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.

1 comment:

Anonymous said...

The evidence is plain.

When Goldman Sachs calls the shots for our nations economy they do well and the country suffers.

Contest that thesis with the economic data.

President Obama will continue to sink in the polls until he uses the power of his office to rein in Wall Street. Or should I say more precisely the bond market. He is not well served by the team that taught Clinton how to bow to the moneymen.

The only way ahead is true reform of our financial system. Audit the Fed and restrain the banks.