The size of the financial industry bears no relation to the economy. Self-mythological panegyrics aside, the finance industry confiscates money; it doesn’t create it. How much? Get out your calculators, and maybe you’ll have to find a way to add a couple of digits to what your screen can hold.
The great progressive Harvard economist and prolific best-selling author, John Kenneth Galbraith, wrote that “Ideas may be superior to vested interest. They are also very often the children of vested interest.” I wished he had written that assertion before I took Economic 101 at Princeton. One of the vested ideas taught as dogma then was the comparative advantage theory developed by the early 19th-century British economist, David Ricardo. He gave the example of trading Portuguese wine for British textiles with both countries coming out winners due to their superior efficiencies in producing their native products.
I know I should consider myself lucky to have located anybody at all in the United States who opposes the latest $40 billion “for Ukraine.” But from both the right and the left, those who oppose it almost universally express resentment of spending money “on Ukraine” instead of keeping that money in the US of A or spending it on “Americans.”
More than two years on, it is hard to imagine there could be someone who is not sick of the pandemic. Although we can point to multiple reasons for the inability to bring Covid-19 under control, a prominent factor is corporate greed.
Noting that there is always money to be thrown at the finance industry but little for social needs is by now about as startling as noting the Sun rose in the east this morning. But what is eye-opening is the truly gargantuan amounts of money handed out to benefit the wealthy.
“The cult of self dominates our cultural landscape. This cult has within it the classic traits of psychopaths: superficial charm, grandiosity, and self-importance; a need for constant stimulation, a penchant for lying, deception, and manipulation, and the inability to feel remorse or guilt. This is, of course, the ethic promoted by corporations. It is the ethic of unfettered capitalism.” — Chris Hedges
A nation built on greed is not a nation; it is just a legal framework for rape and pillage, slavery and exploitation, theft, murder, and genocide. A nation whose primary function is to protect the exclusive right of the rich to engage in those behaviors under other names has no more moral legitimacy than the lawless state that allows common criminals to run wild. Greed by any other name smells just as foul. Greed cloaked in terms of “national security” or “for the good of the economy” is just as detestable as the greed that steals toys from children and purses from old women.