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• OLIGARCHY VS PLUTOCRACY FREE

Is there a government anywhere that less represents its citizens than the US government?Ĭonsider America’s wars. What we are experiencing is a massive redistribution of income from the American public to the financial sector.Īnd this is occurring during a Democratic administration headed by America’s first black president, with a Democratic majority in the House and Senate. This means more pressure on the US dollar’s exchange value and a rise in import prices and also domestic inflation.Īmericans will thus pay for the TARP and low interest rate subsidies to their financial rulers with erosion in the purchasing power of the dollar. As the US government’s budget is 50 per cent or more in the red, the TARP money has to be borrowed from abroad or monetized by the Fed. Moreover, it is the American public that is on the hook for the TARP money and the low interest rates. In the midst of the worst economy since the 1930s, heavily indebted Americans, who are losing their jobs and their homes, are to be bled into bankruptcy by the very banks that are being subsidized with TARP funds and low interest rates.

OLIGARCHY VS PLUTOCRACY FREE

With abundant funds supplied virtually free by the Federal Reserve, banks are paying depositors virtually nothing on their savings.ĭespite the Federal Reserve’s low interest rate policy, beginning October 1 banks are raising the annual percentage rate (APR) on credit card purchases and cash advances and on balances that have a penalty rate because of late payment. With the repeal of the Glass-Steagall Act in 1999, banks became high-risk investment houses that trade financial instruments such as interest rate derivatives and mortgage backed securities. It lowers their cost of funds and increases their profits. The Federal Reserve’s low interest rate policy is another gift to the banks. In the middle of the worst economic downturn since the Great Depression, Goldman Sachs announced record second quarter profits and large six-figure bonuses for every employee. The banks used this gift of capital to make more profits. It was the banks, not the millions of Americans who have lost homes, jobs, health insurance, and pensions, that received $700 billion in TARP funds. It is being run for the benefit of large financial concerns, such as Goldman Sachs. Our real rulers are an oligarchy of financial and military/security interests and AIPAC, which influences US foreign policy for the benefit of Israel. The fact of the matter is that the US is ruled by powerful interest groups who control politicians with campaign contributions. “Rapidly you are dividing into two classes-extreme rich and extreme poor.” “Brutus”Īmericans think that they have “freedom and democracy” and that politicians are held accountable by elections. We shall have a few, and but a very few Lords, and all the rest beggars.” R.L.