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The Abyss Stares Back

Scandal after scandal roll in like waves on the beach, the latest being the LIBOR collusion. And we endure them because our system has been compromised but fail to address the erosion taking place with each break. It's very much like the Colorado shooting spree narrative: it becomes an act of nature that no human agency could have foreseen or thwarted instead of an opportunity to impose some commmon sense gun control laws. This, too, will teach us nothing. So with systemic financial high crimes, we fine a few banks a fraction of the damage done and allow the wound to continue to fester. As someone said, it's like the Wild West without a sheriff.

Under normal circumstances, it's best to tackle a problem one issue at a time but we are on the verge of total global economic collapse and baby steps won't do it. I had once thought that reinstating Glass-Steagall would get us back on the road to economic stability, but we're way past that now.

Glen Ford of the Black Agenda Report puts it simply:

Global banking invented derivatives to create their own speculators’ economy, much larger than – but acting as a great weight upon, and holding as hostage – the mere $75 trillion real world economy. . . .
It is far too late to “unwind” the derivatives monster, to disassemble it, like a bankrupt bank. No one would know where to start in shrinking hundreds of trillions in derivatives down to a size that was no longer a lethal threat to the real economy – and no Wall Street institution would survive the transition.


Nature uses fire or an ice age to hit the reset button. Ancient civilizations crumbled and the survivors crawled off into the wilderness. Unlike our predecessors, we have the insight, technology and skill to prevent or minimize this looming disaster but we lack the political integrity to confront it. We all see it coming at one level or another but our institutions have become too compromised by the very actors driving us to oblivion. For them, there's too much money and power at stake to forego Armageddon.

Comments

( 2 comments — Leave a comment )
monadlux
Jul. 28th, 2012 03:18 am (UTC)
Glass-Steagall
Glass-Steagall might help- but we're so divisive now that wouldn't happen anyway.
senryu
Aug. 7th, 2012 06:51 pm (UTC)
Re: Glass-Steagall
The media keeps saying we're divisive but we're not, except in a government/governed way. Neither Dems nor Repugs want Glass-Steagall back, only the public does. On most issues these days, the public overwhelmingly backs issues, like protecting Social Security, single payer health care, prosecuting banksters, assault weapons bans, taxing the rich, pulling out of wars, and on and on. But our overlords don't want any of that and they now own our government lock, stock and barrel. Citizens United was just the final nail in democracy's coffin.
( 2 comments — Leave a comment )

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