General Motors. The nationalization of General Motors is now complete with only the paper work to be completed. Today's Wall Street Journal (page B1): "A federal judge approved the sale of General Motors corp.'s assets to a new government-run company..."
Yes, the cryptocracy moves fast when they want something. Two years ago this outcome would have seemed to be from another planet. Yet, here we are in the new world of a government-run economy, well on its way to a soviet style organization.
"The ruling paves the way for GM's government-brokered restructuring, in which the auto maker will move its 'good' assets -- including automotive brands Chevrolet, Cadillac, Buick and GMC -- to a new company owned by the U.S. Treasury."
Look out GM employees and retirees!!! The 'restructuring' means the government can re-set the terms and conditions of employment at GM without the bother of dealing with the unions. The government planners do not have the best interests of the employees in mind, to say the least.
Also, the "good" assets are only going to this enterprise. The bad assets, which include all those troublesome obligations on health care and retiree benefits, will go to a bad assets company. This company will take its time making it into the light of day as the planners figure out ways to make each one of the bad assets problems go away.
In short, the cryptocracy has taken the premier American corporation and turned it into a model for the dawning new world. A world where the cryptocracy exercises much greater control over the lives of Americans and over the economic life of the country.
