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In reply to the discussion: Evidence of an American Plutocracy: The Larry Summers Story [View all]Octafish
(55,745 posts)4. Milton Friedman and the Rise of Monetary Fascism
The Dark Age of Money
by JAMES C. KENNEDY
CounterPunch Oct. 24, 2012
EXCERPT...
Monetary Fascism was created and propagated through the Chicago School of Economics. Milton Friedmans collective works constitute the foundation of Monetary Fascism. Knowing that the term Fascism was universally unpopular; Friedman and the Chicago School of Economics masquerade these works as Capitalism and Free Market economics.
SNIP...
The fundamental difference between Adam Smiths free market capitalism and Friedmans free market capitalism is that Friedmans is a hyper extractive model, the kind that creates and maintains Third-World-Countries and Banana-Republics, without geo-political borders.
If you say that this is nothing new, you miss the point. Friedman does not differentiate between some third world country and his own. The ultimate difference is that Friedman has created a model that sanctions and promotes the exploitation of his own country, in fact every country, for the benefit of the investor, money the uber-wealthy. He dressed up this noxious ideology as free market capitalism and then convinced most of the world to embrace it as their economic salvation.
SNIP...
Monetary Fascism, as conceived by Friedman, uses the powers of the state to put the interest of money and the financial class above and beyond all other forms of industry (and other stake holders) and the state itself.
SNIP...
Money has become the state and the traditional state is forced to serve moneys interests. Everywhere the Financial Class is openly lording over sovereign nations. Ireland, Greece and Spain are subject to ultimatums and remember Hank Paulsons $700 billion extortion from the U.S. Congress. The $700 billion was just the wedge. Thanks to unlimited access to the Discount Window, Quantitative Easing and other taxpayer funded debt-swap bailouts the total transfers to the financial industry exceeded $16 trillion as of July 2010 according to a Federal Reserve Audit. All of this was dumped on the taxpayer and it is still growing.
CONTINUED...
http://www.counterpunch.org/2012/10/24/the-dark-age-of-money/
Zanks, Jackpine! I'd like to see DU be something like what our nation's newspapers should be.
"Yak dung!... hope tastes good - like a cigarette should!" -- Dr. Yen-Lo, Manchurian Candidate
by JAMES C. KENNEDY
CounterPunch Oct. 24, 2012
EXCERPT...
Monetary Fascism was created and propagated through the Chicago School of Economics. Milton Friedmans collective works constitute the foundation of Monetary Fascism. Knowing that the term Fascism was universally unpopular; Friedman and the Chicago School of Economics masquerade these works as Capitalism and Free Market economics.
SNIP...
The fundamental difference between Adam Smiths free market capitalism and Friedmans free market capitalism is that Friedmans is a hyper extractive model, the kind that creates and maintains Third-World-Countries and Banana-Republics, without geo-political borders.
If you say that this is nothing new, you miss the point. Friedman does not differentiate between some third world country and his own. The ultimate difference is that Friedman has created a model that sanctions and promotes the exploitation of his own country, in fact every country, for the benefit of the investor, money the uber-wealthy. He dressed up this noxious ideology as free market capitalism and then convinced most of the world to embrace it as their economic salvation.
SNIP...
Monetary Fascism, as conceived by Friedman, uses the powers of the state to put the interest of money and the financial class above and beyond all other forms of industry (and other stake holders) and the state itself.
SNIP...
Money has become the state and the traditional state is forced to serve moneys interests. Everywhere the Financial Class is openly lording over sovereign nations. Ireland, Greece and Spain are subject to ultimatums and remember Hank Paulsons $700 billion extortion from the U.S. Congress. The $700 billion was just the wedge. Thanks to unlimited access to the Discount Window, Quantitative Easing and other taxpayer funded debt-swap bailouts the total transfers to the financial industry exceeded $16 trillion as of July 2010 according to a Federal Reserve Audit. All of this was dumped on the taxpayer and it is still growing.
CONTINUED...
http://www.counterpunch.org/2012/10/24/the-dark-age-of-money/
Zanks, Jackpine! I'd like to see DU be something like what our nation's newspapers should be.
"Yak dung!... hope tastes good - like a cigarette should!" -- Dr. Yen-Lo, Manchurian Candidate
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The entire "recovery" is what 41 once famously called "voodoo economics".
Egalitarian Thug
Aug 2013
#13
The plutocrats already had a party. Now they bought another. They took two. They were small.
Octafish
Aug 2013
#24
Quite! And why put Summers, a bail-out expert in the Fed seat? MOAR BAILOUTS.
Fire Walk With Me
Aug 2013
#25
Say 'No' to Larry Summers. As World Bank President, he would pollute the poor...
Octafish
Aug 2013
#20
That reminds me, Sir, of the current stage of Paul Wolfowitz - former DoD and World Bankster-k&r
bobthedrummer
Aug 2013
#21
Greetings, kind Sir! Was wondering the other day whatever happened to the Comblicker...
Octafish
Aug 2013
#22