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Posted by on Aug 21, 2011 in In The News, TG Roundup

This Blogger’s Sentiment Goes Mainstream

Lately I have been writing a lot about rising income gap in America, revolutions, pitchforks and torches etc. The Tea Party folks are  delusional in thinking that they are “the revolution.” They think they are championing for the general masses with their protect the rich – err, ‘job creators’ from the evil government rhetoric. If anything, they are champions of an extremist Ayn Rand ideology. If anything they are championing for a lost cause. Hunger leads to riots, revolutions. Tea party are ANGRY folks, not HUNGRY masses.  I think the hungry masses will hit the streets soon in America.

From CBS Marketwatch:

Aug. 16, 2011, 12:01 a.m. EDT

Tax the super-rich or riots will rage in 2012

Commentary: 6 reasons we can’t stop coming economic meltdown

SAN LUIS OBISPO, Calif. (MarketWatch) — What a year. Rage in London, Egypt, Athens, Damascus. All real. Just a metaphor in the new “Planet of the Apes” film? No, much more. Warning: More rage is dead ahead. Across our planet a new generation is filled with rage. High unemployment. Raging inflation. Dreams lost. Hope gone. While the super -rich get richer and richer.

Listen to that hissing: The fuse is rapidly burning, warning us. Wake up before the rage explodes in your face. This firestorm is endangering America’s future. From forces outside, yes. But far more deadly, from deep within our collective psyche. We have lost our moral compass. We are self-destructing.

Tax the super-rich, or revolution will overrun America next

Yes, tax the super-rich. Tax them now, before the other 99% rise up, trigger a new American Revolution, another meltdown, a new Great Depression. Historically, revolutions build over long periods, bubbles growing to critical mass. Then, “something happens.” Suddenly. Unpredictably. A flashpoint triggers ignition. Nobody saw it coming in Egypt. A suicide in a remote village uploaded on a young Google executive’s Facebook page. Goes viral, raging out of control. Cannot be stopped. So think hard about these six warnings blowing a new mega-bubble that will soon explode in our collective faces:

1. Warning: High unemployment is a global ticking time bomb

An earlier special report in Time, “Poor vs. Rich: A New Global Conflict,” warns that a “conflict between two worlds — one rich, one poor — is developing, and the battlefield is the globe itself.”

Just 25 developed nations with 750 million citizens “consume most of the world’s resources … enjoy history’s highest standard of living.” But now they face 100 poor nations with 2 billion people, many living in poverty, all demanding “an ever larger share of that wealth.” A British leader calls this a “time bomb for the human race.”

2. Warning: Tax cuts for the rich increase youth unemployment

In a New York Times column, Matthew Klein, a 24-year-old Council on Foreign Relations researcher, saw the parallel between the 25% unemployment among Egypt’s young and the 21% for young Americans: “The young will bear the brunt of the pain” as governments rebalance budgets. “Taxes on workers will be raised, spending on education will be cut while mortgage subsidies and entitlements for the elderly are untouchable.” And more tax cuts for the rich.

3. Warning: Rich get richer on commodity inflation, poor get angrier

USAToday’s John Waggoner warned: “Soaring food prices send millions into poverty, hunger.” The “rise in food prices means a descent into extreme poverty and hunger, warns the World Bank.” One Pimco manager warns that commodity inflation exposes “the underlying inequalities and issues related to the standard of living that boil beneath the surface.”

4. Warning: The super-rich are blinded by their addiction to money

In “Free Lunch: How the Wealthiest American Enrich Themselves at Government Expense (And Stick You with the Bill),” David Cay Johnston warns that the rich are like addicts, and to “the addicted, money is like cocaine, too much is never enough.” Recent data: 300,000 Americans in “the top tenth of 1% of income had nearly as much income as all 150 million Americans who make up the economic lower half of our population.”

5. Warning: Politicians are corrupted by this super-rich addiction to greed

In “Washington’s Suicide Pact,” Newsweek’s Ezra Klein warns: “Congress is careening toward the worst of all worlds: massive job losses and an exploding deficit.” And the debt-ceiling drama just made things a lot worse. Millions of jobs were lost during Bush years, his wars, tax cuts for the rich. Yet, today the GOP is in total denial of that legacy, blinded by an obsession to destroy Obama’s presidency, no matter the consequences.

6. Warning: Soon the revolutionaries will rage, then dominate ‘Third World America’

Read full article here