How Americans Were Duped and Sold a Pack of Lies
(At left: Stacks like these have evaporated from circulation due to hoarding and concentration of cash by deep pocket financiers.)
The assessment of the so-called Financial Meltdown and the gov’t “bail out” appears to be a constantly shifting premise. So we must continually strive to accurately sum up what is taking place amid the lies and spin. And while the search for the truth seems to be an endless, unrewarding task, we must keep two principles before us. First, we have an obligation to help the broadest number of people understand what is really going on. Then, secondly, we must encourage people to take action, rather than relying upon the narrow discretion and interests of capitalist leaders.
Concentration of liquid assets (CAPITAL) has intensified over the last fifteen years. This trend reached a fever pitch over two terms of the Bush Administration, based entirely in bipartisan collusion with the international finance sector of capitalism.
Credit had been extended to almost everyone in society. Nearly everybody was given a credit card. Not just businesses, every type of individual including minors and mentally incompetent people gained access to credit. Meanwhile, convicted felons became financiers in some instances. Eleven thousand cons in Florida alone handled absurdly huge sums of loot and took it out of circulation in the subprime housing market. Yet this was done to benefit the banks, who accredited everyone who became a broker. The finance industry permitted this because they were simultaneously locking up the flow of cash. A flood of fall guys clouds the issues and makes it appear that they are linchpins in a supercharged pyramid scheme. The banks had deliberately created an illiquid society, preparing the conditions for social instability.
This trend began with the Savings and Loans scandals of the Eighties. During that period, popsicle stands like Whitewater and BCCI that had been built to fleece large numbers of small investors. They pocketed funds to launder drug money and build political campaign chests, and nobody ever went to prison. When that failed to spark outrage among the population, the banks began strategizing how to create absurdly huge piles of wealth for themselves thru the credit system.
(Left: Build Communities of Resistance to defend workers rights against Imperialist depredations as the Zapatistas have striven to do in Chiapas, Mejico.)
We also have to understand that the financial meltdown is not a crisis for the capitalist class, not for the finance sector, not for the huge industry leaders. Maybe the small capitalists and the national sectors have been hit by the evaporation of liquidity, but definitely not the international sectors of capitalism. Since the S&L scandals of the Eighties the financial sectors have concentrated ever greater amounts of capital in their hands. They have been scooping liquidity off the street, by hoarding cash and other liquid assets to force a credit regime on the American public. Now finance capitalism has smashed credit, blamed the problem on the people, and made cash scarce. Class warfare on everybody, black and white, and in between.
By removing liquid assets from social access, the financiers are deliberately and directly undermining social and economic mobility in US society. Public services, health issues, and a host of other critical issues that effect daily life for Americans and billions of people around the world have become endangered. Inflation, food shortages, civil strife are all connected to this period of Imperialism.
.......For more, better go visit Mbantunyankompong!