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Deposit insurance is equally meaningless in a systemic disintegration of the financial system. It is designed to handle tiny exposures, not global exposures. When today's great financial bubble pops, it cannot be resurrected by deposit insurance, not even in part, in order to save the public from its folly. It is an indication of insanity for a person to believe that deposits can be insured on a global scale, and that mutual funds are able to hedge their exposures in the stock-market bets with compensating derivatives bets. The entire speculative system is based on a carefully cultured insanity that binds the public's eye to reality, without which the speculative system simply could not exist. This insanity, however, can no shield society from the unfolding consequences.
By its gambling mania, and its submission to the underlying forces that support this mania, the society is literally shooting itself in the foot, both financially and in terms of its physical economics. Still, in spite of the near certain catastrophe that unfolds out of this background, it is possible for society to reverse its direction and save its civilization. This reversal is most likely to happen when a gradual crash occurs that causes universal pain of such intensity that society demands a fundamental change. Then, things may begin to move. Except, can one expect sane responses to emerge in an environment of unfolding anarchy? Can insanity become cured with in the sphere of anarchy?
In order to save society and its civilization, fundamental changes will ideally have to be made before the system blows up. Please note, the current world-financial system cannot be saved. It is doomed by its own processes. A terminal system cannot be cured, it can only be replaced with a healthy system, that is an infinite system, and it must be replaced in its entirety if a world wide financial and social catastrophe is to be avoided. Except, this involves changes of such a magnitude that hardly anyone is willing to even consider them.
The required changes are actually not difficult to make, from a technical standpoint. The U.S. President has the power to make these changes, and it wouldn't take half a day to accomplish the task if there was a willingness to save the nation. Perhaps, when the nation is crying in the streets, demanding action, actions may follow. The modern U.S. President looks to the crowd for his cue, like the Roman rulers did in deciding the fate of gladiators, but we should have moved away from this by now.
What irony we have here! The very person who occupies one of the most powerful offices in the world refuses to be a leader. He drifts with popular opinion, responding to the whim of a society that is largely controlled by mythologies created for its self-destruction. It is an irony that the leader of one of the most powerful offices on the planet shys away from his responsibility and becomes a whimp at the very time when the survival of his nation and civilization are at risk. There is a possibility, however small, that with the proper guidance and demand from the public, the President may yet act in time and act correctly.
Right now the U.S. President doesn't have the courage to do anything to save the nation and its civilization. Evidently, he also lacks the wisdom to properly protect himself in order that he might do what is needed. Thus, the task of saving the nation falls upon the public. Except, the public has no interest in any such matters that are centered on reality, having been mythologically guided to look away from reality. Therefore, the public cannot see the crisis ahead. This, altogether, creates a dangerous situation.
The current lack of awareness is not surprising if one considers that it was carefully cultivated in small, successive steps. Even the financial gambling mania had started small, in the late 1970's, which is now frightfully huge. Having grown quietly in the background, it has become an accepted feature that no one gives any thought to anymore, even though its increase has become evermore phenomenal. The rate of increase has been hyperbolic.
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