Wednesday, October 05, 2016

When Did Our Elites 
Become Self-Serving Parasites?
Charles Hugh Smith*: "Financialization is the mass commodification of debt and debt-based financial instruments collaterized by previously low-risk assets, a pyramiding of risk and speculative gains that is only possible in a massive expansion of low-cost credit and leverage. Another way to describe the same dynamics is: financialization results when leverage and information asymmetry replace innovation and productive investment as the source of wealth creation .. Neoliberalism is the belief that the social order is defined and created by markets: if markets are free, participants, society and the political order are also free. This conceptual framework is the perfect enabler for the dominance of credit-based, leveraged capital, i.e. Neofeudalism. In a 'free market,' those with access to nearly-free money can outbid everyone who must rely on savings from earned income to finance borrowing. In a 'free market' where those with access to leverage and unlimited credit are more equal than everyone else, the ability of wage earners to acquire rentier assets such as rental housing, farmland and timberland is intrinsically limited by the financial system that makes credit and leverage scarce for the many and abundant for the few."
link here to the essay

1 comment:

Anonymous said...



“I Listened to a Trump Supporter” [Extra News Feed].
The foreclosure crisis destroyed her landscraping business. Then she lost her own house. “She told me that every week, it seemed there was another default letter, another foreclosure, another bank demanding more blood from her dry veins. To her, that pile of default notices and demands for payment looked suspiciously similar to Hillary Clinton’s top donor list.”

She lost everything she worked so hard for. Obama swore he was going to help. The Wall Street bailout did seem to help Wall Street. But it did absolutely nothing for her. She turns on the news and sees how the Dow Jones is doing better than ever. But that didn’t bring her house and livelihood back. Liberals insist that Obama’s made her life better. But, now she’s driving a car that falls apart randomly while having to pay those same banks for a car she doesn’t own and never will. It’s difficult to convince someone whose life is objectively worse that their life is better. And it’s disengenuous to try. You can break down the specifics, sure. But when someone’s hungry, and you’re busy silencing their complaints by telling them how well world hunger is improving, you’re just going to upset them.
This is not a person who is stupid or racist. She knows Bush caused the economy collapse with his irresponsible tax policies and wars

. But she saw liberals as fighting for the banks’ recovery, to hell with her needs. She sees in Hillary someone who celebrates that approach.

https://extranewsfeed.com/i-listened-to-a-trump-supporter-49a41a9a99de#.ajswvil4c