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Why the World Economic Forum and Goldman Sachs are Capitalism's Worst Enemies

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The ability of the SDIs to commit fraud with impunity from the criminal laws is a defining element of crony capitalism. The impunity and implicit national subsidies to SDIs combine to make 'free markets' an oxymoron. The SDIs' economic power translates easily into dominant political power. Crony capitalism cripples markets and democracy.

The ability of the SDIs' senior officers to commit massive frauds with impunity from the criminal laws makes 'control fraud' a 'sure thing.' Control fraud will make the largest banks' senior officers exceptionally wealthy very quickly -- but it will also cause severe harm to the public (and often the bank). Control fraud occurs when the persons who control a seemingly legitimate entity use it as a 'weapon' to defraud.
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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)
 

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