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Forum Post: "Our economic ruin means freedom for the super-rich", by George Monbiot [The Guardian]

Posted 2 years ago on Aug. 2, 2012, 12:23 p.m. EST by shadz66 (19985)
This content is user submitted and not an official statement

"Our economic ruin means freedom for the super-rich".

The Neoliberal Agenda promised prosperity for all, but created a 'Totalitarian Capitalism' that feeds on crisis.

by George Monbiot.

The model is dead ; long live the model. Austerity programmes are extending the crises they were meant to solve, yet governments refuse to abandon them. The United Kingdom provides a powerful example. The cuts, the coalition promised, would hurt but work. They hurt all right – and have pushed us into a double-dip recession.

This result was widely predicted. If you cut government spending and the income of the poor during an economic crisis, you are likely to make it worse. But last week PM David Cameron insisted that "we will go on and finish the job", while the chancellor maintained that the government has a "credible plan, and we're sticking to it".

Two questions arise. The first is familiar : why has the public response to this assault on public life and public welfare been so muted ? Where are the massive and sustained protests we might have expected ? But the other is just as puzzling : where is the economic elite ?

Surely the corporate class and the super-rich – the only people the government will listen to – can see that these policies are destroying the markets on which their wealth relies ? Surely they can see that this scorched-earth capitalism is failing even on its own terms ?

To understand this conundrum we should first understand that what is presented as an economic programme is in fact a political programme. It is the implementation of a doctrine : a doctrine called 'Neoliberalism'. Like all such creeds, it exists in its pure form only in the heavens ; when brought down to earth it turns into something different.

Neoliberals claim that we are best served by maximising market freedom and minimising the role of the state. The free market, left to its own devices, will deliver efficiency, choice and prosperity. The role of government should be confined to defence, protecting property, preventing monopolies and removing barriers to business. All other tasks would be better discharged by private enterprise. The quest for year zero market purity was dangerous enough in theory : distorted by the grubby realities of life on earth it is devastating to the welfare of both people and planet.

As Colin Crouch shows in 'The Strange Non-Death of Neoliberalism', the state and the market are not, as neoliberals insist, in perpetual conflict. Instead they have united around the demands of giant corporations.

When the state cuts regulation and social provision, business is enriched. It uses this wealth to trample on the doctrine that enriched it. Through campaign finance, networking and lobbying, big business recruits the state to champion its interests. In Britain corporations lobbied for privatisation programmes that replaced public monopolies with private ones. They also persuaded the government to create hybrid schemes (like the 'Private Finance Initiative') that guarantee state funding for business. In the US, giant corporations persuaded Congress to remove the key regulations governing auditors and the banks. This led first to the Enron and WorldCom scandals, then the financial crisis.

Big business has used its power to persuade the state to let it keep dumping its environmental costs on the rest of us. It has vitiated anti-trust laws. It has excluded new entrants to the market (through its advertising budgets and distribution networks) and become big enough to prevent its own exit even when it fails (note the bailout of the banks). These are results of neoliberal policies of the kind that Cameron is applying, but they are sharply at odds with the predictions neoliberals made of how free markets would behave.

Above all, the neoliberal programme has closed down political choice. If the market, as the doctrine insists, is the only valid determinant of how societies evolve and the market is dominated by giant corporations - then what big business wants is what society gets. You can see this squalid reality at work in Cameron's speech last week. "We have listened to what business wants and we are delivering on it. Business said, 'We want competitive tax rates,' so we are creating the most competitive corporate tax regime in the G20 and the lowest rates of corporation tax in the G7 …" ! What about the rest of us ? Don't we get a say ?

The neoliberal hypothesis has been disproved spectacularly. Far from regulating themselves, untrammelled markets were saved from collapse only by government intervention and massive injections of public money. Far from delivering universal prosperity, government cuts have pushed us further into crisis. Yet this very crisis is now being used as an excuse to apply the doctrine more fiercely than before.

So where is the economic elite ? Counting the money it has stashed in unregulated tax havens. Thirty years of neoliberalism have allowed the super-rich to detach themselves from the lives of others to such an extent that economic crises scarcely touch them. You could see this as yet another market failure. Even if they are affected, the rich are doubtless prepared to pay an economic price for the political benefits – freedom from democratic restraint – that the doctrine offers.

A programme that promised freedom and choice has instead produced something resembling a Totalitarian Capitalism, in which no one may dissent from the will of the market and in which the market has become a euphemism for big business. It offers freedom all right, but only to those at the top.

~

radix omnium malorum est cupiditas ...

~

[Article copied under "Fair Use" from : http://www.guardian.co.uk/commentisfree/2012/jul/30/economic-ruin-super-rich-totalitarian-capitalism ]

65 Comments

65 Comments


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[-] 6 points by beautifulworld (21606) 2 years ago

This is a great article. Totalitarian Capitalism - what a great way to put it. While surely, the victims are not to blame, they must awake from their slumber and begin to force change. There is power in numbers and not just numbers with dollar signs before them.

[-] 1 points by shadz66 (19985) 2 years ago

I agree with you. Lack of responsibility for 'The Problem' does NOT absolve us all collectively from being responsible for 'The Solution'. However, once the people are conditioned to embrace measures of Wall Street success as measures of their own well-being - they are easily recruited as foot soldiers in Wall Street’s relentless campaign to advance policies that support its control of money and thus its hold on every aspect of peoples' lives !

For far too long, Americans have allowed Wall Street to play them as 'marks' in a confidence scam of audacious proportions. Then they wonder at their seeming utter powerlessness to deal with job losses, depressed wages, mortgage foreclosures, political corruption and the plight of their children as they graduate into Debt Bondage !!

OWS has focused national and global attention on the source of the problem. Now it’s time for action to bust the Wall Street banking corporations, cartels and trusts, 'replace the current Wall Street 'banking system' with a 'Main Street Banking System' and take back America from the rule by 'The Evil, Wall Street Bankster Parasites' !!!

ad iudicium ...

[-] 6 points by beautifulworld (21606) 2 years ago

I could not say it any better than you. Thanks.

[-] -1 points by shadz66 (19985) 2 years ago

You're most welcome and I've read how & what you write and I rather think that you could. In any case, for your further calm consideration - I append this short, eye-opening article :

"One of the positive things about our giant economic collapse has been an outbreak of honesty among the billionaires who run America. Now they seem to feel free to express how they truly feel about the rest of us." Pretty shocking and revealing !!!

minima maxima sunt ...

[-] 5 points by beautifulworld (21606) 2 years ago

Hmmm. I suppose that works both ways as the 99% have become quite honest and vocal about how they feel about the billionaires too.

[-] 3 points by shadz66 (19985) 2 years ago

Yes, you're right and now all that we, The 99% have to learn to do is to sing from the same song sheet, at the same time and in tune !!!

dum spiro, spero ...

[-] 3 points by shoozTroll (17632) 2 years ago

Have you seen Bernie's list of 26 yet?

These are the ones we know are trying to buy the election this year.

http://www.sanders.senate.gov/imo/media/doc/072412Billionaires11.pdf

Plus all the ones doing stuff like the guy in the video's doing.

[-] -1 points by shadz66 (19985) 2 years ago

Thanx for that great link - further to which I append :

"Lifting the Veil : The Failure of Capitalist Democracy" - (Video)

This film explores the historical role of the Democratic Party as the “graveyard of social movements”, the massive influence of corporate finance in elections, the absurd disparities of wealth in the United States, the continuity and escalation of neocon policies under Obama, the insufficiency of mere voting as a path to reform, and differing conceptions of democracy itself.

Original interview footage derives from Noam Chomsky, Michael Parenti, Michael Albert, John Stauber (PR Watch), Sharon Smith (Historian), William I. Robinson (Editor, Critical Globalization Studies), Morris Berman (Author, Dark Ages America), and famed black panther Larry Pinkney.

Non-original interviews/lectures include Michael Hudson, Paul Craig Roberts, Ted Rall, Richard Wolff, Glen Ford, Lewis Black, Glenn Greenwald, George Carlin, Gerald Cliente, Chris Hedges, John Pilger, Bernie Sanders, Sheldon Wollin and Martin Luther King.

fiat lux ...

[-] 1 points by shoozTroll (17632) 2 years ago

I've seen most of clips that make up this vid before.

I have my own conclusions.............:)

[-] 1 points by DKAtoday (25009) from Coon Rapids, MN 2 years ago

In Harmony.

[-] -1 points by gnomunny (6614) from St Louis, MO 2 years ago

Another affirming/eye-opening article. I swear, if I ever get diagnosed with a terminal disease, and have, perhaps six months to live . . .

"gno's got a gun . . "

jk, don't really have a gun and don't advocate violence.

But if I ever get diagnosed with a terminal disease . . .

[-] 4 points by richardkentgates (3269) from Fort Walton Beach, FL 2 years ago

Worth sharing.

[-] 0 points by shadz66 (19985) 2 years ago

'rkg' : i dn't twtr / fcbk / soc. med, wd u pls. thnx. ~pax~

[-] 2 points by factsrfun (6413) from Phoenix, AZ 2 years ago

The article is a good one, it raises several good points, here:

“Neoliberals claim that we are best served by maximising market freedom and minimising the role of the state.”

One of the downfalls has been , I believe that as economic power is acquired those that have it use it to shape the role of the state to their liking, that’s how a “small government” loving people end up with more people in prison than anybody else.

Another thing I notice though was how dangerous it is to be too specific in your criticism, first of all I believe those that follow this article already are aware and secondly you may be off by a bit and miss your target,. The Enron debacle was more a result of state governments falling into the trap of “competition” makes everything cheaper, they were looking for that “free lunch” and got had like every con man victim. I worked in the industry at the time, I suppose that Congress may have been involed, but it was the states that led and I subspect ALEC was involed, but without OWS, I never heard.

[-] -2 points by shadz66 (19985) 2 years ago

"Small government" lovers hate the idea of a Pro-99% Real Democracy & never have a word to say about The Gargantuan Expenses of Empire. Thus, please consider :

Thanx for your comment above and I append for your further consideration :

fiat lux ...

[-] 1 points by factsrfun (6413) from Phoenix, AZ 2 years ago

The first I find to be useful, I have noticed for years how the right will talk of tax revenue and exclude Social Security then talk of expenditures and include Social Security, it is one of the many ways the right lies.

The breaking out of the war costs is a very good ideal, I would like for us to push to have the best military in the world that cost only 50% more than the next most expensive. When some say, "but look we spend less of what we have than we once did" we should say that's called progress maybe someday we can spend even less....

The next link on the other hand I find to be a bit of a distraction in that it muddles the clear difference between Ryan and Obama, while it is true that some may be called to sacrifice much for the cause, to lose sight of the huge danger that the concentration of wealth represents, for the sake of greater safety when protesting is too great a price i think, if we focus on our own safety instead of the need to address what Ryan would do to our futures, I think we miss the point.

[-] 2 points by OccupyNews (1183) 2 years ago

Just another reason to demand Debt Neutrality. Pay back what is owed, but with no more interest rate charges, penalties or fees.

That may not seem like a lot, except that when interest rate charges are accruing, some are NEVER able to pay down their debt, and others will pay DOUBLE what the debt is as it stands today.

Please consider getting involved in advocating Debt Neutrality.

I think that Debt Neutrality is a more reasonable position to argue for than debt forgiveness. Plus with debt forgiveness, no new jobs are created. Debt Neutrality actually allows those who can pay down their debts to have more and more money to spend locally, in essence reinvigorating their local economy without the need for bankers to get involved.

Here is the link for the petition. http://www.change.org/petitions/congress-create-debt-neutrality-rights-for-paying-down-credit-cards-student-loans

the Debt Neutrality blog, www.debtneutrality.blogspot.com

and facebook, www.facebook.com/debtneutrality

[-] 0 points by shadz66 (19985) 2 years ago

"Debt Neutrality" is a variation on the theme of 'Jubilee' to my ear - tho' you may regard that as "debt forgiveness". In The UK and there has been much tiresome talk of "Jubilee" but little if any refection of the origin, meaning and true implications of that word and I sincerely encourage people to consider : http://en.wikipedia.org/wiki/Jubilee_(biblical) & http://www.ewtn.com/jubilee/history/OT1.htm et al.

In brief, my own reading of "Jubilee" is that the ancient OT Hebrew Elders understood that a son could perhaps be responsible for and pay his father's debts and/or a grandson could conceivably be a direct beneficiary of his grand-father's borrowing of money and could thus be morally responsible for paying of his grand-father's debts BUT that anything more would be 'generational debt bondage' (especially if one factored in 'interest') and this would have been understood to have been unfair, unreasonable and also unethical. Thus, every 49/50 years the Ancient Israelite Elders in their foresight and wisdom, declared that all debts were null and void. Thus, freed of their debt-burden and quite understandably - festivities, celebrations and much merry making - ensued !!

Finally, I really think that you will find the following video rather interesting :

The sole purpose of this story is to explain the simple maths of reality and the current Banking System – that is – 100 plus NOTHING does NOT equal 105 – and that charging interest on something that is created out of nothing, makes it impossible to repay, giving great power to those who do create money out of nothing – ie the Banks. This story was written by Larry Hannigan in 1971 and uses a fictional character (Fabian) in the narrative.

Money is NOT a commodity, it is a system of debit-credit bookkeeping – nothing more. Banks create credit. It is a mistake to suppose that bank credit is created to any extent by the payment of money into the banks. A loan made by a bank is a clear addition to the amount of money in the community.

The issue which has swept down the centuries and which will have to be fought sooner or later is the People v. The Banks.

None of our problems will disappear until we correct the creation, supply and circulation of money. Once the money problem is solved, everything else will fall into place.

radix omnium malorum est cupiditas ...

[-] 1 points by OccupyNews (1183) 2 years ago

I've gone back on forth on the issue of whether or not the 5% or 10% above and beyond 100% actually exists. In essence, debt can never be fully repaid because there is more money owed than actually exists.

The part that I don't think gets factored in is that people work and generate wealth, buy stuff, and then have that stuff. If collateral were added into the equation, it would surely surpass the total debt of the world, rendering the 105% or 110% a logical concept only if actual property and contents found on the property are not factored in.

Interest rate charges can however erode main streets wealth and that is what is going on right now.

Thanks for sharing the Jubilee theme and its history, very interesting to say the least.

[-] -2 points by shadz66 (19985) 2 years ago

Re. 'The Theory of Money', I also append the following 5 links :

When money drives almost all activity on the planet, it's essential that we understand it. Yet simple questions often get overlooked - questions like : Where does money come from ? Who creates it ? Who decides how it gets used ? And what does that mean for the millions of ordinary people who suffer when money and finance breaks down ?

radix omnium malorum est cupiditas ...

[-] 1 points by OccupyNews (1183) 2 years ago

We definitely don't need anymore new money. Nor do we need the fed making new money. We need the existing money of billionaires and trillionaires to quit being invested risk free because they are so rich.

[-] 2 points by DKAtoday (25009) from Coon Rapids, MN 2 years ago
[-] -2 points by shadz66 (19985) 2 years ago

Thanx for the very interesting link & also in keeping with the subject of this thread, I append a short article for your consideration :

multum in parvo ...

[-] 2 points by DKAtoday (25009) from Coon Rapids, MN 2 years ago

Hey thank you for all of the incredible information that you provide.

Stop by my most recent open letter - it should be close to the top on the forum page.

I am gonna delve into the link you provided. {:-])

[-] 1 points by DKAtoday (25009) from Coon Rapids, MN 2 years ago

Great short article - would you mind re-posting it on my most recent open letter?

[-] 2 points by gsw (2697) 2 years ago

I see and hear it repeated over and over by the economic winners: "47 percent don't pay any taxes, the freeloaders". They say it enough and then they believe it. They want more breaks for the "wealthy" and claim " you're picking on us, and that's 'class warfare'. Well if it is so hard on them we should tell them "love it or leave it" as they have been so fond of saying.

[-] -1 points by shadz66 (19985) 2 years ago

True That ! Ergo, 'The Bankster Scum' = PARASITES !! Q.E.D. !!!

veritas vos liberabit ...

[-] -2 points by gnomunny (6614) from St Louis, MO 2 years ago

A worthy post, and deservedly bumped.

The forum took its eyes off the road for a second and ran into the ditch. Glad to help push it out.

[-] 1 points by shadz66 (19985) 2 years ago

Thanx & for your consideration and cogitation :

"Certainly Americans have the right and the ability to vote for candidates, but that alone appears not to produce what President Abraham Lincoln, back in 1865, called a government “of the people, by the people and for the people".”

ad iudicium ...

[-] -2 points by gnomunny (6614) from St Louis, MO 2 years ago

Great article. You should consider giving it more exposure.

[-] 2 points by OccupyNews (1183) 2 years ago

This is why the 3 trillion dollars in consumer debt, which requires ONE BILLION DOLLARS EVERY DAY just to pay the interest rate maintenance on the debt, MUST be addressed.

When you sign the Debt Neutrality petition here http://www.change.org/petitions/congress-create-debt-neutrality-rights-for-paying-down-credit-cards-student-loans the petition originator does not have access to your street address.

The purpose of the Debt Neutrality petition is to stop the interest rate charges, penalties and fees on the 3 trillion dollars of consumer debt.

[-] 0 points by shadz66 (19985) 2 years ago

In modern societies in which access to most essential of life from food and water to shelter and health care depends on money, control of money is the ultimate instrument of social control.

Fortunately, with the help of 'OWS' - Americans are waking up to an important truth. It is a very, very bad idea to yield control of the issuance and allocation of credit (money) to Wall Street banks run by con artists who operate beyond the reach of public accountability and who view the rest of us as simple-minded marks ripe for the exploiting.

By going along with its deceptions, the people passively empowered Wall Street to convert America from a middle class society of entrepreneurs, investors and skilled workers into a nation of debt slaves. Buying into Wall Street lies and illusions, Americans have been lured into accepting - indeed even aggressively promoting, “tax relief” for the very rich and the “regulatory relief” and “free trade” agreements for corporations that allowed Wall Street to suppress wages and benefits for working people through union busting, automation, and outsourcing jobs to foreign sweatshops.

Once working people were unable to make ends meet with current income, Wall Street lured them into making up the difference by taking on credit card and more mortgage debt they had no means to repay. They were soon borrowing to pay not only for basics and current consumption, but as well to pay the interest on prior unpaid debt.

This is the classic downward spiral of debt slavery that guarantees an ever-growing divide between the power and luxury of an avaricious Creditor Class and the powerless desperation of a Debtor Class.

radix omnium malorum est cupiditas ...

[-] 1 points by OccupyNews (1183) 2 years ago

Well stated, I totally agree. One common argument that some will use is, "but nobody put a gun to your head to borrow the money".

Whether that is true or not, there is real economic doom far greater than what has already been experienced, possibly coming soon.

One way to change course is to just have less debt.

All of those apps that have been created allow more people opportunities to create and implement. However, there is a price for those apps. Overall, average salaries will drop because apps create efficiency, and efficiency naturally means paying less people to do the same amount of work.

This is why interest rate charges on existing consumer debt need to neutralized, so consumers can get control of their debt as salaries continue to drop.

And those of you who have jobs that pay six figures, you'd better save your money because if you do your job well, within a couple of years time your job could be replaced by an app.

http://www.change.org/petitions/congress-create-debt-neutrality-rights-for-paying-down-credit-cards-student-loans

Please like Debt Neutrality on facebook as well. www.facebook.com/DebtnNeutrality/ (does this link work?)

and you can keep up with some interesting articles at www.debtneutrality.blogspot.com

[-] 2 points by PeterKropotkin (1050) from Oakland, CA 2 years ago

Good post Shadz

[-] 2 points by rickMoss (435) 2 years ago

All the money that's being stashed will become usless once the system collapses.

The people are the real blame. We've seen our lives being stolen from us bit by bit. It's gotten to the point where we have to make a huge unthinkable effort just to get ourselves back on track. And to think protesting is going to make the elites pay attention is lunacy.

To the U.S. and the people of the world.When you get tired of playing games and losing everything, join the real revolution. Grow up.

“Be Smart!” – FIGHT THE CAUSE – NOT THE SYMPTOM

U.S. Citizens Read “Common Sense 3.1” at ( http://revolution2.osixs.org )

Non U.S. Citizens Read “Common Sense 3.2” at ( http://SaveTheWorldNow.osixs.org )

If you know the world around you is collapsing and you do nothing about it, then who’s really at fault when you stood by and did nothing? We have to stop whining and do something about it. We don’t have to live like this anymore.

[-] 3 points by alterorabolish1 (569) 2 years ago

"We have to stop whining and do something about it. We don’t have to live like this anymore."

Let's do it! We need the help of the masses and they're not helping yet. I agree with shadz66, don't blame the victims.

[-] 1 points by rickMoss (435) 2 years ago

The victims. We made ourselves victims if that's what you want to call it.

FIGHT THE CAUSE - NOT THE SYMPTOM OsiXs (More Power and Technology to the People!)

[-] 1 points by shadz66 (19985) 2 years ago

Effin' STRONG Comment ! I like it !! BUT Do Not Blame the victims !!!

EDUCATE ; AGITATE ; ORGANISE !!!

per aspera ad astra ...

[-] 1 points by rickMoss (435) 2 years ago

I just call it like I see it!

FIGHT THE CAUSE - NOT THE SYMPTOM

OsiXs (Revolution 2.0 - The Smart Revolution!)

[-] -2 points by Odin (583) 2 years ago

That's the key.

[-] 0 points by gnomunny (6614) from St Louis, MO 2 years ago

Agree with shadz, don't blame the victims. We got here because of two main things, I think. One, is being stuck in a two-party duopoly forcing the voters to decide between two usually poor choices, and the unrelenting assault by MSM to keep the public distracted any way they can. Not only through mindless entertainment but also manufactured "hot stories" like Clinton's blow-job (that was 100% designed to distract) and stories like Trayvon, that shouldn't have been blown up as big as it was. Now that the Trayvon story is dying down, we have Aurora, CO. No coincidence.

Two more quick things: keep up the good fight (I've seen your website). And, . . . we're not whining. I wish people would stop saying that.

[-] 1 points by rickMoss (435) 2 years ago

We are the blame. That is our biggest problem. We don't want to except responsibility for our own failure. 1% is insignificant to our numbers. Yet we sit here and do nothing but trade catch phrases to make each other feal as though we are making progress. "EDUCATE ; AGITATE ; ORGANISE !!!" - Yah - right, just words. No plan, no vision, just anarchy. The so called elites have always used our ignorance against us. Nothing has changed. In the end if we don't wise up, we will have to fight each other just to survive. I don't call that progress. Protesting is not a solution to the huge problems we face. But it makes us feel like we're doing something when in reality we are only make things worse at a faster pace.

Wise up people!

FIGHT THE CAUSE - NOT THE SYMPTOM

OsiXs (Democracy 2.0)

[-] 1 points by VQkag2 (16478) 2 years ago

So protesting makes things worse? You are against protesting?

I guess you are against voting also?

What strategy are you advocating? How can we improve our lot?

[-] 1 points by rickMoss (435) 2 years ago

You presume too much.

“Be Smart!” - FIGHT THE CAUSE - NOT THE SYMPTOM

U.S. Citizens Read “Common Sense 3.1” at ( http://revolution2.osixs.org )

Non U.S. Citizens Read “Common Sense 3.2” at ( http://SaveTheWorldNow.osixs.org )

[-] 1 points by jrhirsch (4714) from Sun City, CA 2 years ago

Again blaming the system for the faults of it's members. Name any working system where the wealth does not concentrate in the hands of the few.

One logical remedy would be to reset the system to level the playing field whenever the inequality reaches a certain level. The rich would then have an incentive to keep inequality moderately slanted in their favor or else lose their advantage.

Another remedy would be to set a much higher minimum wage which would tend tend to push up all lower wages.

[-] 2 points by OccupyNews (1183) 2 years ago

wow, sounds like Debt Neutrality to me. You can like us on facebook, http://www.facebook.com/DebtNeutrality and sign the petition at http://www.change.org/petitions/congress-create-debt-neutrality-rights-for-paying-down-credit-cards-student-loans

Short explanation, everyday in the USA bankers pocket 1 billion dollars in interest rate charges on 3 trillion dollars in consumer debt. Debt Neutrality would eliminate the interest rate charges, fees and penalties so consumers can pay down their debts.

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[-] 10 points by shadz66 (19985) 2 years ago

Consider : The critical distinctions between the making of money and the creation of wealth is The Key to seeing through Wall Street’s illusions.

Real wealth actually includes fertile land ; pure water ; clean air ; healthy food ; caring relationships ; healthy, happy children ; quality education and health care ; fulfilling opportunities for service ; peace and even time for meditation and spiritual reflection.

These are just a few among the many forms of 'Real Wealth, to which we should properly expect a sound economy to contribute - but Wall Street has so seriously corrupted the language however - that it is now difficult even to express the crucial distinctions between money (which is a facilitator of actual economic activity) & real wealth (the purpose of economic activity).

Financial commentators will routinely use terms like wealth, capital, resources & assets when referring to the 'phantom wealth financial assets, which makes them sound like something real, substantial and tangible - whether or not they are backed by anything of real value. Similarly, they identify folks engaged in market speculation and manipulation as investors, thus glossing over the distinction between those who game the system to expropriate wealth and those who contribute to its creation.

veritas vos liberabit ...

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[-] 2 points by DKAtoday (25009) from Coon Rapids, MN 2 years ago

Nice - another look at understanding greed and it's effects.

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[-] 1 points by gnomunny (6614) from St Louis, MO 2 years ago

I doubt that's trashy. Not his style.

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[-] 2 points by MattLHolck (16833) from San Diego, CA 2 years ago

I heard claims a "computer gliitch" bought stocks and lost money to the invisible market

I laughed so heard

just another example that these money numbers are all make believe

[-] 2 points by DKAtoday (25009) from Coon Rapids, MN 2 years ago

Awesome - Yes - celebrate life - true wealth.

[-] 1 points by EndTheOligarchs (12) 2 years ago

Great video. Thanks!

[-] 0 points by shadz66 (19985) 2 years ago

Thanx for this really very interesting video. I recommend it to the open minded.

fiat lux ...

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[-] -3 points by Odin (583) 2 years ago

Thanks. This is the best thing i have read in explaining what neoliberalsim is, and how it has worked against the overwhelming majority of people...the 99%.

[-] -2 points by shadz66 (19985) 2 years ago

Thanx & fyi, 'O' : "The New Junk Economics : From Democracy to Neoliberal Oligarchy", ('KPFA - Guns & Butter', Audio Interview With Dr. Michael Hudson) :

In "The New Junk Economics: From Democracy to Neoliberal Oligarchy" with financial economist and historian, Dr. Michael Hudson - we discuss the Federal Reserve; money as debt; Fed Chairman Ben Bernanke's misconception of the causes of the great depression of the 1930's; classical political economy versus anti-classical, so-called "neoclassical", economics; the labor theory of value; the dollar carry trade; government deficit spending; Greece."

fiat lux ...

[-] -2 points by Odin (583) 2 years ago

Thanks shadz, I will read this later, and comment on it. I just got back from a three day ( i was there only one over-night) enviromental festival on the Kenai Peninsula here in AK....which one of my daughters invited me to. It was truly a mixed crowd from hardened old fishermen to bright young people, all who want a better world. The main focus was stopping the Pebble Mine, but i learned of other issues (mostly coastal) that , people are struggling with here in AK, and most of this could find its origin in neoliberalism. There was a lot of organizing, good speeches, and conversations. These Alaskans know how to throw a festival....near constant music.....much of it political by several country-rock bands.... from the early evening to late night and then an after-hours jam into the wee hours of the morning...two stages..fireworks...people hoola hooping with the hoops on fire...great light show, etc. I will always remember this special night with my daughter, and all the other good people there.....people who simply want a better world.

One band ended their gig with, "This Land Is Your Land", and finshed it by repeating the last verse three times, and having the audience repeat it back. The verse was, "It was made for you and me." I couldn't help, but think of all the wonderful people in OWS who are making so many sacrifices, when i heard that....and neither could my daughter. She even thought it should be the OWS theme song. I agree.

[-] -2 points by shadz66 (19985) 2 years ago

Thanx for your inspirational & rather heart warming comment ~i~

LYRICS

~

This land is your land and this land is my land,

From California to the New York Island,

From the redwood forest to the gulf stream waters,

This land was made for you and me.

~

As I went a walkin' that ribbon of highway,

An' I saw above me that endless skyway.

I saw below me, that golden valley,

This land was made for you and me.

~

I roamed and rambled and I follered my footsteps,

To the sparklin' sands of her diamond deserts,

All around me, a voice was a sounding,

This land was made for you and me.

~

There was a big high wall there that tried to stop me,

Sign was painted said, "Private Property"

But on the back side it didn't say nothing,

This land was made for you and me.

~

When the sun comes shining, then I was strolling,

And the wheat fields waving, and the dust clouds rolling,

The voice was chanting as the fog was lifting,

This land was made for you and me.

~

This land is your land and this land is my land,

From California to the New York Island,

From redwood forest to the gulf stream waters,

This land was made for you and me.

~*~

per aspera ad astra ...

[-] -1 points by Odin (583) 2 years ago

You are Welcome, and thanks for the links, and your sentiments.