Social Democracy to Oligarchy

(NOTE: We were warned: “If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.” ~ Thomas Jefferson)

STORY:

by Michael Hudson

“What banks want is for the economic surplus to be paid out as interest, not used for rising living standards, public social spending or even for new capital investment. Research and development takes too long. Finance lives in the short run. This short-termism is self-defeating, yet it is presented as science. The alternative, voters are told, is the road to serfdom: interfering with the “free market” by financial regulation and even progressive taxation.”

More:

http://dandelionsalad.wordpress.com/2011/12/11/europes-transition-from-social-democracy-to-oligarchy-by-michael-hudson/

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