by CHARLES HUGH SMITH
Of Two Minds

The unprecedented credit-fueled bubbles in stocks, bonds and real estate are popping, and America’s corrupt leaders can only stammer and spew excuses and empty promises.

Unbeknownst to most people, America’s leadership made a pact with the Devil: rather than face the constraints and injustices of our economic-financial system directly, a reckoning that would require difficult choices and some sacrifice by the ruling financial-political elites, our leaders chose the Devil’s Pact: substitute the creation of asset-bubble “wealth” in the hands of the few for widespread prosperity.

The Devil’s promise: that some thin trickle of the trillions of dollars bestowed on the few would magically trickle down to the many. This was as visibly foolish as the promise of immortality on Planet Earth, but our craven, greedy leadership quickly sealed the deal with the Devil and promptly inflated the greatest credit-asset bubble in human history.

Rather than trade away one’s soul, America’s leaders traded away the future security and stability of the nation. By refusing to deal with the real problems exposed by the collapsing financial scams in 2008-09, our leaders–both the unelected Federal Reserve and the elected “best government money can buy”–chose to bail out the scammers who had greased their palms so generously and sacrificed the prosperity of the many to do so.

This is more or less the equivalent of sacrificing innocents at the altar of the gods to ensure the leaders’ rule will continue to be successful.

The Devil was delighted to serve up the illusion of godlike powers to our corrupt, greedy leaders. The deal looked oh-so win-win: we enrich the top few percent and offload the costs and sacrifices on the powerless many, who were told that they would benefit from the trickle of cash leaking out of the super-wealthy’s bulging pockets.

But now the Devil is demanding his due: the unprecedented credit-fueled bubbles in stocks, bonds and real estate are popping, and America’s corrupt leaders can only stammer and spew excuses and empty promises. All this amounts to begging the Devil to renegotiate the deal because now the downside is not just visible but inevitable. So sorry, America’s leadership–the Devil doesn’t respond to pleas or threats. Sorry about that; the deal stands as agreed. All your bogus gains and powers will evaporate, and then the destruction really begins.

How does all this end? In ruin, of course. Our craven, self-serving leadership may well bleat, “the Devil made us do it!” but that is not true: they fell all over themselves to sell the future stability and security of the nation for the quick-fix riches of bubbles and corruption.

Read the full article at Of Two Minds.

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