As the Great Recession continues around the world: Chairman Guan Jianzhong, of Dagong Global Credit Rating, the largest credit rating agency in the fascist People’s Republic of China, says in an interview with the Financial Times that the “The US is insolvent and faces bankruptcy as a pure debtor nation.”

       [added 8/28/2021] Thanks to Freedom’s Phoenix for this entry.

       Woe unto them that call evil good, and good evil; that put darkness for light, and light for darkness; that put bitter for sweet, and sweet for bitter!

—- Isaiah 5:20

       When you see that in order to produce, you need to obtain permission from men who produce nothing; when you see that money is flowing to those who deal not in goods, but in favors; when you see that men get rich more easily by graft than by work, and your laws no longer protect you against them, but protect them against you. … you may know that your society is doomed.

—- Francisco d’Anconia, Atlas Shrugged

       While the United states Armed Forces (private mercenaries) are stationed at 737 bases, in 130 nations around the world, defending “all freedom-loving people everywhere in the world,” Democratic (socialist/fascist) de facto President Obama (either a natural born subject of the United Kingdom enclave of Kenya, or a natural born resident of the republic of Hawaii) signs the Dodd-Frank Wall Street Reform and Consumer Protection Act, the biggest expansion of Federal control over the nation’s finance industry since the Great Depression.  The act creates,

• A new seat on the Federal Reserve Board of Governors with the title “Vice Chairman for Supervision;” the VCS will assess risks to the nation’s economy, thus duplicating the functions of the newly created Office of Financial Research;
• The Office of Credit Rating Agencies, which will certify, decertify and rate credit rating agencies;
• The Federal Insurance Office, “to monitor all aspects of the insurance industry,” thus usurping what had previously been an Article X of Amendment prerogative of the states.
• The Financial Stability Oversight Council composed of regulators from Federal various agencies;
• The Office of Financial Research (within the department of the treasury), which will assess risks to the nation’s economy, thus duplicating the functions of the newly created title Vice Chairman for Supervision of the Federal Reserve Board of Governors;
• The Bureau of Consumer Financial Protection, under the supervision of the Board of Governors (a Federal agency) that oversees the privately owned Federal Reserve System of (central) Banks, which could result in the addition of another five-thousand new pages of regulations in the Code of Federal Regulations.  The BCFP will,

• • Write and impose regulations concerning any institution that offers financial services,
  • Duplicate the consumer protection activities of the Comptroller of the Currency, Federal Trade Commission, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Securities and Exchange Commission,
  • Block private, voluntary financial deals without prior hearings or consent of CONgress.