Bancocracy

Once upon a time there were parliaments, federal and national governments, and public debates about the future of the nations. There was even the UN that didn’t work very well, but it was still a bit of a representative body. All this is memory, ashes of democratic shadow, dust from the past. It no longer counts for anything. Other organisms have superseded them with acronyms that people find mysterious: WTO, ECB, IMF. Our destiny is in their hands, but we don’t know who directs them, or who decides their objectives. No one has elected the representatives there, but our lives depend on them. The ECB, a bank, can send a letter to a government in power giving the details of the conditions and threatening to sack them and no one is scandalised by that. The WTO can decide to break up the world with the free economy, a parody of free love of the children of the flowers transformed into children of the banks. Production can be entrusted by the multinationals to Indian children or Chinese workers with no Trade Union rights. Transferred from States with really severe regulations regarding the environment, to which companies have to conform or face closure, to States where everything is allowed. What global competition are we talking about? Competition exists where there’s parity of regulations and of rights. It’s more correct to talk about global exploitation, of the general lowering of wages in the industrialised nations, of the loss of social and Trade Union gains that are the fruit of the battles of the preceding generations. Who has decided all this? The WTO. In whose name? The International Monetary Fund puts one in mind of the vultures. Its representatives arrive when a State is in its death throes to protect international interests. Greece cannot go into default straight away. If it were to fail, the French banks that have its debts, could fail. Thus first, it has to sell off its national patrimony and save the banks. The world is bank-centric and there’s no longer even any discussion of social policy. The EU has been substituted by the ECB, the UN by the WTO, the governments by the IMF. The wars themselves have only economic ends, no longer ideological, religious or territorial ones as has been demonstrated by the war in Libya. The banks finance the wars that in turn finance the banks. In the hotel they ask you for your credit card instead of your ID card. At birth they allocate you a fiscal code, together with your personal quota of public debt, before assigning you a paediatrician. The politicians are the waiters of the bankers and we pay the bill.
![]() | Senza pensioni - {Without pensions} by Walter Passerini and Ignazio Marino |
Posted by Beppe Grillo at 07:05 PM in Economics
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(5) | Comments in Italian (translated)
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Maybe all these 'big wrongs' do not make the 'small wrongs' right. Neither Berlusconi, nor these big banks, nor P2 or any other self-interest group have played any significant role in my life besides maybe as a background rhythm section.
It is the Italian people themselves, my "furbi" ex-colleagues and business partners, my ex-commercialista, my ex-landlady which make me sick to the bone. Ravenous talentless thieves whose only merit is that they know someone who knows someone who may be important.
Maybe this is caused by Berlusconi, maybe by Andreotti, maybe by Mussolini, but by now it is your responsibility, like it always has been.
And no, "furbi" isn't smart at all.. it is childsplay. Berlusconi is just an excuse for foreigners to laugh about Italians..
Posted by: paul | October 5, 2011 03:05 PM
Maybe all these 'big wrongs' do not make the 'small wrongs' right. Neither Berlusconi, nor these big banks, nor P3 or any other conspiracy have played any significant role in my life besides maybe as a background rhythm section.
It is the Italian people themselves, my "furbi" ex-colleagues and my ex-commercialista, which make me sick to the bone.
Maybe this is caused by Berlusconi, maybe by Andreotti, maybe by Mussolini, but it is your responsibility. And no, "furbi" isn't smart at all.. it is childsplay.
Posted by: paul | October 5, 2011 03:00 PM
"that people find mysterious:"
There is a fundamental to banking that most persons find incomprehensible, usually with their reality of student or mortgage debt. That "loans" are the creation of new money that didn't exist before. It creates a cancerous growth reality. Part of the URL page link is "Title verity for credit from bank as (Dollars original creation.)" If we were reminded of essential truth we might insist on a more sensible system.
Anti-monopolia media Berlu.
Posted by: Cures Riches | October 4, 2011 09:49 PM
There are three principle causes of the current crisis: Greed, corruption and tax evasion:
Greed of bankers and corporate bosses in quoted companies who for twenty years have put their own selfish interests and those of shareholders before employees and the long term interest of their companies and the country.
Corruption of politicians and the elite who have lost all sense of morality or the well being of the people. They have lined their own pockets, handed over national assets to business friends to rip off the people, and granted all kinds of tax favours to multinational corporations and wealthy individuals to the detriment of the nation. And the more they earn the less they want to pay in tax.
Tax evasion has been allowed to flourish and become a major earner for the financial services industry with backing from political friends to create and operate a range of fancy avoidance schemes that benefit a minority of wealthy individuals and corporations enabling them to transfer billions into offshore tax havens depriving the State of badly needed tax revenues and making the poor countries poorer. The result is increasing national debt, cut backs in public services, job losses, home repossessions, a failing economy and desparate people trying to reach Europe in the false belief it will give them a better life.
The only solution is a radical transformation of society through a redistribution of the nation's wealth. There has to be a clamp down on the use of offshore banks and tax havens, the abolition of all tax avoidance schemes designed purely to avoid tax and a reduction in the oversized pay packets of bankers and corporate bosses that are totally undeserved.
Regulation of the banking sector is necessary and the introduction of the Tobin Tax, approved by Bill Gates, on daily transactions in the stock, currency and commodity markets is so logical and fair. It raises money from the sector that makes the most without producing anything and is such a small tax it would not cause a ripple in the financial pond. Whether Wall Street or the City of London like it, this is the only way to create a more stable environment in order for the real economy to be able to grow and to ensure the future prosperity of the people in the so called rich countries and the poor nations of the world.
"Imperial Rome is the centre of the empire, undisputed master of the world but with this power inevitably comes corruption. No man is sure of his life, the individual is at the mercy of the state, murder replaces justice, rulers of conquered nations surrender their helpless subjects to bondage, high and low alike become roman slaves, roman hostages, there is no escape from the whip and the sword. That any force on earth can shake the foundations of this pyramid of power and corruption and human misery and slavery seems inconceivable". Quo Vadis.
For Rome and Romans read Wall Street and bankers and we can ask ourselves again. "Quo Vadis".
Posted by: peterfieldman | October 4, 2011 09:43 PM
We don't have to go back to Bretton Woods in 1944 when the US (Then burgeoning with credit) insisted on creating the IMF; which would be required to go hand in hand for all eternity with an American veto.
Appallingly, the totally inspired - but entirely sensible - solution offered by John Maynard Keynes was thrown out of court -AND EVEN REMEMBERED AS BEING CONNECTED WITH THE IMF PROPOSAL!!!
KEYNES IS ENTIRELY INNOCENT.
KEYNES'S SOLUTION WOULD STILL WORK!!!
America (being now burgeoned with DEBT!) might even - with egg on its big face - approve. (China would have to be bought.)
PLEASE SEE: http://www.monbiot.com/2008/11/18/clearing-up-this-mess/
Posted by: jill phillips | October 4, 2011 07:58 PM