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Pluto Controls The Economy

April 7, 2014

… KRUGMAN “INCREASINGLY CONVINCED”.

So as not to hurt the feelings of the mighty, careful pundits prefer the word “oligarch” to the word “plutocrat”. Similarly, the word “leader” is substituted to “oligarch”.

(For example Fortune Magazine has a list of 50 world “leaders”, with luminaries such as false prophets Bill Clinton, a 200 million dollar conspirator, and the Silicon Valley billionaire, U2 “Bono”… and a whole slew of American CEOs, with a token European CEO added, although there are more top 50 EU than USA companies.)

Oligarchy = government of the few, clearly incompatible with democracy, rule of the Demos ( = People). Plutocracy = rule or power of Pluto, god of wealth and hell. So Plutocracy is a particular type of Oligarchy. What we have right now is the latter, not just the former.

How did it happen? The fractional reserve system associated to a central bank is clearly at fault. Several of the early American president hated the idea, particularly president Jackson (who said on his death bed that to have kept it at bay, and especially the Rothschild, was his proudest achievement).

What is that system? It allows private individuals (the bankers) to loan money they don’t have, knowing that the government will back them up, if something goes wrong.

The system was abused in the 1920s, as bankers lent to speculators (say, themselves) to play the financial markets, they became enormously rich, and then many crashed. President Roosevelt outlawed this behavior. Clinton and his “committee to save the world” (Rubin, Summer, Greenspan) re-established what Roosevelt has outlawed. The performance was repeated, but, this time, Bush and Obama forced the public to pay the bankers so that they would not crash their banks.

The financiers connected to the governments came out of the 2008 crisis stronger than ever. They don’t mind that the economy is starving out of money, as long as they themselves have as much as they need.

They actually wish that normal people are starving for money; that’s part of their hellish side. It forces the whole society to view as more precious than they otherwise would, what all too many financiers justify as the ultimate reason for life as they practice it, greed.

Much of what’s above was published by the New York Times, as a comment to “Oligarch and Money”. http://www.nytimes.com/2014/04/07/opinion/krugman-oligarchs-and-money.html?

Hopefully I will find the time to develop more remarks in a fuller essay about Paul Krugman’s change of mood. He now admits that:

“conventional wisdom doesn’t come from nowhere, and I’m increasingly convinced that our failure to deal with high unemployment has a lot to do with class interests.”

In other words, Paul is increasingly seeing the light. It seems it was well worth sending hundreds of censored comments in his neighborhood, over more than a decade.

PA

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