Constant Orwellian propaganda by the media, think tanks, politicians, and business leaders denies the class polarization of capitalist society. An important element of this misinformation campaign is the mythology surrounding the “free market” economy.

In William Domhoff’s controversial book “Who Rules America?”, he noted that class and power are terms that make Americans uneasy because it goes against Horatio Alger Myth. And that concepts such as “ruling class” and “power elite” immediately put people on guard. The very idea that a relatively small group might dominate government as well as the economy went against the American grain, he wrote.

History shows we have been warned about our current crisis, but it is the strong belief in Horatio Alger Myth that dooms this country in repeating past mistakes. In Franklin D Roosevelt’s 1944 State of the Union, FDR proposed a “second Bill of Rights” that would protect us modern day robber barons.

As our Nation has grown in size and stature, however—as our industrial economy expanded—these political rights proved inadequate to assure us equality in the pursuit of happiness.

We have come to a clear realization of the fact that true individual freedom cannot exist without economic security and independence. “Necessitous men are not free men.” People who are hungry and out of a job are the stuff of which dictatorships are made.

In our day these economic truths have become accepted as self-evident. We have accepted, so to speak, a second Bill of Rights under which a new basis of security and prosperity can be established for all regardless of station, race, or creed.

Among these are:

The right to a useful and remunerative job in the industries or shops or farms or mines of the Nation;

The right to earn enough to provide adequate food and clothing and recreation;

The right of every farmer to raise and sell his products at a return which will give him and his family a decent living;

The right of every businessman, large and small, to trade in an atmosphere of freedom from unfair competition and domination by monopolies at home or abroad;

The right of every family to a decent home;

The right to adequate medical care and the opportunity to achieve and enjoy good health;

The right to adequate protection from the economic fears of old age, sickness, accident, and unemployment;

The right to a good education.

All of these rights spell security. And after this war is won we must be prepared to move forward, in the implementation of these rights, to new goals of human happiness and well-being.

America’s own rightful place in the world depends in large part upon how fully these and similar rights have been carried into practice for our citizens. For unless there is security here at home there cannot be lasting peace in the world.

One of the great American industrialists of our day—a man who has rendered yeoman service to his country in this crisis-recently emphasized the grave dangers of “rightist reaction” in this Nation. All clear-thinking businessmen share his concern. Indeed, if such reaction should develop—if history were to repeat itself and we were to return to the so-called “normalcy” of the 1920’s—then it is certain that even though we shall have conquered our enemies on the battlefields abroad, we shall have yielded to the spirit of Fascism here at home.

If anything, we should have listen to President Jimmy Carter’s July 15th, 1970 “Energy Speech” how our values of owning and consuming will be our downfall.

Click here to view the embedded video.

What got me past my little funk is was hope and faith. Unfortunately, even that is not enough to work right through this funk. It is hard to hold thought, while my temper gets shorter and I become more cynical. My employment situation, rather lack of, doesn’t help. Each time you turn one the television, the news is grim – more unemployment, hate crimes on the rise, and institutional racism is stronger than ever.

I will be back in full form, but for now I need to recharge. We all have ups and downs. But my non-employment situation can make the valleys lower and getting out of them tougher. As I continue to hear news, the one song that repeatedly plays in my head is the Black Eyed Peas’ “Where is the Love.”

This is not a goodbye, but just a plea for some patience and understanding. For now, I leave you the video of the Black Eyed Peas.

Click here to view the embedded video.

From London’s The Independent:

Wall Street fears for next Great Depression
By Margareta Pagano, Business Editor

Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150bn) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.

One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said they had never experienced such fear. The Fed’s emergency funding procedure was first used in the Depression and has rarely been used since.

A Goldman Sachs trader in New York said: “Everyone is in a total state of shock, aghast at what is happening. No one wants to talk, let alone deal; we’re just standing by waiting. Everyone is nervous about what is going to emerge when trading starts tomorrow.”

In the UK, Michael Taylor, a senior market strategist at Lombard, the economics consultancy, said on Friday night: “We have all been talking about a 1970s-style crisis but as each day goes by this looks more like the 1930s. No one has any clue as to where this is going to end; it’s a self-feeding disaster.” Mr Taylor, who had been relatively optimistic, has turned bearish: “It really does look as though the UK is now heading for a recession. The credit-crunch means that even if the Bank of England cuts rates again, the banks are in such a bad way they are unlikely to pass cuts on.”

…

Mr Taylor added that the problems unravelling at Bear Stearns are just the beginning: “There will be more banks and hedge funds heading for collapse.”

One of the problems facing the markets is that, despite the Fed’s move last week to feed them another $200bn, the banks are still not lending to each other.

“This crisis is one of faith. We are going to see even more problems in the hedge funds as they face margin calls,” said Mark O’Sullivan, director of dealing at Currencies Direct in London. “What we are waiting for now is for the Fed to cut interest rates again this week. But that’s already been discounted by the market and is unlikely to help restore confidence.”

Mr O’Sullivan added that the dollar’s free-fall is set to continue and may need cuts in European interest rates to trim the euro’s recent strength against the dollar. “But the ECB doesn’t like cutting rates,” he said.

…

The Fed’s plan will give 28 days of secured funding to Bear Stearns, which saw its value slashed over the week by more than a half to $3.7bn. JP Morgan will provide the funding, but the Fed will bear the risk if the loan is not repaid. Fed chairman, Ben Bernanke, who pumped $200bn of loans to cash-strapped institutions last week, said more would be available to help others in distress.

(emphasis mine)

The writing is on the wall for the continuing collapse of the US dollar and in turn the seemingly never ending surge of fuel prices. Since the last post I did regarding our economic future, Smoke and Mirrors: Petro Power Plays, crude oil has already surged past $100 a barrel. These price surges in oil along with recent developments in the global and domestic political climate are now leading to talk of prices at the pump crossing the $4.00 mark.

IT IS TIME WAKE UP JENTE!