Nov 072012
 

Posted by greydogg, 99GetSmart

* MADRID ON THE BRINK

By Brandon Jourdan

This short film chronicles the events of September 25-29th in Madrid,
Spain where tens of thousands of people have taken to the streets to
demand the resignation of the government and an end to police
brutality. Many of the protests ended in clashes with the police.
Since the stand off began on September 25th , the images of police
brutality have travelled the world over, shocking and inspiring people
across Europe and leading to an international day of action on
September 29th. This film tells the story of why so many people took
to the streets and follows these events as they unfolded.

Go to globaluprisings.org for the full series of mini-documenaries about reactions to the economic crisis around the world.

VIDEO @ http://vimeo.com/50542582

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* TOTAL CAPITALISM AND THE DOWNFALL OF AMERICA

Germans see the US election as a battle between the good Obama and the evil Romney. But this is a mistake. Regardless of who wins the election on Tuesday, total capitalism is America’s true ruler, and it has the power to destroy the country.

By Jakob Augstein, Spiegel Online International

The United States Army is developing a weapon that can reach — and destroy — any location on Earth within an hour. At the same time, power lines held up by wooden poles dangle over the streets of Brooklyn, Queens and New Jersey. Hurricane Sandy ripped them apart there and in communities across the East Coast last week, and many places remain without electricity. That’s America, where high-tech options are available only to the elite, and the rest live under conditions comparable to a those of a developing nation. No country has produced more Nobel Prize winners, yet in New York City hospitals had to be evacuated during the storm because their emergency generators didn’t work properly.

Anyone who sees this as a contradiction has failed to grasp the fact that America is a country of total capitalism. Its functionaries have no need of public hospitals or of a reliable power supply to private homes. The elite have their own infrastructure. Total capitalism, however, has left American society in ruins and crippled the government. America’s fate is not just an accident produced by the system. It is a consequence of that system.

Obama couldn’t change this, and Romney wouldn’t be able to either. Europe is mistaken if it views the election as a choice between the forces of good and evil. And it certainly doesn’t amount to a potential change in political direction as some newspapers on the Continent would have us believe. […]

READ @ http://www.spiegel.de/international/world/commentary-total-capitalism-and-the-downfall-of-america-a-865437.html

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* FINANCE CAPITAL: FREE MARKET OR GLOBAL DRUG CARTEL?

By Andrew Marshall, RoarMag

Welcome to the Age of Austerity, where “market discipline” refers to the rule of a global financial Mafia built on drug trade, fraud and exploitation.

[…] The top 50 companies on the list of the “super-entity” included (as of 2007): Barclays Plc (1), Capital Group Companies Inc (2), FMR Corporation (3), AXA (4), State Street Corporation (5), JP Morgan Chase & Co. (6), UBS AG (9), Merrill Lynch & Co Inc (10), Deutsche Bank (12), Credit Suisse Group (14), Bank of New York Mellon Corp (16), Goldman Sachs Group (18), Morgan Stanley (21), Société Générale (24), Bank of America Corporation (25), Lloyds TSB Group (26), Lehman Brothers Holdings (34), Sun Life Financial (35), ING Groep (41), BNP Paribas (46), and several others.[3]

In the United States, five banks control half the economy: JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs Group collectively held $8.5 trillion in assets at the end of 2011, which equals roughly 56% of total U.S. annual output, according to the data of central bankers at the Federal Reserve. In 2007, the assets of the largest banks amounted to 43% of U.S. output. Thus, the crisis has made the banks bigger and more powerful than ever. Because the government has stipulated that the banks are “too big to fail,” meaning they will be saved because they are too central to the system to go down, the big banks have a perverse incentive to take bigger and bigger risks — for they know they will be bailed out in the end. Essentially, it’s an insurance policy for criminal risk-taking behaviour. The former president of the Federal Reserve Bank of Minneapolis stated, “Market participants believe that nothing has changed, that too-big-to-fail is fully intact.” Remember, “market” means the banking cartel (or “super-entity”, if you prefer). Thus, the banks blow up new bubbles and buy government bonds (sovereign debt), making the global financial system increasingly insecure and at risk of a larger collapse than took place in 2008.[4]

When politicians, economists, and others refer to “financial markets”, they are in actuality referring to the “super-entity” of corporate-financial institutions which dominate, collectively, the global economy. For example, the role of financial markets in the debt crisis ravaging Europe over the past two years is often referred to as “market discipline,” with financial markets speculating against the ability of nations to repay their debt or interest, of credit ratings agencies downgrading the credit-worthiness of nations, of higher yields on sovereign bonds (higher interest on government debt), and plunging the country deeper into crisis, thus forcing its political class to impose austerity and structural adjustment measures in order to restore “market confidence.” This process is called “market discipline,” but is more accurately, “financial terrorism” or “market warfare”, with the term “market” referring specifically to the “super-entity.” Whatever you call it, market discipline is ultimately a euphemism for class war.[5] […]

READ @ http://roarmag.org/2012/11/finance-capital-power-banks-free-market-discipline/

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