Thursday, September 18, 2008

Socialism for the rich!

"The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists." Ernest Hemingway, (September 1932)

Is this the big one? The financial meltdown that many have been predicting for the last two years? Well, I'm not an expert but when the US government shells out 85 billion dollars to essentially nationalize the world's largest insurance company (A.I.G.) then you know that fundamental changes are afoot. The purveyors of "shock and awe" capitalism, the conquerors of Baghdad, the destroyers of New Orleans and the conduit to the Almighty himself (through W, God speaks to him) have embraced socialism! At least for the rich.

A soup kitchen for the poor during the Great Depression of the 1930's

In fact, far from being a total idiot in finance, I think that John McCain was correct when he said that the economy is essentially sound. Our system of banks, brokers and insurance firms works to protect those in power. It is owned by and run for the elite of the country (the Fed is not a public bank). It's a self-correcting system wherein profits (when times are good and the latest bubble is growing) are privatized, while losses are socialized. US taxpayers and not the Wall Street "players" who caused the meltdown in the first place will foot the bill. We and our children and grandchildren will be paying for this latest fiasco for generations. Which means: no more money for education, or health care, or for rebuilding our decaying cities or for anything that might improve our lives.

Now that is what the elite would call a sweet deal.


10 comments:

Penetralia said...

Hi, John. I translated the Curled Up review and there´s another stuff about Strange Tribe on my blog.
We need a democratic socialism and not a socialism to the rich.
In the crisis, everybody is keynesian.

Abraços do Lúcio Jr.

John Hemingway said...

Thanks Lùcio:-) Curled Up wrote a great review.
It is indeed amazing how everyone becomes a Keynesian when the banks start to tumble;-)
Abraços,
John

Anonymous said...

Let's see if Lucio Jr has translated this one. It'll go into my blog

Brilliant

Anxious man.
Just skyped you but you didn't pick up!
LOVE
G

John Hemingway said...

Lùcio, do you think you could translate this article for Gerald's blog?
cheers,
John

Penetralia said...

Hi, let´s do it NOW!

Abraços do Lúcio Jr.

John Hemingway said...

gracias:-)

Penetralia said...

Hi, John. Looking the map, it seems that brazilians had discovered your blog, don´t you think?
Do you know shvoong? I put the curled up review there.
And, sorry for the curiosity, but how many hits you already had with this blog?
Abraços do Lúcio Jr.

John Hemingway said...

I've had about 40 hits between today and yesterday on this posting. Never heard of Shvoong, what is it?

abs.
John

Penetralia said...

Hi, John. Take a look there:

http://pt.shvoong.com/

Abraços do Lúcio Jr.

John Hemingway said...

Graçias Lùcio!
Abraços,
John