{"id":21827,"date":"2016-09-24T12:34:52","date_gmt":"2016-09-24T17:34:52","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21827"},"modified":"2016-09-24T12:34:52","modified_gmt":"2016-09-24T17:34:52","slug":"a-scam-too-far","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21827","title":{"rendered":"A Scam Too Far"},"content":{"rendered":"

A Scam Too Far<\/a><\/h3>\n

One of the more politically frustrating aspects of the last decade in the West is the unwillingness of the powers-that-be to address the radical dysfunction that underlies Western political economy. As fact, microcosm and metaphor, the \u2018scandal\u2019 of Wells Fargo bank creating millions of fake accounts, charging its customers for the privilege and then telling so-called regulators to kiss its ass, is loaded. In 2011, when the bank is said to have begun the practice, Wells Fargo was still being actively bailed out, \u2018extraordinary\u2019 measures were being taken to revive the fortunes of the rich and connected and it hadn\u2019t yet become entirely clear that \u2018change you can believe in\u2019 meant full revival of the system that created the recurring crises of recent decades.<\/p>\n

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The relentless propaganda of economic recovery isolated \u2018the economy\u2019 from the broader system of political and economic control and posed the heavily engineered up-cycle as a permanent new state of affairs. It also pitted the facts as lived by hundreds of millions of people against the insistence by the governments and central banks of the U.S., the E.U. and Britain that recreation of the circumstances that produced the prior three crises would somehow produce widely-shared and benevolent outcomes this time around. What the Wells Fargo \u2018scandal\u2019 renders evident is that what was recovered is the system of predatory finance that exists as institutionalized capitalist taking in the service of a tiny but powerful plutocracy.<\/p>\n

\"uriescam1\"<\/p>\n

Graph: the capitalist coup that began in the 1970s was a response to a real crisis alternatively framed as a falling rate of profit and \/ or declining plutocratic control over Western political economy. Financialization shifted the balance of power back toward capital through the money system. Banks create money against separable liabilities.\u00a0<\/em><\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A Scam Too Far One of the more politically frustrating aspects of the last decade in the West is the unwillingness of the powers-that-be to address the radical dysfunction that underlies Western political economy. As fact, microcosm and metaphor, the \u2018scandal\u2019 of Wells Fargo bank creating millions of fake accounts, charging its customers for the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[63,111,5493,1573,536,3731,2238,14379],"class_list":["post-21827","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banks","tag-capitalism","tag-counterpunch","tag-financialization","tag-money","tag-money-creation","tag-plutocracy","tag-rob-ur"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21827"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21827\/revisions"}],"predecessor-version":[{"id":21828,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21827\/revisions\/21828"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}