Politics
Out of context: Reply #8156
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- TheBlueOne0
Some daily financial crisis brain gum:
"We must overhaul everything. We cannot have a system of rentiers and social dumping under globalisation. Either we have justice or we will have violence. It is a chimera to think that this crisis is just a footnote and that we can carry on as before."
- Nicholas Sarkozy, President of FranceFrom the June 30th edition of the Financial Times:
" Just why is there so much debt in the Anglo-Saxon world? Bankers and regulators know well that it is in nobody’s long-term interests to have allowed borrowing to escalate to a position where the US now owes far more, as a multiple of the economy, than at the start of the Great Depression.
The answer is capitalism’s dirty little secret: excessive lending was the only way to maintain the living standards of the vast bulk of the population at a time when wealth was being concentrated in the hands of an elite. The amount by which the elite has benefited is startling, and illustrates the problem with lightly regulated free markets: the rich get much richer while the rest do not get richer at all. According to Société Générale economists, the inflation-adjusted income of the highest-paid fifth of US earners has risen by 60 per cent since 1970, while it has fallen by more than 10 per cent for the rest. As was recently pointed out in the New York Review of Books, the Walton family, of Wal-Mart fame, is wealthier than the bottom third of the US population put together – about 100m people. These are staggering statistics, confirmed by measures such as the US and UK’s ever-rising Gini coefficients, which estimate income disparity. Another way of putting this is that the share of profits in gross domestic product is at a 100-year high, or was until very recently."
http://www.ft.com/cms/s/e23c6d04…
When one of the mouthpieces of free-market capitalism starts posting articles like this, well, we're going down the rabbit hole.
- This is all great to know, but the problem is these Joe the Plumber types who think any attempt to correct this imbalance is marxism and communism. Even though they are the ones who would benefit the most.JonnyPompa
- is MARXIST COMMUNISM!JonnyPompa