Apr 15, 2009

US strangled by a financial oligarchy

Perhaps you caught Terry Gross' interview today with former chief economist of the IMF, Simon Johnson who says that breaking up America's financial oligarchy is the country's only hope of recovery. (Read or listen.)

Yet here's someone who only partially agrees with him.

Professor Johnson (MIT's Sloan School of Management) was at the IMF in 2007 and 2008(seems to me he was in the quick money shuffle, but what do I know?), yet he makes a lot of sense: the US government should nationalize banks so they could wipe out bank shareholders, replace failed managers, clean up the balance sheets, and then sell the banks back to the private sector.

Now I'm definitely no economist and my brain is chocked full of antihistamines at the moment, but isn't this much of what FDR did a few decades ago?

Financial oligarchy: government officials and elite members of the financial sector that run the country like a profit-seeking company.

This gives, he points out, the financial sector veto power over public policy.

And we don't have to read about it, we experience and suffer by it every day.

Sounds like an apt description of America's birth chart with Pluto in Capricorn - in the second house of Money and Earning Ability...meaning that we-the-people have had public policy and the common good overridden by the ruling elite since day one. Johnson speaks of 'balance' yet there is no balance in such an arrangement unless good faith and common decency are part of the picture.

One difference now is that 98% of them care not a wit for the common good which they consider expendable to their world domination plans. In fact, it's an obstacle to fulfilling their long-held vision.

And I notice that Prof. Johnson makes no mention of a new world economic order which, if in the works, must be an agenda he is very well acquainted with.

Well I'd have to say that 'financial oligarchy' is what we're saddled with all right - for several years, years which include Simon Johnson's time at the IMF. And I've not yet found mention of just which private persons or entities would be the lucky ducks to buy back the scrubbed banks.

But perhaps Russia could advise us on that.

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