Busted: Bankers and The Global Economy

April 28, 2010

Wall Street: Worse than Robber Barons

I’ve said it before. I’m going to say it again. Wall Street, the whole lot of them are self-deceived and full of themselves. They are worse than Robber Barons. Remember last November when Goldman Sachs chief Lloyd Blankfein told “adoring crowds” through The Times of London that he was, but a humble banker “doing God’s work”?

This nation and the entire world has had unscrupulous tycoons for some time now under the reign of corporatism. Now the nation takes full ownership of market manipulators and connivers, the most obnoxious and self-deceived weasels in recent history.  They hold the higher ground while admitting no wrong. They haven’t a clue what dishonest gain is about. Antisocial behavior simply consumes them. They live in their own self-made bubble of finance and privilege.

They are in bed with government minds of the same persuasion, a circle of self-dealing and wanton abandon of anything but self. Meanwhile, they pretend to tell the nation, even the world, what financial literacy is when they cannot balance, much less leverage their own checkbook.  For example, venerable chief of the Federal Reserve, Ben Bernanke applies this paradigm to you, but excludes himself, Wall Street and his banker cohorts.

An undergraduate student from Atlanta’s Morehouse College asked Bernanke what accounts for the enormous racial disparity in wealth in America. Bernanke responded that the source of the problem was the lack of “financial literacy” and “financial education” on the part of blacks, particularly with respect to savings decisions. While a scholar of Depression Era America, he clearly omitted his own knowledge of history. Bernanke never mentioned the notorious history of national violence that included the seizure, destruction and appropriation of black property, never mind the property and lives of others. The idea of financial literacy has nothing to do with principles and everything to do with who you are.

During 250 years of slavery, blacks as a people were both capital and financial assets for whites, and even after emancipation.  The national failure has been continual. At one time, the nation failed to endow black ex-slaves with a promised forty acres and a mule in any place in America. It doesn’t stop with the blacks. Today, through the Federal Reserve system of finance and government, all people have systematically have been denied the fruits of their labor. The national has simply switched gears, commandeered by the appearance of wealth, influence and power.  Land acquired between 1880 and 1910 frequently was taken by government complicity, fraud and outright seizures by terrorists. Our current reality is little different.

Regardless of race, creed or faith, few have any incentive to save in a world where Robber Barons, in this case the International Society of Bankers, simply consume any savings through the modern miracle of inflation. Inflation is the miracle of the system that regularly extracts the precious substance of American wealth because of the mindless fearful weasels that run amok in government and in finance. The real problem remains in the minds of Americans. We sit around and listen to this blather instead tarring and feathering them, even though this same judgment seems perfectly adequate in older times. Goldman Sachs is simply more of the same. Everyone else are the suckers. We’ve paid for their crimes, lock, stock and barrel.

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