and so more of the psychosis of whiteness in the land of the last queen and the lost hobbits
Jun 22, 2026
Starmer announced he will step down after mounting pressure from Labour MPs, less than two years after leading Labour to a historic election victory. His resignation clears the way for Andy Burnham, who is expected to become both Labour leader and prime minister, with strong backing from senior party figures including Wes Streeting.
welfare cuts and austerity.
Starting with the most immediate and visceral issue. Burnham has said, explicitly, that he would cut the welfare bill in order to fund higher defence spending.
‘I am not squeamish about saying that the plan would be to reduce the welfare bill,’ he told the Times. This is. of course, at a moment when food bank usage is soaring, when the cost of living crisis is still grinding working families into the pavement, when the most vulnerable people in Britain are already choosing between heating and eating.
His answer to that crisis is to cut the safety net further. One might reasonably ask: why not tax the wealthy? Why not close the loopholes that allow billionaires to pay less than their cleaners? Why not ask those who have hoarded the most to contribute the most? Those questions are not on Burnham’s agenda. Instead, he reaches for the same austerity playbook that has failed Britain for fifteen years and produced the conditions he now claims to want to fix.
+—+
We’ll get to this in a sec!
+—+
Back to InBred UnUnited Queen/r-dumb.
As far as I can tell, Burnham has been a member of Labour Friends of Israel since at least 2015. In that year’s leadership campaign, he pledged that his first state visit as prime minister would be to Israel. He called the Boycott, Divestment and Sanctions movement ‘spiteful.’ He praised ‘Israeli democracy.’ He described the Balfour Declaration, the document that set in motion the dispossession of the Palestinian people, as ‘British values in action.’ He voted for the Iraq War, which killed over a million people, and while he has since expressed regret, the fact remains that when it mattered, he sided with the Empire.
On Gaza, he has since signed letters calling for a ceasefire and for the recognition of Palestinian statehood, which represents the absolute bare minimum of decency and not a great deal more. But he has refused, repeatedly and under direct questioning, to describe what is happening in Gaza as a genocide.
Most Israelis Say Security Must Precede Territorial Withdrawal and That Buffer Zones Are Vital for Defense
A new nationwide survey shows that most Israelis support maintaining buffer zones in areas like Gaza, Lebanon, Syria, and the Jordan Valley. They oppose withdrawing from the West Bank unless Israeli-controlled security is ensured, and do not trust international forces to protect Israel’s borders.
My oh my, those JEWS:
… Jews taking the Brits out behind their fucking woodsheds . . . Antisemitism Embedded in British Culture
Everything a Jew touches is the dirty legacy of their anti-humanity, anti-goyimism….
Antisemitism has been present in Great Britain for almost a thousand years of recorded history. In the twelfth century, Catholic medieval Britain was a persecutory society, particularly when it came to Jews. It pioneered the blood libel and the church was a leader in instituting cruel legislation and discriminatory conduct toward Jews.
Prof. Robert S. Wistrich
No. 70,
- Antisemitism has been present in Great Britain for almost a thousand years of recorded history. In the twelfth century, Catholic medieval Britain was a persecutory society, particularly when it came to Jews. It pioneered the blood libel and the church was a leader in instituting cruel legislation and discriminatory conduct toward Jews.
- English literature and culture are drenched in antisemitic stereotypes. Major British authors throughout the centuries transmitted culturally embedded antisemitism to future generations. Although they did not do so deliberately, it was absorbed and has had a long-term, major impact on British society.
- In the new century the United Kingdom is a European leader in several areas of antisemitism. It holds a pioneering position in promoting academic boycotts of Israel. The same is true for trade-union efforts at economic boycotts. There is also no other Western society where jihadi radicalism has proved as violent and dangerous as in the UK.
- In the UK the anti-Zionist narrative probably has greater legitimacy than in any other Western society. Antisemitism of the “anti-Zionist” variety has achieved such resonance, particularly in elite opinion, that various British media are leaders in this field. Successive British governments neither share nor have encouraged such attitudes-least of all Prime Ministers Tony Blair and Gordon Brown. They have shown concern over antisemitism and the boycott movement and tried to counteract them. However, Trotskyites who infiltrated the Labour Party and the trade unions in the 1980s have been an important factor in spreading poisonous attitudes. The BBC has also played a role in stimulating pro-Palestinian and anti-Israeli attitudes over the years.
“The United Kingdom has been a European leader in several areas of antisemitism in the new century. It holds a pioneering position in promoting academic boycotts of Israel. The same is true for trade-union efforts at economic boycotts.
“Although the anti-Zionist narrative is worldwide and widespread in the European Union, this discourse in the UK probably exceeds that of most other Western societies. Thus antisemitism has achieved a degree of resonance, particularly in elite opinion, that makes the country a leader in encouraging discriminatory attitudes. Trotskyites who infiltrated the Labour Party and the trade unions back in the 1980s are an important factor in spreading this poison.”
Prof. Robert Wistrich holds the Neuberger Chair for Modern European and Jewish History at the Hebrew University of Jerusalem. Since 2002 he has been director of the Vidal Sassoon International Center for the Study of Antisemitism at that university and has been vigorously involved in the struggle against its inroads.
He adds: “There is also no other Western society where jihadi radicalism has proved as violent and dangerous as in the UK. Although antisemitism is not the determining factor in this extremism, it plays a role. This Islamist radicalism has helped shape the direction of overall antisemitism in the UK.
“Another pioneering role of the UK, especially in the area of anti-Israelism is the longstanding bias in BBC reporting and commentary about the Jewish world and Israel in particular. Double standards have long been a defining characteristic of its Middle East coverage. This has had debilitating consequences. The BBC plays a special role owing to its long-established prestige as a news source widely considered to be objective. It carries a weight beyond that of any other Western media institution.
“One characteristic of English antisemitism has been its often understated nature, in keeping with British tradition. That makes it more effective because one does not become aware of it so easily. One example among many is the British journalist Richard Ingrams, who was editor of the satirical magazine Private Eye for twenty-three years starting in the 1960s. He once wrote in the Observer that he threw away unread all correspondence he received from people with Jewish names regarding the Middle East because, he thought, they must be biased on the subject. If someone were to tell him he is an antisemite he would, of course, reject that. But would he publicly write the same thing about Arab correspondents?”
SASSOONS:
The wealthy Jewish Sassoon family derived the majority of their wealth from the opium trade in China. The entire trade was controlled by Jewish families only. Sassoon would not allow any other race to engage in “the Jews’ business” of importing and selling opium.
Opium was strictly a Jewish monopoly, but these Jews were working under British passports.
The British monarchy honored them with privilege and knighthood. To this day the Sassoons are in the history books as “great developers” of India, but the source of their vast wealth is never mentioned – the destruction and impoverishment of the population of China.
The Opium Wars began with the British Army fighting as mercenaries of the Sassoons. In 1839, the Manchu Emperor ordered that it be stopped. He named the Commissioner of Canton, Lin Tse-hsu, to lead a campaign against opium. Lin seized 2,000 chests of Sassoon opium and threw it into the river. The British Army responded by attacking cities and blockading ports. The Chinese Army, decimated by 10 years of rampant opium addiction, proved no match for the British Army.
•The war ended in 1839 with the signing of “The Treaty of Nanking.” This included provisions especially designed to guarantee the Sassoons the right to enslave an entire population with opium.
✨Look up on the history of the Opium Wars and the Boxer Rebellion.
The “peace treaty” included these provisions: “1) Full legalization of the opium trade in China, 2) compensation from the opium stockpiles confiscated by Lin of 2 million pounds, 3) territorial sovereignty for the British Crown over several designated offshore islands.
TALK TALK TALK, ZJews and their fucking TALK Therapy….
TALK TALK TALK: W.H.R. Rivers and the humane treatment of shell shock
Advances during the “first mass killing of the 20th century” have saved countless lives since.
Traditional Freudian analysis is typically a long-term, intensive process often involving multiple sessions per week. While original psychoanalysis is less common today, it laid the foundation for virtually all modern psychotherapies. Many contemporary mental health professionals utilize evolving approaches known as psychodynamic therapy.
TALK TALK TALK to JEW JEW JEW:
Traditional Freudian psychoanalysis typically costs between $150 and $400+ per session. Because this method involves intensive therapy (often 3 to 4 times a week), yearly costs can range from $15,000 to over $50,000, making it a significant financial commitment.
Skepticism of Zionism: In 1930, Freud was asked by a Zionist leader to issue a public statement of support for a Jewish home in Palestine. He declined. In a famous letter, he outlined his “sober judgment,” arguing that attempting to establish a Jewish state would inflame tensions with the Christian and Islamic worlds. He believed a Jewish homeland would be better suited in a “less historically-burdened land”
In 1930, just a few months after the violence had come to a stop, Keren HaYesod, a fundraising organization established by the Zionist Congress to help Jews to immigrate to the Land of Israel, launched a public relations campaign for the Yishuv, the Jewish settlement in the Land of Israel. The organization sent out letters to the world’s prominent Jews asking if they might be willing to issue a statement of support on behalf of the Jews living in the Land of Israel. One such letter, sent by Chaim Koffler, the head of the Keren HaYesod in Vienna, made it to the hands of one Sigmund Freud, the father of psychoanalysis who also happened to be Jewish.
Freud, it appears, took some time to consider this request. His response sent on February 26th, 1930, came in a carefully crafted, subtly scathing but perfectly polite letter sent back to Dr. Koffler where he made his feelings on the subject of Zionism and Jewish settlement in the Land of Israel very clear.
Not only did Freud decline the request to issue a public statement of support, but he also made it very clear that he was, let’s call it – unsympathetic – to the plight of the Jews living in the Yishuv.
“I cannot do as you wish,” wrote Freud. “Whoever wants to influence the masses must give them something rousing and inflammatory and my sober judgment of Zionism does not permit this.”
As for expressing sympathy for the Hebrew pioneers who had suffered through the riots, Freud felt that “the baseless fanaticism of our people is in part to be blamed for the awakening of Arab distrust. I can raise no sympathy at all for the misdirected piety which transforms a piece of a Herodian wall into a national relic, thereby offending the feelings of the natives.”
Freud closed the letter with about as much sympathy as he started it.
“Now judge for yourself whether I, with such a critical point of view, am the right person to come forward as the solace of a people deluded by unjustified hope.”
Upon reading Freud’s reply, Dr. Koffler, surprised by its contents, wrote in pencil in the top corner of the letter, “Do not show this to foreigners.” In fact, the letter remained unpublished for 60 years.
Freud in Zion is a groundbreaking study by Israeli psychoanalyst and historian Eran J. Rolnik that explores the fascinating intersection of psychoanalysis, Zionism, and modern Jewish identity in early-20th-century Palestine and the emerging State of Israel. [1, 2]
The book explores how psychoanalytic theory permeated the intellectual and popular discourse of the Yishuv (the pre-state Jewish community), examining the frictions between collectivist Zionist ideologies and individualistic psychological exploration. Rolnik draws on previously unpublished archival documents—including personal letters by Sigmund Freud—to reveal how psychoanalysis was both adapted by and influenced the builders of the new Jewish state.
Key themes of the book include:
- The “New Jew”: How early psychoanalysts in the region grappled with the idea of constructing a “New Jewish Man” unburdened by the traumas of the Diaspora. [
- Historical Context: How psychoanalysis survived and developed in the highly charged political and cultural context of war, mass immigration, and nation-building.
- Freud’s Ambivalence: The complex, often skeptical relationship Sigmund Freud himself held toward Zionism and the idea of establishing a Jewish state.
“In my teenage years, I was a Zionist until I realised that this dream was accomplished by imposing a nightmare on the local population [Palestinians]”
Dr. Gabor Maté, a Hungarian-Canadian Holocaust survivor and trauma expert, was a fervent Zionist in his youth. Raised in post-war Hungary where he faced antisemitism, he found the concept of a powerful, resurrected Jewish state in the historical homeland deeply appealing.
Comments:
“Isra3l” is a Zi0nist, ethnic cleansing, apartheid, and military occupation coloniser. As Palestine is occupied, resistance is justified.
In our lifetime, we’re watching “Isra3l’s” brutal settler colony systematically kill the native Palestinians with a new society of American/Europeans, every day, since 1948.
Palestinians are Arab, an ethno-linguistic group from Western Asia (18 countries including Palestine) whose genetic ancestry traces back to the Canaanites (3,500 years before Judea). Jews are an ethno-religious group and Ashkenazi Jews are pretty much genetically European. Even PM Benjamin Netanyahu changed his immigrant Polish fathers last name. That’s why DNA test kits are illegal in Israel. The signatories of the “Isra3li” Declaration of Independence were all foreigners, none are indigenous to Palestine and none are Semitic.
If you approve of apartheid “Isra3l” then apartheid South Africa gets approval, right? Make it make sense. You should want to be on the right side of history.
Isra3li Settler videos show some of the most evil scum on earth, glorifying evil acts (bombed airport & press tower, burn homes, farms, and olive trees, kill livestock animals, drown fishermen, beat & kill Palestinians, spray skunk water, throw open bottles of urine, steal culture- dates/ olives/falafel, and have checkpoints like Nazl Germany etc).
Ukraine is glorified for Molotov cocktails and armed civilians against Russian invaders, well Palestine has been resisting”Isra3l” for 75+ years.
#ZionlstColonists 🇮🇱 the world watches you terrorise native Palestinians & and use the anti-semite card to get away with it. Keep the spiritual religion of Judaism out of your vile nationalistic political movement!
Google Images: “disappearing Palestine”. Watch “Tantura” (2022) admired massacres.
More of the U$A-I cartoon!!!!
:
Five people were reportedly arrested and five others cited in connection with alleged vandalism at the Lincoln Memorial Reflecting Pool in Washington, D.C., according to a U.S. administration official cited by CBS News. The pool has recently faced problems, including algae growth and peeling paint following renovation work tied to upcoming America 250 celebrations. President Donald Trump said he personally inspected the damage and announced that repairs would begin immediately, possibly requiring the pool to be drained. However, details about the alleged vandalism remain unclear, and some of those detained dispute the accusations. One of those arrested, Olympian David Hearn, told reporters he was simply examining a loose piece of peeling paint when he was charged with a misdemeanor offense. The National Guard remains stationed at the reflecting pool today:
On Bugs Bunny’s 80th birthday, how Jewish is that wascally wabbit anyway?
As we celebrate the 80th anniversary of the release of “A Wild Hare,” the first animated short starring Bugs Bunny, the question arises: How Jewish was the sassy, anti-authoritarian rabbit?
Since 1940, Jewish audiences have taken Bugs to their heart for his anarchic energy in lightning-fast short films of concentrated intensity and visual quality, especially those made before 1950.
Bug’s voice, created by the radio personality Mel Blanc (1908–1989) of Russian Jewish origin, was a blend of Brooklyn and Bronx tones. Blanc was such a virtuoso of melting pot sound effects that Milt Josefsberg, a writer on the Jack Benny Program, Blanc’s longtime employer, told his biographer that scripts routinely challenged Blanc to produce seemingly impossible accents. One such was a man on the street identified as an African American gay Jew (using derogatory slang terms of the time). Blanc faithfully reproduced this unlikely blend of tonal characterizations, so Bugs’ Bronx/Brooklyn mix proved no challenge to him.
Boris Khaimovich of the Hebrew University’s Center for Jewish Art has analyzed the meaning of hares in East European Jewish tradition, pointing out that although rabbits and hares are non-kosher, hounds chase hares in early Jewish illuminated manuscripts. One book, the Kennicott Bible created in Spain in 1476, shows hares “punishing or ruling their enemies,” even “storming a fortress occupied by a wolf” in a Bugs-like retort to tyranny.
This treasure, now in Oxford’s Bodleian Library, was reproduced in Bezalel Narkis’s “Hebrew Illuminated Manuscripts.” Khaimovich posits that in this “topsy-turvy” world, “hares in medieval Jewish iconography personify the Jews.”
On Feb. 1, the Washington Free Beacon, a conservative news outlet, published an expose about Dwayne Booth, a lecturer at the University of Pennsylvania’s Annenberg School of Communication. The article stated that Booth had published “several antisemitic cartoons since Hamas’s Oct. 7 attack.”
Among them were “Zionists sipping Gazan blood from wine glasses,” “Jews in a Nazi concentration camp holding signs bearing slogans such as ‘Free Palestine’” and “Israeli prime minister Benjamin Netanyahu as a bloodied, red-eyed butcher holding a long knife and a crumpled Palestinian flag.”
Booth teaches two classes at Penn. He never used the cartoons in those courses, according to interim Penn President J. Larry Jameson. The cartoonist often publishes under the pseudonym Mr. Fish on his own website and the progressive outlet ScheerPost.com, which is frequently critical of Israel..
Jameson said of the cartoons, “I find them reprehensible, with antisemitic symbols, and incongruent with our efforts to fight hate.” Jameson has his position because his predecessor, M. Elizabeth Magill, stepped down after failing to condemn antisemitism before a congressional committee. Penn saw a series of antisemitic incidents on its campus in the fall after hosting the Palestine Writes Festival.
HERO — Mr. Fish!
Danny Danon, Israel’s former Ambassador to the U.N. and a close ally of Prime Minister Benjamin Netanyahu, told Israel’s Kan Bet radio that he has been contacted by “countries in Latin America and Africa that are willing to absorb refugees from the Gaza Strip.” “We have to make it easier for Gazans to leave for other countries,” he said. “I’m talking about voluntary migration by Palestinians who want to leave.”
The problem for now “is countries that are willing to absorb them, and we’re working on this,” Netanyahu told Likud Knesset members.
Source: Cartoons on Progressive Blogs
…..from the Jew, Aaron Parnas:
Alan Greenspan, the influential economist who led the U.S. Federal Reserve from 1987 to 2006, has died at the age of 100 from complications related to Parkinson’s disease. Serving under four presidents—Ronald Reagan, George H. W. Bush, Bill Clinton, and George W. Bush—he was widely credited with guiding the U.S. economy through a long period of growth and stability. However, his legacy was later complicated by criticism that his support for financial deregulation contributed to the conditions that led to the 2008 financial crisis. Greenspan later acknowledged mistakes in trusting banks to regulate themselves but argued that economic models could not fully predict speculative bubbles and financial panics. He remained active in public economic debates after retirement and was remembered by his wife, journalist Andrea Mitchell, as both brilliant and kind.
SHARMINI PERIES: Michael, on page 260 of your book, J is for Junk Economics, you deal with the issue of Social Security, and it’s a myth that Social Security should be pre-funded by its beneficiaries, or that progressive taxes should be abolished in favor of a flat tax. Just one tax rate for everyone you criticize. We talked about this earlier, but let’s apply what this actually means when it comes to Social Security.
MICHAEL HUDSON: The mythology aims to convince people that if they’re the beneficiaries of Social Security, they should be responsible for saving up to pre-fund it. That’s like saying that you’re the beneficiary of public education, so you have to pay for the schooling. You’re the beneficiary of healthcare, you have to save up to pay for that. You’re the beneficiary of America’s military spending that keeps us from being invaded next week by Russia, you have to spend for all that – in advance, and lend the money to the government for when it’s needed.
Where do you draw the line? Nobody anticipated in the 19th century that people would have to pay for their own retirement. That was viewed as an obligation of society. You had the first public pension (social security) program in Germany under Bismarck. The whole idea is that this is a public obligation. There are certain rights of citizens, and among these rights is that after your working life you deserve to live in retirement. That means that you have to be able to afford this retirement, and not have to beg in the street for money. The wool that’s been pulled over people’s eyes is to imagine that because they’re the beneficiaries of Social Security, they have to actually pay for it.
This was Alan Greenspan’s trick that he pulled in the 1980s as head of the Greenspan Commission. He said that what was needed in America was to traumatize the workers – to squeeze them so much that they won’t have the courage to strike. Not have the courage to ask for better working conditions. He recognized that the best way to really squeeze wage earners is to sharply increase their taxes. He didn’t call FICA wage withholding a tax, but of course it is. His trick was to say that it’s not really a tax, but a contribution to Social Security. And now it siphons off 15.4% of everybody’s pay check, right off the top.
The effect of what Greenspan did was more than just to make wage earners pay this FICA rake-off out of their paycheck every month. The charge was set so high that the Social Security fund lent its surplus to the government. Now, with all this huge surplus that we’re squeezing out of the wage earners, there’s a cut-off point: around $120,000. The richest people don’t have to pay for Social Security funding, only the wage-earner class has to. Their forced savings are lent to the government to enable it to claim that it has so much extra money in the budget pouring in from social security that now it can afford to cut taxes on the rich.
So the sharp increase in Social Security tax for wage earners went hand-in-hand with sharp reductions in taxes on real estate, finance and on top One Percent. The people who live on economic rent, not by working, not by producing goods and services but by making money on their real estate, stocks and bonds “in their sleep.” That’s how the five percent have basically been able to make their money.
The idea that Social Security has to be funded by its beneficiaries has been a setup for the wealthy to claim that the government budget doesn’t have enough money to keep paying. Social Security may begin to run a budget deficit.
After having run a surplus since 1933, for 70 years, now we have to begin paying some of this savings out. That’s called a deficit, as if it’s a disaster and we have to begin cutting back Social Security. The implication is that wage earners will have to starve in the street after they retire.
The Federal Reserve has just published statistics saying the average American family, 55 and 60 years old, only has about $14,000 worth of savings. This isn’t nearly enough to retire on. There’s also been a vast looting of pension funds, largely by Wall Street. That’s why the investment banks have had to pay tens of billions of dollars of penalties for cheating pension funds and other investors. The current risk-free rate of return is 0.1% on government bonds, so the pension funds don’t have enough money to pay pensions at the rate that their junk economics advisors forecast. The money that people thought was going to be available for their retirement, all of a sudden isn’t. The pretense is that nobody could have forecast this!
There are so many corporate pension funds that are going bankrupt that the Pension Benefit Guarantee Corporation doesn’t have enough money to bail them out. The PBGC is in deficit. If you’re going to be a corporate raider, if you’re going to be a Governor Romney or whatever and you take over a company, you do what Sam Zell did with the Chicago Tribune: You loot the pension fund, you empty it out to pay the bondholders that have lent you the money to buy out the company. You then tell the workers, “I’m sorry there is nothing there. It’s wiped out.” Half of the employee stock ownership programs go bankrupt. That was already a critique made in the 1950s and ‘60s.
In Chile the Chicago Boys who really developed this strategy. University of Chicago economists made it possible, by privatizing and corporatizing the Social Security system. Their ploy was to set aside a pension fund managed by the company, mostly to invest in its own stock. The company would then set up an affiliate that would actually own the company under an umbrella, and then leave the company with its pension fund to go bankrupt – having already emptied out the pension fund by loaning it to the corporate shell.
So it’s become a shell game. There’s really no Social Security problem. Of course the government has enough tax revenue to pay Social Security. That’s what the tax system is all about. Just look at our military spending. But if you do what Donald Trump does, and say that you’re not going to tax the rich; and if you do what Alan Greenspan did and not make higher-income individuals contribute to the Social Security system, then of course it’s going to show a deficit. It’s supposed to show a deficit when more people retire. It was always intended to show a deficit. But now that the government actually isn’t using Social Security surpluses to pretend that it can afford to cut taxes on the rich, they’re baiting and switching. This is basically part of the shell game. Explaining its myth is partly what I try to do in my book.
August 17, 2005/ Greenspan and the Housing Bubble/ Mike Whitney
It’s strange that Alan Greenspan hasn’t been blamed for the housing bubble. After all, he set the “easy money” policies that put the whole thing in motion and he’s the one who should be held responsible when it goes up in smoke.
Let me explain.
Most people expect the Federal Reserve to lower rates when business is flagging to stimulate the economy by making loans more available for commerce, home buying, recreational spending etc. But, just as higher rates can stop the economy in its tracks by making money too expensive to borrow, so too, lower rates can have equally adverse consequences.
For example, when Greenspan lowered rates to 1% in 2002 he knew that money would surge into the economy and create the appearance that everything was hunky-dory. Predictably, the economy sputtered along from the economic activity generated by the housing boom and from the 30% increase in government spending.
But, what else did Greenspan’s lower rates achieve?
Well, they achieved the results for which they were designed; they kept the economy humming along while Bush dragged the country to war, they kept the American people asleep while $400 billion per year in Bush tax cuts were siphoned from the US Treasury, and they generated what the “The Economist” calls this “the biggest bubble in history”; the housing bubble.
All of these were purely political choices made at the Federal Reserve under the auspices of Fed-chairman Greenspan.
Thanks, Alan.
Now, of course, Greenspan has signaled that the Happy Days are over and that the Fed will continue to ratchet up rates to strengthen the dollar. So far, the Fed has raised rates 10 times in the last 14 months. This eventually will strain the resources of all the poor slobs who took out ARMs (Adjustable Rate Mortgages) trusting is the soundness of the system. They will inevitably see their monthly payments go through the roof.
No one understands the ins and outs of monetary policy better then the Federal Reserve. It’s their job, and they have plenty of experience judging the results of their decisions. They know that when they lower rates the public will borrow boatloads of cash and dump it in the preferred investment of the day. Since, many American’s were burned in the 1990s stock market crash; investing in the housing market seemed like a logical alternative. But, as more and more people entered the market, housing prices skyrocketed well beyond their true value, and that hyper-inflation was recorded in the monthly housing figures. Greenspan, who prides himself on studying every abstruse fact and figure about the economy, was fully aware of the speculative bubble that was emerging before his eyes. He also knew about the “interest only loans”, “the no-down payments”, the shaky lending practices, and the exaggerated prices, but just like the 1990s, when he had every opportunity to raise marginal rates on stocks and stop the bleeding, he kept the game in motion.
Greenspan knows all about “irrational exuberance”; he’s its primary champion. The Fed seduces the public with cheap money, so that credit spending increases and, then, “presto”, millions of Americans slip inexorably into indentured servitude.
Isn’t this what’s happening right now?
The American public is presently mortgaged up to the hilt with most of their personal wealth invested in their homes and with the highest level of personal debt in any period since the Great Depression.
Not good.
Especially when we consider that the current bubble is “larger than the global stock market bubble in the late 1990s (an increase over five years of 80% of GDP) or America’s stock market bubble in the late 1920s (55% of GDP).”
Or, when we consider that “over the past four years, consumer spending and residential construction have together accounted for 90% of the total growth in GDP.” (The Economist”)
Or, when we consider that 2 out of every 5 jobs in America are now related to construction. One blip in the housing market and we’ll all be hawking pencils on the street corner.
Regrettably, this Greenspan-generated pyramid scheme is headed for the dumpster. The fundamentals for securing a loan have all been abandoned; putting traditionally unqualified applicants in a position to buy a home. 42% of all new home buyers cannot even come up with a few thousand dollars for a down payment. Equally disturbing is the fact that “nearly one third of all new mortgages this year call for interest-only payments (in California, it’s almost half)” (NY Times)”
The Fed’s “cheap money” policy has spawned a “creative financing” monster and the speculation in the housing market has grown accordingly. A full 36% of homes are bought either for investment or as second homes; “the very definition of a financial bubble.” (Economist)
“Speculation”? Not according to Colonel Greenspan. According to him, it’s just a bit of “froth” in the market.
“Froth”? The biggest bubble in history!?!
Of course, none of this even vaguely resembles the activities of a “free market”. The market is not free when a privately owned banking system like the Federal Reserve sets the prime rate according to its own political-economic agenda.
Most people have no idea to what extent Greenspan has abandoned his principles to carry out his task as the country’s foremost class-warrior. Earlier in his career, Greenspan proclaimed, “Deficit spending is simply a scheme for the confiscation of wealth”.
Hmmmmm?
That, of course, was when deficits were used to pay for exorbitant social programs, like Welfare or Medicaid that benefited the broader American public. Greenspan has revised his thinking now that the deficits are a means for lining the pockets of his rich constituents.
Greenspan fully grasps the danger of his current strategy of flooding the market with, what he once called, “easy money”. As he noted in an article he wrote in 1967 “Gold and Economic Freedom”:
“After a mild business contraction in 1927 the fed decided the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage. The excess credit which the Fed pumped into the economy spilled over into the stock market — triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in breaking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed.”
Let’s see if we got that right?
“The excess credit which the Fed pumped into the economytriggered a fantastic speculative boom.which collapsed the American economy”.
Sound familiar?
And who does Greenspan blame for the 1929 depression; the people who bought the stocks on speculation or the policy-makers?
The policy-makers.
The “speculative imbalances” (re: Housing bubble) were the work of the policy-makers just as they are today. And, in this case, that’s the Fed-master himself.
Greenspan’s term at the Fed has been devastating for the dwindling American middle-class. In 1983 he worked to “fix” Social Security for upcoming generations. In fact, his fix was nothing more than a shifting of the tax burden onto poorer and middle class Americans by increasing the withholding for SS. Greenspan knew that the additional resources would be used to fund basic government operations and not stashed safely in a “lockbox” for retirement. His presumption proved to be accurate.
He’s also been an ardent supporter of financial deregulation, which has allowed foreign countries, particularly China and Japan, to buy up American assets and businesses. Deregulation has crushed America’s manufacturing sector by forcing it to compete with the poorest paid workers in the world in head-to-head competition. Now, the US is teetering from its unsustainable trade deficit and must get infusions of $2 billion per day in foreign investment per day to maintain its current standard of living. Greenspan and his “free trade” friends have hammered the American worker and tilted the nation towards third-world status. At this point, there’s little that can be done to reverse the trend other than a major overhaul of existing trade policies and a renewed effort to restore America’s manufacturing base; something neither party has even recommended.
Greenspan has worked exclusively to serve the interests of American elites. He has helped shape the policies on taxation, minimum wage and Social Security that have enriched the wealthy and battered the middle class. His lowered interest rates have perilously expanded credit and produced the “largest speculative market of all time”. Whatever economic calamity befalls the American people certainly bears his imprimatur.
The nation now faces the end of the Greenspan epoch and the very real prospect of an economic tidal wave greater than 1929. The bubble was manufactured by Greenspan and his colleagues at the Fed to swindle millions of working-class Americans out of their life-savings and to facilitate the greatest transferal of wealth in American history.
The lesson of the housing bubble is simple: whenever monetary policy is put into the hands of privately owned institutions like the Federal Reserve, those policies will invariably reflect the narrow interests of the men who own them and the members of their class.
That’s why Thomas Jefferson warned, “Banking institutions are more dangerous than standing armies.”
He undoubtedly had the Federal Reserve in mind.
MIKE WHITNEY lives in Washington state. He can be reached at: fergiewhitney@msn.com
Obama Legacy: As Celebrities Descended Upon Chicago Presidential Center, Across Town Firefighters Were Evacuating Patients From Another Private-Equity-Destroyed Hospital
Posted on June 22, 2026 by Conor Gallagher
And the never ending arguments that if we could just get rid of the current monster in the White House and go back to this, all would be right with the world:
Someday, let’s get back to this, America. pic.twitter.com/25GZ6DHUB3
— Protect Kamala Harris ✊ (@DisavowTrump20) June 18, 2026
To once again refute this type of argument, let’s start with another event that occurred in the runup to Juneteenth roughly 15 miles across Chicago. It’s one that tells the story of Obama and the Democrats much better than all the revolting royal pageantry at the crusader fortress in Jackson Park.
On June 11, the Chicago suburb of Oak Park closed down West Suburban Medical Center after the hospital’s last functioning elevator went kaput. Firefighters had to be called in to help patients stranded on upper floors. More from the Chicago Tribune:
Though the owner of the company that operates West Suburban abruptly closed the hospital in March, some providers that were not part of the hospital’s operations had still been using the building.
A dialysis clinic that saw about 140 patients a week on the fifth floor of the hospital’s professional building had continued to operate, and PCC Community Wellness Center had continued to run three clinics there.
They left Thursday after Oak Park closed the building to the public. The only people allowed in the building now are security and maintenance workers, Jacobsen said.
“We’ve basically been scrambling to move 140 patients,” said Dr. George Naratadam, a nephrologist at West Suburban. “They can’t really miss dialysis or they could die.”
Dialysis patients now have to go to different dialysis sites in the area, but those locations may be farther from their homes and they may not be able to get in at their usual times, Naratadam said. Patients must typically undergo dialysis three times a week for four hours at a time.
The sad end to West Suburban comes after private equity squeezed the facility dry and then discarded it. Like other Chicago-area hospitals Weiss Memorial (closed last year) and Westlake (closed 2019), West Suburban was also at one point owned by Pipeline Health, a private equity-backed hospital chain. Pipeline still holds a $67 million subordinate note tied to the broader hospital operations of Resilience Healthcare, which along with landlord Ramco Healthcare Holdings, purchased West Suburban in 2022.
Ramco, Resilience, Pipeline, and another private equity outfit in Miami, Rialto Capital Advisors, are now engaged in a messy court battle over tens of millions of dollars while patients suffer.
Not to worry, though, The Real Deal assures us the West Suburban legal fight is not representative of the wider Chicago-area healthcare attractiveness as an investment:
The severe distress stands in contrast to the broader Chicago health care real estate sector, where medical office properties remain in high demand. Driven by an aging population and low inventory, investors are treating clinical space as a refuge from the traditional office slump, pushing local medical deal volume past $600 million this year.
And that ensures more West Suburbans in the not-too-distant future. Fear not, though, poor patients, for a beacon of hope now rises:
It’s difficult to heap enough scorn on the opening ceremony of the Obama Presidential Center event on Juneteenth. The very fact it was held on the day commemorating the end of slavery in the US despite Obama destroying black wealth, the takeover of a public park, the ugliness of the building, the oligarchs paying it for it, the tone deafness delight in holding a celebrity-packed self-congratulatory bash even as the world burns, and the family-blog W-Michelle Altoids sequel.
While GAZA burns and the country of US of Israel dries out and sets up for fire fire fire. Christina Aguilera! Marc Anthony! Tom Hanks! Oprah! The Biggest Stars at the Opening of the Obama Presidential Center
Paul Haeder, Author 