“Your comment on LIBOR and governments’ ten-year-long resistance to prosecuting those responsible struck a chord with me. By allowing the crooks to get away with LIBOR, the government simply encouraged more people in the markets to become amoral, immoral and out-right criminal.
“Thus, today’s market rigging and ‘retirement’ account vulnerability have been, to some degree, caused by our earlier failure to prosecute the LIBOR crooks and send a message that corruption will not be tolerated.
“Insofar as we again fail to prosecute those responsible for “rigging” our markets and those responsible for protecting our retirement accounts who’ve failed to do so, we can assume that the markets will attract even more white-collar, organized crime. As criminal conduct becomes even more prevalent in our markets, the entire economic and financial system’ will become even more corrupt until it finally collapses under the weight of its own criminality.
“We aren’t heading for an economic collapse in this country because of some technical detail (like interest rates, inflation rates, unemployment rates, etc.). We’re heading for an economic collapse because America’s government, financial institutions, and people have become immoral. If this nation is going to be destroyed, it won’t be by mathematics and economic formulas–it’ll be by immorality.”
Daniel Hannon MEP (Member of European Parliament) offers a brilliant defense of capitalism and market economies–and an attack on big government and the “too big to fail” mentality.
I can’t help but admire Mr. Hannon’s extraordinary ability to provide a brilliant and concise explanation of a problem faced by most western countries: big government and “corporatism”. Although Mr. Hannon doesn’t say so, the combination of big government + corporatism = fascism.
There was a time when I and most other legal reform advocates assumed that all “corporate government” was bad. Over time, I came to see that–as much as despise and distrust corporations–corporate government is at least a necessity and, properly conceived, a possible benefit for the People.
The fundamental question is not “Am I dealing with a governmental corporation?” but rather “Who owns–and therefore benefits from–the governmental corporation I’m dealing with? Am I presumed to be one of the beneficiaries of that corporation or merely one of its customers or even employees?” I.e., “Is the governmental corporation I’m dealing with a “public” corporation that is owned by all the People and therefore works for the best interests of the “public”/People–or is it a “privatized” corporation that’s owned by some private individuals and works for the best interests of those private individuals rather than for the best interests of the “People” in general?
The link below is to the A.D. 2005 documentary entitled “The Smartest Guys in the Room”. It’s the story of the Enron collapse that took place in A.D. 2001.
According to the documentary’s introduction,
“It had taken Enron 16 years to go from about $10 billion in assets to $65 billion in assets. It took them 24 days to go bankrupt.
“This company collapsed so quickly and so entirely . . . I mean it was into bankruptcy within a matter of weeks.”
Enron’s collapse was, for a corporation, figuratively similar to the “catastrophic failure” of a jet aircraft whose wing suddenly snaps off while in flight. The real causes of such catastrophic failure can build unseen for years as hairline fractures in the wing’s structure slowly grow. But a point is finally reached when the wing can’t take more stress and suddenly snaps, causing the plane to suffer an uncontrollable crash dive.
Noam Chomsky is a noted “liberal” whose politics lean to the “left”. His criticism of “corporate personhood” is interesting in that it indicates common ground between the complaints of the “liberals” and the complaints of the “legal reform community”–who are also trying to avoid “corporate personhood”.
Insofar as the the far-right and liberals both agree that corporate personhood is bad, we might be watching the beginnings of an “idea whose time has come”.
Genetically Modified Foods.