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Once in a Century Rip-off

Economist Michael Hudson: The bailout is a giveaway that will cause hyperinflation and dollar collapse

  • Sarastro
  • posted by Sarastro
  • Date 10/2/2008 8:04:33 PM
  • Views: 947
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11 Comments

Current View: 15 / Show all Comments

kilopop19 : LVL 37: VP 4.5: said:

kilopop19

-4 votes NegativePositive

67 days 11 hours ago...

but when the free market system came to Chile living standerds improved and the people got a democracy

the free market gives people freedom but with goverment regulations it`s the equilavent of the Patroit Act on personal freedoms

edit:
ok, i didn`t say i supported Pino in anyway, i just like how the free markets gave way to democracy pretty easily, i think if China keeps liberalizing their economy they too will get democracy

http://en.wikipedia.org/wiki/Miracle_of_Chile

The "Miracle of Chile" is a term coined by Milton Friedman to describe the Augusto Pinochet`s support for liberal economic reforms in Chile drafted by the "Chicago Boys."

The implemented economic model had three main objectives: economic liberalization, privatization of state owned companies, and stabilization of inflation. These market-oriented economic policies were continued and strengthened after Pinochet stepped down.[1] Successive governments have continued these policies for a quarter century.

Today, Chile is one of South America`s most stable and prosperous nations.[2] Within the greater Latin American context it leads in terms of competitiveness, quality of life, political stability, globalization, economic freedom, low perception of corruption and comparatively low poverty rates.[3] It also ranks high regionally in freedom of the press, human development and democratic development. Its status as the region`s richest country in terms of gross domestic product per capita (at market prices[4] and purchasing power parity[5]) is countered by its high level of income inequality, as measured by the Gini index.[6]

darkangeledge : LVL 32: VP 4.1: said:

darkangeledge

2 votes NegativePositive

67 days 10 hours ago...

I`m gonna get a little island in the pacific just for me and fuck the planet.

Flynn_2006 : LVL 43: VP 5: said:

Flynn_2006

1 votes NegativePositive

67 days 8 hours ago...

Secret is out. I hope Nancy Pelosi, Barney Franks, Chris Dobb, and Obama is watching.


http://www.youtube.com/watch?v=NU6fuFrdCJY

exploder : LVL 48: VP 5: said:

exploder

2 votes NegativePositive

67 days 5 hours ago...

BULLSHIT: "but when the free market system came to Chile living standerds improved and the people got a democracy"

For a little undisputed history see:

http://en.wikipedia.org/wiki/Pinochet

From that article:

The military government also implemented economic reforms, including the privatization of several state controlled industries and the rollback of many state welfare institutions. These policies were initially very successful in recovering economic growth, and are often called el milagro económico ("the economic miracle") of the military regime in Chile, but they dramatically increased inequality and some attribute the devastating effect of the 1982 monetary crisis in the Chilean economy to these policies.

From the beginning, the military government led by Pinochet implemented harsh measures against its political opponents, which included systematic violations of civil liberties and human rights and for which he faced several unsuccessful criminal processes until his death in 2006.

On September 11, 1973, Pinochet, ... established a military dictatorship. With active support from the CIA Pinochet implemented a series of military operations in which over 3,200 people were killed, while at least 80,000 were incarcerated without trials and subjected to torture. Another 200,000 people went into exile, particularly in Argentina and Peru, and applied as political refugees; however, they were followed in their exile by the DINA secret police, in the frame of Operation Condor which linked South American dictatorships together against political opponents.

At the time of his death in December 2006, around 300 criminal charges were still pending against him in Chile for human rights abuses (torture, forced disappearance, assassination, etc.), tax evasion and embezzlement under his rule and afterwards — in 2006, Pinochet`s total wealth was estimated to be at least US$28 million.

Omnicron.4735 : LVL 37: VP 4.5: said:

Omnicron.4735

1 votes NegativePositive

67 days 1 hour ago...

The rich get richer and the poor get poorer.
In 10 years there will be no middle class, just the ultra poor, the working poor, the business owners and the ultra rich.

mcbarker : LVL 37: VP 4.5: said:

mcbarker

0 votes NegativePositive

66 days 23 hours ago...

Buy gold because the dollar won`t be worth much by the end of the year.

rmatheso : LVL 23: VP 3.2: said:

rmatheso

-1 votes NegativePositive

66 days 19 hours ago...

I`m so happy to be Canadian right now.

Dirt Digger : LVL 42: VP 5: said:

Dirt Digger

1 votes NegativePositive

66 days 12 hours ago...

Amazing what happens when you give $500,000.00 mortgages to people that make minimum wage.

maxgnr : LVL 44: VP 5: said:

maxgnr

1 votes NegativePositive

66 days 10 hours ago...

No one should argue with kilopop, let him be happy in the magical bliss called ignorance.
Despite the facts that Exploder has quoted, many Chileans still praise Pinochet.

On topic: it`s clear that internationally the dollar is fucked, at least in the short term. And i hope that it doesn`t come to it, but I believe Omnicron.4735 is right.

computermexican : LVL 29: VP 3.8: said:

computermexican

0 votes NegativePositive

63 days 16 hours ago...

Why do people think buying gold is a safe bet? First off, where do you put it for safe keeping? Second, what makes people think the government wont just make you hand it over? In 1933, Franklin D. Roosevelt confiscated the gold and silver of the American people:

Executive order: By virtue of the authority vested in me by Section 5(B) of The Act of Oct. 6, 1917, as amended by section 2 of the Act of March 9, 1933, in which Congress declared that a serious emergency exists, I as President, do declare that the national
emergency still exists; That the continued private hoarding of gold and silver by subjects of the United
States poses a grave threat to the peace, equal justice, and well-being of the United States; and that appropriate measures must be taken immediately to protect the interests of our people.


"Therefore, pursuant to the above authority, I hereby proclaim that such gold and silver holdings are prohibited, and that all such coin, bullion or other possessions of gold and silver be tendered within fourteen days to agents of the Government of the United States for compensation at the official price, in the legal tender of the Government. All safe deposit boxes in banks or financial institutions have been sealed, pending action in the due course of the
law. All sales or purchases or movements of such gold and silver within the borders of the United States and its territories, and all foreign exchange
transactions or movements of such metals across the border are herby prohibited.


"Your possession of these proscribed metals and/or your maintenance of a safe-deposit box to store them is known to the Government from bank and insurance
records. Therefore, be advised that your vault box must remain sealed, and may only be opened in the
presence of an agent of The Internal Revenue Service.


"By lawful Order given this day, the President of the United States."

Your_Moms_Daytime_Relief : LVL 23: VP 3.2: said:

Your_Moms_Daytime_Relief

1 votes NegativePositive

62 days 11 hours ago...

Rmatheso.....who do you think Canada`s biggest trading partner is? You`d best start canning a few preserves now too.

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