Friday, April 10, 2009
According to MSM accounts the economy is on the upswing and we should quit worrying about things. There are however voices who have been around for sometime to suggest otherwise, one of my favorites is Elizabeth Warren who has always told it as it is, especially as her current position head of the Congressional Oversight Panel adds a dose of reality lacking in current analysis.
This is reinforced by an article by Mike Whitney in Counterpunch that gives additional insight as seen in the following:
"That question was best answered by the former chief economist of the IMF, Simon Johnson, in an article which appeared in The Atlantic Monthly:
"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 - a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF's staff could speak freely about the U.S., 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." (The Atlantic Monthly, May 2009, by Simon Johnson)
The banks have a stranglehold on the political process. Many of their foot soldiers now occupy the highest offices in government. It's up to people like Elizabeth Warren to draw attention to the silent coup that has taken place and do whatever needs to be done to purge the moneylenders from the seat of power and restore representative government. It's a tall order and time is running out."