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Paul Ferrell is a mainstream public analyst on economics and finance. I have seen him on PBS's business news programs, read his comments in panel discussions in Baron's and the article below is from MarketWatch, a WSJ blog:

Tax the super-rich, or revolution will overrun America next

Yes, tax the super-rich. Tax them now, before the other 99% rise up, trigger a new American Revolution, another meltdown, a new Great Depression. Historically, revolutions build over long periods, bubbles growing to critical mass. Then, "something happens." Suddenly. Unpredictably. A flashpoint triggers ignition. Nobody saw it coming in Egypt. A suicide in a remote village uploaded on a young Google executive's Facebook page. Goes viral, raging out of control. Cannot be stopped. So think hard about these six warnings blowing a new mega-bubble that will soon explode in our collective faces:

4. Warning: The super-rich are blinded by their addiction to money

In "Free Lunch: How the Wealthiest American Enrich Themselves at Government Expense (And Stick You with the Bill)," David Cay Johnston warns that the rich are like addicts, and to "the addicted, money is like cocaine, too much is never enough." Recent data: 300,000 Americans in "the top tenth of 1% of income had nearly as much income as all 150 million Americans who make up the economic lower half of our population."

5. Warning: Politicians are corrupted by this super-rich addiction to greed

In "Washington's Suicide Pact," Newsweek's Ezra Klein warns: "Congress is careening toward the worst of all worlds: massive job losses and an exploding deficit." And the debt-ceiling drama just made things a lot worse. Millions of jobs were lost during Bush years, his wars, tax cuts for the rich. Yet, today the GOP is in total denial of that legacy, blinded by an obsession to destroy Obama's presidency, no matter the consequences.

6. Warning: Soon the revolutionaries will rage, then dominate `Third World America'

Yes, we are ripe for a surprise revolution. In "Third World America" Arianna Huffington warns: "Washington rushed to the rescue of Wall Street but forgot about Main Street." Now Bernanke's promise of cheap money through 2013 is just one more "free lunch" to the richest 1%. Meanwhile, "one in five Americans unemployed or underemployed. One in nine families unable to make the minimum payment on their credit cards. One in eight mortgages in default or foreclosure. One in eight Americans on food stamps. Upward mobility has always been at the center of the American Dream ... that promise has been broken... The American Dream is becoming a nightmare."

Wake up folks. Super-rich addicts are destroying the American Dream for everyone. They're destroying the American economy. They don't care about you. Yes, they hear the ticking time bomb. They're stockpiling cash. Don't say you weren't warned. The IMF sees a new collapse sweeping across the planet. Open your eyes. You're not watching a film. This is not a metaphor. Plan now for the revolution, class warfare, market crash, economic collapse, plan for another depression.



"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Aug 20th, 2011 at 08:15:12 PM EST
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