Michael Parenti on global financiers' view of the current U.S. economy: "We've destroyed the social democracy"

i've said all along that the goal of the super-rich elites was to completely gut any semblance of social contract, whether it be in the u.s. or anywhere else in the world, and, for the most part, they've done a damn good job...

In 1978, a number of these financiers came out and said, “This country is just heading for a social democracy, and we don’t want that.” I mean, they used the term “social democracy.” They’re aware of these things. A few months ago in The New Yorker, there was an article about how Republicans had a loss for issues, and one of them said, “Well, the reason we’re at a loss is because we’ve accomplished all we wanted to. We’ve destroyed the social democracy.” And that’s their goal.

And if you listen to them now, I mean, it’s fascinating and outrageous. They’re talking about doing nothing, just putting a cap on all spending, that the market is in a stage of correction. They use terms like “correction” or “adjustment.” They don’t mind recessions. Recessions are fine. It allows them to buy up smaller companies at bargain prices. It disciplines labor. It humiliates and beats back people. And this, I think, is what we’re facing. And I’m infuriated by the Republicans in the Congress and the way they’re going at this. The only passion they show is to protect the tax cuts for the super rich. That seems to be the only interest they have.

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Well, I argue that one of the functions of a capitalist state is to defend capitalism from itself, to defend capitalism from the capitalists. It was Marx—dare we mention him? I hear he’s coming back in style. It was Marx who said one capitalist will kill many other capitalists, that the system begins to consume itself. We see that with Bernard Madoff and the like.

And it’s not merely because of a number of wicked personalities, because these personalities are brought to the fore. Those are the people who get the rewards. Those are the people who—yes, and what we need are drastic sets of regulations, and there hasn’t been enough talk. We just got a vague reference to it here, Geithner referencing and saying, well, it’s going to be a little bit of a different camp, a little more responsible, accountable maybe. But as far as actual regulations, we haven’t seen it.

The free market does not work. It’s not free. It’s not really a market; it’s a plunder. And it has to be done away with.

i completely agree...

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Not "under"-developed, "mal"-developed

michael parenti...

The stupendous fortunes that were-and still are being extracted by the European and North American investors should remind us that there are very few really poor nations in what today is commonly called the Third World. Brazil is rich; Indonesia is rich; and so are the Philippines, Chile, Bolivia, Zaire, Mexico, India, and Malaysia. Only the people are poor. Of course in some areas, as in parts of Africa south of the Sahara, the land has been so ruthlessly plundered that it too is now impoverished, making life all the more desperate for its inhabitants.

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[T]he Third World is not "underdeveloped" but overexploited. The gap between rich and poor nations is not due to the "neglect" of the latter by the former as has been often claimed. For forty years or more we have heard how the nations of the North must help close the poverty gap between themselves and the nations of the South, devoting some portion of their technology and capital to the task. Yet the gap between rich and poor only widens because investments in the Third World are not designed to develop the capital resources of the poor nations but to enrich the Western investors.

parenti isn't telling me anything i don't know... in my travels, i've observed first-hand most of what he describes...

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