The blog of a North Country Swede!

Monday, July 13, 2009

Bubbles are criminal conspiracies as cancerous for labor in a society as slavery

Bubbles are criminal conspiracies as cancerous for labor in a society as slavery, sucking up ""the useful, deployed wealth of society."" (Note: Read read Matt Taibbi's article on the financial history Goldman-Sachs since 1920's in Rolling Stones Magazine. Is this fraud writ large? http://bit.ly/P6uvP) Another quote from Taibbi's article:

"The bank's unprecedented reach and power have enabled it to turn all of America into a giant pump-and-dump scam, manipulating whole economic sectors for years at a time, moving the dice game as this or that market collapses, and all the time gorging itself on the unseen costs that are breaking families everywhere - high gas prices, rising consumer-credit rates, half-eaten pension funds, mass layoffs, future taxes to pay off bailouts. All that money that you're losing, it's going somewhere, and in both a literal and a figurative sense, Goldman Sachs is where it's going: The bank is a huge, highly sophisticated engine for converting the useful, deployed wealth of society into the least useful, most wasteful and insoluble substance on Earth - pure profit for rich individuals."

The dynamic motivation of United States-style liberty is that individuals will be fairly rewarded for their efforts. And it is when the opportunity to do so is available widely that we thrive. There are a whole bunch of caveats to that, but we know it is productive work — labor that produces goods and services that have value in the marketplace — that builds a strong people.

If we give the highest rewards to individuals who devise ways and means to literally steal for themselves the wealth our labor creates, rather than those who devise ways and means to fairly distribute that wealth ... then we have what we have.

That being said, the evil inherent in the financial services elite gurus' design and use of instruments of debt to suck up the wealth labor creates, should be outlawed as a criminal conspiracy as cancerous in a society as slavery.

This whole charade of the new highly leveraged instruments of debt is philosophically supported by the age-old concept that the best society is one where an elite is able to pursue the "good life" by living off the labor of others ... the masters and slaves, lords and vassals, imperialists and their colonies, financial services sector gurus and their instruments of debt. They figure out a way to suck up the wealth produced by labor.

This is the concept of an elite and is the antithesis of our revolution and the birth of our nation. It is traitorous to our ideals — these self-evident truths; "that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness" — while it ultimately saps our strength, dragging us down to banana republic status.

Is anything going to change until enough people who matter start going hungry? Was it Karl Marx who surmised that the people don't revolt until the belly hits the backbone? But because I mention a communist guru, does not mean I sympathize with communism. I believe firmly in fair market capitalism.

And, how can we believe this crap that calling for fairness in wages is calling for equal wages? Of course, that's one of the "values" of religion, to get the people to accept the status quo of whatever elite is in charge ... even to the point of accepting slavery, or sheiks and mullahs in the Middle East, or ... financial services sector gurus on Wall Street ... as greed becomes our god.

No comments: