Wednesday, July 7, 2010
Fox News has run the documentary “Generation Zero” since February. The film, produced by Citizens United Productions, has a central premise — the economic depression now unfolding is the fault of the Baby Boomers.
|Is Alan Greenspan a Baby Boomer?|
“The current economic crisis is not a failure of capitalism, but a failure of culture. Generation Zero explores the cultural roots of the global financial meltdown – beginning with the narcissism of the 1960’s, spreading like a virus through the self-indulgent 90’s, and exploding across the world in the present economic cataclysm,” explains the Generation Zero website. “Generation Zero exposes the little told story of how the mindset of the baby boomers sowed the seeds of economic disaster that will be reaped by coming generations.”
In fact, the real little told story has nothing to do with a particular generation. It has to do with a small number of global banksters who exploited a rigged financial system to engineer a series of financial bubbles designed to loot wealth, consolidate power, and destroy the economy.
The so-called Baby Boomer ethos — an ethos created by Madison Avenue and marketed by transnational corporations to a generation of consumers — had nothing to do with the Federal Reserve cutting interest rates and creating a home-buying frenzy that resulted in an unsustainable bubble. It had nothing to do with bad mortgages offloaded by Wall Street and packaged as mortgage-backed securities sold around the world as bonds to hapless investors.
Is the Securities and Exchange Commission controlled by Baby Boomers? The generational demographic of the SEC is irrelevant to the fact this government controlled institution encouraged an unsustainable increase in bank leveraging of speculative trading that resulted in taking the economy to its knees.
It was the “toxic debt” from the collapse of the housing bubble that brought about a full-scale crash of the U.S. financial system by September 2008. As Richard C. Cook notes, the stock market immediately fell, with 40 percent of its value — $8 trillion — lost in the span of a year. $2 trillion of the losses were in retirement savings, primarily held by Baby Boomers. This was not a mistake. It was engineered.
Goldman Sachs and the investment banksters performed a repeat of 1929. “They’ve been pulling this same stunt over and over since the 1920s — and now they’re preparing to do it again, creating what may be the biggest and most audacious bubble yet,” writes Matt Taibbi.
The Federal Reserve was not created by Baby Boomers. It was a device contrived by international bankers to manufacture booms and busts. No Boomers were alive in 1913.
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Catherine Austin Fitts rightly places blame for the housing bubble on Alan Greenspan. Greenspan is not a Baby Boomer. “The Federal Reserve and its long standing partner, the US Treasury, engineered the housing bubble, including the fraudulent inducement of America as part of a financial coup d’etat. Our bankruptcy was not an accident. It was engineered at the highest levels,” writes Austin Fitts.
“This new law [the Federal Reserve Act] will create inflation whenever the trusts want inflation,” noted Congressman Charles Lindberg in 1913 when the act was rushed through Congress in the dead of night. “From now on, depressions will be scientifically created.”
The Greatest Depression now unfolding was deliberately, directly, and scientifically created by the monetary policies of the Federal Reserve at the behest of the international bankers. Baby Boomer participation in the creation of speculative bubbles is completely irrelevant.
Blame must be parceled out and diverted away from the real culprits — and thus Generation Zero plays over and over on Fox News, sending out the misleading message that it is OK to blame the victims. The so-called Baby Boomers will be robbed of their pensions and when they retire — an age that my soon be shifted to 70 years of age if Congress has its way — the Social Security Ponzi scheme will be totally bankrupt. Millions of Boomers and their kids will be destitute.
Brainwashed Republicans will mumble the mantra that the Woodstock Generation has only its self to blame. Meanwhile, the real criminals — the international bankers and their operatives on Wall Street and in the investment firms — will get away with murder and remain free to arrange the next speculative bubble that will drive even more people into crushing penury.
This article was posted: Wednesday, July 7, 2010 at 8:21 am