Obama's "Permanent Depression" October 6, 2009

by Will

Will Grigg?s Liberty Minute

October 6, 2009

Leon Trotsky, a founder of the Soviet Union, is remembered for creating the doctrine of permanent revolution. Barack Obama?s chief historical contribution, observes the Asia Times, may be the creation of a permanent depression.

Fervently applying the discredited economic theories of John Maynard Keynes, Obama and his advisors are systematically redistributing what remains of America?s capital into the hands of government and a handful of politically favored financial institutions.

As the Asia Times points out, when the government borrows money it ?has to come from somewhere. Right now, it?s coming from households who choose to save rather than borrow, and from the balance sheet of the Federal Reserve or the banks, as well as foreign investors.?

Foreign investors are walking away. The Banks are bankrupt. Household savings are pitifully small. All that remains is the Fed?s printing press, and the prospect of currency hyperinflation until the Fed runs out of zeroes ? or the dollar is utterly destroyed.

Let us take back the liberty wherewith Christ has made us free.

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