Friday, August 26, 2011
Are the political classes committed to recession?
"there is no available mechanism to oust a political-economic elite whose interests have become incompatible with ours...the accretion of power by the rentiers has been systematic. It is...due to the transformation of corporations into tradable, recombinant portfolios of assets, increasing concentration of and returns to ownership. Those..at the pinnacle of wealth...no longer think about production (or) the ultimate consumers; they take financial positions and demand policies that will see to it that these positions are profitable.The global restoration of profits post-2008 was not an accident...many of the profits, particularly in the financial sector...will later be found to be illusory. The institutions will be decimated, but those who owned, lent to or bet on them will be rich."