Bill Moyers offers this worthwhile essay on why plutocracy and democracy don’t mix and cannot coexist.
For those still saying that the rich have gotten richer the last few years because they are stronger and work harder than the masses, please wake up. Time to think and read some more, see:
- Hank Paulson’s Crony Capitalism, Rolling Stone
- OECD calls time on trickle down theory, Globe and Mail
- The Black Swan of Cairo, Nassim Taleb and Mark Blyth
In order to grow and rebuild strength we must stop propping up the weakest business leaders, assets and institutions at the expense of the rest of the population. The costs of these old ideas and policies are sapping the good from our society.
Finally, see A Fool’s market rally authored by a very foolish Fed, to wit:
At present, global central bankers are the world’s sham doctors, constantly seeking to trick the global economy into feeling flush with interventions that will do nothing to stimulate the lone thing that will actually author recovery: production. It’s time for the world’s central banks to do what good doctors do, which is to allow the overmedicated patient to heal free of more cures. If not, as in if they continue to doctor the wilting patient, soon enough they won’t even be able to fool the fools.