Monday, September 22, 2008

How it really works in the Empire

William Grigg says it well on his blog, Pro Liberate:

Picture the world financial market as a hugely overbuilt skyscraper resting on a badly compromised foundation. The core pillars supporting the structure are rotten and about to collapse, and the failure of any one would rapidly induce failure in all of them.

The sensible approach would be to get as far as possible from the impending collapse. The Power Elite's approach is to force the commoners to work in the basement shoring up the mortally stricken building while the Important People evacuate.

That won't work, of course, and the inevitable collapse will wipe out those left in the basement -- but, hey, that's just the price that has to be paid to save the Important People, who are, after all, more Important than the rest of us.

Deranged financial commentator Jim Cramer didn't take refuge in metaphor to express -- and endorse -- the perspective presented in my illustration.
"Frankly, I don't really care if my community bank is doing well," insisted Cramer . "I care about AIG and the fate of Western banks, all of which have relied on AIG at some point for a risk transfer."

Let banks fail across the length and breadth of the land; let millions be left destitute, and misery be poured without mixture on the heads of the common folk -- the FED must protect the interests of super-rich criminals at AIG and kindred institutions.

Full story here.

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