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Showing posts with the label banks

January 21, 2010: The day corporate dictatorship destroyed the last remnants of US Democracy

globinfo freexchange     As we described many times in this blog, corporate power grew rapidly since the early 70s with the rise of neoliberalism and its subsequent establishment as the dominant culture, especially in the West.  In the motherland of neoliberalism, the United States, corporations essentially legalized corruption in politics during the 70s in order to capture the entire political system and put it under their complete control. As David Harvey describes in his book A Brief History of Neoliberalism :                          The supposedly ‘progressive’ campaign finance laws of 1971 in effect legalized the financial corruption of politics. A crucial set of Supreme Court decisions began in 1976 when it was first established that the right of a corporation to make unlimited money contributions to political parties and political action committees was protected under the First Amendment guaranteeing the rights of individuals (in this instance corporations) to freedom of speec

Fifty years from Nixon's shock: The moment the gates of hell opened to release neoliberalism and financial capitalism

globinfo freexchange   Half century passed from Richard Nixon's economic reform. The "Nixon shock" included " the unilateral cancellation of the direct international convertibility of the United States dollar to gold. Although Nixon's actions did not formally abolish the existing Bretton Woods system of international financial exchange, the suspension of one of its key components effectively rendered the Bretton Woods system inoperative. While Nixon publicly stated his intention to resume direct convertibility of the dollar after reforms to the Bretton Woods system had been implemented, all attempts at reform proved unsuccessful. By 1973, the Bretton Woods system was replaced de facto by the current regime based on freely floating fiat currencies. "   And so, one of the worst presidents in the history of the United States opened the door to the domination of financial capitalism and the correlated destructive neoliberalism.    Two years after Nixon's s

Biden said Trickle Down economics has never worked, but guess who else said that before and what happened

globinfo freexchange   Forget the fact that it took him about forty years to realize that one of the biggest neoliberal fairy tales is essentially the utter fraud. Not to mention that, all these years, he became part of the failed neoliberal system. That, he was faithfully following orders from the wealthy donors,  efficiently sustaining this utter fraud and other neoliberal deceptive policies, to protect their interests.   "Uncle Joe" suddenly discovered that Trickle Down economics has never worked and made the statement to a joint session of US Congress as if he had discovered an earth-like planet with a technologically advanced civilization.   This is one of the most suitable cases for someone to respond with the phrase: "No shit, Sherlock". Yet, the weirdness of this parody doesn't end here. It's even funnier the fact that someone else before "Uncle Joe" made this great "discovery". And it took another big crisis to realize it (or ad