Surviving Capitalism (Not) : Big Banks Are Stifling Economic Growth & Taxing Consumers

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Tuesday, December 7, 2010

Big Banks Are Stifling Economic Growth & Taxing Consumers

by Dian L. Chu from EconForecast.

The author appears to have a good understanding of the effects of QE2 on the economy. Not surprising, but the banks and capitalists are using the cheap money to invest in commodities and inflating the prices of all goods made from these commodities. Did you really think that The Fed was serving your interests? The Fed is owned by the banking industry which are in business to serve their stockholders. Oh well, maybe some of that wealth will trickle down.

And what are they doing with all this cheap money? Nothing productive from an economic standpoint. Instead of lending the money to entrepreneurs, business projects, and venture capital initiatives which actually create jobs and foster much needed economic growth, the big banks are just taking this cheap money and pouring it into commodities like crude oil, copper and grains.