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banker corporation opresion [Copy link] 中文

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Post time 2011-12-17 17:01:17 |Display all floors

Bankers rule the world. A new Swiss Federal Institute of Technologystudy says so. Written by Stefania Vitali, James Glattfelder andStefano Battiston, it's titled "The network of global corporatecontrol," saying:

"Wefind that transnational corporations from a giant bow-tie structure andthat a large portion of control flows to a small tightly-knit core offinancial institutions. This core can be seen as an economic'super-entity' that raises new important issues both for researches andpolicy makers."

Thestudy says 147 powerful companies control an inordinate amount ofeconomic activity - about 40%. Among the top 50, 45 are financialfirms. They include Barclays PLC (called most influential), JPMorganChase, UBS, and other familiar and less known names.

Twenty-fourcompanies are US-based, followed by eight in Britain, five in France,four in Japan, and Germany, Switzerland, and the Netherlands with twoeach. Canada has one.

Moreover, "top ranked" companies "hold a control ten times bigger than what could be expected based on their wealth."

As a result, they have enormous influence over political, financial, and economic activity.

In his book titled, "When Corporations Rule the World,"David Korten said they're able to transfer enormous amounts of power,wealth and resources from public to private hands with governmentcomplicity. Money power and concentrated wealth in few hands especiallyharm humanity.

"Theseforces have transformed" financial institutions and other corporatepredators "into instruments of a market tyranny that is extending itsreach across the planet like a cancer, colonizing ever more of theplanet's living spaces, destroying livelihoods, displacing people,rendering democratic institutions impotent, and feeding on life in aninsatiable quest for money" and profits as a be and end all.

Only bottom line priorities and market dominance matter, not human welfare, environmental sanity, peace, equity and justice.

Transnationalgiants are the dominant institution of our time - especially financialones with money power control of everything.

Theydecide who governs and how, who serves on courts, what laws areenacted, and whether or not wars are waged. Corporate dominance,especially financial power, and democratic values are incompatible.

Theyoperate ruthlessly as private tyrannies. They're predators. We're prey,and every day we're eaten alive. They do it because they can, and inAmerica by mandate.

Publiclyowned US corporations, including financial ones, must serveshareholders by maximizing equity value through higher profits. They doit by exploiting nations, people and resources ruthlessly.

Socialresponsibility doesn't matter. Neither does being worker-friendly, agood citizen, or friend of the earth. Bottom line priorities alonematter. Failure to pursue fiduciary responsibilities means possibledismissal or shareholder lawsuits.

Yetnothing in America's Constitution or statute laws endow corporationswith their rights. They usurped them by co-opting Washington, thenation's courts, state capitals, and city halls.

Asa result, over half the world's largest economies are corporations.Financial ones controlling the power of money are most dominant.

Corporatepersonhood enhanced their power, yet imagine. Although corporationsaren't human, they can live forever, change their identity, reside inmany places globally, can't be imprisoned for wrongdoing, and cantransform themselves into new entities for any reason.

Theyhave the same rights and protections as people without theresponsibilities. As a result, they operate freely unrestrained,especially financial giants controlling the power of money at thepublic's expense.

Beginningin the late 1960s, financialization grew more dominant. Economiccontrol began shifting from industry to finance. Corporations are nowseen as bundles of assets, the more liquid the better. A new monopolyfinance capitalism developed to exploit it.

FIREsector (finance, insurance, and real estate) predators capitalized.Casino capitalism gained prominence. Today it thrives. Major playerstook advantage, profiting hugely from speculation, chicanery and fraud.

Aburgeoning financial superstructure gained a life of its own. Todayit's omnipotent, especially in America and Europe. Their business modelinvolves grabbing everything that smells money, no matter what harm iscaused.

Moneydoesn't buy everything, but it buys enough influence to matter. Thesmartest guys in the room take advantage, buying politicians liketoothpaste. Democracy's just a figure of speech.

Onlywealth and power matter. Enough of them turned financial giants intomonsters. Whatever they want, they get, including the right to operatefreely outside the law, manipulate markets, bilk investors, strip-minenations and people for profit, and get bailed out at public expense ifoverreach.

UnderObama and European leaders, the worst of bad practices flourish. Foxesguard the henhouse. Inmates run the asylum. Regulators don't regulate.Investigations aren't conducted. High-level criminal fraud gets winkand nod approval. Nothing is done to curb it.

Nordo public considerations matter nor is sustained low inflationlong-term growth pursued as long as bankers get paid. Today, it's issueone in America and troubled Eurozone countries.

WallStreet dominance matters most in America. In Europe, "Troika" power isomnipotent - the IMF, EU and European Central Bank (ECB). Nationstrapped under euro straightjacket rules can't devalue their currenciesto be more competitive, monetize debt freely, or legislate fiscalpolicies to stimulate growth.

Instead,they're entrapped by banker diktats demanding tribute. In other words,financial coup d'etat authority runs sovereign governments. They occupythem rapaciously, making rules, setting terms, issuing demands, andpressuring, bribing or otherwise forcing political leaders toacquiesce. If not, they're replaced.

Workinghouseholds bear the burden through layoffs, wage and benefit cuts,higher taxes, and other austerity measures to assure bankers are paid.

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Post time 2011-12-17 17:01:47 |Display all floors
According to Michael Hudson, the system:

"shift(s) planning power into the hands of high finance on the claim that this is more efficient than public regulation. Government planning and taxation is accused of being 'the road to serfdom,' as if 'free markets' controlled by bankers given leeway to act recklessly is not planned by special interests in ways that are oligarchic, not democratic."

"Governments are told to pay bailout debts taken on not to defend countries in military warfare as in times past, but to benefit the wealthiest layer of the population by shifting its losses onto taxpayers."

As a result, social inequality proliferates. A new Organization for Economic Cooperation and Development (OECD) report discusses the damage over the last three decades among its 34 member states. They include America, Japan, Western Europe, and others.

Titled "Divided We Stand: Why Inequality Keeps Rising," it discusses conditions from the early 1980s until the 2008 global economic crisis. Its impact alone left 200 million workers unemployed compounded by more imposed austerity.

Among OECD countries, the top 10% is nine times better off than the bottom 10%. America, Israel and Turkey are the most unequal industrialized nations at 14 to 1. In Britain, Japan, Italy, and South Korea, the gap is 10 to 1.

Rising inequality also affected "traditionally egalitarian countries" like Germany, Denmark, and Sweden. They went from 5 to 1 in the 1980s to 6 to 1 today. Mexico and Chile are worst off with gaps of 25 to one.

In America, the top 1% controls 20% of all income plus a far greater percent of total assets. Concentrated wealth extremes also affect European countries, following America's pattern.

The report says income inequality "first started to increase in the late 1970s and early 1980s in some English-speaking countries, notably the United Kingdom and the United States, but also in Israel."

Since the late 1980s, it's grown more widespread. At the same time, labor rights were sacrificed to benefit corporate bottom line priorities. In addition, finance capital grew omnipotent. As a result, money power rules everything.

Imposed austerity greatly impacted working households in troubled Eurozone countries and others facing economic hard times. Greece has been especially hammered by repeated layoffs, wage and benefit cuts, as well as higher taxes.

In early December, unelected Prime Minister Lucas Papademos (a former Bank of Greece governor and ECB vice president) force-fed through parliament more austerity cuts. Receiving an eight billion euro loan was conditional on doing so.

As a result, imposed measures include another five billion euros in spending cuts, 3.6 billion in new taxes, pensions cut 15%, and wages slashed more than already. In addition, more ahead is planned.

Papademos said "(t)he financial crisis in our country is not a passing storm....It will take many years" of greater worker sacrifices to assure bankers are paid.

In fact, the more wage, benefit, pension, and other cuts ordinary people bear, the weaker Greece's economy becomes from lost purchasing power with a working population heading toward serfdom in a nation no longer fit to live in.

Millions of Greeks are now impoverished. Unemployment approaches 20%. For youths between 15 and 24, it's nearly 50%. Years more imposed pain is planned to assure bankers are paid. As a result, expect Greece sooner or later to explode.

In addition, the more debt Greece assumes, the less it's able to service it, and faster it heads toward debt peonage. According to Michael Hudson, moreover, "(a) basic mathematical as well as political principle" explains that "(d)ebts that can't be paid, won't be."

In early December, unelected Italian Prime Minister Mario Monti (former EU official installed by Goldman Sachs, known to some as "three-card Monte") introduced his own austerity package.

To service Italy's $1.6 trillion debt, it includes attacking its social security pension system. In retirement, families depend on it. Nonetheless, retirement age eligibility will be raised to 66 from 58 by 2018, inflation-adjusted increases will end, and to qualify fully, workers must contribute from wages for 42 years.

In addition, value-added taxes will increase by 2%, and firing workers will be easier than ever. As in Greece, more cuts are planned, targeting workers to benefit bankers, other corporate favorites, and Italy's super-rich.

Portugal's new austerity cuts will see take-home pay down 27% since 2010. Its 2012 budget reduces spending by 4.4% of GDP by cutting healthcare and other benefits.

It also raises value added and other taxes, extends working days by 30 minutes with no added pay, and eliminates bonuses equal to two months earnings.

These measures follow earlier ones. They included cutting public sector wages 10%, eliminating four holidays, slashing overtime pay 50%, reducing pay for shift work, imposing "time banks" for greater employer flexibility over when employees must work, making firings simpler and cheaper, imposing shorter fixed-term contracts, ending rest breaks, and lowering unemployment benefits.

A Final Comment

Financial tyranny runs America and Europe. As a result, public anger grows.

Can revolutionary sparks be far behind? Expect pain levels eventually to cross thresholds of no return. Anything after that is possible, good or bad.

Hopefully a better world will emerge, free from banker occupation. It’s our only chance!

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