Nowun till welcomes the extra S in the USA

That stalwart of free market capitalism, finally capitulates and becomes a socialist republic, welcome to the new USA, alternatively called the Republic of the United Socialist States of America or RUSSA for short, oh the irony.

With the collapse of the mainstay of the capitalist structures, namely banks, RUSSA has shown its hand clearly and the state has effectively taken control of the banking system. Billions of US$ have been used to shore up creaking money lenders, with little regard for the wider economy.

It appears that if you run a medium sized business in the US, you and your staff can go swim, but if you run a bank, the good old treasury will step in, maintain your bonus, pump billions into your business and let you keep running what you destroyed. More galling, if you wish to take over one of these failed banks, the Government will subsidize your purchase.

Oh, but a line has been drawn in the sand with Merrills - hardly. The line has been crossed and once crossed, it is like Canute trying to keep back the sea.

The tragedy is that these banks have been run with a failed business model and as such in free market capitalism should fail as a business. What is the point of keeping in place, the same board and management team who destroyed the business in the first place?

Were this a systemic and catastrophic failure of capitalism, places like Bank of America etc. would not be running succesful businesses, which can afford to buy out these failed businesses. There is nothing more than simple incompetence that has caused these failures and socialism doesn't cover up failure.

Now that RUSSA has been created, perhaps we can expect to see more concern for the individual. How a country can morally sit and pontificate, while pouring billions into keeping failed business managers in jobs, while permitting people to live in abject poverty, failing after years to rebuild a destroyed city, because it is in the South, I don't know.

Welcome RUSSA goodbye the USA