‘The Great Taking’: Vast Systemic Risk in the Financial System?
In recent years I have often wondered if the constant drama—often deliberately produced and amplified by corrupt and inept governments—is a means of distracting our attention from the fact that those who work in the financial industry have become astronomically wealthy since the Financial Crisis of 2009, while the middle and working classes have struggled to keep up with the rising cost of living.
Especially suspicious in this regard have been the endless ravings about Racism and Russia that have been broadcast for the last several years.
Talking about Racists and Russians behind every bush was an easy way to distract attention from the fact that the Obama administration didn’t prosecute a single major Wall Street executive for fraud, even as solid evidence of vast Wall Street fraud emerged during the first years of his administration.
The same guys who were chiefly responsible for the financial crisis were then bailed out by the Federal Reserve’s “Quantitative Easing” program. This backdoor bailout was so brazen that the man who was tasked with running the program—Andrew Huszar—ultimately felt compelled to write a mea culpa about it in the Wall Street Journal (see “Confessions of a Quantitative Easer,” Andrew Huszar, WSJ, Nov. 11, 2013.)
At this exact same time, we were relentlessly flogged with “America is Racist” propaganda, conditioning us not to notice that we—the people who work in the real, main street economy—had just been looted. Instead of thinking about institutional banditry, we were trained to loath ourselves for our “institutional racism.”
Few Americans are aware that, in October 2008, a Ci
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LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
