I recommend that everyone read the articles on the Financial Times web site, www.ft.com, regarding the European Central Bank's (ECB) call for global financial tightening.  This is a very different perspective from what Ben Bernanke of the US Federal Reserve Bank told Congress during the past two days. 

One can almost feel the Obama administration and Congress getting ready to add on more debt to try to create growth in our economy.  The Federal Government is trying to serve alcohol and heroin to a population that is already dead drunk and drugged out on debt.  What the US needs is to go cold turkey and purge ourselves of the excessive debt drug and alcohol that is systematic in our society.  There are levels of debt that are reasonable for consumers, local and state governments and the feds but the US economy is far over a reasonable level and we must cut back.  The alternative is to print fiat money and effectively tax or steal money from those individuals that aren't drunk or hooked on debt to pay down the debt.

We will see if the European governments follow the ECB's lead.  Don't expect the US government to do the right thing.  They will try to shoot up the US economy with more debt heroin while they serve us another shot of debt alcohol.

TPM

Below are some comments from a friend of mine regarding the actions of the Federal Reserve during the financial crisis and its aftermath.  The general public is being crushed by a combination of actions by the Federal Government and the banks that own the Federal Reserve regional banks.  Our political and financial "leaders" are pillaging us and we let them do it because most people don't understand what is happening.  Consider these words as a real world translation of Fed speak to our politicians.

"Hey Congress, now that the Banksters have pulled off the greatest wealth transfer in history  (at least $9 Trillion) from the country's taxpayers to the uber-wealthy financial elite, and while we continue this savage plundering via our zero interest rate policy as far as the eye can see to "reliquify" irresponsible banks at the devastating expense of middle-class savers and retirees, let's institute draconian austerity measures for Main Street and the taxpayers so that the consequences of our reckless and criminal actions do not lead to ruinous hyperinflation.   You must be courageous in the face of public rebellion or we will cut our contributions to your re-election campaigns.

Now that we have successfully appropriated a major share of national wealth while the rest of the country suffers incalculable financial losses, unemployment, and faces a future of reduced benefits along with broadly higher taxes and spiraling heath care and energy costs to pay back the bank bailouts -- let's not be fiscally irresponsible (that's our job).  When the inevitable deflationary crash occurs, we will be able to pick up the rest of the nation's prime assets for pennies on the dollar with our stolen war chest of wealth completing the complete domination that we are destined to inherit.  

If you do not follow our dictates, we will crash the economy right now and you will be the bag-holders for the greatest economic catastrophe in history. "

It is time to get rid of everyone in Congress that doesn't get it.

TPM

During the past few years I have read a number of history books or pseudo history books about a variety of historical periods.  The purpose of my reading has been to attempt to get a better understanding of world history so I might obtain a better perspective of our present day.  My renewed interest in reading world history was sparked during a 2007 Mediterranean cruise where I visited a number of ancient sites including Athens, Rome and the pyramids of Egypt. 

I just finished reading the books "1421" and "1434" by Gavin Menzies.  Mr. Menzies claims that a massive Chinese fleet sailed and mapped the world during the period of 1421 and 1423 and a Chinese transfer of technology to Europe in 1434 sparked many of the inventions of the Renaissance.  He also claims that Columbus, Magellan and other explorers had maps of the entire world in hand or had seen the maps before they left on their voyages of discovery.  Menzies claims that the Chinese were the source of the detailed information that allowed the maps to be created.  I have also read a substantial amount of material that is available on-line that refutes many of the details of Mr. Menzies' assertions. 

After reading all of the information it is clear that much of the world history I was taught many years ago may not be correct.  As one studies the details of all the claims and counter arguments it appears that centuries before Columbus seafarers were traveling all over the planet.  The oceans of the world weren't a huge barrier to exploration or trade.  The desire to trade goods to create wealth has been part of all cultures through-out history.

Since the US was founded as an English colony and the vast majority of our citizens are of European heritage our perspective on history is Eurocentric.   Unfortunately,  prior to the period of exploration and the Renaissance, Europe was an undeveloped part of the world in comparison with the highly developed culture in China.  Most of us have never been taught history from the perspective of the world leader of this period, China. 

The one thing that is clear to me after all of my reading is that a lot of so called facts that we acquire as we go through our daily lives are nothing more than information spin provided by parties that have an interest in controlling what we think.  We must keep asking questions and acquring many different perspectives on all issues that are important to us.  Even our history lessons about events of centuries ago need to be rethought as new facts become available.

Education doesn't stop with high school or college.  Education is a life long process that we must continually experience if we want to find out and understand what is fact or fiction.

TPM