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Austerity and what your Government Should be doing for You


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If all nations are in debt and all citizens are to be forced into lifelong austerity to pay off “their” creditors then the most important question in the world becomes:
Identifying the creditors and asking why they have precedence over the  lives of people who did not create this problem.

 Think clearly about this for a moment

Austerity” means your lives and your  children’s lives will be less free for decades. Since all nations are “in debt” then their must at its core  a group of private creditors benefiting from this situation.
Government’s everywhere have the moral right as representatives of the people to weigh and balance private citizens rights against those of a small minority of other citizens. . It is moral and right for the governments to identify the core group of private people hiding behind all the debt shell entities who are supposedly “owed” money by these countries citizens.Those citizens likely never voted for the debts anyway.

Austerity for millions is not an acceptable situation for for the ordinary Citizen why should he  recognize, take on the ill borrowed, non voted, “debts”  of others . Why is it the  politicians serve the interests of the  “creditors” rather than the people they are purported to represent.
Millions of people should not be forced into a lifelong form of loss of freedom (which is what “Austerity” really means on an individual level for each citizen) as a result of putting false debts unto the backs of their governments.

So folks time to get off your ass and make your Government work for you

Letter #3 to Goldman Sachs’s Edith W. Cooper


In this book of letters written by ordinary people affected by the fallout from the financial crisis is a chapter devoted to Goldman Sachs starting on page 91.

The third letter is from page 94 in The Trouble is the Banks:  Letters to Wall Street, edited by Mark Greif, Dayna Tortorici, Kathleen French, Emma Janaskie and Nick Werle, printed in paperback edition by n +1 Research Branch Small Books Series #4, 2012, New York, NY.

Here is letter #3

Hello Edith–Wow, Now I Know a 1 Percenter!

To:  Edith W. Cooper*, Goldman Sachs

Greetings Edith,

I hope this message finds you well.  Gosh, I am thrilled to meet you, even though we haven’t met face-to-face…yet!

I mean, wow, I actually know a 1 percenter now!  How cool is this?

Of course, you probably don’t have much to worry about even if you’re not feeling well, because I trust that you have great health insurance–thanks to me helping pay for it.

Wow, Edith, how great is that! 🙂

Since I hope we get to know one another better, here’s a little bit of info about me:  I have a degree in journalism and my hubby has a double Master’s in music, but since we’re over 50 years old, our premiums climbed, so we were faced with a slippery slope choice…Do we eat, or do we pay for health insurance?  It was a toss-up, but we decided that food was more important.

Oh wait–you haven’t heard about our foreclosure?  Law enforcement came to our door and gave us one hour to vacate!  Oh, that morning was so much fun–I wish you could have been there!  Yes, we were in that first wave in ’08, after putting down a down payment of…wait for it…$300,000.

We totally qualified, you see…hubby had a great business, until his clients could no longer pay him…Our lender told us “don’t worry, we want to work with you!  We can see you have never been in trouble before!”–and well, it’s a long story.

I’ll save the rest of this story for next time, because I am so looking forward to writing back again..very, very soon.

Your new pen pal,

Hilary Grant

Los Osos, CA 93402

P.S.  I can’t wait to hear about the beautiful clothes you must wear.  I buy all of my clothes these days at thrift stores, but maybe we can compare notes?

*Edith W. Cooper is Executive Vice President and Global Head of Human Capital Management for Goldman Sachs

via Goldman Sachs: Information, Comments, Opinions and Facts: Letter #3 to Goldman Sachs’s Edith W. Cooper.

Bankers


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Their God is Mammon.They dismiss the social consequences and cruelty of their actions and inactions as academic irrelevancies.Suicide ,homelessness ,despair,economic emigration and social breakdown are no more than invconvient bumps on the road under the juggernauts of fiscal policy.Our Governments have tried ,by the sleight of hand of making us shareholders in theses institutions ,to make us all complicit in these barbaridc outrages.

Has anybody complained about these loan companies getting bailed out by the taxpayer then using the bailout to pay mega bonuses to the upper management? No, the government and banking industry want to make it harder for those who depend on the occassional short-term loans to get through any rough patches that come along. This so-called watchdog agency created by Obama should concentrate on the big banks like BofA, JP Morgan-Chase, and Wells Fargo. these companies are trying to foreclose on loans that have been renegotiated through federal programs. Thousands of people are losing their homes because of these companies not keeping track of payments made to their subsidaries which more than a few have gone belly-up and misfiling of paperwork. These mistakes are costing the homeowner billions on top of their homes. Obama’s watchdog should be looking into these breaches of contracts instead of the payday loan industry.

Political accomplishments


The current day accomplishments of Bankers, Business people and politicians is as follows

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Public Bank »Why did everyone suddenly pay the debts of the banks?


Why did everyone suddenly pay the debts of the banks?

via Public Bank »Why did everyone suddenly pay the debts of the banks?.

via Public Bank »Why did everyone suddenly pay the debts of the banks?.

Goldman Sachs: Goldman Sachs is Ring-Fenced From Criminal Prosecution


Goldman Sachs is Ring-Fenced From Criminal Prosecution

An investment bank (Goldman Sachs) can commit fraud and the executives do not have to admit to wrongdoing;

An investment bank is allowed to forge foreclosure documents and the executives just have to promise not to do that again;

When an investment bank gets into trouble by taking huge risks, it becomes a commercial bank so that it can obtain liquidity from the Federal Reserve and the executives keep their lucrative positions;

When an investment banks commits fraud, it pays a fine;

When an investment bank commits criminal accounting control fraud, it pays a fine;

No matter what fraud, or unethical, or immoral action an investment bank commits, the executive compensation continues to increase year after year after year;

Investment banks are pathologically unable to see or understand the harm that their frauds cause even when pensions, wages and salaries, and savings of the middle- and working-classes are decimated because of the actions of investments banks like Goldman Sachs.

Goldman Sachs’s Alchemy

Goldman Sachs are alchemists who turn gold into base metals: they turn handshakes into corruption. Take the situation in the UK where Goldman Sachs shook hands with Dave Hartnett of the HMRC, to get a reduction in the taxes owed by Goldman.  Goldman Sachs sought to cheat on taxes and the Head of Tax agrees.  Then the exchequer secretary to Treasury seeks to discredit the whistleblower who exposes the deal that will cheat taxpayers of needed revenue and he assures others that he desires to protect the reputations of others and himself.

We are aware of the tenuous positions of whistleblowers who report on the nefarious actions of captured governments and rotten bankers who cheat the public with impunity.  Then there is the media that can be co-opted by government or business to carry out such actions as the discrediting of whistleblowers.  So individual whistleblowers are vulnerable to the corruption and might of the state’s structures.  From government department to government department–Hartnett, Gauke, Haydon and Morse–few honest men can be found.

Only the whistleblower, Osita Mba, is shown in all his bravery while the cowards that cheat in government and in banking show themselves as undignified and base, the creations by the alchemy of Goldman Sachs.

via Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs is Ring-Fenced From Criminal Prosecution.

What Goldman Sachs Stands For.


Goldman Sachs Has Already Cannibalized the Economy

Two very different views of what Goldman Sachs stands for. 

How Goldman Sachs sees itself as

–an “enduring brand;”

–the best investment company;

–highly rated;

–“our clients’ interests always come first;”

–“a set of core values;”

–a match between cultures and behaviors;

–self-renewing;

–“greedy, but long-term greedy;”

–now “greedy, but short-term greedy”  (i.e., greedy all the time!)

How we see Goldman Sachs

–predatory;

–parasitical;

–casino capitalists;

–crooked;

–too big to jail; too big to fail;

–fraudulent;

–criminal;

–high rollers;

–screwer of public sector;

–financial oligarchs;

–funder of corporate raiders;

— supporter of takeover artists;

–gamblers;

–a rip-off of the system

via Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs Has Already Cannibalized the Economy.

via Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs Has Already Cannibalized the Economy.

Goldman Sachs Says: TINA (There Is No Alternative)


Goldman Sachs Says: TINA (There Is No Alternative)

When Blankfein says that the UK has no other choice but to stay with its austerity plan or it will (here’s the threat):  “face a negative reaction from global investors,” he knows that Goldman Sachs will benefit from austerity at the expense of the rest of the public:

Austerity gives Goldman opportunities to privatize and financialize the economy further;

Austerity allows Goldman to continue to be a parasite sucking on the lifeblood of the economy;

Austerity will guarantee more bailouts when Goldman takes big risks and fails;

Austerity will keep the 1% wealthy and the wealth accumulation for the rich will continue apace;

Austerity keeps wealth within the financial sector where Goldman can enjoy it;

Austerity guarantees Goldman’s “rentier” status, i.e., it collects unearned money via debt;

Austerity is financial warfare against labor, against industry and against the government;

Austerity will increase the role of the bank and lead to an increase of power and wealth over the rest of society while citizens suffer from low wages, low or no pensions, high debt and fewer entitlements.

You, too, Goldman Sachs, Have Committed Frauds


 

You, too, Goldman Sachs, Have Committed Frauds

Mr. Nye Lavalle is a consumer advocate who has written a paper entitled “You Can’t Trust the Mortgage Paper Trail” that carefully looks at all the frauds committed by mortgage servicers (such as Goldman’s Litton), banks and others that committed fraud leading directly to The Great Recession we are now in.It is difficult to be empathic and honest when the banks, the justice system and the government conspire together to cover up fraud in the mortgage servicing and securitization systems. Lavalle is one of those persons who insists on pursuing the truth to the best of his ability as shown in his report gong back to frauds beginning in the 1990s.

Goldman Sachs committed accounting control fraud and forgery through robo-signing and only ever had to pay a small fine for its gigantic frauds.

Mr. Nye Lavalle is a consumer advocate who has written a paper entitled “You Can’t Trust the Mortgage Paper Trail” that carefully looks at all the frauds committed by mortgage servicers (such as Goldman’s Litton), banks and others that committed fraud leading directly to The Great Recession we are now in.It is difficult to be empathic and honest when the banks, the justice system and the government conspire together to cover up fraud in the mortgage servicing and securitization systems.  Lavalle is one of those persons who insists on pursuing the truth to the best of his ability as shown in his report gong back to frauds beginning in the 1990s.

Goldman Sachs committed accounting control fraud and forgery through robo-signing and only ever had to pay a small fine for its gigantic frauds.

Below are some excerpts from his report:

You Can’t Trust the Mortgage Paper Trail (TM) By Nye Lavalle – Scribd.com
. . . .
As such, to protect our nation, taxpayers, borrowers, and investors each alleged lender must be required to prove their noteownership with their accounting and financial books and records, not fabricated and forged paperwork and dubious servicing records that only allege accounting for a borrower’s payments.

Due to the Sarbanes-Oxley Act that was created after the ENRON debacle, this should be a relatively simple process. Journal entries in the lender’s financial, accounting, and general ledger systems showing a borrower’s note as an asset and the asset being recognized and de-recognized from the alleged lender’s books should be able to be produced with the push of a few keys and clicks of a mouse. (page 4)

 . . . .
Issues such as who has really suffered a loss and what is the amount of that actual loss must be addressed in each proceeding?Is there really a holder in due course or can a borrower sue the current alleged lender for the torts of the originators and securitizers. By now, the questions for judges and lawyers should not be whether frauds, bad, and unlawful acts were committed for we all know they were. The questions that should be posed to each court is how was the borrower damaged; who was responsible for the damages; who are or were the ultimate lenders that actually suffered any loss; how much is their actual loss; and how do we adjust the equities for the borrower and the true and rightful owner of the debt? Simply, who can a borrower sue and settle with?  (page 4 and 5)
. . . .
On pages 27–28 of this report, I described several robo-signing practices including the:

•“filing of fraudulent and false affidavits by predatory lenders claiming that theyown the note when in fact they are only the servicer;”
•“filing of fraudulent and false affidavits by predatory lenders claiming that theylost the note when in fact they never had control of the document;”
• “filing of fraudulent and false affidavits by predatory lenders claiming anindebtedness that is not owed;”
• “filing of fraudulent and false affidavits by predatory lenders claiming amountsowed that are non-recoverable from the borrower;”
• “filing of fraudulent and false affidavits by predatory lenders claiming control and custody of documents that are not in their control and custody;”
• “filing of fraudulent and false affidavits that claim to support knowledge of  facts not known by the affiant;”
• “supporting motions for summary judgment with fraudulent and false affidavits;”
• “using corporate dummies as corporate reps that are trained to avoid questioning and obstruct justice;” and “witness tampering.” (page 9 and 10)
. . . .
I also provided Merrill Lynch, Ocwen, Fairbanks Capital, Citigroup, and Litton LoanServicing with my reports. As for Ocwen, I attended an annual meeting where I was theonly outside shareholder in attendance in a conference room with the entire board andCEO and chairman present where I presented questions and noticed the board of myfindings. Years later, the general counsel for Ocwen would write me to inform me that there was nothing wrong with Ocwen’s practice of “surrogate signing” in front of notaries attesting to the signature of Scott Anderson. (page 15)
. . . .
My investigation and research over the last 20-years into the servicing, securitization, document custody, and foreclosure practices of both commercial and residential mortgage servicers reveals a variety of motives designed to confuse borrowers, lawyers,courts, and regulators about note ownership. These motives include:
• Concealing that the current and/or prior bank/lender is/was cooking their books;
• Concealing accounting schemes, frauds, and abuses from borrowers, shareholders,and regulators;
• Concealing that the securitizations were shams and were in reality not true sales, but financing of receivables subjecting the notes to the reach of federal bankruptcy trustees;
• Concealing real owners of foreclosed properties in downtrodden neighborhoods to prevent payment of property taxes and fines to local and state municipalities;
• Avoiding local transfer and state intangibles taxes and recording fees on transfers and assignments of mortgages and notes;
• Concealing double and multiple pledges of the same promissory note;
• Concealing broken chains of title;
• Concealing pledges of the note to other banks, private lenders, and even Federal Home Loan Banks and the Federal Reserve for other borrowings and advances; (etc., on page 42 ff.)
. . . .
Robo-signing is a merely a “symptom” of a much larger cancer (fraud). Since the cancer (i.e. foreclosure, securitization and accounting fraud) is so widespread, mere “testing” via a “temperature” is not sufficient to diagnose the extent of the disease and determine the appropriate treatment. If you find cancer in one part of the body or system, you must conduct additional tests and scans to see if the cancer has spread and if successfully treated, conduct continual testing to insure it has not returned

Goldman Sachs and the Financial “Factory Bank”


As banking continues to financialize the economies of the world, we will see more and more evidence of how the power that financializtion brings will be revealed; for example, when finance becomes the major player in the economy, then everything has a “bottom line” and profits will be the key motivation and all other economic activity, especially public activity,  will take second place.

When we know the rules of finance (Profit at all Cost), then we can better understand why other things, like public art become less important.  Agriculture and manufacturing become secondary also.  All Value is reduced “either into a financial instrument or a derivative of a financial instrument.”

“Workers, through a financial instrument such as a mortgage, could trade their promise of future work/wages for a home. Financialization of risk-sharing makes all insurance possible, the financialization of the U.S. Government‘s promises (bonds) makes all deficit spending possible. Financialization also makes economic rents possible.”  (Wikipedia). . . .

Michael Hudson described financialization as “a lapse back into the pre-industrial usury and rent economy of European feudalism” in a 2003 interview:[3]

“only debts grew exponentially, year after year, and they do so inexorably, even when–indeed, especially when–the economy slows down and its companies and people fall below break-even levels. As their debts grow, they siphon off the economic surplus for debt service (…) The problem is that the financial sector’s receipts are not turned into fixed capital formation to increase output. They build up increasingly on the opposite side of the balance sheet, as new loans, that is, debts and new claims on society’s output and income.

[Companies] are not able to invest in new physical capital equipment or buildings because they are obliged to use their operating revenue to pay their bankers and bondholders, as well as junk-bond holders. This is what I mean when I say that the economy is becoming financialized. Its aim is not to provide tangible capital formation or rising living standards, but to generate interest, financial fees for underwriting mergers and acquisitions, and capital gains that accrue mainly to insiders, headed by upper management and large financial institutions. The upshot is that the traditional business cycle has been overshadowed by a secular increase in debt. Instead of labor earning more, hourly earnings have declined in real terms. There has been a drop in net disposable income after paying taxes and withholding “forced saving” for social Security and medical insurance, pension-fund contributions and–most serious of all–debt service on credit cards, bank loans, mortgage loans, student loans, auto loans, home insurance premiums, life insurance, private medical insurance and other FIRE-sector charges. … This diverts spending away from goods and services. (Wikipedia)

We can see the effects that financialiation has on citizens as unemployent increases, wages and salaries decrease or stagnate and, finally, the rise of things like “factory banking” which is described below.  There will be more financial crises and disasters to come.

via Goldman Sachs: Information, Comments, Opinions and Facts.

via Goldman Sachs: Information, Comments, Opinions and Facts.

The Miracle Product That Cures Degenerative Entitlement Syndrome!


The Miracle Product That Cures Degenerative Entitlement Syndrome! 

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“You might have noticed that there is an increasingly massive industry in our country that sells something called “financial products”.  This industry now comprises close to 40% of our economy.  What is a financial product, you ask?  It is the most amazing, miracle invention known to humankind! You can buy one of these financial products and then just wait – go on a vacation, do your nails, play golf – while doing absolutely nothing productive.  And when you come back you find that your financial product has disgorged free money! You don’t even have to water it!”

During last year’s presidential election, Dr. Willard M. Romney diagnosed a previously unrecognized epidemic illness that is eating away at the moral foundations of our country.  Romney was the first medical scientist to grasp that 47% of our citizens have been transformed into an army of zombie parasites now known to the experts as “moochers.”  The moochers have been infected with DES, Degenerative Entitlement Syndrome, a 21st century plague whose victims live lives solely devoted to sucking funds from the bank accounts of decent people.   Not one to sit idly by while an invasive undead horde saps and impurifies our precious bodily fluids, Dr. Romney attempted to sound the national alarm about the moocher scourge.  But alas, he was ahead of his time.  The country was not yet ready to hear his bracing but prescient DES warning.

Moochers might appear normal, but don’t be fooled by appearances!  While these bloodsuckers are seemingly busy changing bedpans, waxing the floor at your office, serving up stacks of pancakes at Denny’s and standing in long lines to beg abjectly for “jobs’, they are all the while draining our hard-won and well-merited wealth.  A tell-tale symptom of DES is that while moochers pay all kinds of sales taxes, payroll taxes and government fees just like the rest of us, they don’t pay any income taxes.  Imagine!  No income taxes!   The DES sufferer will tell you that the absence of income tax obligations is somehow related to the moocher’s extreme deficiency in actual income.  A likely story!

Moochery is the new leprosy.  Its victims cannot be cured, but only isolated from the rest of us by being cut off from access to lobbyists, fund-raising dinners, Justice Department cronies, voting booths, think tank idea moguls, astroturfing consultants, and all the other instruments by means of which normal, healthy people influence the direction of government and society.  They must even be cut off from access to regular, remunerative employment.  Economists are now helping the cause by gradually redefining the natural rate of unemployment upward to take the profusion of unemployable moochers into account.  It is expected that by 2021, the country will have become quite comfortable with workforce participation rates of 50% or less.

But what hope is there for the rest of us?  If Degenerative Entitlement Syndrome can’t be cured, can it at least be prevented?  Scientists now know the answer is – yes!  And the urgently needed prophylaxis has lain within our grasp all along.  A common, widely-sold product that is available to almost all worthy and non-mooching people with a respectable amount of money in the bank can keep DES at bay indefinitely.

What is this marvelous treatment?  You might have noticed that there is an increasingly massive industry in our country that sells something called “financial products”.  This industry now comprises close to 40% of our economy.  What is a financial product, you ask?  It is the most amazing, miracle invention known to humankind! You can buy one of these financial products and then just wait – go on a vacation, do your nails, play golf – while doing absolutely nothing productive.  And when you come back you find that your financial product has disgorged free money! You don’t even have to water it!

Where does the money come from? Hardly anyone really knows! The person who sold the financial product probably doesn’t know; and certainly the person who bought the financial product doesn’t know.   (A hysterical rumor has been spread that some of these financial products derive their cash flows from the work of some of the moochers themselves; but economists have now proven this manifestly ridiculous theory to be unambiguously false.)  What we do know is that the money is 100% deserved.  And that makes financial products the perfect barrier to fend off the DES virus and the onset of acute moochitis.

But what are financial products made of, you ask? What hidden quintessence produces these glorious emanations of lucre? So far as scientists have been able to discern, financial products are mostly derivative products that come from other financial products!  And the best thing about these money-engendering financial products is that to buy most of them you are required to have a lot of money already. So the more money you have the more money you are able to get. Just buy a financial product, sit back and enjoy the spontaneous money ejaculations!

Financial products have been shown to have all sorts of salubrious psychological effects. Doctors have shown that the mere ownership of financial products causes their owners to develop extremely high levels of self-esteem and unshakable convictions of personal merit. Even though the owners of financial products might do nothing productive, they become resolutely convinced that the effort they put into deciding which financial products to buy is in itself a form of meritorious personal industry.  The ability to buy and sell lucrative financial products with a rapidity exceeding the perceptual thresholds of naked eye vision is viewed by their owners as the most exalted of all human occupations.  Also, staring into one’s financial products sometimes induces the same kinds of transcendent experiences and levels of higher consciousness others have attained from close concentration on mandalas and lava lamps.

The owners of financial products also develop contempt for the meaner and more productive occupations in life, which is no doubt good for their health as it makes them avoid all kinds of physical hazards, toxic industrial environments, and muscular stresses and strains (unrelated to golfing).  Indeed, the shrewd owner of financial products acquires the belief that the very fact that their discernment is more keen than others, to the degree that they are able to bathe in fountains of money without expending the kinds of labor others must undertake to enjoy much smaller trickles, is proof positive of their ordained desert. The fact that others demonstrably lack those rare combinations of personal qualities that make a person a discerning purchaser of financial products, and so must work for a living instead, only convinces the owner of financial products that work is a barbarous vestigial habit of the undeserving undermasses.

But isn’t the psychological conviction that one deserves flows of money that are not derived in any measurable way from one’s own productive contribution to society, and that seem to come from magically reproducing money alone, a sense of entitlement?  The effects of financial product ownership seem disturbingly similar to the moochachondriacal symptoms of DES, do they not?  If I own some financial products and feel entitled to their monetary discharges, how do I know that I am not suffering from DES myself?

The effects may look similar on the surface, but don’t be fooled by these false positives in self-administered DES tests!  Just as in the case of cholesterol, scientists have learned to distinguish “good” entitlement from “bad” entitlement.   The technical names are “1-alpha entitlement” and “86-zeta entitlement”, but let us not be sidetracked by jargon.  Bad entitlement is the kind of entitlement one feels when one thinks one is entitled to a decent life in exchange for a willingness to work to the best of one’s abilities, given the natural gifts one possesses, however meager, and given the opportunities for work that one’s society has offered.  Bad entitlement is the entitlement of the DES-afflicted moocher.  Good entitlement is that kind of entitlement one experiences from the assurance of one’s own cleverness in the buying and idle owning of financial products.  (1-alpha entitlement is closely related to the other members of the alpha family of entitlement experiences, such as 800-alpha entitlement: the entitlement feelings that flow from having high SAT scores; and 10-alpha entitlement: the sense of entitlement that derives from being totally hot.)

As Martin Luther King said, “The course of the moral universe is long, but bends toward justice!”  If King was right, then there is no doubt that Willard Romney will eventually receive his just due from the world: a Noble Prize in medicine for his studies in the identification and treatment of Degenerative Entitlement Syndrome.  He has already been nominated for other prizes, including the Eric Holder memorial Too Big to Bother lifetime prosecution exemption award from the US Justice Department.  And yet, what if King was wrong?  Well, Romney is already an accomplished virtuoso in the buying and ownership of financial products, so his real reward will remain the quiet, inward assurance of his own awesomeness, and the enjoyment of his 100% merited 1-alpha entitlement.  Dr. King, on the other hand, is not known to have possessed any noteworthy skills in the acquisition and holding of financial products.  So really, who cares what he thought?

via The Miracle Product That Cures Degenerative Entitlement Syndrome! – New Economic Perspectives.

via The Miracle Product That Cures Degenerative Entitlement Syndrome! – New Economic Perspectives.

Goldman Sachs and “Fictitious Capital”


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Goldman Sachs contributed mightily to the financialization of the economy and in its wake helped destroy the work of both capital and labor.  Because the justice system and the government decided to save the financial sector rather than save the economy by writing down the debts of the banking system, we are now trying to pay down debt that cannot be paid.  Michael Hudson has written extensively on what that means here.

Instead of promoting capital investment in an alliance with industry and government, financial planners have sponsored a travesty of free markets. Realizing that income not taxed is free to be capitalized, bought and sold on credit, and paid out as interest, bankers have formed an alliance between finance, insurance and real estate (FIRE) to free land rent and monopoly rent (as well as debt-leveraged “capital” gains) from taxation.

The result is that today’s economy is burdened with property and financial claims that Marx and other critics deemed “fictitious” – a proliferation of financial overhead in the form of interest and dividends, fees and commissions, exorbitant management salaries, bonuses and stock options, and “capital” gains (mainly debt-leveraged land-price gains). And to cap matters, new financial modes of exploiting labor have been innovated, headed by pension-fund capitalism and privatization of Social Security. As economic planning has passed from government to the financial sector, the alternative to public price regulation and progressive taxation is debt peonage.  (from Michael Hudson’s article called From Marx to Goldman Sachs:  The Fictions of Fictitious Capital)

via Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs and “Fictitious Capital”.

via Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs and “Fictitious Capital”.

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The Horror Incorporated Project

Lurking among the corpses are the body snatchers....plotting their next venture into the graveyard....the blood in your veins will run cold, your spine tingle, as you look into the terror of death in tonight's feature....come along with me into the chamber of horrors, for an excursion through.... Horror Incorporated!

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