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There is only one wonder, and that is why aren’t these people behind bars?
Still suffering from the MSM-prattled delusion of higher education being the main cause of wealth disparity in the US?
This gentleman, who was just awarded the first Distinguished Economist designation by the Economic Policy Institute, is not. Give him a listen (again and again):
From Dr. K's latest essay:
If anything, the protesters are setting the cutoff too low. The recent budget office report doesn’t look inside the top 1 percent, but an earlier report, which only went up to 2005, found that almost two-thirds of the rising share of the top percentile in income actually went to the top 0.1 percent — the richest thousandth of Americans, who saw their real incomes rise more than 400 percent over the period from 1979 to 2005.
Who’s in that top 0.1 percent? Are they heroic entrepreneurs creating jobs? No, for the most part, they’re corporate executives. Recent research shows that around 60 percent of the top 0.1 percent either are executives in nonfinancial companies or make their money in finance, i.e., Wall Street broadly defined. Add in lawyers and people in real estate, and we’re talking about more than 70 percent of the lucky one-thousandth.
But why does this growing concentration of income and wealth in a few hands matter? Part of the answer is that rising inequality has meant a nation in which most families don’t share fully in economic growth. Another part of the answer is that once you realize just how much richer the rich have become, the argument that higher taxes on high incomes should be part of any long-run budget deal becomes a lot more compelling.
The larger answer, however, is that extreme concentration of income is incompatible with real democracy. Can anyone seriously deny that our political system is being warped by the influence of big money, and that the warping is getting worse as the wealth of a few grows ever larger?
Thank whoever, we have PK to speak the truth for US. Read on, MacDuff!
Oligarchy, American Style
Paul Krugman
November 4, 2011
Inequality is back in the news, largely thanks to Occupy Wall Street, but with an assist from the Congressional Budget Office. And you know what that means: It’s time to roll out the obfuscators!
Fred R. Conrad/The New York Times
Anyone who has tracked this issue over time knows what I mean. Whenever growing income disparities threaten to come into focus, a reliable set of defenders tries to bring back the blur. Think tanks put out reports claiming that inequality isn’t really rising, or that it doesn’t matter. Pundits try to put a more benign face on the phenomenon, claiming that it’s not really the wealthy few versus the rest, it’s the educated versus the less educated.
So what you need to know is that all of these claims are basically attempts to obscure the stark reality: We have a society in which money is increasingly concentrated in the hands of a few people, and in which that concentration of income and wealth threatens to make us a democracy in name only.
The budget office laid out some of that stark reality in a recent report, which documented a sharp decline in the share of total income going to lower- and middle-income Americans. We still like to think of ourselves as a middle-class country. But with the bottom 80 percent of households now receiving less than half of total income, that’s a vision increasingly at odds with reality.
In response, the usual suspects have rolled out some familiar arguments: the data are flawed (they aren’t); the rich are an ever-changing group (not so); and so on. The most popular argument right now seems, however, to be the claim that we may not be a middle-class society, but we’re still an upper-middle-class society, in which a broad class of highly educated workers, who have the skills to compete in the modern world, is doing very well.
It’s a nice story, and a lot less disturbing than the picture of a nation in which a much smaller group of rich people is becoming increasingly dominant. But it’s not true.
Workers with college degrees have indeed, on average, done better than workers without, and the gap has generally widened over time. But highly educated Americans have by no means been immune to income stagnation and growing economic insecurity. Wage gains for most college-educated workers have been unimpressive (and nonexistent since 2000), while even the well-educated can no longer count on getting jobs with good benefits. In particular, these days workers with a college degree but no further degrees are less likely to get workplace health coverage than workers with only a high school degree were in 1979.
So who is getting the big gains? A very small, wealthy minority.
The budget office report tells us that essentially all of the upward redistribution of income away from the bottom 80 percent has gone to the highest-income 1 percent of Americans. That is, the protesters who portray themselves as representing the interests of the 99 percent have it basically right, and the pundits solemnly assuring them that it’s really about education, not the gains of a small elite, have it completely wrong.
If anything, the protesters are setting the cutoff too low. The recent budget office report doesn’t look inside the top 1 percent, but an earlier report, which only went up to 2005, found that almost two-thirds of the rising share of the top percentile in income actually went to the top 0.1 percent — the richest thousandth of Americans, who saw their real incomes rise more than 400 percent over the period from 1979 to 2005.
Who’s in that top 0.1 percent? Are they heroic entrepreneurs creating jobs? No, for the most part, they’re corporate executives. Recent research shows that around 60 percent of the top 0.1 percent either are executives in nonfinancial companies or make their money in finance, i.e., Wall Street broadly defined. Add in lawyers and people in real estate, and we’re talking about more than 70 percent of the lucky one-thousandth.
But why does this growing concentration of income and wealth in a few hands matter? Part of the answer is that rising inequality has meant a nation in which most families don’t share fully in economic growth. Another part of the answer is that once you realize just how much richer the rich have become, the argument that higher taxes on high incomes should be part of any long-run budget deal becomes a lot more compelling.
The larger answer, however, is that extreme concentration of income is incompatible with real democracy. Can anyone seriously deny that our political system is being warped by the influence of big money, and that the warping is getting worse as the wealth of a few grows ever larger?
Some pundits are still trying to dismiss concerns about rising inequality as somehow foolish. But the truth is that the whole nature of our society is at stake.
Readers’ Comments
Do you feel that the MSM has been any more truthful about the massacre just finished in Libya? I don't.
In fact, it appears rather likely that a majority of Libyans supported Gaddafi. How else could the government have held off the most powerful military forces in the world for more than seven months? Before NATO and the US laid waste to the land, Libya had the highest life expectancy, lowest infant mortality, and highest UN Human Development Index in Africa. During the first few months of the civil war, giant rallies were held in support of the Libyan leader.2
For further discussion of why Libyans may have been motivated to support Gaddafi, have a look at this video.If Gaddafi had been less oppressive of his political opposition over the years and had made some gestures of accommodation to them during the Arab Spring, the benevolent side of his regime might still be keeping him in power, although the world has plentiful evidence making it plain that the Western powers are not particularly concerned about political oppression except to use as an excuse for intervention when they want to; indeed, government files seized in Tripoli during the fighting show that the CIA and British intelligence worked with the Libyan government in tracking down dissidents, turning them over to Libya, and taking part in interrogations.3
In any event, many of the rebels had a religious motive for opposing the government and played dominant roles within the rebel army; previously a number of them had fought against the United States in Afghanistan and Iraq.4The new Libyan regime promptly announced that Islamic sharia law would be the "basic source" of legislation, and laws that contradict "the teachings of Islam" would be nullified; there would also be a reinstitution of polygamy; the Muslim holy book, the Quran, allows men up to four wives.5Thus, just as in Afghanistan in the 1980-90s, the United States has supported Islamic militants fighting against a secular government. The American government has imprisoned many people as "terrorists" in the United States for a lot less.What began in Libya as "normal" civil war violence from both sides — repeated before and since by the governments of Egypt, Yemen, Bahrain, and Syria without any Western military intervention at all (the US actually continues to arm the Bahrain and Yemen regimes) — was transformed by the Western propaganda machine into a serious Gaddafi genocide of innocent Libyans.Bouchuiguir is asked several times if he can document various charges made against the Libyan leader. Where is the proof of the many rapes? The many other alleged atrocities? The more than 6,000 civilians alleged killed by Gaddafi's planes? Again and again Bouchuiguir cites the National Transitional Council as the source. Yes, that's the rebels who carried out the civil war in conjunction with the NATO/US forces.At other times Bouchuiguir speaks of "eyewitnesses": "little girls, boys who were there, whose families we know personally". After awhile, he declares that "there is no way" to document these things. This is probably true to some extent, but why, then, the UN Security Council resolution for a military intervention in Libya? Why almost eight months of bombing?
First they steal your money; then they ask you to pay them for the theft. Western governments are no longer accountable to law. (They ain't got no choice (in the memorable words of the mafiosi), they are sleeping with the fishes either way.)
Paul Craig Roberts has one answer to this supposed conundrum. What's yours?
Paul Craig Roberts
November 03, 2011
Every day that passes adds to the fraudulent image of what is called Western democracy.
Consider that the entire Western world is outraged that the Greek prime minister announced that he is going to permit the Greek people to decide their own fate instead of having it decided for them by a handful of banksters, politicians, and bureaucrats living it up at taxpayer expense at “talks” in the French resort of Cannes on the Mediterranean.
The Greek economy is facing its fourth year of decline and lacks the revenues to service its national debt held by private European banks. The banks don’t want to lose any money, so a handful of power brokers reached an agreement with representatives of the Greek government to write off some of the debt in exchange for EU capital subsidies to be financed by inflicting severe austerity on the Greek population.Wages, salaries, pensions and medical care are being cut while the rate of unemployment rises to depression levels. Government employees are laid off. Valuable public properties are to be sold to private parties for pennies on the dollar. In short, Greece is to be looted.
Large numbers of Greeks have been in the streets protesting the austerity policy and have reached the point of anger of throwing Molotov cocktails at the police. Greece is disintegrating politically. The Greek people sense that the EU “bailout” is not bailing out Greece. It is bailing out the French, Dutch, and German banks at the expense of the Greek people.
The Greek prime minister, watching his party’s support and power crumble, announced that he would let the people decide in a referendum. After all, allegedly that’s what democracies do. But it turns out that “we have freedom and democracy” is not supposed to be taken literally. It is merely a propagandistic slogan behind which people are ruled through back-room deals decided by powerful private interests.
The Greek prime minister’s announcement that he would put the back-room bailout deal to a referendum shocked the EU hierarchy, Washington, and investors. Who does this Greek guy think he is permitting the people, who bear the cost of the deal, to have a say in it? Who let this Greek guy out of his cage? This is not the way democracies are ruled.
The EU power brokers are outraged over the Greek prime minister’s departure from normal procedure. But the Greek PM is relying on the Greek people to approve the deal, and not without reason.
The Greek people have been brainwashed for decades as to the importance of “being part of Europe.” That means being a member of the European Union. When the Greeks realize that voting down the bailout of the banksters means being thrown out of the European Union, which is what they will learn between now and the referendum, they will vote for the back room deal.
Polls already indicate this. A poll for a Greek newspaper indicates that whereas 46% oppose the bailout, 70% favor staying in the EU, which the Greeks see as a life or death issue.
If this poll is a reliable indicator, the Greek PM has made a brilliant political decision. The Greek people will vote in favor of what they have been protesting violently in the streets. As the Greek people will do themselves in, the politicians are off the hook. This is the bet that the Greek PM has placed.
Whatever the outcome, keep in mind that the entire Western political and investor world was shocked that a politician, instead of simply imposing a back room deal, said he would let the people decide. Letting the people decide is a no-no in Western democracies.
If you need more evidence of this mythical creature called “Western democracy,” consider that Western governments are no longer accountable to law. Contrast, for example, the sexual harassment charges that are plaguing US presidential candidate Herman Cain’s campaign with the pass given to high government officials who clearly violated statutory law.
What follows is not a defense of Cain. I take no position on the charges. The real point is different. In America the only thing that can ruin a politician is his interest in sex. A politician, for example, George W. Bush, Dick Cheney, B. Omama, cannot be ruined by violating United States and international law or by treating the US Constitution as a “mere scrap of paper.”Bush and Cheney can take America to wars based entirely on lies and orchestrated deceptions. They can commit war crimes, murdering large numbers of civilians in the cause of “the war on terror,” itself a hoax. They can violate US and international laws against torture simply “because the president said so.”They can throw away habeas corpus, the constitutional requirement that a person cannot be imprisoned without evidence presented to a court. They can deny the right to an attorney. They can violate the law and spy on Americans without obtaining warrants. They can send due process to hell.In fact, they can do whatever they want just like Hitler’s Gestapo and Stalin’s secret police. But if they show undue interest in a woman or proposition a woman, they are dead meat.
Very few commentators have said a word about this. The House of Representatives did not impeach President Bill Clinton for his war crimes against Serbia. They impeached him for lying about a sexual affair with a White House intern. The US Senate, which had too many sexual affairs of its own to defend, didn’t bother to try to convict.
This is Amerika today. A president without any authority whatsoever, not in law and certainly not in the Constitution, can assassinate US citizens based on nothing except an assertion that they are a “threat.”No evidence is required. No conviction. No presentation of evidence in any court. Just a murder. That is now permissible to the Amerikan president. But let him try to get a woman who is not his wife into bed, and he is a cooked goose.
In Amerika there is no such thing any longer as torture; there is only “enhanced interrogation.” A mere word change has eliminated the crime. So torture is permissible.
In Amerika today, or in the UK and the EU, anyone who tells the truth is a “threat.” Julian Assange of Wikileaks, who made public information leaked to him by US government sources horrified by the criminal actions of the United States government, is now, as a result of Amerikan pressure on UK courts, being turned over to Sweden, which, for favors from the “world’s only superpower,” will turn him over to the US regardless of law to be prosecuted on trumped-up charges.
Western “civilization” is totally corrupted by American money. There is no integrity anywhere. For a decade Washington has been murdering women, children, village elders, and journalists in the name of the hoax “war on terror.”
What terror does the world actually see? The world sees the terror that Israel, protected by Washington, inflicts on the Palestinians. The world sees the terror that the US inflicts on Serbia, Iraq, Afghanistan, Pakistan, Yemen, Somalia, Libya, Latin America and now Africa, with Syria, Lebanon, and Iran waiting in the wings. The “war on terror” is nothing but an orchestrated invented excuse for Amerika-Israel to achieve hegemony while enriching their armaments industries.
In Greece, at least the PM committed to giving the people a say in their fate. In America the people have no voice whatsoever. The sheeple are content to be protected by “security,” porno-scanners, warrantless wiretapping, indefinite detention, and sexual groping. To carry on the hoax “war on terror,” the US government has elevated itself above the law.
The American effort to achieve accountability to law, the Occupy Wall Street (OWS) movement, if not shut down by cold weather, ice, and snow, is likely to be shut down by police violence. One riot begun by provocateurs is all it takes to transform protesters into “domestic extremists,” the number one concern of Homeland Security. The presstitute media will make the case against the rioters, and the sheeple will buy it.
The police have been militarized by Washington. Community police forces no longer represent the local public that pays their salaries. Local police represent Washington’s war against America.
American citizens are all suspects. Anyone who goes through airport security knows this. The only law that the US government obeys is not even a law. It is a bureaucratic regulation that prevents, even in dire wartime, any profiling of suspects by ethnicity or country of origin.
Consequently, all native born, flag-waving, American super-patriots are suspects when they board commercial airliners. Americans who have a lifetime of security clearances are subject to being porno-scanned or sexually groped. Airport Security cannot tell a “terrorist” from a CIA analyst, a Marine general or a US Senator.
Well-connected members of the ruling elite, such as Michael Chertoff, can become rich from selling the porno-scanners to taxpayers in order “to protect the public from terrorists.”
The only terrorists Americans will ever experience are those funded by their own tax dollars within their “own” government. A people incapable of perceiving its real peril has no chance of surviving. America might be a military superpower, but it no longer exists as a free country with accountable government and a rule of law.
(Paul Craig Roberts was an editor of the Wall Street Journal and an Assistant Secretary of the U.S. Treasury. He can be reached at: PaulCraigRoberts@yahoo.com.)
Remember these guys?
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