Tuesday, November 24, 2009
US, a Financo-State
"Evidence that the US is a failed state is piling up faster than I can record. ... Income inequality in the US is now the most extreme of all countries. ... The stark increase in US income inequality in the 21st century coincides with the offshoring of US jobs, which enriched executives with 'performance bonuses' while impoverishing the middle class, and with the rapid rise of unregulated OTC derivatives, which enriched Wall Street and the financial sector at the expense of everyone else. ... When Goldman Sachs [GSG] recently announced that it was paying massive six- and seven-figure bonuses to every employee, public outrage erupted. In defense of banksters, saved with the public's money, paying themselves bonuses in excess of most people's life-time earnings, Lord Griffiths, Vice Chairman of [GSG] International, said that the public must learn to 'tolerate the inequality as a way to achieve greater prosperity for all.' ... In other words, 'Let them eat cake.' ... A narco-state is bad enough. The US surpasses this horror with its financo-state", original emphasis, Paul Roberts at Vdare, 26 October 2009, link: http://www.vdare.com/roberts/091025_next_crisis.htm.
I don't call Him (capitalized intentionally) Lloyd Antoinette Blankfein for nothing.