Tag Archives: Capitalism

“The Capitalism Papers; Fatal Flaws of an Obsolete System”

New book by: Jerry Mander
May 29 2012

“What may have worked in 1850 and 1900 is calamitous in 2012,” says Jerry Mander, in “The Capitalism Papers”. A former advertising executive, Mander was Founder and is now Distinguished Fellow of the International Forum on Globalization. He argues that “the system is killing the planet, dismantling democracy, promoting wars and making people less happy, not more.”

In a departure from most previous writings about our two centuries’ old economic system, “The Capitalism Papers” presents a series of point by point arguments that capitalism is increasingly non-viable, and obsolete. The book makes the case that the problems are intrinsic to the model, and are not reformable.

“This system is utterly dependent on never-ending economic growth on a finite planet with limited resources,” says the author. He also elaborates on the inherent needs of capitalism to undermine and dominate democratic processes, social and economic equity, and global consciousness.

Driven solely by its hunger for profits and wealth accumulation, even promoting “war as an economic strategy,” the system is amoral. Worst of all, the book points out, for all its excesses and indulgences, the system fails to produce a contented, happy society, as studies confirm. Many organizations are already anticipating an ultimate breakdown, and are defining new hierarchies of democratic and social values that will respect the planet, and sustain us for the future.

Read More: Plutonomy Program, The Heroic Works of Jerry Mander, Criticism of Capitalism  

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Will Billionaire Koch Brothers Take Over Cato?

By: Kourosh Behnam
April 25, 2012

Depending on your political views, Charles and David Koch have recently become famous or infamous for their influence, supporting libertarian and conservative causes.

The Cato Institute will soon be owned my the Koch Brothers

Recently the Koch Brothers filed a law suit against the Cato Institute.   Founded by Charles Koch 30 years ago, it is the leading libertarian think tank in Washington D.C.  The Institute primarily promotes limited government, and free markets.  Leading scholars at Cato such as Michael Cannon, director of health policy studies, believe the suit would give the Koch’s full power over the institutions research operations.

The Cato Institute is unique in that it is controlled by shareholders.  There are four people who hold equal shares in the organization. The Koch Brothers hold 2 of those shares meaning that they own half of the organization.  However, ownership of the institute can be bought and sold for cash under certain circumstances.  This is only applicable to a number of states in America which is shunned upon by the Internal Revenue Service.  Charles and David Koch are suing to increase their 50 percent stake in Cato to propel their ideological agenda.  This lawsuit, to gain control of Cato, displays that the brothers see ideological political think tanks as a crucial part of their on-going agenda to create a permanent American oligarchy.

If these billionaire brothers prevail then they will own the biggest libertarian think tank in the world. If this happens, the Cato Institute will loose its reputation in the political realm and it will always be known as a organization coddled by the Koch Brothers.

Read More:  Battle For Control of Cato Institute Highlights Unusual Structure , Open Letter To Charles & David Koch, Could Billionaire Koch Brothers Ruin Cato?

What You Should Know About Wells Fargo Bank (WFB)

Bloated Banksters

Bloated Banksters

By: Kourosh Behnam
February 24, 2012

HISTORY: Bloody from the beginning

  • Henry Wells and William Fargo founded WFB in 1852 when California’s Gold Rush needed to move the money made from mining  the Sierra Nevada and violently evicting its indigenous people;
  • WFB bought the subprime mortgage monster Wachovia in the 2008 financial panic for $15.1 billion;
  • WFB is now America’s biggest bank, by market capitalization of $161 billion, and the highest rate of profitability.

BLOATED BANKSTERS: Too Big to Jail

  •  Federal taxpayer bailout received, $36.9 billion;
  • Effective tax rate in 2008, 18.5%, almost half of what the average person pays;
  • Offshore subsidiares in tax havens, 77;
  • Campaign contributions in 2008 federal elections, $4.7 million.

FORECLOSE FAMILIES: Growth from Homelessness and Hopelessness

  • WFB originated or co-issued $74.2 billion worth of subprime loans, making it one of the top subprime lenders in the country;
  • WFB was one of the 5 big banks who “robo-signed”, or foreclosed on houses with forged or unreviewed documentation, on countless families;
  • WFB is the second largest mortgage servicer in the nation; they also used the “robo signer”.

HOLDING YOUNG PEOPLE HOSTAGE: Profits from Indentured Students

  • WFB holds $10 billion in private student loans, the average American student graduates $25,000 in debt;
  • Interest rates on WFB student loans are near 18%; unlike credit cards, these loans are impossible to discharge in bankruptcy, and WFB is not offering to reduce the principal or interest rates;
  • Outstanding student loans total more than $979 billion; WFB financies today’s “education bubble.

RIGGING GLOBAL FINANCE RULES:
WFB sponsored the global banking lobbyist group, the International Institute for Finance, 2011 annual meeting in Washington, where the world’s most powerful banks tell government regulators what they want.

Read More: Auction 2012: Greedy Bastards and Student Debt, Big Bank Profile: Wells Fago , Average Student Loan Debt