Thursday, October 09, 2008

We're all Marxists now!

The fifth plank of the Communist Manifesto reads:

Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.

For those of you unfamiliar with the Manifesto, it outlines a plan to overthrow the Bourgeois and bring about the full "blessings" of Communism. The 10 planks are the conditions that must exist before a transition to Communism is possible. So far, we've already met planks 2 (A heavy progressive or graduated income tax) and 10 (Free education for all children in public schools), and were brought closer to 4 (Confiscation of the property of all emigrants and rebels) with the passage of The Patriot Act and various other abominations under the Bush administration. The impending purchase of ownership stakes by the Treasury Department in private U.S. banks gets us closer to plank number 5.
WASHINGTON - The Bush administration is considering taking ownership stakes in certain U.S. banks as an option for dealing with a severe global credit crisis.

An administration official, who spoke on condition of anonymity because no decision has been made, said the $700 billion rescue package passed by Congress last week allows the Treasury Department to inject fresh capital into financial institutions and get ownership shares in return.

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