How a Pandemic is Destroying the West, by Michael Hudson

Where's my bailout?

Image by John Nakamura Remy via Flickr

by Michael Hudson
Writer, Dandelion Salad
September 14, 2020

The U.S. is Saving the Financial Sector, not the Economy

Before juxtaposing the U.S. and alternative responses to the coronavirus’ economic effects, I would like to step back in time to show how the pandemic has revealed a deep underlying problem. We are seeing the consequences of Western societies painting themselves into a debt corner by their creditor-oriented philosophy of law. Neoliberal anti-government (or more accurately, anti-democratic) ideology has centralized social planning and state power in “the market,” meaning specifically the financial market on Wall Street and in other financial centers.

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BlackRock’s Rise Shows the Dark Direction of Monopoly Capitalism, by Rainer Shea

Vampire Squid

Image by DonkeyHotey via Flickr

Updated: July 12, 2020

by Rainer Shea
Writer, Dandelion Salad
Rainer Shea: Anti-Imperialist Journalist, June 30, 2020
July 1, 2020

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.

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Meet BlackRock, the New Great Vampire Squid, by Ellen Brown

Capitalism Is Crisis

Image by Steffi Reichert via Flickr

by Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog, June 22, 2020
June 23, 2020

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.

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Chris Hedges: The Real Looting of America

DC George Floyd Protest (I)

Image by Brett Weinstein via Flickr

Dandelion Salad

“But I can tell you that the ruling elites, given what they’re doing in Washington and their utter refusal to respond in a rational way to what’s happening to larger and larger numbers within the citizenry, are playing with fire and playing with their own destruction.” — Chris Hedges

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Another Bank Bailout Under the Cover of a Virus, by Ellen Brown

Rich Uncle Pennybags

Image by Sean Davis via Flickr

by Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog, May 18, 2020
May 19, 2020

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.

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The Virus is a Mirror, by Andrew Gavin Marshall

Coronavirus graffiti, Leake Street

Image by duncan c via Flickr

by Andrew Gavin Marshall
Writer, Dandelion Salad
Toronto, Canada
Empire and Economics
May 7, 2020

Let us see that the virus allows us to reflect on ourselves, not simply at a national level, but at a civilizational level – at the level of the human species.

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Crushing the States, Saving the Banks: The Fed’s Generous New Rules, by Ellen Brown

Capitalism Is Crisis

Image by Steffi Reichert via Flickr

by Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog, May 2, 2020
May 3, 2020

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.

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Michael Hudson: US Coronavirus Bailout Scam is $6 Trillion Giveaway to Wall Street + How The US Makes Countries Pay For Its Wars: Economics of American Imperialism

Education Collage

Image by Jacob Anikulapo via Flickr

by Michael Hudson
Writer, Dandelion Salad
April 26, 2020

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.

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Did Congress Just Nationalize The Federal Reserve? No. But… by Ellen Brown

Capitalism Is Crisis

Image by Steffi Reichert via Flickr

by Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog, Apr. 3, 2020
April 4, 2020

Did Congress just nationalize the Fed? No. But the door to that result has been cracked open.

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Michael Parenti: Welfare for the Wealthy

Uncle Sam Santa Claus brings gifts of corporate welfare

Image by DonkeyHotey via Flickr

with Michael Parenti
Writer, Dandelion Salad
Originally posted Nov. 27, 2011

“And they launch military spending programs that have transformed the United States into a permanent war economy. Rather than a laissez-faire government that does little, we have a corporate state that plays an increasingly active role in sustaining the process of capital accumulation for big corporations.” — Michael Parenti

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Jack Rasmus: The Bailout For Workers Needs To Be As Big As The Bailout For Banks + Richard Wolff: Fate of the Global Economy

CAPiTALiSM KiLLS

Image by Metro Centric via Flickr

Dandelion Salad

TheRealNews on Mar 24, 2020

What relief will American workers get after the government poured $2.2 trillion into banks and businesses? Economist Dr. Jack Rasmus explains why the bailout for workers needs to be as big as the bailout for banks.

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The Coming Savings Meltdown by Michael Hudson

cancel the debt

Image by Friends of the Earth International via Flickr

by Michael Hudson
Writer, Dandelion Salad
July 30, 2019

Debts that can’t be paid, won’t be. That point inevitably arrives on the liabilities side of the economy’s balance sheet.

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Chris Hedges: The Cost of Austerity

Austerity kills - poster

Image by Teacher Dude via Flickr

Dandelion Salad

with Chris Hedges

RT America on Sep 10, 2016

On this week’s episode of On Contact, Chris Hedges sits down with economist Mark Blyth to discuss the detrimental ramifications of austerity programs following the 2008 financial crisis. Professor Blyth, author of “Austerity: The History of a Dangerous Idea” addresses the political effects of the spending cuts and considers why the elites will not take responsibility for the fallout. RT Correspondent Anya Parampil examines the impact austerity measures have had on the American working class and the poor since 2008.

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B is for Bailout by Michael Hudson

B

Image by chrisinplymouth via Flickr

by Michael Hudson
Writer, Dandelion Salad
michael-hudson.com
August 7, 2013

Part B to the .

Bailout: Reimbursement to speculators and savers of losses incurred by bad loans, investments or deposits in banks that fail. The effect of this moral hazard is to preserve financial control in the hands of the economy’s wealthiest 10 percent, “making them whole” by shifting the loss onto the bottom 90 percent of the population in order to benefit those at the top of the pyramid (see Rentier and Oligarchy).

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What Is The Rolling Jubilee? + OWS Bails Out The 99 Percent

Dandelion Salad

Strike Debt burning debt at Occupy Wall Street S17 Anniversary Concert in Foley Square

Image by Steve Rhodes via Flickr

Nov 7, 2012 by

www.rollingjubilee.org
www.strikedebt.org

We need a jubilee, a clean slate, a cancellation of debt for the 99%.

The Rolling Jubilee raises money to buy debt. But instead of collecting on the debt we buy, we’re going to abolish it. It’s time for a bailout of the people, by the people.

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