Understanding the Fiscal Cliff Hoax
One key thing you have to understand about Washington D.C. is that politicians have to keep making sure you think they are relevant. 100 years ago this was not the case. Washington, had virtually no control of the country. This was fine because that was how the federal government was supposed to work. It was only in control of a few key things. With the advent of the 4th central bank of the US, the federal reserve plunged the nation into ultimate control by the federal government. From then on, politicians in Washington have fought an ever increasing battle to gain control and impress upon citizens that they are relevant.
Enter the fiscal cliff
The fiscal cliff is just one of the latest, in a long line of disaster scenarios engineered by Washington to make citizens think that Washington is somehow integral to the nation’s economy. Nothing could be further from the truth. The corner store that hires 20 people is far more important to a community than anything Washington could ever do. But, Washington does not want local citizens to realize this.
PAUL CRAIG ROBERTS of CounterPunch states:
“Last June 5 I pointed out that according to the Office of the Comptroller of the Currency’s fourth quarter report for 2011, about 95% of the $230 trillion in US derivative exposure was held by four US financial institutions: JP Morgan Chase Bank, Bank of America, Citibank, and Goldman Sachs.
With the repeal of Glass-Steagall these honest commercial banks became gambling casinos, like the investment bank, Goldman Sachs, betting not only their own money but also depositors money on uncovered bets on interest rates, currency exchange rates, mortgages, and prices of commodities and equities.
These bets soon exceeded many times not only US GDP but world GDP. Indeed, the gambling bets of JP Morgan Chase Bank alone are equal to world Gross Domestic Product.
The hoax is the propaganda that the fiscal cliff can be avoided by reneging on promised Social Security and Medicare benefits that people have paid for with the payroll tax and by cutting back all aspects of the social safety net from food stamps to unemployment benefits to Medicaid, to housing subsidies. The right-wing has been trying to get rid of the social safety net ever since Franklin D. Roosevelt constructed it, out of fear or compassion or both, during the Great Depression.”