…from, no surprize: http://www.commondreams.org/view/2013/10/31-3.
Published on Thursday, October 31, 2013 by Common Dreams
“Double or Nothing: The US is Making Escalating Bets
Doubling down appears to be the option of choice”- by John Buell
John Buell lives in Southwest Harbor, Maine and writes on labor and environmental issues. His most recent book, published by Palgrave in August 2011, is “Politics, Religion, and Culture in an Anxious Age”. He may be reached at email@example.com.
Lots of good stuff in his commondreams piece:
Wealth, both in the form of personal assets and pension funds, was being accumulated in large amounts. And paradoxically, as Yanis Varoufakis points out in The Global Minotaur, even the post Vietnam and OPEC decline of US capitalism benefited finance. The large and growing balance of trade deficits were offset by inordinate capital transfers to US bond, stock, and real estate markets. These were widely regarded by our trading partners as the deepest, most speculatively lucrative in the world. These beliefs became in fact self-fulfilling prophecies. This was an age of what Hyman Minsky, the noted student and critic of finance capital, called “money manager capitalism,” with economic growth dependent on speculatively driven increases in asset prices.
Investment banking, which ought to be merely an intermediary between savers and business innovators, now takes roughly a third of all corporate profits while supplying no tangible benefit. It has driven speculative land and commodity bubbles thereby depriving alternative energy sources of necessary capital formation.
Obviously, policy on banking and finance has been industry lobby driven down the ravenous throats of a bought and paid for Congress and overall money corrupted “Democracy”. That the interests of the citizens of the U.S. are not even a part of the calculus has become old hat, just part of the realpolitik we are told we have to accept as the best policy a given wing of the larger oligarchic chain of command will allow us. And you’d better be happy with that, or what the really horrible “other side” might impose on us will probably be way way worse. Ah, the joys of bipartisan gridlock as the trans-sovereign Neo Liberal Global New World Corporatist disorder keeps transferring wealth in a steady flow north, assuring us that the trickle down tide will soon raise all of our humble economic PWC. (personal water craft, cuz what bozos among us on this indiginous bus can afford any other kind of boat). Ooh, cher…