Five Sundays To Nationalization:The End of the Free Market in Capital in America

Gary North reports:

As a conservative, I grew up in the threat of socialism: the nationalization of the tools of production. What no one warned me was that this could be accomplished by way of a unique form of nationalization: the nationalization of insolvency.

We have lived through this process in 2008. The process will continue for several more years.

Insolvency is being transferred from the banking sector to the government sector. How much insolvency? So far in 2008, the government and the Federal Reserve System are on the hook for as much as an additional $7.7 trillion.

Solvency is being retained by the bailed-out banks: the private sector. Insolvency is being transferred to those who depend on Social Security and Medicare, and also to future investors in U.S. government debt.

This is being done with full compliance of Congress, both Administrations, Wall Street, and most voters, who do not understand the nature of the transfer process.

You'll want to read this one.