Great article about real-world economics on the occasion of Noam Chomsky’s comments in a documentary called “The Divide.” Noam is particularly on point in this one. Example:
“INTERVIEWER: Does it give you any hope that some of the super-rich, such as Bill Gates, Mark Zuckerberg and Warren Buffett, are willing to give away most of their money? CHOMSKY: And you’ll notice big tax deductions as well. There have always been benevolent aristocrats. That doesn’t make me fall in love with the feudal system.”
Chomsky also accurately pinpoints when The System began to control EVERYTHING:
“INTERVIEWER: The Divide says the current inequality problem began with the election of Margaret Thatcher and Ronald Reagan. Do you agree? CHOMSKY: It escalated sharply under Reagan and Thatcher, who gave it a kind of ideological framework, but I think you really have to date the turn to the collapse of the Bretton Woods system about 10 years earlier, when the US terminated the convertibility of dollars to gold. This shifted the global economy pretty radically towards financialisation, and rapidly increased speculation.”
This is exactly the point made here at LRM, in articles such as this one: “HOW FAKE MONEY BECAME LEGAL MONEY: THE AFFIRMATION OF THE NIXON SHOCK:”
Forty-three years ago today in what is now not-so-commonly known as the “Nixon Shock”, Richard Nixon ended the Bretton Woods system by ending the convertibility of Federal Reserve Notes to gold, thereby putting the United States—and the world—on the road to financial ruin. Or, to put it another way, Nixon made us all debt slaves to money printed out of thin air, leading to the inevitable foreclosure fraud, unemployment, bailouts, bail-ins and other treachery currently being visited upon us all.
Yes, Bank of America picked a winner when they plucked ol’ Dick Nixon from obscurity in 1945. Through Nixon, Bank of America achieved a magical feat even more fantastic than alchemy—to be able to create unlimited amounts of money at will, unbound by any brutish metals or economic reality. To be able to wield the incredible power and influence that such unlimited money can buy, and to be able to become the 1% of the population that keeps the 99% in perpetual debt servitude. And it only took 26 short years to get it done, from the September 29, 1945 letter sent to Nixon by Bank of America’s H.L. Perry until August 15, 1971.
Unfortunately, none of the current crop of presidential candidates will cop to this, although my preference—Bernie Sanders—comes the closest to doing so. Until the country and those who would lead it understand and act to change the things that Chomsky is saying in this article, any improvements or reforms will unfortunately be no more than superficial.