THE OBAMA DOCTRINE: The Rich Must Get Richer
Or Be Bailed Out by the American Middle-Class!
Transfer America’s economy to the richest.
Destroy the American middle-class and expand Mexico’s welfare state on the
backs of the American people to keep wages depressed!
OBAMA AND HIS BANKSTER ADMINSTRATION
In the aftermath of the 2008 financial crisis, on the other hand, none of the basic causes of the crash, including the enormous size of the global financial sector and its pervasive criminality, have been even remotely addressed. Rather, under the guidance of the Obama administration, the dominant position of Wall Street in economic, social and political life has only been entrenched and expanded.
Parasitism and the economic crisis
2 June 2015
The US Commerce Department released figures Friday showing that the US economy contracted sharply, shrinking at an annualized rate of 0.7 percent in the first three months of this year.Yet despite the disastrous condition of the real economy, all three major US stock indexes reached record highs during the three months covered in the report. In fact, less than 48 hours before the release of the data, the Nasdaq Index closed at an all-time high of 5,107.
While the US real economy has grown by only 13 percent since the depth of the recession in 2009, all three major American stock indices—the Dow Jones Industrial Average, the S&P 500 and the Nasdaq—have more than tripled, each hitting all-time highs.
Far from being mere coincidence, the run-up in stock values and economic slump represent two sides of the same process. They express the extent to which, seven years after the 2008 financial crisis, the whole world economy has become an object for unremitting plunder by the global financial aristocracy, with disastrous social and economic consequences.
This plunder manifests itself in the continual diversion of economic resources into the coffers of billionaire shareholders and corporate executives at the expense of productive activity. This was reflected in the Commerce Department report on the collapse of business investment, which fell at a rate of 2.8 percent in the first quarter of this year.
The sharp fall in investment came despite the fact that US corporations are holding a hoard of some $1.4 trillion in cash and similar assets, the largest such figure on record, amassed as a result of years of record profits amid falling wages and an influx of cheap money from the world’s central banks.
Instead of using this cash to hire workers and build factories, corporations are diverting it to raise dividends, buy back shares, hike executive pay and carry out mergers and acquisitions—all at record levels.
In the aftermath of the 1929 financial meltdown, caused by rampant
Wall Street fraud, speculation and parasitism, bankers guilty of
many of the greatest crimes that led to the crash were tried and
convicted, while new financial regulations, including the Glass-
Steagall Act that separated commercial and investment banking, put
limits on the size and power of Wall Street. This was the response
of the ruling class to immense revolutionary struggles of the time.
As the New York Times recently noted, “In the aftermath of the
Great Depression, the nation’s finance industry shrank
severely—and remained in a humbled state for most of the next four
decades. The economy boomed in this period, with no major
financial crises and less income inequality than in recent decades.”
In the aftermath of the 2008 financial crisis, on the other hand, none of the basic causes of the crash, including the enormous size of the global financial sector and its pervasive criminality, have been even remotely addressed. Rather, under the guidance of the Obama administration, the dominant position of Wall Street in economic, social and political life has only been entrenched and expanded.
The growth in financial parasitism is so pervasive that even mainstream economic institutions have been forced to warn of its dangers. Last month the International Monetary Fund, a bastion of the political establishment, declared in a research paper that economic growth “weakens at higher levels of financial development” and called on governments to take measures to rein in the size of the financial sector.
Despite these warnings, governments throughout the world have shown neither the will nor desire to rein in even the most brazen and criminal manifestations of financial parasitism.
In the US, the Obama Justice Department has ensured that the major banks have been given effective legal immunity for the crimes they have committed before, during and after the 2008 crash. This has been evidenced by one scandal after another—from selling fraudulent subprime mortgages, money laundering, and tax evasion, as well as rigging benchmark interest and foreign exchange rates—for which not a single bank executive has been prosecuted.
Meanwhile, led by the US Federal Reserve, the world’s central banks have responded to every sign of renewed weakness in the global economy by either expanding their money printing operations or scaling back their plans to “normalize” monetary policy.
Two interrelated processes find expression in the response to the 2008 crisis: 1) the long-term decline of American capitalism, and 2) the elevation of financial parasitism to the basic mode of operation of the ruling class. Even in the midst of the Great Depression of the 1930s, the United States was still a rising industrial power, which would establish its global hegemonic position following the Second World War.
The past four decades, however, have seen a relentless decay and decline, with entire industries wiped out, facilitated and demanded by the operations of finance capital. The process through which the ruling class acquires and maintains its wealth has become ever more divorced from the actual process of production.
The policies of the Obama administration are ultimately the expression of the domination of the financial oligarchy over all aspects of economic and political life in the US, the center of international finance. This social layer uses its political and economic leverage not only to promote its parasitic activities, but also to further the drive toward war and dictatorship throughout the world.
There exists no solution to the crisis gripping the global economy outside of the expropriation of the ill-gotten wealth of this oligarchy and the reorganization of society on an egalitarian and socialist basis.
Andre Damon
Loretta Lynch – DEDICATED
SERVANT TO OBAMA’S
CRONY CRIMINAL BANKSTERS! Why
else would he nominate her?
OBAMA’S PROMISE TO CRONY BANKSTERS: Not one
day in prison!
“Nearly five years after the greatest financial crash since
the Great Depression, triggered by rampant illegality and fraud on the part of
the major banks, not a single major institution or leading bank executive has
been indicted, let alone tried, convicted and jailed.”
BANKSTERS J.P. MORGAN CHASE, BANK of AMERICA
and WELLS FARGO RAKED IN A TOTAL OF $1.14 BILLION FORM OVERDRAFT FEES IN THE
FIRST QUARTER, 2015 ALONE.
SOURCE: SNL FINANCIAL, A
FINANCIAL-INFORMATION FIRM.
CEO WAGES SOAR UNDER OBAMA. POVERTY FOR
AMERICANS SOARS EVEN MORE!
THE OBAMA DOCTRINE: The Rich Must Get Richer
Or Be Bailed Out by the American Middle-Class!
Transfer America’s economy to the richest.
Destroy the American middle-class and
expand Mexico’s welfare state on the
backs of
the American people to keep wages depressed!
BANKSTERS and the ongoing looting of the
American people…..
“I’m
not here to punish banks!” Barack Obama – State of the Union Message
Not a single major bank has been
closed down or broken up since the 2008 crash, triggered by reckless and
illegal speculative activities. Not a single bank CEO or top official has been
prosecuted or jailed for crimes that have led to the impoverishment of
countless millions of people.
Wednesday’s
settlement is further evidence of the reassertion of the aristocratic principle
in contemporary capitalist society: there is one set of laws for the vast
majority, the working people, and an entirely different legal framework for the
financial oligarchs—one that can be summed up with the phrase “Anything goes.”
THE RISE OF BARACK OBAMA and the
FALL of AMERICA
HOW A SOCIOPATH CONNED A NATION CALLING IT “HOPE &
CHANGE” AND THEN BECAME GEORGE BUSH’S THIRD & FORTH TERMS ON STEROIDS.
THE
MAN THAT CALLED HIS HOAX “HOPE & CHANGE”
'Incompetent' and 'liar' among most frequently used words to
describe the president: Pew Research Center
“The larger fear is
that Obama might be just another corporatist, punking voters much as the
Republicans do when they claim to be all for the common guy.”
OBAMA: SERVANT OF THE 1%
Richest one percent controls nearly half of global wealth
The richest one percent of the world’s population now controls 48.2 percent
of global wealth, up from 46 percent last year.
OBAMA’S CRONY BANKSTERS DESTROY
THE GLOBAL ECONOMY
OBAMANOMICS:
The escalation of global financial parasitism
OBAMAnomics:
OBAMA AND HIS WALL STREET CRONIES LOOTING AMERICA!
These are only the most striking of a barrage of numbers reported in
recent weeks, demonstrating that for the US financial aristocracy, the Crash of
2008 has been used to engineer a historic redistribution of wealth.
OBAMAnomics at
work: How Barack Obama looted America for his Wall Street paymasters:
In
all, the research team behind the Forbes Billionaires list found a total of
1,645 billionaires worldwide as of February 12, with a combined net worth of
$6.4 trillion, an increase of $1 trillion from 2013. The number of new
billionaires, at 268, was the highest figure in the report’s history.
WILL OBAMA CAUSE THE IMPENDING GLOBAL ECONOMIC MELTDOWN?
"Notwithstanding these powerful trends, the stock
markets continue to power on, providing a graphic demonstration of the degree
to which the accumulation of wealth by global financial elites has become
divorced from the actual process of production."
Wall Street profits and the widening social divide in America
Obama’s “recovery” and the social crisis in America … the recovery that
NEVER was!
http://mexicanoccupation.blogspot.com/2014/08/america-under-obamas-crony-capitalism.html
NEVER was!
http://mexicanoccupation.blogspot.com/2014/08/america-under-obamas-crony-capitalism.html
Sage Foundation: Wealth "Inequality" Will Continue to Worsen.
Wealth inequality increased significantly from 2003 through 2013; by some
metrics inequality roughly doubled…. that’s music to the ears of Hillary’s WALL
STREET CRONIES!
POLL:
OBAMA NOT HONEST… Obama is what happens when illegals vote!
SCUMBAG-IN-CHIEF – most Americans (Legals) have finally
caught on that Obama is simply a CON MAN!
POLL: MOST
INCOMPETENT AND DISHONEST PRESIDENT SINCE….
Well, isn’t Obama merely Bush’s
THIRD and FOURTH TERMS??
OBAMA’S CRONY CAPITALISM – A NATION
RULED BY CRIMINAL WALL STREET BANKSTERS AND OBAMA DONORS
Culture of Corruption: Obama and His
Team of Tax Cheats, Crooks, and
Cronies
by Michelle Malkin
In her shocking new book, Malkin digs deep into the records
of President Obama's staff, revealing corrupt dealings, questionable pasts, and
abuses of power throughout his administration.
PATRICK BUCHANAN
After Obama has completely destroyed the
American
economy, handed millions of jobs to illegals and billions of
dollars
in welfare to illegals…. WHAT COMES NEXT?
HILLARY CLINTON VOWS
THAT OBAMA’S CRONY CRIMINAL
BANKSTERS WILL TAKE OUT ELIZABETH WARREN!
…. Hillary has filled her pockets with dirty
Obama bankster
money!!!!
OBAMANOMICS: IS IT WORKING???
Millionaires projected to own 46 percent of global private wealth by 2019
By Gabriel Black
18 June 2015
Households with more than a million (US) dollars in private wealth are projected to own 46 percent of global private wealth in 2019 according to a new report by the Boston Consulting Group (BCG).This large percentage, however, only includes cash, savings, money market funds and listed securities held through managed investments—collectively known as “private wealth.” It leaves out businesses, residences and luxury goods, which comprise a substantial portion of the rich’s net worth.
At the end of 2014, millionaire households owned about 41 percent of global private wealth, according to BCG. This means that collectively these 17 million households owned roughly $67.24 trillion in liquid assets, or about $4 million per household.
In total, the world added $17.5 trillion of new private wealth between 2013 and 2014. The report notes that nearly three quarters of all these gains came from previously existing wealth. In other words, the vast majority of money gained has been due to pre-existing assets increasing in value—not the creation of new material things.
This trend is the result of the massive infusions of cheap credit into the financial markets by central banks. The policy of “quantitative easing” has led to a dramatic expansion of the stock market even while global economic growth has slumped.
While the wealth of the rich is growing at a breakneck pace, there is a stratification of growth within the super wealthy, skewed towards the very top.
In 2014, those with over $100 million in private wealth saw their wealth increase 11 percent in one year alone. Collectively, these households owned $10 trillion in 2014, 6 percent of the world’s private wealth. According to the report, “This top segment is expected to be the fastest growing, in both the number of households and total wealth.” They are expected to see 12 percent compound growth on their wealth in the next five years.
Those families with wealth between $20 and $100 million also rose substantially in 2014—seeing a 34 percent increase in their wealth in twelve short months. They now own $9 trillion. In five years they will surpass $14 trillion according to the report.
Coming in last in the “high net worth” population are those with between $1 million and $20 million in private wealth. These households are expected to see their wealth grow by 7.2 percent each year, going from $49 trillion to $70.1 trillion dollars, several percentage points below the highest bracket’s 12 percent growth rate.
The gains in private wealth of the ultra-rich stand in sharp contrast to the experience of billions of people around the globe. While wealth accumulation has sharply sped up for the ultra-wealthy, the vast majority of people have not even begun to recover from the past recession.
An Oxfam report from January, for example, shows that the bottom 99 percent of the world’s population went from having about 56 percent of the world’s wealth in 2010 to having 52 percent of it in 2014. Meanwhile the top 1 percent saw its wealth rise from 44 to 48 percent of the world’s wealth.
In 2014 the Russell Sage Foundation found that between 2003 and 2013, the median household net worth of those in the United States fell from $87,992 to $56,335—a drop of 36 percent. While the rich also saw their wealth drop during the recession, they are more than making that money back. Between 2009 and 2012, 95 percent of all the income gains in the US went to the top 1 percent. This is the most distorted post-recession income gain on record.
As the Organization for Economic Co-operation and Development (OECD) has noted, in the United States “between 2007 and 2013, net wealth fell on average 2.3 percent, but it fell ten-times more (26 percent) for those at the bottom 20 percent of the distribution.” The 2015 report concludes that “low-income households have not benefited at all from income growth.”
Another report by Knight Frank, looks at those with wealth exceeding $30 million. The report notes that in 2014 these 172,850 ultra-high-net-worth individuals increased their collective wealth by $700 billion. Their total wealth now rests at $20.8 trillion.
The report also draws attention to the disconnection between the rich and the actual economy. It states that the growth of this ultra-wealthy population “came despite weaker-than-anticipated global economic growth. During 2014 the IMF was forced to downgrade its forecast increase for world output from 3.7 percent to 3.3 percent.”
No comments:
Post a Comment