Consolidation Agenda by the Banking Giants

In his latest article "The Great Depression of the 21st Century: Collapse of the Real Economy" author and economist Michel Chossudovsky sheds some light on the agenda of the banking giants led by their standard-bearer at Treasury, Henry Paulson:

"Once they have consolidated their position in the banking industry, the financial giants including JP Morgan Chase, Bank of America, et al will use their windfall money gains and bailout money provided under TARP, to further extend their control over the real economy. The target of these acquisitions are the numerous highly productive industrial and services sector companies, which are on the verge of bankruptcy and/or whose stock values have collapsed.

“In a bitter twist, the new owners of industry are the institutional speculators and financial manipulators, … displacing not only the preexisting structures of ownership but also instating their cronies in the seats of corporate management".

Chossudovsky sums it up perfectly. The financial crisis is being used by Wall Street big-wigs to restructure the economy and create a permanent class of working poor.

[Mike Whitney, Internet commentator]

No comments: