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Archive for October, 2011

Unfortunately, Capitalism is the de facto religion of America. I say this is our religion because one is pretty much considered to be un-American if you don’t believe in this economic system. It is equated with freedom itself – even though it is not freedom. To be opposed to Capitalism is to be considered a Communist in America. To be a patriotic American, one must BELIEVE.

The problem is: it doesn’t work. It’s that simple. The current collapse of the U.S. and world economy is not a one time thing – it is a recurring phenomenon in our history. Everyone knows about the Great Depression that began in 1929. But couldn’t that just be a weird coincidence? Two events don’t exactly prove that Capitalism doesn’t work, does it? No, it doesn’t. How about the Bank Panic of 1907? Would that help? That’s the one where J.P. Morgan had to use his private resources to save the entire country from financial disaster. Not enough? OK, how about the bank panic of 1893? Still not enough? How about the bank panic of 1873?  Let’s not even start with the recessions that come in between the depressions.

Even Alan Greenspan had to admit that his free market ideas were wrong and that they led to the collapse of the stock market. Yet, about half the country still worships the concept of a free market capitalist economy, refusing to see what is plain to see: American-style Capitalism is seriously flawed. As the Occupy Movement people point out, it is deliriously wonderful for about 1% of the population who own about 25% of the national wealth. It is the other 99% who suffer. The question we should be asking is this: why doesn’t Capitalism work for everyone? The answer is simple: it is literally out of control. The bankers of Wall Street control U.S. monetary policy. It almost seems that it has become a requirement these days that in order to be Secretary of the Treasury you first have to have a top position at Goldman Sachs – just so the government can be sure that you know how everything is supposed to work.

We have, in this country, a true oligarchy that cares only for the few wealthiest people in America. The one thing in America that the government feels compelled to protect is the wealth of the wealthiest. Consider the last collapse (not the one we are feeling right now – I mean the one George Bush created). What did the government save? The banks. Consider the situation in Europe now. The Euro zone is on the verge of collapse. Some countries, like Ireland, have already experienced a collapse of their economy. What was and is being saved in Europe? The banks. Why? Are these particular banks so crucial to the survival of mankind? Of course not. However, it is the extraordinarily wealthy people who own these banks who also own the governments of the major Capitalist countries.

The problem with Capitalism is that none of the wealthy Capitalists will acknowledge that it is not perfect and that it must be controlled. They hate the very idea of controls. (Good thing they’re not airline pilots.) You see, it cuts into their ability to make billions of dollars at the expense of the common man.  So…. we don’t have controls. And our economy periodically collapses. And the government saves the wealthy while letting the average citizens fend for themselves. After all, what do you expect from an oligarchy?

The time has finally come for the entire world to wake up and realize that uncontrolled Capitalism is horribly imperfect. It needs to be controlled. The wealthy people also need to be controlled. They must be prevented from grabbing control our government through bribery via lobbyists.  The governments of our “democracy” must be more democratically elected. Why is it that essentially every Senator and Congressman in our government is a millionaire? It’s because no ordinary person can afford to run for office.  We have a political system that perpetuates an oligarchy.

Capitalist greed has infected our banking system and our government to the extent that the people at the very top of government have lost touch with the people.  They only use the power of government to perpetuate their own wealth and – above all – preserve the banks. Preserve the banks at all costs, that is their mantra. That is literally their religion.

It doesn’t have to be this way. It shouldn’t be this way. The first step in fixing the problem is to nationalize all of the banks. Cut the head off of the snake. Banks should be operated only as a utility for the benefit of all citizens – so that all citizens can enjoy the fruits of Capitalism. The greedy moneylenders of America should be told to get a real job and stop being bloodsucking parasites on the 99%.

Gargantuan banks are not necessary for Capitalism to succeed. Indeed, they have been shown, time and again throughout our history, to be the cause of the failure of Capitalism. Monster banks, out of control, are an imminent danger to democracy and a free economy. History has demonstrated this time and again. So why doesn’t our government fix the problem? Because our monster banks own our government.

And that is why American Capitalism has had a history of recurring, catastrophic failures for well over 100 years.

Yet, we still believe.

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