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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Friday, November 16, 2012

What Happens When Goldman Sachs Rules the World?

What kind of world would we have if the financial oligarchy solidified its already enormous power?  What would life look like when Goldman and the financial kleptocracy make the rules governing the economy?

Answer:  the short list would include the banks wanting the following:

--no government regulation;
--privatization of all public sector responsibilties, including SS. Medicare, Medicaid, UI, and all "entitlements;"
--decreased wages for labor;
--no universal health care but rather support of charitable hospitals;
--increase in health insurance premiums;
--no taxation of the rich;
--maximum interest paid on all loans;
--a debt-based society;
--limited goods and services;
 --speculation run amuck; etc.

James K. Galbraith wrote an article in Harper's called the Plan.  In it he described what society would look like if the financial kleptocracy ruled.  He described the ruination of the public sector:  its research, defense, financial stability, environmental safety, social security, education, health care and housing divisions which he estimated would be badly damaged.
By James K. Galbraith - Harper's Magazine (Nov. 2008)
. . . .
 The rot comes from predators posing as conservatives and mouthing the rhetoric of “free markets.” They are not actually interested in free markets. Their goal is to use the government to build monopolies, to control resources, to block regulation, to crush unions, to divert as much as possible from taxpayers into private pockets. They have a reckless attitude toward war-making and they put the financial system in peril by failing to enforce standards of ethics and transparency. As a result, they imperil the country’s credit in the world. True conservatives recognize this, which is why they defected from Bush and McCain long ago.
. . . .
What the government needs most today is to regain an independent capacity to think. The government needs a way to imagine the future that is not dominated by lobbies or even by Congress so long as Congress is dominated by lobbies. Planning is a process: thinking, coordination, action. What is the long-term national interest? What specific targets must be met? What is the best way to do it, and who plays what role?

Read the whole essay here


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