The drums of nationalization are beating more loudly in the United States today. Unless my eyes and ears deceive me, the Feds are discussing increasing their stake in Citigroup, the 3rd largest bank in the United States (by assets) to a free market cringing level of 40%. That’s a four followed by a zero. I’m no mathematical genius but it seems to be a percentage is dangerously close to owning half. To those keeping score at home, I’m pretty sure that crossing this particular threshold would count as a nationalized bank.
Yes, Virginia, we are still in the United States. For the moment. Though there seem to be fewer and fewer aspects of our current society that the Founding Fathers would recognize as designed by their own hand.
Of course, to the podcast listeners who heard Jason’s recent interview with G. Edward Griffin, as he discussed the Federal Reserve in his book “The Creature From Jekyll Island”, this egregious encroachment by the Fed into the money system comes as no surprise.
As my fingers skip lightly across the keyboard right now, Citigroup shares are below $2 and analysts predict they won’t show a profit in 2009 or 2010, even with the government’s assistance.
Why, it was as recently as 2007 that the Bush administration could be heard soundly chastising Hugo Chavez for nationalizing the utilities and telecommunications industry in Venezuela AND demanding American companies adversely effected by those moves be compensated. My, my, my…when you live in a glass house – Mr. Chavez, meet Mr. Obama.
Flickr / DonkeyHotey
