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A sort of global Black Friday?

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Nov. 29th, 2011 | 01:10 pm

The oligarchs have taken down two governments in the past two weeks – Italy and Greece. [....] Note that once again, neither an election nor a referendum was allowed.
Being rich is about being liquid when everyone else isn’t, so you can buy up assets on the cheap. When the rich are properly under control [....] they can’t create such buying opportunities, they have to wait for them, and the government makes it so that the rich can’t take too much advantage of them, because taking advantage of them means taking advantage of other people when they’re most vulnerable.

Right now the rich can and are crashing asset prices by forcing countries into austerity through attacks on their currencies and control of their elites. They then buy up assets for fire-sale prices.
These attacks on currencies are deranged. The countries are not in that much difficulty, certainly the idea that France is in enough difficulty to be under attack is crazy. These attacks are about power: the global rich were bailed out after the crash, now they are using their hot money in attack after attack, demanding austerity, which will cause semi-permanent depression in those countries which accept it. That allows them to buy up what they want, keeps their labor costs down, and lets them divert what money they spend on investment which creates actual real economic growth into developing countries which are cheaper for them.

Supporting LJ vs the Russian DDOS by crossposting from DW. Comment anywhere. This entry was originally posted at http://bemused-leftist.dreamwidth.org/124310.html.

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