when, how, and why this happened. And btw, we were a constitutional FEDERAL republic.
  
  Report this comment
- BurntHills
  Posted on September 29, 2012 at 1:14am
  socialists ”like to be social” [what frickin useless morons] so they think they are here in ‘a democracy’. democrats = communists.
  
  this is a REPUBLIC. our Forefathers fought and died to keep THIS nation, this America!, FREE from communism and it STAYS America. we will never let the communists in DC rig the rules again,
  
  38 more days + 10 weeks, and we will be bleaching the communist stench from the WH as 100% AMERICAN President Romney in inaugurated.
  
  Report this comment
- Chet Hempstead
  Posted on September 29, 2012 at 5:25am
  We all know that this is a republic. No country in the world is a democracy in the sense that the Ancient Greeks used the word, but we’re not living in ancient Greece and we’re not speaking Greek, we’re living in the twenty-first century and speaking English. When people use the word democracy today they are referring to constitutional republics with elected legislatures just like ours. The word republic is too imprecise to be meaningful, since one definition of the word is any country that is not a monarchy, and most dictatorships have the word republic in their name. So people are going to continue to refer to the countries of the free world as democracies, because it’s shorter than calling them constitutional republics with elected governments, and you might as well get used to it, because that’s what the word means now to speakers of twenty-first century English.
  
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ScarletRose
Posted on September 29, 2012 at 12:23am
IF by ‘democracy”, you mean “THE DEMOCRAT PARTY”.

It isn’t worth trying to “unify” with that “half” of the nation. Like trying to sleep with Cleopatra’s hordes of poisonous asps, and all the rattlesnakes in the world, and all the coral snakes, etc, etc, et al.

I believe in prosecuting Treason and Sedition against Ratified Constitutions, ratified by a super-majority of WE THE PEOPLE.

A VOICE is one thing – CONTROLLING AUTHORITY is something else. I don’t believe in defending suicidal masochistic fools, any more than I believe in obeying Malignant Narcissistic powermongering micro-managers, either.

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Cato_the_Younger
Posted on September 29, 2012 at 12:15am
I would have to disagree with their diagnosis. While they are correct to lay blame on government, that would seem to be only half of the cause. The other half would be the banks themselves who agree to do fractional reserve banking. The very nature of the system is based upon fraud, legalized by corrupt politicians. Fractional reserve banking gives the appearance of growing the economy, simply because more dollars are injected into the economy, but like everything else based on illusions, reality eventually sets in. In the end it is very profitable to the banks and the original recipients of the freshly printed money, but bad for everyone else. If they wanted these crashes to end they would need to stop fractional reserve banking, go back sound currency, and do away with central economic planning centers, such as the Federal Reserve in America. But to do so would also contract the government’s size immediately and immensely, and upset many of the special interest. This requires courage and morality on the parts of legislature and and honesty on the part of the executive branch in order to happen; traits that I fear are not to be found within people who run our general government.

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- drs1969
  Posted on September 29, 2012 at 12:38am
  Bernanke=Taxation w/o Representation. Donovan says this good! Yea, good for him and his banking Lords. Free markets always stop credit bubbles from ever getting this bad. We’re no longer protected by free market discipline.
  End the Fed.
  
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apojoe69
Posted on September 29, 2012 at 12:03am
Bulls..t! Isn’t uncontrolled debt what crushed the Soviet Union? Becoming more socialist is not an answer to controlling debt. Being responsible will help. Making more money than you spend will help. There is presently no better way in the world to make sustained profits than by the way of capitalism. The freedoms provided by our constitution and laws provides the best pathway for capitalism to operate. God bless America. Redistribution is promoted by liars and thieves and is amoral. It discourages people from being the best that they can be and promotes elitism and racial hatred.

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- soybomb315_II
  Posted on September 29, 2012 at 12:13am
  free markets, free people, and protection of private property. Anything else leads to socialism
  
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- Gonzo
  Posted on September 29, 2012 at 7:22am
  Yet you do everything in your power to make sure Obama gets re elected Soy. Scratching my head.
  
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- soybomb315_II
  Posted on September 29, 2012 at 7:55am
  i’m not voting for Obama and i have never said a nice thing about him – how do you figure?
  
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- Gonzo
  Posted on September 29, 2012 at 8:21am
  You’re not voting for Romney and you take every chance to bash him. I didn’t vote for him either but, he’s the only other horse in the race and as much as we both may wish for someone better, he IS better than Obama.
  
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- soybomb315_II
  Posted on September 29, 2012 at 11:09am
  Gonzo, I dont need to wish for someone better – there is already someone on my ballot who is better than Romney
  
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Gary_K
Posted on September 29, 2012 at 12:00am
Bull**** ! The cause was the collapse of the financial system that Frank/Dodd built…ya want to know where all the $ went? It went to China to pay for the bad paper that was sold to them by the banks, all the bad mortuages that were made under Frank/Dodd…..

They stole our money to bail out the banks !!!!

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- Anonymous T. Irrelevant
  Posted on September 29, 2012 at 12:35am
  I agree, Senator Obama pushed it, too, as did Bwaney Fwanks lover, Herb Moses, and Franklin Raines.
  The US needs to start drilling for oil and natural gas. Build refining plants to create gasoline and other petroleum products. Start ramping up manufacturing, provide tax benefits and tax incentives for companies to move back to the US. Provide small business loans to entrepreneurs, and inventors.
  We can bring this country back, we will need to make sacrifices, especially those who were on the govt. dole.
  
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U.N.hater
Posted on September 28, 2012 at 11:53pm
I’m sure it has nothing to do with the U.N./IMF or federal reserve. Just who is getting all the cash when the fed’s print? Sure aint me but i gotta pay it back. Oh and democracy suck’s that’s why we live in a republic who has drifted away from our constitution that’s the problem….

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The-Monk
Posted on September 28, 2012 at 11:50pm
“Analysts: All This Uncontrollable Debt Makes You Wonder About the Future of Democracy”

No….

All This Uncontrollable Debt Makes Me Wonder About the Future of the Republic.

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- soybomb315_II
  Posted on September 29, 2012 at 12:41am
  we stopped being a republic right after the civil war. that is the unfortunate truth
  
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Josiah13
Posted on September 28, 2012 at 11:44pm
How is this a surprise? A decline in thrift, coupled with reckless credit practices and a lack of morality, responsibility and accountability has brought us to our knees. Easy fix…

1. Admit problem
2. Communicate problem to populace in honest real terms, educate them so they know what they are up against. Begin economic plan by freeing up manufacturing, energy, transportation industries
3. Ask for everyone’s assistance in banding together, stop printing money
4. Communicate plan for recovery, encourage people to help each other and seek help from churches and civic organizations if necessary..keep focus on domestic energy to decrease costs and create jobs.
5. Encourage population to help one another as we attempt to reverse years of credit abuse. Encourage lifestyle of earning and owning. Encourage value of knowledge, relationships, helping others and character over amounts of stuff.
6. Give populace regular updates on our status and how they efforts are going month after month and yearly.
7. Set goals for country…project dates for certain milestones
8. Celebrate as recovery gains steam
9. Give credit to God and the people not the government
10. Live in the USA again

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Gregb
Posted on September 28, 2012 at 11:40pm
it is welfare, social security, medicare, and high taxes and obama has made it worse with his obamacare taxes that will take effect next year.
Seems like that is his plan to take America to its knees and destroy our constitutional rights.
obamacare needs to be repealed and Romney will do it.
We need a successful professional businessman to run our country and not a muslim brotherhood politician.
Romney/Ryan in November to save America!

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- Exrepublisheep
  Posted on September 28, 2012 at 11:46pm
  All of your reasons pale in comparison to corporate welfare and the extremely bloated military/industrial complex.
  
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woodyee
Posted on September 28, 2012 at 11:38pm
Contrary to popular belief, bankers and politicians are not to blame for the financial crisis. Rather, it’s systemic flaws in the very nature of democracy that allowed financial imbalances to take root, or so says the authors of “Democrisis” David Roche and Bob McKee.

McKee blamed politicians, particularly those in democratic economies, for allowing the credit boom to take place. “Politicians did not do anything about it, they fail to control debt from rising in their countries which threatens democracy,” he told CNBC.

SO WHICH IS IT?!?!?
Politicians make the promises, write the laws, and sign them into law. In layman’s terms, the fish stinks from the head down. Didn’t need a book for that…

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- drs1969
  Posted on September 29, 2012 at 12:28am
  The Fed’s suppression(rigging) of interest rates, starting w/Greenspan, inflated the bubble. Now, Bernanke aims to continue stealing from everyone to keep the banks and Pols propped up.
  This whole article is praying for more failed statism. Donovan is exactly wrong, if the Fed, didn’t exist, things could never havw gotten this bad. He works for bankers.
  
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- mudbitedlite
  Posted on September 29, 2012 at 1:52am
  @DRS1969
  I don’t know what article you read or how you turned this to more statism. We must remember that in a democracy that everyone has a voice. Things such as monetary policy and fiscal policy are often far to big or hard to understand that far more than a majority can’t even think about it let alone comprehend and vote rationally. Even your statement leaves out many aspects to the bubble and its creation that I don’t think you fully comprehend that situation let alone the article. The little carrots on the stick that lead everyone to the polls and vote are far more important to our great friend the “common man” which is what democracy is supposed to represent. To think that with the end of the federal reserve will come the America of our forefathers is very silly.
  
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