Madoff Was A Piker — America’s Big Banks Are a Far Larger Fraudulent Ponzi Scheme | Corporate Accountability and WorkPlace | AlterNet


Moyers Journal: Madoff Was A Piker — America's Big Banks Are a Far Larger Fraudulent Ponzi Scheme | Corporate Accountability and WorkPlace | AlterNet.

I have said this for years. To have believed all the hype over the last fifteen years one would have to believe in magic. Most of the wealth in this country as calculated by the dollar value of all notional currency is inherently false. Call it inflation, call it fraud, it is not real. All pension plans derive their ability to pay from current production regardless of notional contributions. We have an 18th century cash drawer mentality for a economy that is mismatched to that era’s ethos. If that fundamental contridiction is not addressed we will revist this again, the burst bubble, and want in a land of plenty.


It’s Always Hysteria with Some People


The economy is bad, but in no way comparable to the Great Depression. Think 1974 or ’82. Though I respect Mr Obama, I do not support the current policy on helping the economy. It is money-centric games. We need to fight deflation, true. But this current imbroglio is a phenomenom of money and not actual productivity. People need jobs, housing, food. Get that in order, regulate phoney baloney financial manipulation, and that fixes most of our troubles. Careening from one financial scheme to another is no way to fix the economy.

Primer on the Subrime Meltdown


Open Letter to the Republican Traitors (From a Former Republican)


Traitors indeed! What we need now is a list of proscribed persons, starting with Rush the lying, ignorant traitor and junkie.
Read the Article at HuffingtonPost

Recession on track to be longest in postwar period


The media are essentially disinformative. They inherently exclude the complex and tedious, and turn everything into a horse race.
More on The Recession
Read the Article at HuffingtonPost

Dollar Hegemony Imperilled


America, albeit not all Americans, have benefited from the Dollar as the world reserve currency. The organizational structures and peace that follwed WW2 by definition favored the US. That other nations benefited too, is indisputable yet we benefited most: and many nations suffered under that regime. It may be past time that the post WW2 system can be saved, if that is the case, it is a certainty that it is all the US;s own fault. More and more people and politicians are becoming aware and interested in a solution to the situation. Here is an article in that regard. Suffice to say that military adventurism, and a complete lack of fiscal prudence over a long time brought us here. And lets not blame Keynes, who like Adam Smith and many other thinkers had their theories and writings reduced to some flippant maxim.

Liberal and Conservative Accomplishments


Liberal and Cooperative Accomplishments

• Extending the vote and civil protections to all adult Americans.
• Unemployment Insurance and Social Insurance.
• Safe and inexpensive Food and Water through enforceable regulation.
• Hoover Dam, the Tennessee Valley Authority, REA – the Rural Electrification Authority, Electric Cooperatives, without which large parts of the country would have no electricity.
• Air-conditioning and computers, the internet, satellites, GPS and more which were inventions of government sponsored programs.
• The GI Bill and State sponsored Universities providing affordable education.
• The Soil Bank

Conservative and Individual Accomplishments

• Raised taxes on wages and lowered taxes on unearned income
• Three Quarters of federal debt accumulated by three Conservative Presidents
• Massive devaluation of the dollar by the logical outcome of their belief in invisible hands and cronyism
• Massive and expensive expansion of the military to fight nonexistent threat; one at the expense of social goods like infrastructure maintenance and care for the least among us.
• A distribution of wealth approaching Latin American levels.
• Largest number of homeless and unemployed ever.
• The judicial murder of people later found innocent.
• Imprisonment of almost 2 percent of the national population including those who committed no crime against property or persons.
• Wrecking in turn each industry that they have deregulated. Banks, Airlines, Energy and other deregulated sectors fail then require reregulation.
• Wars for irrational beliefs that are against the national interest.
• Self-destructive and irrational fear, hate and ignorance.