Saturday, Jan 26, 2008
Why the working person will never really better themselves?
Telegraph: Pointing fingers at the plutocrats
"There is collusion between most politicians, bankers and investors to avoid asking the big question: has the freedom of investment banks, private-equity firms and hedge funds to buy and sell what they like, when they like, gone too far? That would be to threaten the return to full throttle, whenever it comes, of the most successful machine in the history of the world for expanding the clone army of the super-rich."
Posted by quiet guy @ 11:08 PM (728 views) Add Comment
10 Comments
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1. japanese uncle said...
If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered.
---Thomas Jefferson
His words have never been so relevant as now. He knew it all.
2. paul said...
Well found JU.
So the super rich shafted all of us, only the government have been willing participants, and actually encouraged them.
Appalling.
3. japanese uncle said...
These words of wisdome precisely applies now without ever losing just a grain of its impact for the last 200 years, not least in the UK, the home of the so called central bank which is none better than, none short of the cartel of powerful private financiers.
Recent inexplicable/unreasonable/illogical decisions by the central banks
1) FRB's inflation-targeting to avoid the danger of 'Japan style deflation' which never existed
2) BoE's rate reduction in 2005 despite the blindingly obvious need to suppress housing bubble
3) BoE's decision not to allow Lloyds TSB to merge NR at the initial stage of NR turmoil to avoid "upsetting the market" , which could have instantly calmed down the market.
We all need to have a little longer memory, for these crucial 'fiascoes'.
4. wiltshire said...
I think the point is coming where we are all going to have to stand up and be counted. As a society we need to start setting the agenda so society works for our benefit rather than for the benefit of the super-rich. Since Liebour came to power the people of this country have just rolled over and taken everything that's been flung at us. Time to re-address the balance.
5. Letthemfall said...
The iniquities of the tax system which disproportionately taxes the lower income earners is clear from this article (under a labour govt, unbelievably). What is not challenged is the notion that the super-rich have such great talents, at least talents which justify so much wealth. Take Beckham for instance. If you measure his money against his performances for England lately, can his income be justified? It seems to me that talent is less important than the ability or luck to inveigle oneself into a position where what one does earns a disproportionate return. There is an argument for higher taxes on the rich. We may lose some so-called talent, but overall our society may be much better off. I know plenty of modestly paid people of considerable talent who could step in.
6. harold said...
We live in a one party/system state. Tories, Lib-dem, Labour: it's just window dressing. They are all Statists who preserve the status quo which allows the masses to be shafted by an elite.
Never before have the founding ideals of the US Republic been more important. Who will be the Thomas Jefferson of our day?
(Interesting aside: The inscription on US president Jackson's tomb stone is: "I killed the bank".)
7. harold said...
Thomas Jefferson wrote:
"The [privately-owned] Central Bank is an institution of the most deadly
hostility existing against the principles and form of our Constitution...
if the American people allow private banks to control the issuance of their
currency, first by inflation and then by deflation, the banks and corporations
that will grow up around them will deprive the people of all their property
until their children will wake up homeless on the continent their fathers
conquered."
Even Abraham Lincoln shared Jefferson's view of the private bankers.
In order to finance the Civil War, he approached the NewYork bankers
to see about getting a loan for the North. The interest rates they proposed
were in the order of 30%. Lincoln's response was akin to; "stuff it."
He then had Congress live up to its Constitutional responsibility for issuing
and valuing currency and issued his famous greenbacks.
Incredibly, like so many of us, even to the heights of power, Lincoln didn't
know at first that he had the OPTION, let alone the probably-intended OBLIGATION
to create money for the nation. With the civil war ending, he had come to the
conclusion that his government issued currency should become the basis of the
re-United States monetary system. Within a matter of weeks he was shot in the
Ford theatre with his monetary system dying with him.
In 1832, President Jackson vetoed the move to renew the charter of the 'Bank of the
United States' (a central bank controlled by the international bankers). In 1836 the
bank went out of business.
The Bank of the United States (1816-36), an early attempt at an American central bank,
was abolished by President Andrew Jackson, who believed that it threatened the nation.
He wrote:
"The bold effort the present bank had made to control the government, the distress it
had wantonly produced...are but premonitions of the fate that awaits the American people
should they be deluded into a perpetuation of this institution or the establishment of
another like it."
Andrew Jackson had at least two attempts made on his life. So proud and intent on
warning the future generations was he that his tombstone is inscribed with the phrase
"I killed the bank!"
It came back.
The Federal Reserve Act was passed in December 1913; ostensibly to stabilize the economy
and prevent further panics, but as Congressman Charles Lindberg Sr. warned Congress:
"This act establishes the most gigantic trust on earth...the invisible government by
the money power, proven to exist by the Money Trust investigation, will be legalized."
Even as early as 1916 President Woodrow Wilson was saying:
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation
is controlled by its system of credit. Our system of credit is concentrated. The growth
of the nation, therefore, and all our activities are in the hands of a few men. We have
come to be one of the worst ruled, one of the most completely controlled and dominated
Governments in the civilized world--no longer a Government by free opinion, no longer a
Government by conviction and the vote of the majority, but a Government by the opinion
and duress of a small amount of dominant men."
No more stinging condemnation of a concept can be given than by the man who, convinced
it was for the good, championed it in the first place!
8. Cristiano Barbaro said...
Well done Harold for the above!
The truth is that the uber-rich financial elites have already made up their minds that the biggest losers for their speculative crimes must be us, the average joes. Notice how the financial media, starting with Bloomberg, all blame the situation on the subprime, carefully avoiding to mention that it was Greenspan who allowed it all to happen in the first place. I am actually quite confident that the Malthusian financial freaks in charge, have already decided that in order for them to save their financial books, we must take such losses, so that our very own living standards will be very drastically reduced - loads of people will die. Don't believe me? watch over the next year or two what happens to major US states and cities, as they are unable to obtain financing for major infrastructural maintenance, road, bridge, hospitals. Bad as it will be for us, it will be a real genocide for the developing world. But the "population control", "environmentalist" malthusians will be happy. By the way, did any of you know that the Rockefeller foundation and other donors, one of whom is none other than Bill Gates, are building a huge bunker on an island off the Norwegian coast, which is meant to hold most natural seed varietis of the earth? Isn't it strange, when the same corporations push GM seeds down our throats as we speak? Is it because they may fear that some disease or other may wipe out entire cloned crops and they need the original natural seeds to start over again if such an event were to take place? I saw a picture of the place, if I find a link again I will post it - but I think it should be easy to search for on the net.
9. Bobsto said...
In the words of someone famous long ago:-
"Do you ever get the feeling you've all been conned?"
You lose your job without doing anything wrong and its tough, "free market forces you know", and you're treated like an animal to force you back to work.
Millionaire bankers screw up utterly, the authorities step in to help them keep their bonuses and jobs(albeit indirectly) with interest rate cuts and extra liquidity.
Total greedy idiots at the big banks are effectively running the economy and hence the country.
10. shipbuilder said...
C'mon, is this a surprise? Who didn't know this already? We need to get away from thinking this will disappear with Gordon Brown and his party - can you really see the Tories as the ones to take the power from banks and big business?
This will only be solved when we demand that our current financial and political system be scrapped. How, though? Protests? Don't be surprised if you are accused of 'threatening our way of life' and labelled a terrorist. You think that western governments haven't prepared for the eventuality of mass protest due to economic hardship?