Over the past 30 years, the operations of big business were deregulated —under both Republican and Democratic administrations—removing all legal restraints on corporate profit-making and the personal accumulation of wealth.
The ruling class responded to the crisis of American capitalism by carrying out a deliberate policy of deindustrialization, which wiped out millions of jobs and decimated cities like Detroit. Vast industrial assets were destroyed, and the savings of workers were plundered in order to free up capital for the most parasitic forms of financial speculation. Increasingly wealth was separated from the creation of real value. Corporate corruption and insider dealing became the norm, and vast fortunes were amassed in the hands of a small layer of the population. Now, this orgy of financial speculation is coming to an end. Debts are coming due. The corporations and banks are determined to roll back the conditions of the working class to the 1930s to pay for the crisis created by the capitalist system itself. On Sep 17, 2:07 pm, "M.A. Johnson" <[EMAIL PROTECTED]> wrote: > The Big Lie ContinuesPosted byBill Andersonat 08:46 PM > Even with thelatest news about AIG, it seems that people like Paul Krugman > still are insisting that we have "unregulated free markets" on Wall Street. > The truth is that we never had "free markets;" we have had markets being > backstopped by the Federal Reserve System, which hardly makes them free. > Reckless? Yes, but don't forget that the free market is based upon a profit > andlosssystem, as losses are just as important to economic calculation as are > profits. By agreeing to absorb the losses that these reckless firms have > accumulated, the Fed has undermined free markets, not supported them. > Paul Krugman needs to go back to school. Preferably, Mises U. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
