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visitorq
Joined: 11 Jan 2008
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 Posted: Tue Jan 04, 2011 11:32 pm Post subject: |
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| Privateer wrote: |
This problem is not new but it's more visible now. The size of the bailout makes it obvious to everyone that something is rotten at the top - or from the top down.
Unfortunately the problem is systemic which means financial crises are bound to occur periodically and to keep getting worse. The Savings and Loan crisis of the 80s was bad enough; the current financial crisis is even worse; the next one may be beyond anyone's power to fix.
And people still believe in neoliberal, free market mumbo jumbo. |
What you wrote was correct, but why is that your conclusion? Why is it so hard for people to understand there's nothing "free market" at all about these problems? The central banking cartel that controls all the major corporations also controls the government (the entire power structure is stewarded by a few families at the top, who have been perched upon our country for the past hundred years). They use the power of government to impose their control (never mind the dog and pony show they throw at us every four years). This is the exact opposite of free market. |
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Junior
Joined: 18 Nov 2005
Location: the eye
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| Posted: Wed Jan 05, 2011 6:58 am Post subject: |
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| Privateer wrote: |
| means financial crises are bound to occur periodically and to keep getting worse. The Savings and Loan crisis of the 80s was bad enough; the current financial crisis is even worse. |
If certain people posessed the power to trigger and organise these financial crises at will, then they could buy up masses of property and stock at every juncture, before once more manipulating the market into recovery.
Repeating this cycle every 20 years or so would mean that all wealth was periodically gathered into the hands of a very few elite brokers. |
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Sergio Stefanuto
Joined: 14 May 2009
Location: UK
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| Posted: Wed Jan 05, 2011 8:00 am Post subject: |
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Bankocracy
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[T]he most important lesson of Lehman was that it established, irrefutably, the fact that the big Western banks are now Too Big to Fail. Their size, and their interconnectedness, is such that these institutions can�t be allowed to die a natural death, whatever happens. These banks have an implicit guarantee that if they ever get sufficiently deeply into trouble, the taxpayers will be there to bail them out.
After a meeting with Nicolas Sarkozy in the autumn, Angela Merkel stated her conviction that �no bank should be allowed to become so big that it can blackmail governments.� She�s right � but unfortunately, that�s the system we have, and will continue to have for the foreseeable future. It is a monstrous hybrid in which bank profits are privately owned, but are made possible thanks to an unlimited guarantee against losses, provided by the taxpayer.
[P]erhaps we should try and think of a name for the new economic system, which certainly isn�t capitalism: that, remember, is all about �creative destruction�, and the freedom to fail. That�s exactly what we don�t have. The most accurate term would probably be �bankocracy�. |
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Privateer
Joined: 31 Aug 2005
Location: Easy Street.
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| Posted: Fri Jan 07, 2011 6:59 am Post subject: |
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| visitorq wrote: |
| Privateer wrote: |
This problem is not new but it's more visible now. The size of the bailout makes it obvious to everyone that something is rotten at the top - or from the top down.
Unfortunately the problem is systemic which means financial crises are bound to occur periodically and to keep getting worse. The Savings and Loan crisis of the 80s was bad enough; the current financial crisis is even worse; the next one may be beyond anyone's power to fix.
And people still believe in neoliberal, free market mumbo jumbo. |
What you wrote was correct, but why is that your conclusion? Why is it so hard for people to understand there's nothing "free market" at all about these problems? The central banking cartel that controls all the major corporations also controls the government (the entire power structure is stewarded by a few families at the top, who have been perched upon our country for the past hundred years). They use the power of government to impose their control (never mind the dog and pony show they throw at us every four years). This is the exact opposite of free market. |
You're not wrong, but virtually all of the 'free market' rhetoric you hear is used to serve the interests of the business/financial elite. I'm just saying don't swallow the propaganda. |
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