U.S. Federal Reserve Chairman Ben Bernanke and the board of governors did not have a clue that the global financial crisis that started toward the end of 2007 was upon them. The reason is simple: their econometric model completely ignored banks as a profit-making enterprise.
At bedtime on any given night in the United States, 650,000 people have no place indoors to sleep. The U.S. military-industrial complex consumes at $700 billion per year, 19% of the federal budget, and 5% of gross domestic product, but the country cannot afford to take care of its own people. Instead, homelessness is increasingly being criminalized.
The courts generally act as interpretive guardians of State interests, whenever such interests are involved. In the plutocratic United States, the courts generally favor corporate interests in commercial disputes. For example, U.S. courts regularly deprive patent owners of their rights when an invention is particularly valuable. Here we have a simpler instance, where the appeals court deprives a veteran’s widow of her due benefits, by disingenuous disregard for the statute as written and intended.
Never mind the worldwide ecological disaster unleashed by economic exploitation. The human condition itself is unsustainable. Unrealistic optimism invariably gives way to paying the piper who holds the purse strings. The world is about to get a disgustingly good look at the genitals of a bloated European emperor who wears no clothes, and has no purse from which to pay.
The Wall Street Journal reveals its ignorance of history in remarking that “global troubles have revealed how closely nations and financial markets have become intertwined.” Sovereigns have long relied upon bankers to finance debts. Bankers expect favors in return. Plutocracy is a hallowed tradition, ultimately based upon fostering an illusion of prosperity.