Catch a falling buck and put it in your pocket never ever let it go….
I had been considering where the money for our young oligarchs comes from. Speculating on the possibility that they have decided to cover their bases in the financial sector, as well as the political, I happed upon Lorimer Wilson’s excellent article “America’s Financial Oligarchy is still in control”. Here he reprises Simon Johnson a chief accountant with the IMF in 2007 and 2008 who wrote “The Quiet Coup” in the May 2009 issue of the Atlantic magazine.
It is a little old, being from 6 April 2009, but as relevant today as then. I recommend you read it.
“The crash has laid bare many unpleasant truths about the United States. One of the most alarming is that the finance industry has effectively captured our government” says Johnson. “If the IMF could speak freely about the US it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform and if we are to prevent a true depression, we’re running out of time”.
Well, serious stuff indeed, and the rest of the article suggests various ways forward. But I was struck by the idea here that there was also a Financial Oligarchy in the US to go along with the Political one. Two oligarchies in the one country? No. I think it’s two aspects of the one oligarchy and that, should we decide to poke about on the boards of directors, we might start to meet all sorts of old friends.
I suspect though, there may be some who feel this is too much of a stretch, too far to draw this particular bow. So I thought I might start with a nice historical example, something easily verified by the doubting reader but close enough to today to still have the capacity to shock.
And I have one…
Copyright David Macadam 2010