Toxic Mortgages, Ultra-leveraged derivatives, CDOs,
SIVs, Liar Loans -- these are just a few of the ways in which the 1%
siphons money from the 99%, with the help of sycophant legislators,
regulators, and other groups that are supposed to protect consumers and
keep things fair. Tax policies now favor speculation over working.
From this, and the banks' ability to create money from nothing, a Land
Bubble inevitably follows, as does a collapse. To "save the system,"
the FRB bailed out the financial institutions with, as one retired Fed
official put it, "liquidity on steroids" -- recently reportedly
cumulatively totaling $29 Trillion!
But, beneath all the derivatives and the alphabet soup of investment
vehicles lies a critical failure of capitalism: the unearned ability of
the rentier class to monopolize natural resources and location. With
the 1%'s monopoly on what's vital for survival, the 99% has no choice
but to pay all that remains after bare needs are met.
In order to create a just society, monopolies must be taxed, including
the value of their holdings of prime locations and natural resources.
This would free up the Commons, decrease corruption, expand
opportunities, reduce poverty, and give true productivity power back to
Attend a panel discussion led by business, legislative, and academic
experts to learn how to create a sane and sustainable model that rewards
work and true innovation, not speculation and monopoly.
Political Economy And The Current Crisis