The Plutocrats Have Occupied the White House and Executive Branch
It has been a fact of American life for decades that the rich and corporations control our political system. But this control has been exercised always one arms length removed from the actual levers of power. They have had to be satisfied with setting up their think tanks, hiring lobbyists, and buying politicians. Always they have had to put up with the unsavory influence that the public might have to disturb their plans and obstruct their enrichment. Even as described so eloquently and with such cleverness by Lawrence Lessig in his TED talk, “We the People and the republic we must reclaim“, the rich and corporations were always one step away from hands on control of the government. Continue reading →
There is more evidence that the current run of religious mania about “free markets” is finally giving way to a more fact-based approach to this important human invention, many countries are now applying capital controls on the flow of monies into their economies. The world flood of money seeking higher rent districts is terrorizing smaller economies like a tsunami. Fears of speculative bubbles burgeoning and then bursting with disastrous consequences for local economies are driving many to control inflows. Recently the NY Times posted an article about this phenomenon, “Countries See Hazards in Free Flow of Capital”1.
“The world has learned about the perils of free market finance — global financial liberalization just does not work as advertised,” said Dani Rodrik, a political economy professor at the John F. Kennedy School of Government at Harvard. “Just as John Maynard Keynes said in 1945 — capital controls are now orthodox.”
Despite the obvious lessons of the last 4 years, “free market” advocates, just like religious zealots throughout history, remain undeterred by the facts on the ground. Financial firms ride along with this zealotry because its suits their business strategies to a T. Nevertheless, some governments, in the face of what must be enormous pressures from the world financial industry that profits coming and going in these financial boondoggles, are facing up to the facts and doing their best to take actions to control the impacts of markets on their local economies. Unfortunately for us in the US, we have no such governments. Ours are owned more than ever completely by big money, overwhelmingly by big corporate money and the super plutocracy of the super rich. They have always known that “free markets” is a wonderful religious cover their control over the real wheels of commerce and politics.
By LANDON THOMAS Jr. Published: November 10, 2010 http://www.nytimes.com/2010/11/11/business/global/11capital.html?_r=1&emc=eta1# [↩]