Matt Taibbi concluded that the 2008 Wall Street bailout had “built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors.” In this post-crash environment, the largest financial institutions gained more of a hegemonic grip than ever, with the five biggest banks having come to own almost half the industry by 2015.
BlackRock is a global financial giant with customers in 100 countries and its tentacles in major asset classes all over the world; and it now manages the spigots to trillions of bailout dollars from the Federal Reserve. The fate of a large portion of the country’s corporations has been put in the hands of a megalithic private entity with the private capitalist mandate to make as much money as possible for its owners and investors; and that is what it has proceeded to do.
with Chris Hedges
RT America on May 30, 2020
On the show this week, Chris Hedges talks to John Ralston Saul, author and president emeritus of Pen International, about how the COVID-19 pandemic has exposed the weakness of American society, and accelerated the decline of the American Empire.
In 2014, the CIA-tied media outlet the Washington Post published an article titled “In the long run, wars make us safer and richer.” Its author Ian Morris reasoned that wars have been necessary to carry out what it called the “civilizing process,” wherein the European empires have grown through conquest and the United States has been created through the seizing of indigenous lands. Its argument was racist and biased in favor of Western capitalist interests, and this was the point. It acknowledged that the wars which brought the U.S. empire to power, and which the U.S. empire continues to wage, are good for “us”—the people in the imperial core who benefit from imperialist wars.
Global University for Sustainability on Apr 24, 2020
On 22-24 November 2019, International Seminar on Land, Finance, and De-dollarization was held in Macau, China, which was co-organized by Global University for Sustainability, Lingnan University, Southwest University, and the Federal University of Espirito Santo.
Consumer society has tried to legitimize itself by making people believe that it represents a sustainable way of living. For those in the First World, all the evidence that a meltdown is coming—the deterioration of the climate, the decline of the biosphere, the diminishing of available resources—has usually existed outside of immediate view. Commercialism and the mass media, which have gained an unprecedented presence in our lives through the digital revolution, have distracted us from these realities while the machine of global capital has continued to run.
Insolvent Wall Street banks have been quietly bailed out again. Banks made risk-free by the government should be public utilities.
When the Dodd Frank Act was passed in 2010, President Obama triumphantly declared, “No more bailouts!” But what the Act actually said was that the next time the banks failed, they would be subject to “bail ins” – the funds of their creditors, including their large depositors, would be tapped to cover their bad loans.
As the global coronavirus public health and economic crisis of 2020 approaches the international workers’ day May 1st, let us consider 23 ways in which it is a crisis of and by capital and its class rule profits system:
The United States and the other core imperialist countries haven’t had socialist revolutions because the masses within them have been kept complacent. They’ve directly or indirectly benefited from the exploitation of colonized peoples, enjoying relative economic advantages despite their being subordinate to the capitalist class. Even as inequality has increased in the last generation or so, this has let the system keep them from taking action. They’ve been told that they need to be loyal to their country, that they can get ahead if they try, that capitalism gives them a better lifestyle than socialism would.
Congress seems to be at war with the states. Only $150 billion of its nearly $3 trillion coronavirus relief package – a mere 5% – has been allocated to the 50 states; and they are not allowed to use it where they need it most, to plug the holes in their budgets caused by the mandatory shutdown. On April 22, Senate Majority Leader Mitch McConnell said he was opposed to additional federal aid to the states, and that his preference was to allow states to go bankrupt.
Moderate Rebels on Apr 20, 2020
Facing the Covid-19 pandemic, the US Congress rammed through the CARES Act — which economist Michael Hudson explains is not a “bailout” but a massive, $6 trillion giveaway to Wall Street, banks, large corporations, and stockholders.
The novel Coronavirus (COVID-19) is devastating the lives, cultures, mass psychologies, and economies of countries around the world. Here, I will not reproduce the damages it has inflicted in various countries. The news media are overflowing with such information. In this article, I will briefly outline the developing politico-economic effects, crises, and consequences of this pandemic.
The spectre of the coronavirus pandemic in the US has darkened decidedly, with President Trump warning of a harrowing next few weeks from a surging disease death toll. Into the malevolent mix are reports of American citizens buying up firearms as if there is no tomorrow.