Our favorite Call to Action … this discussion with Max Keiser and Charles Hugh Smith Bernanke’s inflation paradox: Three times’s a charm with Max Keiser is relevant …
The neoliberal utopianism that caused the financial crisis has been repackaged for the 2012 election, where it masks a giant swindle that transfers wealth from low- and middle-income citizens to bankers, defense contractors, real estate speculators and the wealthiest 1%.
In the US, the inexorable logic of this process is embedded in the numbers that comprise the national debt. By most estimates, the national debt is at least $15 trillion.(4) Here is one way to understand where the money went.
- The US government spent $7.4 trillion on bank bailouts. (5)
- It then spent $5 trillion for three elective wars in Iraq, Afghanistan and Libya.(6)
- It simultaneously incurred $2.8 trillion in lost revenue due to the Bush tax cuts for the top income brackets. (7)
The $15.2 trillion total of reckless government giveaways and war spending equals the national debt. Where did this money come from? It came from we the people. During the current economic downturn: