Karl Marx and Friedrich Engels, the purported founders of communism, established in the 19th century a government paradigm that transformed Europe and other regions in the eastern hemisphere, adding to an already expansive repertoire of political ideologies. And the seemingly farfetched assertion that communism could someday take control of America seems, quite simply, unfathomable. But is it really that improbable, or furthermore, has it already ensnared certain sectors of society?
To look at the streets of Reykjavik, Iceland, an alien would be hard-pressed to see any aftereffects of the banking crisis that nearly bankrupted the country in 2008. The capitol of the 40,000-square-mile island just below the Arctic Circle between Greenland and the United Kingdom is the country's largest city where nearly two-thirds of the island's 320,000 inhabitants reside. Unemployment is down, economic growth is positive, and its streets are calm.
Just two days separated a letter from Matt Taibbi of Rolling Stone magazine and a report from the president of the Dallas Federal Reserve, each remarkably calling for the end of “too big to fail” (TBTF) banks.
Tax Armageddon, or "Taxmageddon," looms on the horizon, as $500 billion in tax cuts will all be expiring at the end of the year. While Americans were hustling on April 17 to complete their taxes, experts were warning about a much larger tax day — January 1, 2013. And if Congress doesn’t take action, American households will be hit with an average tax hike of $3,800, according to the Heritage Foundation.
Last November, President Obama stood before an audience and said government needs to be “responsive to the needs of people, not the needs of special interests.” He added, “That is probably the biggest piece of business that remains unfinished.”
A sugar-coated analysis of the global economy released by the International Monetary Fund April 17 nevertheless contains dire warnings about a world in a looming global government bond crisis.
Defense Secretary Leon Panetta acknowledged Monday that his numerous flights home to California, which have cost taxpayers about $860,000, may have been a little excessive. Despite his purported regret, however, he indicated that his weekend trips — which have tallied to nearly 30 times since July — will not end. He told reporters that he is open to "alternatives here that I can look at, that might possibly be able to save funds and, at the same time, be able to fulfill my responsibilities not only to my job but to my family."
The U.S. General Services Administration official responsible for a $822,000 Las Vegas party on the tab of the U.S. taxpayer refused to answer any questions before the House Committee on Oversight and Government Reform April 16, followed by hand-wringing by former GSA head Martha Johnson. Hearings also revealed that the GSA employees may have stolen iPods purchased for an employee incentive program.