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Is America Too Big to Fail?

Jul 22, 2008

American government officials are saying that certain corporations are too big to fail. This is their justification for bailing them out when they get into trouble. In so doing, the American government has become a kind of Corporate Bankruptcy Insurance Company, yet without collecting any premiums.

It is Fascism in reverse. Italian Fascism under Mussolini was when the government essentially took control over corporations. In modern America, the corporations have taken over the government, through the policy of giving corporate executives top positions in governmental regulatory bureaus. These men tend to work for their old corporation unofficially, while working for the government officially.

Chrysler was the first bailout back in 1979. The Savings and Loans came ten years later. Today it's Fannie Mae and Freddie Mac. In my view, no corporation should be allowed to get too big to fail. If they do, it is evidence of some sort of monopoly that is dangerous to America itself. No company should have so much power and money that its demise would threaten the nation's economy itself.

When America becomes an insurance company for all corporations that are "too big to fail," then the national government is the dog being wagged by the tail. Ultimately, this means that the big corporations can take more risks with greater immunity, because the government can be counted on to bail them out, while allowing the corporate executives to keep their huge salaries and even bigger bonuses.

Now we are coming to the place where people are applying this principle to America itself. If government looks at businesses as "too big to fail," so also do other nations look at America as "too big to fail." If America fails, those other nations will lose a huge market for their exports, and then their own economies will fail. But which nation wants to be the first to back off from its exports to help us out? None of them. Will Americans pass up a bargain from China (Walmart) and pay more for homemade products? Hardly. Therefore, it is inevitable that America, with its "free trade" policy, will eventually reach the point where Americans no longer have the jobs to earn enough money to buy any products at all--even the cheap imports.

That will be the point where the world economy collapses, like the cow that has been milked dry.


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Category: News Commentary

Dr. Stephen Jones

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