Share on Google Plus Share on Twitter 1 Share on Facebook 4 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 25 (30 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   5 comments
OpEdNews Op Eds

The Vicious Circle of Debt and Depression: It Is a Class War

By       Message Ismael Hossein-zadeh     Permalink
      (Page 1 of 10 pages)
Related Topic(s): ; ; ; ; ; ; , Add Tags Add to My Group(s)

Must Read 8   Well Said 5   Valuable 5  
View Ratings | Rate It

opednews.com

Author 2154
Become a Fan
  (11 fans)

Never before has so much debt been imposed on so many people by so few financial operatives--operatives who work from Wall Street, the largest casino in history, and a handful of its junior counterparts around the world, especially Europe.

External sovereign debt, as well as occasional default on such debt, is not unprecedented [1]. What is rather unique in the case of the current global sovereign debt is that it is largely private debt billed as public debt; that is, debt that was accumulated by financial speculators and, then, offloaded onto governments to be paid by taxpayers as national debt. Having thus bailed out the insolvent banksters, many governments have now become insolvent or nearly insolvent themselves, and are asking the public to skimp on their bread and butter in order to service the debt that is not their responsibility.

After transferring trillions of dollars of bad debt or toxic assets from the books of financial speculators to those of governments, global financial moguls, their representatives in the State apparatus and corporate media are now blaming social spending (in effect, the people) as responsible for debt and deficit!

President Obama's recent motto of "fiscal responsibility" and his frequent grumbles about "out of control government spending" are reflections of this insidious strategy of blaming victims for the crimes of perpetrators. They also reflect the fact that the powerful financial interests that received trillions of taxpayers' dollars, which saved them from bankruptcy, are now dictating debt-collecting strategies through which governments can recoup those dollars from taxpayers. In effect, governments and multilateral institutions such as the IMF are acting as bailiffs or tax collectors on behalf of banksters and other financial wizards.

Next Page  1  |  2  |  3  |  4  |  5  |  6  |  7  |  8  |  9  |  10

 

- Advertisement -

Must Read 8   Well Said 5   Valuable 5  
View Ratings | Rate It

Ismael Hossein-zadeh is a professor of economics at Drake University, Des Moines, Iowa. He is the author of the newly published book, The Political Economy of U.S. Militarism His Web page is http://www.cbpa.drake.edu/hossein-zadeh

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon



Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Vicious Circle of Debt and Depression: It Is a Class War

An Insidious Threat to the Occupy Movement

Are They Really Oil Wars?

Redistributive Militarism: Escalating Military Spending as Disguised Income Redistribution from Bottom to Top

Islamic Fascism?

The Militarization of the World: The Case of Iran