The War Obama is Winning: The Class War for the 1%

by lizard

Um, this: 95 Percent of Recovery Income Gains Have Gone to the Top 1 Percent.

While the vast majority of Americans are getting their asses kicked, economically speaking, the parasitic wealth continues cashing in on its political ownership of DC.

Ownership of the president will be impossible to deny if Obama “chooses” Larry Summers to preside over the Federal Reserve.

Though I mentioned the Greg Palast bombshell about the Larry Summers “End-Game” memo, I like how Ellen Brown frames it in her piece titled Making the World Safe for Banksters:

In an August 2013 article titled “Larry Summers and the Secret ‘End-game’ Memo,” Greg Palast posted evidence of a secret late-1990s plan devised by Wall Street and U.S. Treasury officials to open banking to the lucrative derivatives business. To pull this off required the relaxation of banking regulations not just in the US but globally. The vehicle to be used was the Financial Services Agreement of the World Trade Organization.

The “end-game” would require not just coercing support among WTO members but taking down those countries refusing to join. Some key countries remained holdouts from the WTO, including Iraq, Libya, Iran and Syria. In these Islamic countries, banks are largely state-owned; and “usury” – charging rent for the “use” of money – is viewed as a sin, if not a crime. That puts them at odds with the Western model of rent extraction by private middlemen. Publicly-owned banks are also a threat to the mushrooming derivatives business, since governments with their own banks don’t need interest rate swaps, credit default swaps, or investment-grade ratings by private rating agencies in order to finance their operations.

Bank deregulation proceeded according to plan, and the government-sanctioned and -nurtured derivatives business mushroomed into a $700-plus trillion pyramid scheme. Highly leveraged, completely unregulated, and dangerously unsustainable, it collapsed in 2008 when investment bank Lehman Brothers went bankrupt, taking a large segment of the global economy with it. The countries that managed to escape were those sustained by public banking models outside the international banking net.

Of course, Obama could always avoid the obscenity of a Summers appointment and pick Janet Yellen to run the Fed instead, but I doubt that will happen, mostly because I doubt much actual autonomy exists in the executive office.

Timothy Geithner was the first clue I had that Obama represented no hope for change.

And the show goes on…


  1. Big Swede

    A Mr. Tom Jefferson on Line 2.

    Says it’s “urgent”.




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