A commercial predicting the “End of America as we Know it” has been getting some exposure recently on some cable TV stations. The commercial claims to be extremely controversial and sends you to this website to watch a somewhat lengthy video.
I watched most of the video, turning it off only when it became, as I expected, a sales pitch. The person who did the video claims to be, and perhaps is – I did not research him – an investment research specialist with a excellent, or so he claims, track record. The gist of his message is that the United States is facing an imminent currency crisis of apocalyptic proportions. What he appears to be selling, based on the little of his sales pitch that I did see is his advice on how to prophet from this catastrophe. To quote John Cougar Mellencamp, “Isn’t that America?” Only in America is it considered “ethical” to profit from other people’s suffering.
What troubles me the most about this guy’s message is that it comes from the sector of American business that, imho, is most responsible for the current financial woes. It is the, to be polite, unethical and often fraudulent practices of at least some of the largest and most powerful investment firms in this country that are pushing this economy to the brink of disaster. The message of this video is, imho, a self fulfilling prophecy. A prophecy that is meant to cause the prophesied events to happen in order that a few might profit from the gloom’n’doom of the prophecy. This guy makes Bernie Maidulf look like a saint.
I just want to comment on one thing used in the video to illustrate the supposed anti-business climate here in America, something that is prevalent in the message of many conservative politicians, they harp on the fact that the U.S. corporate tax rate is 35%, but they fail to mention that many of the largest corporations, E.G. General electric, actually pay little, if any, Federal taxes on their profits, thanks to the many loopholes in the tax code. Maybe if these corporations, especially the large banking and investment firms, actually paid that 35% tax on their profits, we would not have this huge deficit.
I do agree that the U.S. economy is still very fragile and, yes, we are still at risk for a major collapse. However, I take issue with this man’s interpretation and solution, it is the greed inherent in what we euphemistically call “the free market system” that is the root of the problem. One only has to read the novels of Charles Dickens to see the effects of unbridled capitalism.