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
Friday, October 21, 2011
The 4 Pyramids of the Extreme Capitalist Ponzi Scheme [9:48m video]
I am beginning to see a number of capitalist oriented critics across the globe like this one who see the tremendous damage that has been done by financial players ensconced in all the major banking institutions of the world. Such people in the US include people across the political spectrum from libertarian Ron Paul to liberals such as Elizabeth Warren, the popular blogger Yves Smith, the people at the American Monetary Institute, the Roosevelt Institute, and to some extent Paul Krugman.
I identify this group as industrial capitalists, and what they all share in common is the belief that capitalism can be reformed and regulated to serve a healthy economy, and that financial capitalists have corrupted the system. They completely ignore all the exploitation of working people that has occurred over the 300 odd years comprising the history of industrial capitalism.
As I and many others see it, financial capitalism is only the final stage of the logical development of a system that converts everything into a commodity to be controlled by and for the benefit of a few--the (less than) one percent. Financial players in various banking systems have done precisely that with their control over the creation of money.