Friday, 28 March 2008

Is Cheney betting On Economic Collapse?

By Mike Whitney

Wouldn't you like to know where Dick Cheney puts his money? Then you'd know whether his "deficits don't matter" claim is just baloney or not.

Well, as it turns out, Kiplinger Magazine ran an article based on Cheney's financial disclosure statement and, sure enough, found out that the VP is lying to the American people for the umpteenth time. Deficits do matter and Cheney has invested his money accordingly.

The article is called "Cheney's betting on bad news" and provides an account of where Cheney has socked away more than $25 million. While the figures may be estimates, the investments are not. According to Tom Blackburn of the Palm Beach Post, Cheney has invested heavily in "a fund that specializes in short-term municipal bonds, a tax-exempt money market fund and an inflation protected securities fund. The first two hold up if interest rates rise with inflation. The third is protected against inflation."

Cheney has dumped another (estimated) $10 to $25 million in a European bond fund which tells us that he is counting on a steadily weakening dollar. So, while working class Americans are loosing ground to inflation and rising energy costs, Darth Cheney will be enhancing his wealth in "Old Europe". As Blackburn sagely notes, "Not all 'bad news' is bad for everybody."

This should put to rest once and for all the foolish notion that the "Bush Economic Plan" is anything more than a scam aimed at looting the public till. The whole deal is intended to shift the nation's wealth from one class to another. It's also clear that Bush-Cheney couldn't have carried this off without the tacit approval of the thieves at the Federal Reserve who engineered the low-interest rate boondoggle to put the American people to sleep while they picked their pockets.

I don't know how engineered it all is, but the rich (bankers, corporate heads etc) are certainly looking after themselves. These people have built risky and elaborate high end schemes to generate vast amounts of wealth while facing very little in the way of consequences when such schemes come undone.

At present we are seeing vast sums of public money being spent on all those failing banks while almost no relief is offered to the low income people who were sold the sub-prime loans, that generated this "fake" capital in the first place. Although a lot of funds and banks are going bust, the main point is that the executives who ran the show have already taken their pound of flesh with multimillion dollar salaries and bonuses. They have "made it" - the big institutions will be looked after - while the financially unsophisticated folk at the other end of the line have to live in the gutter.

The crooks ARE running the country at the expense of the common man and woman. If Cheney really thought the US economy was robust he would NOT have engaged in the investment strategies mentioned above.

[Posted at the SpookyWeather blog, March 28th, 2008.]

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