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Tom Luongo: It’s the Debt, Stupid

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But that doesn’t jibe at all with the “COVID will kill us all” narrative.  Even with the promise of vaccines they won’t let go of the fear. 

By Tom Luongo for Daily Liberty News

Nearly thirty years ago Bill Clinton won the presidency with four simple words which summed up the failures of Bush the Elder’s administration…

“It’s the economy, stupid.”

In January, Joe Biden took office in the wake of a ‘pandemic’ which devastated the global economy.  And to the best of my ability to parse, Biden believes COVID-19 more dangerous to America than the damage to its economy our response created.

It’s hard to parse anything Biden says because on the best of days he’s mostly incoherent.

But the divide along partisan lines engendered by COVID-19 are deep. It emboldens him and the Democrats to extend the narrative that COVID is more dangerous than a broken economy for as long as possible, using it to exercise unprecedented power in U.S. history.

Biden has asked for a national mask mandate as a kind of Works Project Administration for the 21st century.  Let’s all come together in fear to beat the virus by destroying what’s left of the middle class and the Constitution.

Nowhere is that divide more pronounced now than in seeing which states have followed Florida and North Dakota’s lead in refusing to go along with the fear.  In the past week important states like Texas and Missouri have seen their governors lift occupancy restrictions on buildings.

They have opened their states while openly defying Biden and the media’s continued insistence on being afraid of the virus.

There’s an infinite gulf between respecting the power of something and living in fear of it.

That message applies equally to any health emergency as well as our governments.

But so much damage to the psyche of America has already been done.  I see it all the time living in Florida.  I see it on the faces of the people coming in from the locked-down states.  They are afraid to walk freely.

They look like they were just released from prison.  Because they were.

Frankly, they’re a bit freaked out about how casual we are about the whole thing.  And this isn’t to say we don’t still respect the virus.  But we won’t let it consume us with fear.

Fear is the antithesis of liberty.

Fear makes people crazy.  It robs them of their reason and allows unscrupulous politicians to run wild stoking it for their own cynical purposes.

And the cynical purpose du jour is the World Economic Forum’s Great Reset. It intends to destroy the current economy and build it back better by taking total control over the flow of capital via surveillance and digital money.

They sell this to their constituency as a sustainable and green economy, an equitable one built on the false premise that capitalism is unfair.

Which brings me back to Bill Clinton and his four words that won the presidency back in 1992.

Politically, the Democrats are committing hari kiri continuing this fear campaign.  Most people don’t want to live in fear.  Most people went along with this out of politeness, not ideology.

They are fleeing the states with the most draconian laws concerning COVID.

Their businesses are gone.  Their children depressed if not suicidal.

The fear is a narrative to mask the real problem we’re facing, which the World Economic Forum and the Democrats know all too well.

The unsustainability eating away our economy isn’t a function of capitalism’s rapaciousness, it’s a function of debt.  While debt has its place in any good economic system, it’s use is also a two-edged sword.

It’s supposed to be used when you can properly price the risk of an investment and borrow money at a rate lower than the investment’s rate of return, in essence sharing the profit of the enterprise with the person who loaned you the money.

Debt is the thing we’ve used to pay for all these social promises made by Bill Clinton and those who came after him.

The debt incurred for buying social welfare, a massive military and over-educating our children indiscriminately because these things are unequivocal societal goods without limit reflects the main failing of the U.S. political system.

And the Biden administration is still trying to sell us on these ideas when it’s clear the bills are due.

Debt is the thing choking off any prospect of growth, post COVID.  This knowledge is what animates the Millennial generation to strange acts of rebellion like creating a short squeeze on Game Stop’s stock and bidding up the price of Bitcoin.

The debt in the West, including Europe, is so large now it is impossible to even entertain ever paying it off.

So, they aren’t even going to try.

Every day that Congress passes another stimulus package or another pork-filled budget, is another day in which we reach the point where we’re issuing new debt to service the old debt.

Paying our societal Visa bill with our Mastercard and hoping no one notices.

That’s why there’s all this worry today over rising interest rates.

Rising interest rates in a healthy economy are supposed to be a sign of recovery, of the economy getting back on its feet because the demand for dollars is rising and the expected return on investments is rising as well.

But that doesn’t jibe at all with the “COVID will kill us all” narrative.  Even with the promise of vaccines they won’t let go of the fear.

Now the CDC comes out and tells us we can act normally in our homes if we’ve been vaccinated, but not in public.

Do they not understand how insane they sound?

Biden and the Democrats want to have it both ways.  They want the promise of oceans of stimulus money to spark a new investment boom after destroying our livelihoods while telling us to stay locked up in our homes.

For the layman who only knows he has rent to pay, workers on leave, customers going bankrupt and children not getting educated, he doesn’t care about any of the grand dreams of politicians and oligarchs.

He looks at the people in Texas and Florida and says, “Something’s not right here.”

And we here in Florida look at them and go, “Yeah, and it ain’t us, y’all!”

Because it isn’t a recovery we’re now facing, even though major states like Florida and Texas are operating close to normal now.  It’s a loss of confidence in the people in charge of this insanity.

Because interest rates also rise when the investors, the buyers of the debt, look at the landscape and say, “Nope, I need a better return than 1% on ten-year money because I don’t think you’re likely to pay me back.”

That’s what has the Biden administration spooked right now.  The fear they are projecting onto us via COVID-19 is really their fear that we’ll stop believing a word that comes out of their mouths.

When that day comes, likely sometime later this year, rates will rise in such a way that no amount of money will control.  So, no matter how much they try to buy us off with free money they’re just putting off the day when they will be the ones that pay the price.

By Tom Luongo for Daily Liberty News

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