This is what happens when you accept Wimpy Promises.

The Wimpy character of the Popeye comics family was famous for saying "I will gladly pay you Tuesday for a hamburger today".  Give me something today and don't worry because I am going to pay you back in the future.  Trust me.  This kind of bullshit used to work during the rise of the liberal trust Ponzi (which is really the same as a debt Ponzi).  But now the con is out in the open, at least in GE.  The pensioners at GE have been getting nipped away at for a long time.  They got promised lifetime benefits but they failed to realize that this meant for the lifetime of GE, not their own human lifetime.  And GE is swirling the bowl.

Oh, sure, there will be rallies in the shares, perhaps even large ones.  But none will be very long lived.  As I predicted a long time ago when nobody else was saying it, GE is done.  All those financial assets which were the means of making debt look like profit are now gone.  GE's ability to source loans for questionable credit customers is gone.  Thus, its vendor finance scam empire is in collapse.  Why?  Because they never owned it.  They borrowed the whole damned thing.  It was, in the words of Styx, the Grand Illusion.  And now the loans are coming due.  GE will BK or be broken up and sold off at pennies on the dollar while those who accepted Wimpy Promises continue to complain and campaign.  They think that by complaining they can get someone else to pick up the responsibility for the debt owed to them by GE but that is not going to happen.  I have no desire to pay for their leisure time in retirement and neither does anyone else.

These people are certainly the victims of a con game.  I'm not debating that.  But if I have to pay for the mistakes of those whose blissful ignorance led them into long term deals with another entity which could negatively affect their retirement years then all I will be doing for the remainder of my short time on this planet is to pay for and thus reward the greed, ignorance and stupidity of others.  Screw that.  I took the time to educate myself.  When Ron Paul spoke, I did not make jokes about his ill fitting suits.  Instead I listened to his words and tested the veracity of them with engineering logic.  His words rang true and I began to do more research and to learn for myself.  I did not let the mood of the herd, or the madness of crowds sway me or blind me from seeing the bigger picture truth.

In order for there to be any sustainable progress, people must be made to pay for their individual mistakes.  If every personal blunder (like believing the lies of big government or big corporations) must be made up for by socializing the loss then you will see in America what is already happening to the likes of Taxafornia: capital flight.  Right now, the corrupt California government there is sneering at the thousands of businesses who are fleeing that tax regime.  They know it's not a good thing but they suggest local businesses just buck up and man up about the huge and growing tax burden being placed upon them.

This kind of arrogance is only possible when times are good.  When the recession/depression comes, the corrupt government of California will be talking out the other side of its mouth.  We will know that its getting serious when CA government begins implementing capital controls.  Now for me to say this seems ludicrous today.  Liberal pundits would laugh in my face.  But I have been known to be right more often than not, and liberals never come back to apologize for their stupidity later on; instead, they just play the victim card and then act like I owe them something (please allow me to pause long enough to spit).

I'm telling you in clear terms that people who know what is going on at the very high level world view (like me) know that capital controls of various forms are coming to California in the coming years.  They will do a variety of things likely to include:

• Huge tax bill for the selling of corporate real estate.  They will hope to make it too expensive to flee...
• Large income tax assessment for those leaving the state.
• Special breakup tax.  In other words, the state will claim that the corporations benefited from all the good times and thus have a social responsibility to help pay for the Ponzi collapse.
• Many other mechanisms which can be as creative as there are stars in the sky.  Desperate governments can and will say and do whatever they need to in order to stay in power.  They can even call it a "security measure".

If you have any sense at all, get the Hell out of high tax areas right now while the getting is easy.  Don't worry, the corporations and the jobs are already moving to those places and will be there to greet you when you arrive.