To paraphrase Karl Marx, a specter is haunting Europe and the US. The vision of massive transfusions of taxpayer cash into the coffers of the 1% on both sides of the Atlantic, just as we saw in 2008.
2008 All Over Again: Chris Hedges
"Great Britain’s decision to leave the European Union has wiped out many bankers and global speculators.
"They will turn, as they did in 2008, to governments to rescue them from default.
"Most governments, including ours, will probably comply.
"Will the American public passively permit another massive bailout of the banks? Will it accept more punishing programs of austerity to pay for this bailout? Will a viable socialism rise out of the economic chaos to halt further looting of the U.S. Treasury and the continued reconfiguration of the economy into neofeudalism? Or will a right-wing populism, with heavy undertones of fascism, ascend to power because of a failure on the part of the left to defend a population once again betrayed?..."
“'A lot of banks in America and Europe that held their money in Great Britain just lost 9 percent at current exchange rates,' said economist Michael Hudson...'They have probably not hedged it. There have probably been large Wall Street institutions that made bets believing that Britain would remain in the European Union. There are firms and banks, I suspect, which have lost hundreds of billions of dollars. There is talk of another Lehman Brothers. We don’t yet know who it will be.”
"The Democratic Party, by rescuing Wall Street, will be unmasked as the handmaidens of the financial elite.
“I expect Obama to do whatever he is told to do by Wall Street,' Hudson said. 'He has turned over management of the economy to his campaign contributors from Goldman Sachs and Chase Manhattan. He does not have views of his own, other than self-promotion. He wants his presidential library. He wants to have a big foundation like the Clintons. Most of the population will oppose a bailout, of course, and he will cry all the way to the bank.'”
If Obama leaves office with the economy in crisis, will that affect your choice for his successor?
2008 All Over Again: Chris Hedges
"Great Britain’s decision to leave the European Union has wiped out many bankers and global speculators.
"They will turn, as they did in 2008, to governments to rescue them from default.
"Most governments, including ours, will probably comply.
"Will the American public passively permit another massive bailout of the banks? Will it accept more punishing programs of austerity to pay for this bailout? Will a viable socialism rise out of the economic chaos to halt further looting of the U.S. Treasury and the continued reconfiguration of the economy into neofeudalism? Or will a right-wing populism, with heavy undertones of fascism, ascend to power because of a failure on the part of the left to defend a population once again betrayed?..."
“'A lot of banks in America and Europe that held their money in Great Britain just lost 9 percent at current exchange rates,' said economist Michael Hudson...'They have probably not hedged it. There have probably been large Wall Street institutions that made bets believing that Britain would remain in the European Union. There are firms and banks, I suspect, which have lost hundreds of billions of dollars. There is talk of another Lehman Brothers. We don’t yet know who it will be.”
"The Democratic Party, by rescuing Wall Street, will be unmasked as the handmaidens of the financial elite.
“I expect Obama to do whatever he is told to do by Wall Street,' Hudson said. 'He has turned over management of the economy to his campaign contributors from Goldman Sachs and Chase Manhattan. He does not have views of his own, other than self-promotion. He wants his presidential library. He wants to have a big foundation like the Clintons. Most of the population will oppose a bailout, of course, and he will cry all the way to the bank.'”
If Obama leaves office with the economy in crisis, will that affect your choice for his successor?
