Friday, December 23, 2011

A Christmas Message From America's Rich . . .

AND YOU WON'T LIKE IT. Rolling Stone's Matt Taibbi has a posting, "A Christmas Message From America's Rich". These people are evil. Really.

The very rich on today’s Wall Street are now so rich that they buy their own social infrastructure. They hire private security, they live on gated mansions on islands and other tax havens, and most notably, they buy their own justice and their own government.

• • •

Just look at how Chase behaved in Greece, for example.

Having seen how well interest-rate swaps worked for Jefferson County, Alabama, Chase “helped” Greece mask its debt problem for years by selling a similar series of swaps to the Greek government. The bank then turned around and worked with banks like Goldman, Sachs to create a thing called the iTraxx SovX Western Europe index, which allowed investors to bet against Greek debt.

In other words, Chase knowingly larded up the nation of Greece with a crippling future debt burden, then turned around and helped the world bet against Greek debt.

Does a citizen of Greece do that deal? Forget that: does a human being do that deal?

Kinda puts a new spin on "Greek Style", don't it?


Beijing York said...

It's like a game where human lives don't fit into the equation. And you're right, the 1% have insulated themselves from ever having to deal with the masses except for a chosen few who have the honour of serving them at the lowest cost possible.

Edstock said...

You look at all the miserable people in Dickens' or other Victorian-era writers, and you realize we haven't made a lot of progress.

The match-girls and 'flower-sellers' of Dickens' London have been replaced by the forest of escort service ads, outcalls only. Sad.

Sol said...