FacebookTwitterGoogle+RedditEmail

The Parasites of Big Finance

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.

 

More articles by:

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

July 17, 2018
Conn Hallinan
Trump & The Big Bad Bugs
Robert Hunziker
Trump Kills Science, Nature Strikes Back
John Grant
The Politics of Cruelty
Kenneth Surin
Calculated Buffoonery: Trump in the UK
Binoy Kampmark
Helsinki Theatrics: Trump Meets Putin
Patrick Bond
BRICS From Above, Seen Critically From Below
Jim Kavanagh
Fighting Fake Stories: The New Yorker, Israel and Obama
Daniel Falcone
Chomsky on the Trump NATO Ruse
W. T. Whitney
Oil Underground in Neuquén, Argentina – and a New US Military Base There
Doug Rawlings
Ken Burns’ “The Vietnam War” was Nominated for an Emmy, Does It Deserve It?
Rajan Menon
The United States of Inequality
Thomas Knapp
Have Mueller and Rosenstein Finally Gone Too Far?
Cesar Chelala
An Insatiable Salesman
Dean Baker
Truth, Trump and the Washington Post
Mel Gurtov
Human Rights Trumped
Binoy Kampmark
Putin’s Football Gambit: How the World Cup Paid Off
July 16, 2018
Sheldon Richman
Trump Turns to Gaza as Middle East Deal of the Century Collapses
Charles Pierson
Kirstjen Nielsen Just Wants to Protect You
Brett Wilkins
The Lydda Death March and the Israeli State of Denial
Patrick Cockburn
Trump Knows That the US Can Exercise More Power in a UK Weakened by Brexit
Robert Fisk
The Fisherman of Sarajevo Told Tales Past Wars and Wars to Come
Gary Leupp
When Did Russia Become an Adversary?
Uri Avnery
“Not Enough!”
Dave Lindorff
Undermining Trump-Putin Summit Means Promoting War
Manuel E. Yepe
World Trade War Has Begun
Binoy Kampmark
Trump Stomps Britain
Wim Laven
The Best Deals are the Deals that Develop Peace
Kary Love
Can We Learn from Heinrich Himmler’s Daughter? Should We?
Jeffrey St. Clair
Franklin Lamb, Requiescat in Pace
Weekend Edition
July 13, 2018
Friday - Sunday
Brian Cloughley
Lessons That Should Have Been Learned From NATO’s Destruction of Libya
Paul Street
Time to Stop Playing “Simon Says” with James Madison and Alexander Hamilton
Jeffrey St. Clair
Roaming Charges: In the Land of Formula and Honey
Aidan O'Brien
Ireland’s Intellectuals Bow to the Queen of Chaos 
Michael Collins
The Affirmative Action Silo
Andrew Levine
Tipping Points
Geoff Dutton
Fair and Balanced Opinion at the New York Times
Ajamu Baraka
Cultural and Ideological Struggle in the US: a Final Comment on Ocasio-Cortez
David Rosen
The New McCarthyism: Is the Electric Chair Next for the Left?
Ken Levy
The McConnell Rule: Nasty, Brutish, and Unconstitutional
George Wuerthner
The Awful Truth About the Hammonds
Robert Fisk
Will Those Killed by NATO 19 Years Ago in Serbia Ever Get Justice?
Robert Hunziker
Three Climatic Monsters with Asteroid Impact
Ramzy Baroud
Europe’s Iron Curtain: The Refugee Crisis is about to Worsen
Nick Pemberton
A Letter For Scarlett JoManDaughter
Marilyn Garson
Netanyahu’s War on Transcendence 
FacebookTwitterGoogle+RedditEmail