US universities and colleges could end unlawful US wars and stop banksters’ rigged-casino fraud if they taught the central facts of these issues. This four-part series of articles is an open proposal for their action. Feel free to share it.
SIMON JOHNSON: Absolutely correct, Bill. The big banks became stronger as a result of the bailout. That may seem extraordinary, but it’s really true. They’re turning that increased economic clout into more political power. And they’re using that political power to go out and take the same sort of risks that got us into disaster in September 2008.
BILL MOYERS: And your definition of oligarchy is?
SIMON JOHNSON: Oligarchy is just- it’s a very simple, straightforward idea from Aristotle. It’s political power based on economic power. And it’s the rise of the banks in economic terms, which we document at length, that it’d turn into political power. And they then feed that back into more deregulation, more opportunities to go out and take reckless risks and- and capture huge amounts of money….The American democracy was not given to us on a platter. It is not ours for all time, irrespective of our efforts. Either people organize and they find political leadership to take this on, or we are going to be in big trouble, okay?… That’s absolutely the heart of the problem. I would also say and tell you, and emphasize, these people will not come out and debate with us. The heads of these companies or their representatives, they will not come out. They’re afraid. They don’t have the substance. They don’t have the arguments. We have the evidence. They have the lobbyists. And that’s all they have.
BILL MOYERS: They’ve got the power, the muscle, the money.
SIMON JOHNSON: They have money.
BILL MOYERS: You just have the arguments. You just have the facts. On your side.
SIMON JOHNSON: Absolutely. That’s exactly what it comes down to.
Every day we see energy speculators, war profiteers, managed health-care providers, media propagandists, and/or financiers given some unfair advantage over the average consumers and taxpayers, and the cumulative effect of the American people watching selfishness prevail over the public interest has been an undermining of the public’s trust in government.
There’s no question the system is rigged against the little guy. The bigger interests have a lot more information. They jerry-rig the system so that they always win.” – Senator Byron Dorgan
- The national debt is paid rather than always increased.
- It’s the only policy that accomplishes the goal of full employment as the government becomes the employer of last resort.
- This policy ends the economic crisis almost instantly; and once the program is established will guarantee no further unemployment crises.
- If the GDP value of government employment exceeds its costs (consider infrastructure that returns far more than costs), the US would have the double benefit of decreasing prices as well as full employment.
- For an example of interest to HGSE, considering the US Department of Education reports that between 100,000 to 300,000 US public education positions are in danger of termination for the 2010-2011 school year, this policy creates money directly to rehire unemployed teachers and fill all school needs. Our current economic model will suffer the layoffs and decrease in education quality.
- State-of-the-art infrastructure.
- Elimination of almost all social costs of poverty.
- If banking were nationalized rather than being “bailed out” in the present, interest rates could be non-profit (think 1% mortgages that would reduce the cost of homeownership by 50%).
tomorrow: exposing and ending corporate media propaganda.