3 Matching Annotations
- Jan 2024
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docdrop.org docdrop.org
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for: elephants in the room - financial industry at the heart of the polycrisis, polycrisis - key role of finance industry, Marjorie Kelly, Capitalism crisis, Laura Flanders show, book - Wealth Supremacy - how the Extractive Economy and the Biased Rules of Captialism Drive Today's Crises
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Summary
- This talk really emphasizes the need for the Stop Reset Go / Deep Humanity Wealth to Wellth program
- Interviewee Marjorie Kelly started Business Ethics magainze in 1987 to show the positive side of business After 30 years, she found that it was still tinkering at the edges. Why? - because it wasn't addressing the fundamental issue.
- Why there hasn't been noticeable change in spite of all these progressive efforts is because we avoided questioning the fundamental assumption that maximizing returns to shareholders and gains to shareholder portfolios is good for people and planet.**** It turns out that it isn't. It's fundamentally bad for civilization and has played a major role in shaping today's polycrisis.
- Why wealth supremacy is entangled with white supremacy
- Financial assets are the subject
- Equity and bonds use to be equal to GDP in the 1950s.
- Now it's 5 times as much
- Financial assets extracts too much from common people
- Question: Families are swimming in debt. Who owns all this financial debt? ...The financial elites do.
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meme
- wealth supremacy and white supremacy are entangled
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Tags
- Capitalism crisis
- elephant in the room - financial industry at heart of polycrisis
- magazine - Business Ethics - founder - Marjorie Kelly
- book - Wealth Supremacy - How the Extractive Economy and the Biased Rules of Capitalism Drive Today's Crises
- Laura Flanders show
- polycrisis - key role of finance industry
- magazine - Business Ethics
- Marjorie Kelly
Annotators
URL
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- Oct 2020
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www.counterpunch.org www.counterpunch.org
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As Matt Taibbi observed way back in 2009 in the midst of the previous bailout, “By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future. There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power. In the age of CDS [credit-default swap] and CDO [collateralized-debt obligation], most of us are financial illiterates. By making an already too-complex economy even more complex, Wall Street has used the [2008] crisis to effect a historic, revolutionary change in our political system – transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below.” [10]
Great quote.
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- Aug 2020
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www.nber.org www.nber.org
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Aizenman, Joshua, Yothin Jinjarak, Donghyun Park, and Huanhuan Zheng. ‘Good-Bye Original Sin, Hello Risk On-Off, Financial Fragility, and Crises?’ National Bureau of Economic Research Working Paper Series, 23 April 2020. https://www.nber.org/papers/w27030.
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