Thursday, April 24, 2014

"Das Kapital" #1 on Amazon's best seller list!

By now you are probably familiar with the "sucking sound" heard around the country since the crash of 2008. The sound you hear is the 1% sucking on the dried up teets of the American middle class and driving it into near extinction. 

It started in the 80's when an ex light bulb sales pitchman, turned B-movie actor, was elected President;
 Ronald Reagan, the 40th U.S. President (1981–1989), called for widespread tax cuts, decreased social spending, increased military spending, and the deregulation of domestic markets.  

Reaganomics was partially based on the principles of supply-side economics and the trickle-down theory. These theories hold the view that decreases in taxes, especially for corporations, is the best way to stimulate economic growth: the idea is that if the expenses of corporations are reduced, the savings will "trickle down" to the rest of the economy, spurring growth. (Prior to becoming Reagan's Vice President, George H. Bush coined the term "voodoo economics" as a proposed synonym for Reaganomics.)

The 1% along with the political whores that service them in Congress are beginning to get called out by some powerful and influential

 The Pope showed a willingness to use tough language in attacking what he views as the excesses of capitalism. Using a phrase with special resonance in the United States, he strongly criticized an economic theory — often affiliated with conservatives — that discourages taxation and regulation.

“Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world,” 

Francis wrote in the papal statement. “This opinion, which has never been confirmed by the facts, expresses a crude and naive trust in the goodness of those wielding economic power and in the sacra­lized workings of the prevailing economic system.”

“Meanwhile,” he added, “the excluded are still waiting.”

The Pope put it bluntly to Americans in stating that buying into trickle down economics is a; crude and naive trust in the goodness of those wielding economic power, and in doing so, have willingly allowed themselves to be exploited and driven by a belief that the "American Dream" was actually real. Simply put the message to the American middle class was; "you've been screwed".

Now comes a Frenchman with a 700 page book laying out how Americans bought the "big con' hook, line, and sinker. The 1% are so afraid of this guy that they constantly bark that it's a 2nd edition Marx's "Das Kapital".

French economist Thomas Picketty's book "Capitalism in the Twenty-First Century" which has topped Amazon's best-seller list examines decades of historical data from 20 countries to compare income inequality over time and concluded that;

The U.S. economy has seen the wealth of the 1% grow to dizzying new heights. Wealth isn't trickling down as some argue, Piketty said. Moreover, he warns that rising inequality will undermine democracy and generate discontent.