Yet destruction and creation come in one package. In other words, while Ma and Pa Kettle are losing equity like Britney's losing listeners, some are commanding interstellar earnings.
"If you're one of the 2 million American families losing your house this year, it's a depression," argues Greg Palast, BBC investigative journalist, author of Armed Madhouse and onetime student of neoconservative privatization guru Milton Friedman. "If you're a mortgage shark, happy days are here again. The difference between the Great Depression and this one is that, back then, everyone was in it. Now, it's a selective mangling. Exxon's profit hit $40 billion, the highest of any corporation since the pharaohs. So how can you say the economy is going down? For whom?"
Palast's point is well taken, even as it is ignored by everyone from the Bush administration to the financial (which is to say, entertainment) media and all the way to homeowners who ignorantly refinance so they can buy that new Hummer: Your life may suck ass, but others around you are sucking you dry. And most importantly, they're crushing the dollar on their way out the door to Dubai, or wherever suits hide in the New World Order's afterlife.
"Regardless of what the Fed does, the dollar is going to keep going down," Schiff agrees. "If the Fed keeps doing what it is doing, it won't make it out of this as a functioning currency."
"I'm sorry to tell you this," Palast adds, "but higher oil prices and weak dollars is not a failure of policy. That is the policy. Clinton had a strong dollar policy and Bush hated it. The weak dollar is a way to temporarily hike exports to create short-term pretend juice for the economy. But the weak dollar also made it easier for foreigners to buy up U.S. assets. The capitalists are cashing out of America. They're keeping condos in New York, Palm Beach and Malibu, but their investments are where the returns are fatter: Malaysia, China, India. A weak dollar helps the transfer of capital ownership."
And people say this administration is incompetent?
For sometime now, I make it clear to the bubbleheads I come across in my work that if you look at "Mission Accomplished" from the neocon perspective, theyre tellin it like it is. "Embassy" the size of the Vatican in Baghdad speaks to Cheney and the Halliburtons settin up a permanent gig: we'll be here all century..... And when they begin to refute I remind them that the Iraqi govt signed an exclusive 40 yr deal with Amer/Anglo oil interests, and then they start to see the (gas-fuelled) light.