Aug 31 2007
Poor in America - P.I.A.
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By Vi Ransel
9/1/07
It’s an ancient tradition derived
from the scapegoat of Leviticus
whereby the wrongs of others
are transferred to an innocent
who’s then sent out alone to die
symbolically bearing others’ sins,
absolving from greed, lust, pride and hate
the community that condemned him.
A corpse is laid out, sin eater employed
to eat bread and salt from its belly
thereby absorbing the corpse’s sins
for the wages of just a few pennies.
Relegated to the wrong side of the tracks
in housing fallen to disrepair
destitute even of hope
a place one stumbles only in error.
The poor clean the toilets, wait the tables,
kill the meat and mow the lawns,
raise the children of the “Upper” Class,
walk their pampered dogs and park their cars.
They assemble the latest electronics,
sew our blue jeans and our wedding gowns.
When we buy cheap Chinese goods at Wal-mart
they’re the “associates” who check us out.
The poor care for other people’s parents
left alone and sad in nursing homes.
They’re the receptionists in upscale spas,
the charming girls in nail salons.
They’re dishwashers who scrape half-full plates
left by those who can afford to go out to eat.
They stock store shelves and work in warehouses
where corporations ship and receive.
They empty bed pans and wipe up vomit.
They’re janitors and maintainence men.
And a lot of them help to build the jails
they’re disproportionately incarcerated in.
The people they serve hardly speak to them
though they provide indispensible services
because they’re living proof of a “lower” calss,
which makes most Americans nervous.
The fact that they exist at all is a slap
in the face of the American polity,
so they’re treated like a shameful excresence
on the ass of American society.
But like the ghetto homelands of South Africa,
America has embarrassing pockets of poverty.
And the economic apartheid we practice,
makes the poor exiles in their own country.
And when the poor are all used up, having been
consumed by predatory corporations,
they’re discarded like so much garbage
for being too old, too sick or disabled.
These castoffs through no fault of their own
are condemned by the corporate supremacists
who looted their pensions and 401Ks
to eke out a long and miserable existence.
It’s gone on so long it seems normal,
and corporate-owned media report it that way.
It’s as if poverty were invsible
and America’s conscience had been mislaid.
So the sin eaters continue to scramble
for scraps from the CORPSE-porations’ table,
bearing the burden of unpardonable sin,
our homegrown, American scapegoats.
And treating the poor as if this is their fault
hides the fact that it is America’s decision
to absolve the criminal perpetrator
and blame the sin-eating victim.
So you’ll never see a T-shirt that says
“Poor and Proud in the U.S.A.”
because in the United States of America
the P.I.A. are M.I.A.
To S.I.A.:
http://countercurrents.org/kolko010907.htm
“The Predicted Financial Storm Has Arrived
By Gabriel Kolko
01 September, 2007
Zmag
Contradictions now wrack the world’s financial system, and a growing consensus exists between those who endorse it and those who argue the status quo is both crisis-prone as well as immoral. If we are to believe the institutions and personalities who have been in the forefront of the defense of capitalism, we are on the verge of a serious crisis-if not now, then in the near future.
The International Monetary Fund (IMF), the Bank for International Settlements, the British Financial Services Authority, the Financial Times, and innumerable mainstream commentators were increasingly worried and publicly warned against many of the financial innovations that have now imploded. Warren Buffett, whom Forbes ranks the second richest man in the world, last year called credit derivatives-only one of the many new banking inventions-”financial weapons of mass destruction.” Very conservative institutions and people predicted the upheaval in global finances we are today experiencing.
The IMF has taken the lead in criticizing the new international financial structure, and over the past three years it has published numerous detailed reasons why it has become so dangerous to the world’s economic stability. Events have confirmed its prognostication that complexity and lack of transparency, the obscurity of risks and universal uncertainty, especially regarding collateralized debt and loan obligations, will cause a flight to security that will dry up much of the liquidity of banking. “…Financial innovation itself,” as a Financial Times columnist put it, “is the problem”. The ultra-creative system is seizing up because no one understands where risks are located or how it works. It began to do so this summer and fixing it is not very likely.
It is impossible to measure the extent of the losses. The final results of this deluge have yet to be calculated. Even many of the players who have stakes in the countless arcane investment instruments are utterly ignorant. The sums are enormous.
Only a few of the many measures give us a rough estimate:
The present crisis began-it has scarcely ended there–with subprime mortgage loans in the U.S., which were valued at over $1.3 trillion at the beginning of 2007 but are, for practical purposes, worth far, far less today. We can ignore the impact of this crisis on U.S. housing prices, but some projections are of a 10 percent decline-another trillion or so. Indirectly, of course, the mortgage crisis has also brought many millions of people into the larger financial world and they will get badly hurt.
What the subprime market did was unleash a far greater maelstrom involving banks in Germany, France, Asia, and throughout the world, calling into question much of the world financial system as it has developed over the past decade.
Investment banks hold about $300 billion in private equity debts they planned to place-mainly in leveraged buy-outs. They will be forced to sell them at discounts or keep them on their balance sheets-either way they will lose.
The near-failure of the German Sachsen LB bank, which had to be saved from bankruptcy with 17.3 billion euros in credit, revealed that European banks hold over half-trillion dollars in so-called asset backed commercial paper, much of it in the U. S. and subprime mortgages. A failure in America caused Europe too to face a crisis. The problem is scarcely isolated.
The leading victim of this upheaval are the hedge funds. What are hedge funds? There are about 10,000 and, all told, they do everything. Some hedge funds, however, provided companies with capital and successfully competed with commercial banks because they took much greater risks. A substantial proportion is simple gamblers; some even bet on the weather–hunches. Many look to their computers and mathematics for models to guide their investments, and these have lost the most money, but funds based on other strategies also lost during August. The spectacular Long-term Capital Management 1998 failure was also due to its reliance on ingenious mathematical propositions, yet no one learned any lessons from it, proving that appeals to reason as well as experience fall on deaf ears if there is money to be made.
Some gained during the August crisis but more lost, and in the aggregate the hedge funds lost a great deal-their allure of rapid riches gone. There have been some spectacular bankruptcies and bailouts, including some of the biggest investment firms. Investors who got cold feet found that withdrawing money from hedge funds was nigh on impossible. The real worth of their holdings is hotly contested, and valuations vary wildly. In reality, there is no way to appraise them realistically-they all depend largely on what people want to believe and will take, or the market.
We are at an end of an era, living through the worst financial panic in many decades. Now begins global financial instability. It is impossible to speculate how long today’s turmoil will last-but there now exists an uncertainty and lack of confidence that has been unparalleled since the 1930s-and this ignorance and fear is itself a crucial factor. The moment of reckoning for bankers and bosses has arrived. What is very clear is that losses are massive and the entire developed world is now experiencing the worst economic crisis since 1945, one in which troubles in one nation compound those in others.
All central banks are wracked by dilemmas. They have neither the resources nor the knowledge, including legal powers, to remedy the present maelstrom. Although there is clamor from financiers and assorted operators to bail them out, the Federal Reserve must also weigh the consequences of its moves, above all for inflation. Then there is the question of “moral hazards.” Is the Federal Reserve’s responsibility to save financial adventurers from their own follies? Throughout August the American and European central banks plunged about a half-trillion dollars into the banking system in an attempt to unfreeze blocked credit and loans that followed the subprime crisis-an event which triggered a “flight to safety” which greatly reduced banks’ willingness to loan. In effect, the Federal Reserve relied on banks to restore confidence in the financial system, subsidizing their efforts.
Central banks’ efforts succeeded only very partially but, in the aggregate, they failed: banks and investors now seek security rather than risk, and they will sit on their money. The Federal Reserve privately acknowledges its inability to cope with an inordinately complex financial structure. European central bankers are in exactly the same dilemma: they simply don’t know what to do.
But this scarcely touches the real problem, which is structural and impinges wholly on the way the world financial structure has evolved over the past two decades. As in the past, there is a critical split in the banking and finance world and each has political leverage along with clashing interests. More important, central banks were not designed to cope with today’s realities and have neither the legal powers nor knowledge to control them.
In this context, central banks will have increasing problems and the solutions they propose, as in the past, will be utterly inadequate, not because their intentions are wrong but because it is impossible to regulate such a vast, complex economy-even less today than in the past because there is no international mechanism to do so. Internationalization of finance has meant less regulation than ever, and regulation was scarcely very effective even at the national level.
Not only leftists are naïve but so too are those conservatives who think they can speak truth to power and change the course of events. Greed’s only bounds are what makes money. Existing international institutions-of which the IMF is the most important–or well-intentioned advice will not change this reality.”
Federal Reserve Plantation Nation: American Warcrime Scenery
B. Z. Bendigedig, P.I.
“Who controls the money controls the world.”
— Henry Kissinger
Once the Rockefellers and Rothschilds sold it all
Bushes and Reagans bought it for their boys
A mafioso bill of bloody gaming the world
Monopoly matrix mind numbing marketing of Life
Exchanging dead Presidents from a paper past
(Federal banking elite Reserve cartel notes)
To which our future was mortgaged like a mall
for which our children will march to murder
Our chains are in the brains of thee masses
newspeak traded for reality generations ago
Welcome to our wonderful world of wealth
our 100% sold-out center of money magic
Where a soul’s value is converted to numbers
millions upon billions now trillions of tokens
Causing the crowded consumers to follow through
open market new plantation choose chains of gold
Fragments of what was once real behind wAlls
controlled policed secured in our big city state
Our chains are in the brains of thee masses
newspeak traded for reality generations ago
Whispers of revolution creep around wild edges
yet tomorrow again we go on with our business
Pledging allegiance even though our truth is stolen
paying death taxes for oil wars in a prison nation
B. Z. Bendigedig, P.I.
Perception Recovery Collective
http://Bombshelter.org
“For in a Republic, who is ‘the country?’ Is it the Government which is for the moment in the saddle? Why, the Government is merely a servant - merely a temporary servant; it cannot be its prerogative to determine what is right and what is wrong, and decide who is a patriot and who isn’t. Its function is to obey orders, not originate them.” — Mark Twain
Money doesn’t work; people do. The rich are only so because ‘they’ with government assistance e.g. corporate welfare, subsidies, police protection, and etc., command human resources i.e. labor which translates into production for public consumption. The working and working poor have only their labors to offer for pathetic charity known as a ‘wage’; which is illegally taxed. The only solution to political and economic change is, again, a GENERAL STRIKE! Stop buying into the ‘American nightmare’ of generational debt by buying things you can’t afford. Live wisely and spend frugally