Once again, the establishment media has taken us down a diversionary path. The tragedy of Charlottesville, where two factions of the political spectrum clashed with deadly consequence, has dominated the headlines. President Donald Trump has been trounced for his response while former president Barack Obama is hailed and a tweet he sent out—a regurgitation of a quote by Nelson Mandala—has become the most-liked tweet in Twitter history
An endless series of stories—from the hyped threat of North Korea to the opioid crisis and ongoing culture war—dominate the news cycle while the nation slowly yet steadily disintegrates. “The one guaranteed source of doom is our broken financial system,” writes Charles Hugh Smith. “Anyone who thinks our toxic financial system is stable is delusional.”
Smith rightly points out the crises hyped by the establishment media “are not causes of discord: they are symptoms of the inevitable consequences of a toxic financial system that has broken our economy, our system of governance and our society.”
He places the blame for this on the financial class, the top 1/100th of 1%, that does not create wealth and prosperity for society as a whole, or invent and manufacture products and commodities beneficial to society, but rather deals in risk-based assets such as mortgages and student loans and spreads risk throughout the economy. “This is only possible in a financialized economy in which finance has become increasingly detached from the real-world economy,” he writes.
Real world industries in America have been systematically strip-mined and sent to the third world. In 1950, the manufacturing industry represented 30% of GDP. In 2010, that number was 10%. “The finance industry swelled as the rest of the economy weakened. The disproportionate growth of finance diverted income from labor to capital. Wall Street profits rose from less than 10% in 1982 to 40% of all corporate profits by 2003,” notes Mike Collins. The financial class has moved away from investing in product development and technology to shuffling money around for short-term monetary gain….