The following paragraph echoes information reported on the Glenn Beck show this week and is very disconcerting. It appears that our government has been “captured” by a financial “oligarchy”. We and our economy are now being run by Goldmann Sachs, the labor unions and the government. The following statement was made by a former IMF chief economist. I take his words and his warning very seriously and advise all thinking Americans to do so. This is his statement and a link to his essay at the Atlantic. I had to look up the word oligarchy to be sure of its meaning.
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
by Simon Johnson