Tuesday, July 13, 2010

Almost like Weekend at Bernie's

Joe Bageant has written another great piece, "Waltzing at the Doomsday Ball:
Capitalism is dead, but we still dance with the corpse", here. An excerpt:

"When the U.S., and then the world's money economy started to crumble, the first thing capitalist economists could think of to do was to monkey with the paper. That's all they knew how to do. It was unthinkable that the tertiary virtual economy, that great backroom fraud of debt manipulation and fiat money, might have finally reached the limits of the material earth to support. That the money economy's gaming of workers and Mother Nature might itself might be the problem never occurred to the world's economic movers and shakers. It still hasn't. (Except for Chavez, Morales, Castro and Lula). Jobs disappeared, homes went to foreclosure, and personal debt was at staggering all time highs. America's working folks were taking it square in the face. Not that economists or financial kingpins cared much one way or the other. In the capitalist financial world, everything is an opportunity. Cancer? Build cancer hospital chains. Pollution? Sell pollution credits. The country gone bankrupt?

"Nothing to do," cried the mad hatters of finance, "but print more money, and give gobs of cash to the banks! Yes, yes, yes! Borrow astronomical amounts of the stuff and bribe every fat cat financial corporation up and down The Street!" All of which came down to creating more debt for the common people to work off. They seem willing enough to do it too -- if only they had jobs."

And we can see how that worked out for the folks at Goldman Sachs... take a look at John Paulson's new pad...

I've only watched the first hour thus far, but another great place to learn how this happened is Michael Moore's film, Capitalism- A Love Story

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