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The billionaire bailout society
Published: 05 November, 2009, 10:59
Edited: 13 November, 2009, 09:54
TAGS: Crisis, Crisis Chronicle, USA, Economy, Finance
The new financial instruments invented about 30 years ago helped the America’s wealthiest to suck up the extra wealth created by deregulated finance system, explains Les Leopold, author of “The Looting of America”.
“From WWII to the mid-1970s, virtually every year productivity went up in America and the average wage of the average worker went up. The two lines [on a graph] went together, then they split apart. The average American production workers – about a 100 million people – their average wage now has gone down 18% since the mid-1970s, but the people at the top do fantastically well,” revealed Leopold.
He continued: “In 1970 the ratio of the top 100 CEO versus the average worker was 45 to 1… By 2006 it was 1,723 to 1.
“What is really missing is that steady average rise of the real wage, where the fruits of productivity are shared broadly – that has stopped. We have entered that brave new world, a sort of Milton Friedman capitalism – the great experiment of deregulation – killed that natural progression that we had done since WWII.
“The president runs the US, but the President is unwilling to toss overboard the fundamental philosophy that the bankers live under.
“Billionaires will get richer and we will have more of them – and we will have a hollowed-out middle class. And when the system gets in trouble, we’ll take money from the population and give it to the finance community to help them out.”
05.11.2009, 02:59
7 comments
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It is a white collar criminal class which owns the court system and, therefore, runs the country as though it is a cyclical harvesting of those who actually labor for a living. The grandest scheme sold to the American was and is "homeownership." Yes, this was the yoke binding the family, and thus, a continuous fraudulent inducement to transfer wealth: into the coffers of those who designed the Byzantine money system hooked up to the digital technology of what is called credit. The US Constitution does not allow this guy into office in the first place who calls himself "President," but then his supposed graduation from Harvard as a US Constitutional attorney-at-law, is looking mighty suspicious. How the multiple systems began, accelerating after WWII and then exploding when technology arrived - was from the money gained by the families who were unfortunately, mostly white collar criminals and these folks were (of course) conned by the richest families of Europe who knew exactly what they were doing in readying their families for the future - owning the transnational corporation America with weapons to own all the world all the time, in the 21st Century. Here we are. Hardly any of the families who began shaping the "modern systems" in the US were enlightened or cultured or even remotely resembling an intelligent lineage of our species. Thugs run America. Thugs and then the white collar criminals who direct them with the money that purchases the type of human who would do whatever a white collar criminal tells them to and the money is right. Billionaires in the 21st Century are transparently the most insatiably greedy of the human being species and this is going to be remembered in the history telling as a dark ages, and supposedly it was an experiment of "enlightenment" -- America. America's secret is the idea of freedom is never long forgotten in spite of the white collar criminals and their thugs pushing pimps to the US as presidents.
Have the billionaires taken over the Russian Federation and the Russian news media yet? If they have not taken Russia yet I would be very surprised. This NEW WORLD ORDER is taking control of the economies and political structures of many countries today. With Russia's huge resources, they must be a prime target of these nation eaters.