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- notque, on 09/30/2008, -1/+26We might also take note of the striking similarity between the structural adjustment programs imposed on the weak by the International Monetary Fund, and the huge financial bailout that is on the front pages today in the North. The US executive-director of the IMF, adopting an image from the Mafia, described the institution as "the credit community's enforcer."
Under the rules of the Western-run international economy, investors make loans to third world tyrannies, and since the loans carry considerable risk, make enormous profits.
Suppose the borrower defaults. In a capitalist economy, the lenders would incur the loss. But really existing capitalism functions quite differently. If the borrowers cannot pay the debts, then the IMF steps in to guarantee that lenders and investors are protected. The debt is transferred to the poor population of the debtor country, who never borrowed the money in the first place and gained little if anything from it. That is called "structural adjustment." And taxpayers in the rich country, who also gained nothing from the loans, sustain the IMF through their taxes. These doctrines do not derive from economic theory; they merely reflect the distribution of decision-making power. - Noam Chomsky
Sounds the same for us. We sustain the IMF to allow corporations to put debt onto the populations of poor countries, and we sustain our government to put debt onto our population.
Corporations win, we lose. - Manther, on 09/30/2008, -1/+15So you're trying to say the Rich really don't care about the poor?? Corporations don't operate with the best interest of the people and the market in mind?? America's politicians are catering to the industries who can pay them off substantially, and not the public that voted for them??? Surely this can't be true...Imagine what kind of mess the economy would be in if that were the case!!!!!!
/sarcasm.
Wake up American's, this is the real world. Educate yourselves, and VOTE, WISELY. Just because someone is in office, doesn't mean he's thinking about anyone but himself. Pay attention, and punish the 'representatives' that aren't representing... - sbcea, on 09/30/2008, -0/+13Nicely put. I think the sheer complacency of my fellow Americans is what gets us into most of our 'troubles'.
- roosevans, on 10/01/2008, -0/+8From The Article:
"A basic principle of modern state capitalism is that cost and risk are socialized, while profit is privatized. That principle extends far beyond financial institutions. Much the same is true for the entire advanced economy, which relies extensively on the dynamic state sector for innovation, for basic research and development, for procurement when purchasers are unavailable, for direct bail-outs, and in numerous other ways. These mechanisms are the domestic counterpart of imperial and neocolonial hegemony, formalized in World Trade Organization rules and the misleadingly named "free trade agreements." - bradspangler, on 09/30/2008, -1/+8Right you are! I should add that it is instructive to note that by arguing for what might be called the "libertarian socialist" perspective, you are *also* arguing for the true "free market" approach -- opposed to state intervention in the economy, even "state capitalist" economic intervention.
- erik333, on 10/05/2008, -0/+1nobody likes the truth -do they noam?
- geddon, on 10/02/2008, -0/+1It just so happens that the Representative who received the most money from the banking institutions is currently on the fast track to the Presidency.
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