Nomi Prins is jewish. She has worked as a managing director at Goldman-Sachs for 2 years and as a Senior Managing Director at Bear Stearns for 7 years, as well as having worked as a senior strategist at Lehman Brothers and analyst at the Chase Manhattan Bank. You decide how much trust you want to place on this article.

This is controlled oppostion. She is telling us to reinstate Glass Steagall, when what we really need to do is break up big banks and big media using anti-trust laws. We also need to jail a few bankers (and maybe media owners) for their fraud.

Ron Unz, the jewish owner of this site repeatedly advises us not to take down Big Media (see the American pravda articles) and now we have this woman telling us not to take down the banks.

Freedom from elites will never come without breaking up big banks and big media using all legal means available. Which means we need to think beyond Glass Steagall

Actually, it was the stupidity of the morons out of the Chicago School of Economics and their worship of markets and “maximizing shareholder value” that screwed everything up.

https://www.forbes.com/sites/stevedenning/2013/06/26/the-origin-of-the-worlds-dumbest-idea-milton-friedman/#3bcca7ad870e

Since when do the free market as the solution to everything Austrians from Mises.org support Glass-Steagall or any other form of government intervention??? Destroying the Fed and fiat currency, yes. But Glass-Steagall, no way.

… but, behind your many reasonable and thought-provoking posts, there is a pile of misdirection and crypto-zionism in most.

You do your arguments no favour by naively attributing to “Nathan Meyer Rothschild” one of the many versions of a dictum that anti-Semites have attributed to one or more of the Rothschilds since, if one has at least done a quick online check, 1935. Of course one can well imagine a rich banker tossing off “in the end I don’t mind who’s in government as long as I can go on printing money”. But the way you have used a purported quote makes you sound like part of the tinfoil hat brigade.

Art… you’ve gone off message. You’ve omitted Rothschild direction of the Bank of England 25 years before the Rothschilds set up shop in England, directing and/or owning the several incarnations of a Federal Reserve Bank for America from Alexander Hamilton’s day till 1911-12 and onward. All these plain and indisputable facts can be learned on UR from its modestly contributing sage-commenters. And to put them in context for those who doubt the power of one family you should recall from diligent reading of UR threads that the Rothschilds own 80 per cent of the land in Israel.**

**To be fair in case you might be influenced by thinking you detect a note of scepticism in what I write I think the relater of that 80 per cent may be like the old monastic scribe with his “mumpsimus”. My understanding is that now, as under the Ottomans, only about 7 per cent of Israel’s land is freehold and it may well be that Rothschild financed settlers 110-140 years ago bought a lot of that. Anyone know?

But I liked the comment at the end by one Peter Dews that Lyotard’s work “lacked any [?all] moral or political orientation”. Come back and tell us when you have read Lyotard…..

In 1987, still in the age of Reagan, Federal Reserve Chairman Alan Greenspan, a past board member of JPMorgan, said that non-bank subsidiaries of bank holding companies could sell or hold “bank ineligible securities” —

1986 marks the end of traditional American enterprise.

Greenspan is the father of the Jew takeover of America’s finances. He changed American enterprise from a fiduciary responsible system – to a money hungry cabal of greedy financers.

In 1986 the US corporation had an obligation to it owners, employees, customers, its locality, our country, and to the future of all of them.

Post 1986 the corporation became an instrument to be used to make money for its top management and big percentage owners.

Greenspan financed the junk bond/savings and loan debacle, he financed the internet bubble, and he financed the home bubble. He provided the money that the Jews used to indebt everyone to their detriment.

Today corporations are bought and sold like toys only in the interest of short term monetary gain – the future of those below the top, be dammed.

Jews run that system – that is the way they are.

Trump can’t be “breaking up” banks because the federal reserve is a federal government sanctioned monopoly.

http://www.investopedia.com/terms/i/interstate-banking.asp

Banks could not cross state lines after the Great Depression. They were slowly allowed to consolidate – first into regional banks and then nationwide.

The reasoning is like all political arguments – you can make a case that up is down if you use the right words.

The idea behind keeping banks within a state is that they would never get too big to cause a lot of damage should they fail (as in the case of a regional economic crisis) and that they would tend to make more of an effort to serve small customers.

The idea behind letting them merge was that they would be big enough so that they couldn’t fail if there was a small localized crisis. The profits from the successful sectors would compensate for the depressed area and the FDIC would not have to intervene as it would if the economy of a small area brought down small intrastate banks. The idea that there could be a country-wide financial crisis seemed remote.

May 21, 2013 Why the whole banking system is a scam – Godfrey Bloom MEP

• European Parliament, Strasbourg, 21 May 2013

• Speaker: Godfrey Bloom MEP, UKIP (Yorkshire & Lincolnshire)

“Who controls the issuance of money controls the government!” Nathan Meyer Rothschild

June 13, 2016 Which Corporations Control The World?

A surprisingly small number of corporations control massive global market shares. How many of the brands below do you use?

http://www.informationclearinghouse.info/article44864.htm

Sounds like an interesting book

https://en.wikipedia.org/wiki/Libidinal_Economy

Trump can’t be “breaking up” banks because the federal reserve is a federal government sanctioned monopoly.

The best that can be done right now is to force banks to separate their investment business from their loan business.

Bank investment businesses should by law have zero access to government subsidies and guarantees of solvency.

Also cease the government scheme of performing social engineering by subsidizing or insuring sub prime loans.

The ideological war in the world right now I see as between on the one hand globalisation and money, on the other hand politics, politics in nation states.

The weird thing is the muddle headed thinking on this.
The majority of political parties in the Netherlands is pro EU, yet, when Air France seems to swallow up Dutch KLM, great uproar, the same when a USA hedge fund tries to buy AKZO.
Our government even considers new legislation to prevent hostile aquisitions.

So on the one hand they say they’re in favor of free capital movement and globalisation, but when these forces threaten Dutch enterprises protection jumps out of the hat.

In France the same problems, when an enterprise now in France, because of lower wages, wants to go to Poland, uproar, Macron so honest that he says he can do nothing about it, yet his party wins the elections, be it as a result of the French district system, where the winner takes all in each district.

Well another win for Obama: he said and did nothing about either swamp. What a leader!

I wonder how Ms. Prins forget about his glorious 8 years in her story about Goldman Sachs (still) running the country? Hell, even the Caliph of Crawford actually jailed white-collar miscreants after the NASDAQ/Enron disaster. Barry and Eric didn’t charge a single person, and he had no shortage of Vampire Squid and other Wall Street vultures in his administration.

Frank-Dodd is a joke, Emperor’s New Clothes Part Two (or Twenty), which like most “laws” intend to fight the “big banks” just penned Main Street even tighter into the TBFB’s slaughtering pens.

The theory of money and credit is not about lending at interest rates, but about the mismatches in repayment structures between assets and liabilities of banks that lead to low interest rates and their consequences. The banks usually do not fail because the rate is too low, but because of a liqidity crisis.
And mises never defends the banks, on the contrary…he is heavily critisizing the then prevailing practice… So you got that wrong, sorry

Further, catholic theoligicians have had alternating view on this matter over the courseo fthe last two millenia and have revised their views, as far as I know. Pointing out a specific quote (out of context) is not really satisfactory.
If you want to refute mises, you better bring some (logical) arguments, rather than some vague reference to jewish morality….
As mises said: there is only ONE logic….

The same thought occurred to me. But hey, all of Hildabeast’s major donors are Jews and one of the biggest (Haim Saban) has come right out and said he is a one issue guy and that issue is Israel. Not America, Israel.

So our next President will have been bought and paid for by agents of a foreign country. And they don’t even try to hide it. That tells you the true power the Jews and the Holocaust narrative they never shut up about.

neither me nor any Austrian has ever advocated the heavy use of consumer loans.
However, Empirical evidence tells us that forbidding them leads to loan sharking, price ceiligns lead to workrounds in the form of fees etc. So your measures likely wont work. But maybe that state of affairs is preferable….
By the way: the high interest rate on consumer loans isnt only about default risk, but about the comparatively high cost of collecting a, say 3000 usd loan…
Dont get me wrong: i have the same view on the toxic nature of these loans, but I believe they exist due to money supply expansions, i.e. In a sound money system they would barely exist.
Consumer loans are highly unattractive for banks. The reason it looks profitable for some banks in the us, is because the money supply has been only going up, i.e. The banks have yet to pay a price for that…subprime lending did not work out to well, if you remember…

By the way: 30 year mortgages are problematic as well, from an Austrian perspective (Tough not from a neoclassical one, so do not put these two schools in one basket please)

Conclusion: fix the money supply, and after a wave of defaults there will be way less consumer loans. No need for usury laws that are difficult to enforce anyway…(not to say there wont be any consumer loans at all)

Have you ever read Mises’s “Theory of Money and Credit”? Austrian economic theory is merely an extension of Jewish morality, and was created and is still supported solely to defend the lending of money at interest. Of course they want to keep money and credit as a private enterprise. In what other “business” can you “earn” a lot of money without doing anything productive? Jesus Christ and early Christian morality went against this. There is a reason that Jesus Christ threw the money changers out of the temple. He understood that the usurious rates of interest charged by money lenders far exceeded economic productivity, and the superior position of power of the money lenders could only result in the concentration of wealth and power that society produced into very few hands, and the destitution and slavery of everyone else. This is why Austrian economics has an important role for the entrepreneur in the economy — because the super productivity of the few gifted entrepreneurs is needed to make and keep money lending lucrative. Prof Hudson’s classical economic perspective, especially its attack on rentier monopolies, is right on. Money lending is the ultimate rentier monopoly that Austrian economic theory was established to defend. This is the only reason Austrian economic theory hasn’t been consigned to the dust bin of history.

Hmm – 3036 words on the history of debt in the last 5,000 years, and not one word is – Jew!

This is indicative of why America can never come up with the right conclusions and answers to its problems. If the problem involves Jews – then the whole truth cannot be discussed and wrong answers prevail – this is killing America.

Look at the last thirty years – American debt has skyrocketed and the banking system that revolves around interest – pays no interest. The whole big money system has become a means to transfer wealth to the Jew tribe.

The Federal Reserve’s job is to regulate credit and debt for the WHOLE nation. Bubbles Greenspan, Helicopter Ben Bernanke, and Granny Yellen (all Jews) have financial bubble after financial bubble — junk bonds, savings and loan, the internet, housing, collage, and now the stock market. In the process the average American has less disposable income and Jew wealth has compounded. The wealth in America now goes to the supper wealthy 1% Jews.

Those are the hard undisputable facts. When are those facts going to be written about?

As history must reckon – this is a crime – a stone cold criminal outcome.

Ideally, I think recourse lending to consumers should be illegal. A creditor should get, at most, his security in the event of default. In addition, I think there should be fairly strict price controls on interest rates. I can’t think of a reason a consumer should pay more than a 10% real rate ever. Even that seems high. So, maybe lower. Business lending is different, though even there I think the current regulatory structure likely encourages too much debt.

To see the problem, consider your likely reaction to these limitations. You’re going to tell me that creditors need recourse and high interest rates to compensate them for risk of default. And that the poor won’t be able to get loans if the risk of lending to them can’t be compensated. But significant risk of default comes, specifically, from people taking out loans they should not take out or from people being the kind of people who should never take out loans. So, it’s fine that that kind of risk should not be compensated for, and it’s fine (not fine, good) that those people can’t get loans. They are better off without them.

The limitations I suggest would not interfere with responsible borrowing at all. You could still get a mortgage or a car loan, for example. Likely, you couldn’t get a student loan, though. Many people wouldn’t be able to get credit cards or unsecured personal loans. These are good things. And, yes, I do know better than stupid people what financial products they should use.

Getting people addicted to credit card debt is not doing them a favor, and both Austrians and Neoclassicals are full of crap when they say it is. I was once a utilitarian, libertarian, neoclassical kind of guy, so I understand the arguments, and they really do rely on the agents being smart enough not to do obviously self-destructive things.

The fact that airline price regulation was stupid doesn’t mean usury laws are stupid. The fact that leftoids were wrong about Standard Oil being evil doesn’t mean they are wrong about Capital One being evil. Stopped clocks and all that.

Yes, IF permitted…
Whether it is permitted or not, depends on a hos t of cultural, etc. Factors….
Factors, which have nothing to do with economic ananlysis per se.
I do not see how your point invalidates my statements.
And yes, there are lots of idiots around. So what? Whats your solution? No debt contracts at all…

Although the specifics of the arguments change, what remains constant is the idea that white people of European descent are inherently smarter, better, more “civilized” than members of other races

Not really. HBD types like Wade, Sailer, Derbyshire, etc typically think that East Asians are smarter and more civilized than are whites.

Oh, come on. If indentured servitude (or organ harvesting, say) is permitted as a collection device, it will be present in most consumer debt contracts. It’s either illegal or common. The reason indentured servitude, debtors’ prisons, and organ harvesting are bad ideas is that the world is full of stupid people who will sign contracts not in their own interest.

Right wing economists don’t really fail to understand this. They pretend to fail to understand it in public. In private, it’s all “then don’t be stupid, you morons!!! Ha, ha, ha. More cheese for me!”

In case anyone’s interested, this gives some of the background on Drusus, who was preceded by the Gracchus brothers. The whole affair, spanning decades, is incredibly interesting and is amazingly relevant today.

Here’s a sample, from Appian, The Civil Wars
Horace White, Ed.
CHAPTER I

“They did these things in order to multiply the Italian race…so that they might have plenty of allies at home.

But the very opposite thing happened; for the rich, getting possession of the greater part of the undistributed lands… and adding to their holdings the small farms of their poor neighbors…

The ownership of slaves itself brought them great gain from the multitude of their progeny…

Thus the powerful ones became enormously rich and the race of slaves multiplied throughout the country, while the Italian people dwindled in numbers and strength, being oppressed by penury, taxes, and military service.

If they had any respite from these evils they passed their time in idleness, because the land was held by the rich, who employed slaves instead of freemen as cultivators.”

Bingo!

Also, due to Just Sayin’s comment (thank you “Just!), I went back and reviewed Durant (Durant, “The History of Civilization,” Chap VI, Book 2, Vol 3, pages 111- 127) and also read the article I’ve linked, https://www.armstrongeconomics.com/writings/2012-2/anatomy-of-a-debt-crisis/

The bottom line is just what mtn cur stated. The particular history is utterly fascinating, and it will take some study to become familiar with the details, but so far it appears that those who criticize Hudson regarding the “Social Wars” are somewhat off the mark if not totally in error. I hope they flesh out their arguments.

The online Encyclopedic Britannica and others would seem to agree with Hudson on that point, but I could be wrong, and hope that a good discussion of this ensues.|

“… Drusus made the last nonviolent civilian attempt to reform the government of republican Rome. Drusus began by proposing colonial and agrarian reform bills. He attempted to resolve the tensions between the senatorial order (the political class) and the equestrian order, or knights (the commercial class).

Disturbances involving Drusus’s supporters among the allies increased, and the reformer was murdered. His assassin was never discovered. The immediate consequence of his murder was the Social War (91–87), the revolt of the Italian allies.”

- From “The Encyclopedia Brittanica,” online Written by: E. Badian

https://www.google.com/search?q=Marcus+Livius+Drusus&oq=Marcus+Livius+Drusus&aqs=chrome..69i57j69i59j69i60&sourceid=chrome&ie=UTF-8

The idea of all this is the transfer of all property to the fat cats, such that a return to absolute monarchy, wherein citizens are property of the state, and the “nobility” are the state. That is to say, governance by those with the motives of swine.

And Alexander Hamilton was a man of the people. Ha!

Money brings in corruption, wars and Holocaust – the hallmarks of Western Civilization.

Werner Sombart (died 1941), German sociologist and author in his 1911 book, ‘The Jews & Modern Capitalism’, claimed that Jewish elites were the dominant beneficiary of Capitalism.

India’s famous human rights activist and author, Arundhati Roy, in her new book, ‘Capitalism: The Ghost Story’, examines the dark side of democracy in contemporary India, and shows how the demands of the globalized western capitalist banking system has subjugated billions of peoples to the highest and most intense form of racism and exploitation. Watch a videos below to understand the evil world of capitalism and the evildoers who benefit from this system.

British-born Jewish science journalist, author and former columnist at the Jew York Times, Nicholas Wade in book, A Troublesome Inheritance, has claimed that Jews possess a genetic “adaptation to capitalism”. Wade also argues that humans can be divided into discrete races, and that between those races, there are differences in behavior, temperament, intelligence, and even political and economic structures. Although the specifics of the arguments change, what remains constant is the idea that white people of European descent are inherently smarter, better, more “civilized” than members of other races, especially black Africans and their descendants……

https://rehmat1.com/2015/01/22/capitalism-is-jewish/

In Latin Socii means allies.

While I claim scholarship in neither Roman history nor Latin, I do know enough about translation in general and Latin in particular to point out that the word “socii” has more than one meaning. Here are a few of them:

Companions, fellows partakers sharers partners, men (as a group), servants, folks…

Furthermore, as I’m sure you’re aware, the meaning of a word also depends on the context and then there are idioms which cannot be directly translated, so your comment suffers from too limited a translation at least.

His concern was not debt but the extension of Roman citizenship to all Latin citizens in Latin cities allied with Rome.

If you’re saying he had only one concern, then I’d bet you’re in error here as well in a sense similar to the idea that WW1 was started by the assassination of the Ferdinand. Nothing could be further from the truth because there was a lot of background to that. The “start” of wars is generally multifactorial and it’s extremely simplistic to attribute wars or the initiation of them to one specific item.

If you got the basic history right you might just begin to get the economic history right and maybe eventually gain a grasp of basic economic principles.

First of all, every serious historian knows that there are many interpretations of “history,” some more valid than others. It would be most interesting to read in some detail, what your views of that history are and it would be nice to know what basic economic principles you can teach us.

In my opinion, Hudson is second to none in his field and I look forward to reading his material. If you can do better, I invite you to do so.

In any case, one of Hudson’s points is that the useful tool of debt can be misused to the point of abuse and any enlightened society has ways of preventing that and dealing with it if it occurs. If you have any other valid insights to add, I’d like to hear them.

Anyway, here’s one of my favorite debt quotes.:

“The curse of usury, it must be owned, is inveterate in Rome, a constant source of sedition and discord; and attempts were accordingly made to repress it even in an older and less corrupt society…

Financial ruin brought down in its train both rank and reputation, till the Caesar came to the rescue by distributing hundred million sesterces among various counting-houses…”

TACITUS, ANNALS, Book VI (beginning)1

http://penelope.uchicago.edu/Thayer/E/Roman/Texts/Tacitus/Annals/6A*.html

You’re right about the Social War which took place in 91-88 BC, decades after the Gracchi. Hudson clearly got that wrong. But your implied criticism of his economic analysis does not follow. That’s a separate issue and requires a substantive criticism, which you have not provided.

Interesting piece.
Just where do you have it from that the Austrian school “protects” the creditors from the debtors. Where do you see an Austrian taking sides in this conflict? How does it folow that beeing pro market means being pro debtor (it seems you were yourself led astry by some bank lobbyists)…
Short summary:
Certainly no Austrian has ever advocated debt bondage/slavery as collecting payments or tweaking the rules after the deal.(there might have been debates on whether one might Voluntarily agree on that as part of the contract design. This is an ethical question, etc). Certainly no Austrian would confer this right unilaterally to the government for the nonpayment of taxes which you say was the main source of bondage in antiquity.
Further, no Austrian has ever defended “the right” to create money, for ANY institution private or state (you seem to have less problems with the state inflating). On the contrary, they want this right to be taken away from anybody. The reason is that due to the non-neutrality of money it can be shown that money creation is akin to fraud (and it causes nasty business cycless)….independently of whether the state or private sector inflates, btw.
This is why they like gold, as its supply is more or less free from the whims of banks and governments (generally the supply of gold from mines is minuscule compared to the stock, obviously not true when you discover a new continent or california)..not perfect, but better than a printing press…
Hope that helps

From Mesopotamia in the third millennium BC to the modern world, the way in which society has dealt with the buildup of debt has been the main force transforming political relations.

However, I believe racial changes are the biggest transformative force in a nation’s history.

“so Jesus was running a debt cancellation program, no wonder He gained popular support.”

And no wonder the Jews hated him.

Thanks for your excellent piece.

Rome’s own Social War opened with the murder of supporters of the pro-debtor Gracchi brothers in 133 BC.

Almost every word in this sentence is wrong. The Social War began with the assassination of Marcus Livius Drusus. His concern was not debt but the extension of Roman citizenship to all Latin citizens in Latin cities allied with Rome. I’m guessing that you misunderstand even that the term Social War involves a misunderstanding. In Latin Socii means allies. The Latin term “War of/with the Allies” is inappropriately translated into the English “Social War”. If you got the basic history right you might just begin to get the economic history right and maybe eventually gain a grasp of basic economic principles.

It’s nice to read Hudson’s erudite views on these matters. When I look at America’s political system, I am disheartened. The entrenched interests have no desire to mitigate their greed or lust for power.

Even if we get a crash of the system it is hard to see how it could be corrected.

After Jesus had fasted in the desert and was tempted by the Devil, He started His public career by proclaiming the Acceptable Year of the Lord (reading from the Book of Isaiah):

The Spirit of the Lord is on me, because he has anointed me to preach the gospel to the poor; …., to preach deliverance to the captives, and recovering of sight to the blind, to set at liberty them that are bruised

The Acceptable Year was the Jubileum Year when the debts were to be cancelled; so Jesus was running a debt cancellation program, no wonder He gained popular support

“forgive us our debts, as we forgive our debtors”

True, but since that would jeopardize the future of casino type finance, it’s obviously ” unworkable “.

“Why punish people just because they are dependent, lazy, and dishonest? Reward them! Punish hard-working taxpayers in all the other countries. ”

Alternately, you could punish the banks who were stupid enough to lend them money and stop the rot at its source.

The above is my response to Oldeguy

That’s because you support the homo-filth norming of Europe and the US. Revolting against the revolting homo-filth norming of Europe and the US goes -hand-in-hand with the war against the revolting greedy cheating one percent. Syriza was more interested in homo filth norming Greece and flooding Greece with millions of young African and Muslim Male rapists than waging war against the Banksters. Syriza was an example of Z Magazine-Counter Punch Politics in action.

The European Left and US Left are filthy repellant degenerates.

“Class warfare disappeared in the warfare between homosexuals and heterosexuals, black and white, men and women”.
Spot on analysis of how Identity Politics paralyses the 99.09 % into internecine squabbles over crumbs falling from the tables of the 0.91 % and ludicrous kabuki theater symbolism struggles over distractions like display of the Confederate flag.
These times are badly in need of a coherent, well thought out Class Conscious, Color Blind, Gender Blind, Everything Else Blind, Ideology to oppose what is known overseas as Neo-Liberalism and here is a sort of Free Market Uber Allesism.
Ya can’t beat Somethin’ with Nothin’.

Should read:German-French Military invasion of Greece.

Kyle McKenna is an example of why freemarket-libertarian fanatics are pure evil.

The only viable alternative for European People=RACIAL NATIONALISM+RACIAL XENOPHOBIA+RACIAL COMMUNITY+RACIAL ANARCHO SYNDICALISM……and if the greedy cheating repellant parasite Noam Chomsky doesn’t like it:TOUGH SHIT!!!!!!!!!!!!

But Paul…you and Noam Chomsky aid and abet the GREEDY CHEATING WHTE LIBERAL ONE PERCENT with your enthusiasm for the mass importation of the highly racialized high fertility nonwhite scab labor Democratic Party Voting Bloc.

Another point:the homo filth norming of the US goes homo hand-in-hand with the slave wage labor policy of nonwhite scab labor enthusiasts such as you and Noam Chomsky.

How about a Pol Pot type solution to the problem of the White Liberal Greedy Cheating Mega-CEO Class?…….During the French Revolution, the Female Fish Mongerers’ whose children were starving… working class French Women…stormed the Bastille and ripped the intestines out of King Louie’s political advisors.

I’m all for a Vlad the Impaler solution….

The Golden Dawn is coming to power…This will trigger a German and French Military invasion of Greece..And I fully expect that the parasite Noam Chomsky will support a German-French Military invasion of France.

Well yeah… if you get deep in debt and refuse to work for a living, there comes a time when you might have to sell a couple of your Cadillacs. It’s a regular Greek tragedy, innit?

We’re already in Round 5 and over €300 Billion have been thrown down the rathole. And everyone with a pulse knows full well the Greeks will ultimately default on every penny of it. Extend and pretend!

Visit Greece if you dare. Along with an over-proud, indolent populace you’ll find luxury mansions by the thousand, yachts filling the harbors, privately- and publicly-owned islands; countless billions in marketable assets which could quickly be sold to help pay down the nation’s debts. Not to mention graft and tax scamming on a colossal scale. Every single person demanding to be paid in cash, off the books and under the table. But why even lift a finger to sell or to work when you can blame Germans and get more of that ‘free money’?

The solution is to throw a few hundred billion more down the drain, with the sincere expectation that this will cause the Greeks to depend less on handouts. Why punish people just because they are dependent, lazy, and dishonest? Reward them! Punish hard-working taxpayers in all the other countries. That makes sense. Great plan.

You tell ‘em PCR. What we really need is a dictatorship of the proletariat. Like when I was in charge and those Kulaks got what was coming to them.

Here’s just one aspect of why whatever party it voted into office, it makes no difference:

http://www.veteranstoday.com/2015/06/28/hillary-libya/

There will be massive class warfare and the fortunate 500 folks will be hacked up in the streets and not a soul will miss them.

35 years agon when LBO artists were raping American corporations for profit.

You could not have LBOs without publicly traded stock corporations. It was the bear market starting in 1966 that caused companies to be worth more broken up than their market value that caused the LBOs. Chicken and egg.

Murdoch is not only a militant Zionist (he’s received at least one award from the ADL) but he had one Jewish parent.

Rupert Murdoch is a treated like a hero in Israel and he allows no anti-Zionist to appear on his network.

What will it be? Tar and feathers followed by heads on pikes? Ok by me. The Iceland solution, with bankers thrown in jail? Ok, if you promise to confiscate their ill-gotten assets. My choice would be in the tradition of Vlad Tepes, better known as Vlad the Impailer, even better known as Dracula, the Dragon.

It’s pretty clear. The Koch brothers are white Christian Americans who use their clout, or I should say some of it, to support causes that they see as being traditional, conservative, and in the interest of the US. This will NOT be tolerated by the Stalinist left, who are at war with white, Christian, conservative America. The other billionaires are mostly Jewish, mostly support Israel right or wrong, and want the Israeli tail to continue to wag the US dog. An exception is Murdoch who, while not being Jewish, is a rabid Zionist of the worst sort, that is, one who uses his media empire to wash/rinse/repeat the goyisher kopfs!

Greed rules, and it is amazing how much greed there is.

I agree with that.

“The only answer is to build a political movement independent of the two party system, willing to nationalize the banks and to pass legislation outlawing derivatives, forex trading and other unnatural parasitic speculative activities.:

Forget about it. Reforms at this stage are no longer possible. Wall Street and the banking interests own the Senate and Congress (did you pay attention to the TPP/TPA vote or the GOP rubber stamping illegal immigration?).

35 years agon when LBO artists were raping American corporations for profit. Reforms would have been possible because the demographics were in favor(most people weren’t on the dole) and the MSM was much more honest that it is today. None of that exists today.

Demographics work against the people, we no longer speak with anything resembling a single voice. Everyone has their hands out for free government stuff – it makes it easy for the powerful to throw a couple bones to the masses to keep them docile.

So things won’t change, until one day it will simply stop working in a very ugly way. As to what exactly, well if you know anyone who lived through the Great Depression it would help prepare you.

Globalization freed American companies from caring about America first. Prior to WWII the interests of America’s corporations and the American people were aligned. Now they are not and the government was supposed to arbitrate in the best interests of everybody. Unfortunately, the government has been bought off.

No eventually the puppetmasters of the idiots take over, like today.

I think the solution is to innovate and provide people the tools and an example to survive comfortably while starving the beast by making it less relevant. People will naturally gravitate to what is easiest and ignore the powers that be. That’s what people did on the internet with intellectual property. I think pursuing sustainable cities might be a way to do this. Re-invent society in order to remove Wall Street’s boot from our collective throats.

Free market capitalism has been dead for decades.

Democracy never works. Eventually idiots take over.

When the US was founded, there was a different proportion of mindsets with the abilities to establish a free and successful society relative to mindsets lacking such abilities. For 200+ years that ratio has been being eroded by immigration of people possessing mindsets with very little of the freedom culture, but a great deal of the social control present in forager and pharaonic cultures. The microcosm of a free America has reverted to the norm of a tyrannical world run by command and control structures.

It didn’t occur because of the 1965 Immigration Reform Act. It’s been an ongoing process.

“The only answer is to build a political movement independent of the two party system, willing to nationalize the banks and to pass legislation outlawing derivatives, forex trading and other unnatural parasitic speculative activities.”

The only fair and just way is to have panarchism. That way those who want a failed system will be rewarded with failure and those who embrace a system that works, won’t be. After all, your political beliefs are just … beliefs.

“Panarchism is a political philosophy emphasizing each individual’s right to freely join and leave the jurisdiction of any governments they choose, without being forced to move from their current locale. The word “panarchy” was invented and the concept proposed by a Belgian political economist, Paul Émile de Puydt, in an article called “Panarchy” published in 1860. The word “panarchy” has since taken on additional, separate meanings, with the word “panarchism” referring to the original definition by de Puydt.

De Puydt, a proponent of laissez-faire economics, wrote that “governmental competition” would allow “as many regularly competing governments as have ever been conceived and will ever be invented” to exist simultaneously and detailed how such a system would be implemented. As David M. Hart writes: “Governments would become political churches, only having jurisdiction over their congregations who had elected to become members.”

https://en.wikipedia.org/wiki/Panarchism

It won’t be tar and feathers when the worm finally turns.

It is virtually impossible in present-day America to own any moderately sized organization without having to curry some kind of favor with the state. Whatever one may think of their particular political positions, the Koch brothers are not particularly noteworthy as crony capitalists. Warren Buffet is far worse as he is a necessary illusion of the parasitic financial system, and hence part of the crime.

There is a reason the Kochs are the liberal left’s favorite whipping boys, and anonymous has indicated why: attention on them keeps eyes off more guilty culprits.

By the way, the official ratio between black on white killing, and white on black killing, is 13 to one.

Guess which races gets the 13? and which gets the one?

And now ‘disparate impact’ per the court, with the black Justice dissenting…says that your apartment or condo neighbors can be moved in on a race based basis…and paid for by you if you be white.

Color-blind used to be…now it is Blacks first , etc.

Joe Webb

wear a stars and bars tee-shirt and get murdered by darkies arguing that disparite impacts affect whites vs. blacks. So whites will get murdered, etc. payback for a million years of slavery.

Petras is a leftie, and thereby still loves the darkies. However his economic arguments are solid.

What still needs to be addressed is the fundamental of stagnation as a function of low anemic consumer spending.

Theoretically and technically (not ethically) one could excuse the financial sector for its shenanigans, if the end result was a booming economy with high wages and modest inflation…say, under 4 %.

Nobody worth billions can spend that money for fun or show. It has to be invested, and the investments ‘should ‘ benefit the economy, particularly the economy (country) that provided the muscle and brains from which capitalists made money.

Does Prof. Petras know how much Surplus Capital there is idling on the sidelines for lack of investment opportunity? My banker friend thinks the number is about 5 trillion dollars.

The capitalist machine, or economy (once called a free-market economy) cannot prosper without consumers with fat wallets and spending, spending, spending. When they have no money, they cannot spend. This is a simple but abstract formulation.

Maybe these characters cannot perceive that it is all a Golden Egg kind of deal, and that they are starving the golden egg bearer.

——

So, the Left used to say, class or race…and decided it was class, not race. Or Petras decides it is the top one per cent, leaving the old class paradigm behind. OK.

It is both “class” and race.

The hysteria of the last few days presages a new repression of free speech (no free speech for racists!) and even Obongo calls for no guns for racists.

Then, the economy is in a hog-tied state. Too much capital and too little wages. Capital flys around the world looking for investment, and labor at home has little to spend. Stagnation, or maybe crisis.

the perfect storm: race war and economic crisis. let the bad times roll, and let the financial sector heads roll.

Joe Webb

David Gerlernter in a Commentary essay in the nineties, How the Intellectuals took Over said, “Today’s elite loathes the nation it rules.”

http://web.archive.org/web/19980423180121/commentarymagazine.com/9703/gelernter.html

The New Elite, brought to you courtesy of the SATs starting in the sixties, has done a piss poor job of running the country…well THEY might think are doing a good job of running the country…into the ground. The middle class this Elite rules over has seen better days, however it is also the fault of the lemming like numbness of this very middle class which would rather drink beer and watch football than DARE to get involved and risk being politically incorrect. It is this very middle class whose non observance of what is going around it, that is serving up its own grandchildren as food for the World.

I would also add regarding the Koch brothers…. that they are the strawmen presented by a hostile media. On one page(163) of The Israel Lobby, Mearsheimer and Walt discuss campaign financing in terms you never ever see in the media.

The conclusion is Trump might be an overbearing big mouth but he is not captured by campaign money and can do what he damn well pleases. Vote for Trump on the longshot that he can overcome our media masters. He is the only candidate who is free.

The Koch brothers do benefit from corporate welfare, and also provide funds for many, many organizations. They might help raise up to $1 billion for the next elections. They’re plenty powerful.
But yes, they are indeed industrialists, not bankers.

America has big problems but the follies and frauds of Wall Street, while particularly damaging to almost everyone for a number of years when very few people – and not including the trusted great and good like Greenspan – understood the dangerous developments in the world of finance, were just a minor exaggerating blip amongst the significant changes that started over 20 years ago. Those had to do with globalisation/free trade and the mismatch between the cost of doing basic manufacturing business in Asia and Mexico and what America’s multinationals can get out of an expensive American workforce which is not even smarter or better educated than those of other countries – not least China and the countries which can provide English language call centres. Add in expensive health care, legal services and wars and you don’t have much chance if you’re an average American. With interest rates at historic lows it is not the banks or hedge funds who are holding back growth in the economy.

While Petras identifies the crime and the criminals, he throws the baby out with bath water with:

“The bank bailouts forced the Treasury to shift funds from ‘job-creating’ social programs …”

“They transferred funds from the public treasury for social services ….”

“… undermine the living conditions for poor working-class whites, and especially under and unemployed Afro-American and Latino American young workers.”

I smell a rat.

well said.

Noldor Elf please look deeper and reassess. The problem is not having great wealth and influence but how it is deployed — for whose benefit.

In addition to ownership of media, what is another major difference between the Koch Brothers and “billionaires such as Michael Bloomberg, Mort Zuckerman, Sumner Redstone, Haim Sabin or Rupert Murdoch” ?

[…] via Pillage and Class Polarization – The Unz Review. […]

As rich as the Koch brothers are, they are not responsible for the financial criminality that Prof. Petras is describing.

The Koch brothers employ over 60,000 people, mostly in manufacturing. They produce things that people want to buy. They are not rent-seekers. The Koch brothers are quasi-libertarians who opposed the needless and costly US war(s) on Iraq. That’s commendable.

The Koch brothers–unlike billionaires such as Michael Bloomberg, Mort Zuckerman, Sumner Redstone, Haim Sabin or Rupert Murdoch–don’t own one newspaper or one TV station. Thus, they are less powerful than their detractors claim. The Kansas-based Koch brothers are out of the global political loop compared with the media-savvy internationalists identified above. But they make an easy target.

This great article should have also mentioned the bloody R2P wars inspired by the financial sector.
It has no sense to accuse greed: greed is an instinctive drive that can be harnessed for good purposes. The problem – the real PROBLEM – is unaccountability of the deciders. This country does not have a government by the people and for the people. The incessant drive of war profiteers towards the Middle East, and Eastern Europe and China goes in cahoots with the City’ and Wall Street’ biggest crooks. The Western financial system became a cancerous growth inside the body of humanity. It metastasizes and creates necrosis. Because the Vox Populi has been effectively smothered, the most vital major decisions do not take into consideration the wellbeing of people (and of the planet). We are doomed. The psychopaths are not able to experience empathy; their consciousness is clinically inadequate.

I would agree with this assessment, although I’m not sure that about how to build up a new political movement that is totally independent of the system.

It would have to involve building a third party and various other reforms. The US Justice System, US Congress, and the other branches would all need key changes. The problem is, how to reform, when the very people that benefited the most are currently in power?

For sure, money has to be taken out. The Kochs and a few others have simply too much influence. There needs to be major campaign finance reform and the gerrymandering too must end.

I think that it has become clear that “corporate capitalism” has become totally incompatible with democracy – it’s a plutocracy, really a klpetocracy if you think about it, with money flowing from productive sectors to the non-productive financial sector.

Perhaps something like a Social Democracy may be the only way forward. Perhaps like Soviet-style Communism, neoliberal capitalism was doomed from the start.

The passage of the 1965 Immigration Reform Act=The importation of high fertility highly racialized nonwhite legal immigrant scab labor=importation of the highly racialized high fertility Democratic Party Voting Bloc=massive transfer of wealth away from The Historic Native Born White American Working Class to The Greedy Cheating Mega-CEO Class=massive transfer of power away from The Historic Native Born White American Working Class to the Greedy Cheating Mega-CEO Class=Greedy Cheating Mega-CEO complete control over US Economic Policy and Labor Markets.

The 1965 Immigration Reform Act=The 1965 Native Born White American Extermination Act!!!!!

Behind every Great Fortune is a very very Great Crime!!!!!!=The passage of the 1965 Immigration Reform Act!!!!!!

According to Hollywood, Wall Street people consume as much cocaine as people at Studio 54 did. Also add quaaludes to the mix.

America is too big and heterogeneous for a democratic solution, and is becoming more so by the day. Now you have megarich like Adelson defining who is elected. It is not democracy.

B..b..b..but, didn’t Lloyd Blankfein say that Goldman Sachs was “doing God’s work”? Tar and feathers, post haste.

The only answer is to build a political movement independent of the two party system, willing to nationalize the banks and to pass legislation outlawing derivatives, forex trading and other unnatural parasitic speculative activities.

And if pigs had wings they could fly.

You can’t get there from here.

The main reason we cannot control our own gov’t is because the nation is too large and diverse to unite against the fed govt and its masters.

An article 5 constitutional convention of the state legislatures may be the only path to reform. It would take 38 state legislatures to pass constitutional amendments sending power back to the states.

the GOP currently has 31 states.

[…] http://www.unz.com/item/the-economic-scam-of-the-century/ […]

Even some of us benighted know the difference between the words elocution and locution, Your Haughtiness.

“Crony Capitalism” is the elocution used by Libertarian and Neo-Liberal market idealists and anarchists in the midst of refusing to pursue a serious analysis of Capitalism in general, structurally, historically or otherwise.

In this they are as benighted as the Liberals and Progressives, also Capitalist.

I’ve ripped the author a new one for a few of his past articles so it is only fair play I praise him when he writes a good one. This is crony capitalism at it’s worst, why does the tax payer get screwed when the for profit lenders screw up next time, and there will be a next time. All it takes is a larger than 10% downturn in the real estate market and guess who gets stuck with the bill? This kind of legislation will continue as long as politicians are dependent on lobbyist to shell out the millions required for their next reelection campaign. But our Supreme Court shot down legislation that would have created real campaign reform (the Mccain-Feingold bill) because they said it interfered with free speech. What a joke, the Supreme Court decides in it’s infinite wisdom that it can grossly over step it’s decision making sphere and ruled that real democracy should defer to special interest groups bribing our politicians via campaign contributions because if special interest groups can’t bribe our elected officials their free speech is being interfered with. Good job Mike Whitney.

So what else is new?

Japanese baseball–now there’s the ticket.

In fact there is a lot to be learned there, since in Japan baseball and Capitalism are analogous in some ways. The Japanese play baseball, for example, but they play it their way, with a large number of social and cultural rules not seen in the US version. It is somewhat the same with their “Capitalism”. Indeed, it is not completely absurd to say that the Japanese are at bottom not “Capitalist” at all, but rather have adopted some of the external forms of Capitalist political economy both as a game and as a sort of prosthetic, which they use to operate in the world at large.

Many subtilties follow from this but one will leave them to some other day.

Indeed. It is called Finance Capitalism–the last stage, as it was in Europe just before World War I. It is a pity “conservatives” don’t read Marx more carefully:

“The system of public credit, i.e., of national debts, whose origin we discover in Genoa and Venice as early as the Middle Ages, took possession of Europe generally during the manufacturing period. The colonial system with its maritime trade and commercial wars served as a forcing-house for it. Thus it first took root in Holland. National debts, i.e., the alienation of the state – whether despotic, constitutional or republican – marked with its stamp the capitalistic era. The only part of the so-called national wealth that actually enters into the collective possessions of modern peoples is their national debt. Hence, as a necessary consequence, the modern doctrine that a nation becomes the richer the more deeply it is in debt. Public credit becomes the credo of capital. And with the rise of national debt-making, want of faith in the national debt takes the place of the blasphemy against the Holy Ghost, which may not be forgiven.

The public debt becomes one of the most powerful levers of primitive accumulation. As with the stroke of an enchanter’s wand, it endows barren money with the power of breeding and thus turns it into capital, without the necessity of its exposing itself to the troubles and risks inseparable from its employment in industry or even in usury. The state creditors actually give nothing away, for the sum lent is transformed into public bonds, easily negotiable, which go on functioning in their hands just as so much hard cash would. But further, apart from the class of lazy annuitants thus created, and from the improvised wealth of the financiers, middlemen between the government and the nation – as also apart from the tax-farmers, merchants, private manufacturers, to whom a good part of every national loan renders the service of a capital fallen from heaven – the national debt has given rise to joint-stock companies, to dealings in negotiable effects of all kinds, and to agiotage, in a word to stock-exchange gambling and the modern bankocracy…”

Karl Marx Capital XXXI (tr. Moore & Aveling)