Saturday, September 20, 2008

Take from the People, Give to the Rich

Economist Michael Hudson has an essay on railing against the massive theft of regular Americans' wealth to serve those he calls the "banksters" (after FDR).

Late last night or early today, the Bush admin et al. revealed that the ballpark figure for the bailout will be $700 BILLION. Add to that the $300 BILLION for Fannie and Freddie and $85 BILLION for AIG, we're up to almost $1.2 TRILLION. Now add $1 TRILLION for the Iraq/Afghanistan/Iran wars. And bear in mind that NONE of these is actually resolved yet. And consider that the US pension system is also in grave trouble. Now imagine a bankrupt United States. (Or one where the Fed just prints and prints and prints money -- driving down the dollar, driving down the dollar value of debt, and driving inflation through the roof.)

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