Recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
“The great wealth that the financial sector created and concentrated gave bankers enormous political weight—a weight not seen in the U.S. since the era of J.P. Morgan (the man). In that period, the banking panic of 1907 could be stopped only by coordination among private-sector bankers: no government entity was able to offer an effective response. But that first age of banking oligarchs came to an end with the passage of significant banking regulation in response to the Great Depression; the reemergence of an American financial oligarchy is quite recent.”
“The conventional wisdom among the elite is still that the current slump “cannot be as bad as the Great Depression.” This view is wrong. What we face now could, in fact, be worse than the Great Depression—because the world is now so much more interconnected and because the banking sector is now so big. We face a synchronized downturn in almost all countries, a weakening of confidence among individuals and firms, and major problems for government finances. If our leadership wakes up to the potential consequences, we may yet see dramatic action on the banking system and a breaking of the old elite. Let us hope it is not then too late.”
May 2009 ATLANTIC MAGAZINE
By Simon Johnson
Recreating the gap that gave us the Great Depression
“The greater the disparity in wealth between the very rich and everyone else, the more unstable an economy becomes. Our nation has now created a larger gap in the distribution of wealth than the massive chasm that helped fuel the Great Depression. In 1928, one year before the global economic collapse, the wealthiest .001% of the U.S. population owned 892 times more than 90% of the nation’s citizens. Today, the top .001% of the U.S. population owns 976 times more than the entire bottom 90%. This is not sustainable, and makes for a very volatile economy. It would appear that the American empire is about to crash.”
The association “Pilots for 9/11 Truth” consists of over 250 pilots and aviation professionals who question the official version of the September 11th, 2001 attacks.
click here to see a running total of money budgeted on the Iraq an Afhanistan wars, as well as a breakdown per capita, per state, per community.
Total Cost of Wars Since 2001
Cost of War in Iraq
Cost of War in Afghanistan
Note: This is only the “officially” budgeted war spending and does not include other massive costs, such as Veterans’ health care, other military spending budgeted separately, interest on debt to fund the war spending, and indirect costs.
Gov’t report forbidden from saying “deregulation”, “shadow banking”, or “Wall Street” by the 4 Republican members of the 10-member Financial Crisis Inquiry Commission
“In the end, those of us who expected the crisis to provide a teachable moment were right, but not in the way we expected. Never mind relearning the case for bank regulation; what we learned, instead, is what happens when an ideology backed by vast wealth and immense power confronts inconvenient facts. And the answer is, the facts lose.”
By PAUL KRUGMAN
Published: December 16, 2010
Lloyde England’s Wife’s Position with FBI – “She don’t talk about it – I don’t talk about it.” This is a video compilation of interviews and statements by Lloyd England and his FBI Wife made by CIT (Citizens Investigation Team) … Continue reading
http://www.ted.com Mycologist Paul Stamets studies the mycelium — and lists 6 ways that this astonishing fungus can help save the world.