FacebookTwitterGoogle+RedditEmail

The Parasites of Big Finance

by RALPH NADER

Morning after morning, New York City based casino capitalists trade with Greece and the latest rumors from Western Europe on their minds.

What will affluent Germany do to bail out the collapsing, debt-ridden country of Greece? Will France go along with those plans? Will the massive injection of liquidity by the European Central Bank help the banks to behave in ways that help Greece, among other countries? Day after trading day, the U.S.

Why? Greece is a country of just over ten million people with a GDP smaller than that of New Jersey. But because it is closest to the fiscal cliff, financial observers fear a domino effect. If Greece defaults badly, it could pull Portugal, Spain, Ireland and then possibly Italy closer to financial disaster.

And what is the chain that binds Greece to these nations and then to larger countries in the EU and across the Atlantic to the U.S.? It is the deep, interdependency brought about by corporate globalization and its massive financial speculators, piling derivatives such as credit default swaps and other intricate pyramids of bets, on additional bets. These are the banks, hedge funds and other financial entities that pool other peoples’ money into ever-more abstract and complex betting or gambling instruments of parasitic, big finance.

Not that much has changed since the Wall Street collapse of 2008 other than the renewed “Wall Street” belief that you, the taxpayers, will be forced once again by your government to bail out even larger financial giants who are so interlocked as to be “too big to fail.”

Traders making speculative money from speculative money, traded in trillions of dollars, now hold hostage the real economy wherein people make money from providing needed or wanted goods and services. The fate of American workers, their pensions and the real businesses that employ them, rests on the globalized dominoes that a teetering Greece could set in motion. This is the craven logic of a global casino economy, driven by split-second computerized algorithms and camouflaged by the phony theory of “free trade” which is really corporate-managed trade.

The U.S. does not need to be shackled by the global corporatists to what may happen in Greece or Spain or Portugal. We should be less dependent on financial economies abroad and more self-reliant and independent of the global economy’s dangerously contagious risks.

That is why the more community-based economic activity there is in our country – credit unions; renewable, efficient energy; community health clinics; community food markets, etc. – the more insulated we will be from global seismic ravages. Those same community economies would have helped shield the Greek people from the wily clutches of Goldman Sachs and other aggressive casino creditors.

Unfortunately, the intellectually impoverished presidential and Congressional campaigns never propose ways to extricate our country from the octuple straitjackets of global speculators. The two-party political tyranny – Republican and Democratic – is too busy kneeling before the check-writers of imperious corporatists to stand up for the people whose votes they strive to secure.

As U.S. citizens struggle, Wall Street and Washington worry about Greece.

Ralph Nader is a consumer advocate, lawyer and author of Only the Super-Rich Can Save Us! He is a contributor to Hopeless: Barack Obama and the Politics of Illusion, forthcoming from AK Press.

 

Ralph Nader is a consumer advocate, lawyer and author of Only the Super-Rich Can Save Us! 

More articles by:

CounterPunch Magazine

minimag-edit

bernie-the-sandernistas-cover-344x550

zen economics

January 16, 2017
Paul Street
How Pure is Your Hate?
Jeffrey St. Clair - Alexander Cockburn
Did the Elites Have Martin Luther King Jr. Killed?
Robert Hunziker
Global Warming Clobbers Ocean Life
Patrick Cockburn
The Terrifying Parallels Between Trump and Erdogan
Kenneth Surin
The Neoliberal Stranglehold on the American Public University
Lawrence Davidson
Is There a Future for the Democratic Party?
Douglas Valentine
Who Killed MLK Jr?
Robert Fisk
The Foreign Correspondent in the Age of Twitter and Trump
Dale Bryan
“Where Do We Go from Here?”
David Swanson
The Deep State Wants to Deep Six Us
Dan Bacher
Obama Administration Orders Speedy Completion of Delta Tunnels Plan
Mark Weisbrot
Obama Should Make Sure that Haitian Victims of UN-Caused Cholera are Compensated
Winslow Myers
The Light of the World
Bruce Mastron
My Latest Reason to Boycott the NFL: Guns
Weekend Edition
January 13, 2017
Friday - Sunday
Gregory Elich
Did the Russians Really Hack the DNC?
Jeffrey St. Clair
The President Who Wasn’t There: Barack Obama’s Legacy of Impotence
Anthony DiMaggio
Ethics Fiasco: Trump, Divestment and the Perversion of Executive Politics
Joshua Frank
Farewell Obummer, Hello Golden Showers
Paul Street
Hit the Road, Barack: Some Farewell Reflections
Vijay Prashad
After Aleppo: the State of Syria
John Wight
Russia Must be Destroyed: John McCain and the Case of the Dodgy Dossier
Rob Urie
Meet the Deplorables
Patrick Cockburn
The Russian Dossier Reminds Me of the Row Over Saddam’s WMDs
Eric Sommer
U.S.-China War: a Danger Hidden from the American People
Andrew Levine
Are Democrats Still the Lesser Evil?
Linda Pentz Gunter
What’s Really Behind the Indian Point Nuclear Deal?
Robert Fantina
Trucks, ‘Terror’ and Israel
Richard Moser
Universal Values are Revolutionary Values
Russell Mokhiber
Build the Bagdikian Wall: “Sponsored News” at the Washington Post
Yoav Litvin
Establishment Narcissism – The Democrats’ Game of Thrones
David Rosen
Return of the Repressed: Trump & the Revival of the Culture Wars
Robert Koehler
War Consciousness and the F-35
Rev. William Alberts
The New Smell of McCarthyism Demands Faith Leaders Speak Truth to Power
John Laforge
Federal Regulator Halts Move to Toughen Radiation Exposure Limits
Norman Pollack
Farewell Address: Nazification of Hope
David Swanson
Imagine the Confirmation Hearing for Secretary of Peace
CJ Hopkins
Why Ridiculous Official Propaganda Still Works
Ron Jacobs
Striking in Reagan Time
Missy Comley Beattie
The Streep
Graham Peebles
Climate Change: The Potential Impacts of Collective Inaction
Uri Avnery
Confessions of a Megalomaniac
Kenneth Worles
Black Without a Home: King’s Dream Still Deferred
Geoff Dutton
The Russian Patsy
Jill Richardson
The Coming War on Regulations
Jeremy Brecher
Resisting the Trump Agenda is Social Self-Defense
FacebookTwitterGoogle+RedditEmail