Bailout was defeated by Congress ! Suck on that Rudd !

Victory for free markets today, as the proposed $700b Wall St bailout was voted against by Congress.

This is despite many meddling world leaders, eager to look concerned and discuss government actions and put forward new interventions and proposals at each concerning development, put forward supportive statements suggesting the bailout is vital to stability.

One typical example is our dud PM, Kevin Rudd, who was disappointed by the fact that American tax payers were not robbed of a further $700b USD. An online video just showed him looking "deeply concerned and distressed", so my mood is further improved at seeing this thieving bureaucrat have his hands slapped as government was blocked from picking yet another pocket.

Stock markets have obviously been hammered, but this is going to speed up the recovery instead of prolonging it. Bad investments were made over the past decade, we must live with it and liquidate them before moving on. This means pain in one way or another. Government cannot, and should not even think about, waving its magic wand to "stimulate or stabilise financial markets".

Its a shame so many people were caught unaware by this collapse, people who had their life savings and superannuation in shares (down nearly 40% in the last 12 months) or property (only starting to come down now). But we live in a financial system where the central bank is a monopoly, and sets the rule of the game.

And here is the problem with the system:

They tell us we can only use Australian dollars as a medium of exchange, to settle payments and debts, to save money, to bank, to earn, to trade with.

Central banking, via fractional reserve, accomodates the banking cartel to expand credit at a sharp pace, and the supply of money continues to double every decade. This is concealed sneaklily by government engineered statistics relating to CPI and GDP, to reassure us that the economy is healthy when a terrible storm is brewing.

And it should be no surprise that as the storm strikes, it is central banks and the US government who make the biggest noise and try to rush through legislation to give them new expanded powers. I guess its a way of distracting attention from the serious issues that should be discussed, and the media are all too happy to dance to their tune.