Economics and Economy

Bankers and Politicians Are Robbing People Everywhere

Before you shed tears for the plight of elite bankers, let this statement sink in:

Cyprus’ banking sector must shrink. As did Ireland’s, the hard way. What is essential, as every Irishman and woman will tell you, is that the politicians do not load up the weaker citizen’s/taxpayers’ shoulders with enormous debts on behalf of bankers that refuse to wither.

Wall Street on Little Guy

That’s from Yanis Varoufakis, professor of economics at Athens University. It explains what’s going on throughout Europe in the United States.

Top bankers and politicians created a phony wealth system that crashed. Or is crashing. Instead of letting it crash and rebuilding on sound economics, the big bankers and politicians are a) loading us up with debt, or b) confiscating our savings.

The elites refuse to accept the consequences of their own failed system. Tyler Durden makes the point here on

Throughout all of this, the global elites have displayed consistently worsening signs of decadence, psychopathic tendencies, and overall detachment from reality.

The core problem here is that Westerners have ceded almost all political and economic power to the elites. Representative democracy was designed to prevent elites from accumulating power, but it only works if people hold onto their power jealously. Here’s how William F. Buckley put it in Up From Liberalism:

I will not cede more power to the state. I will not willingly cede more power to anyone, not to the state, not to General Motors, not to the CIO. I will hoard my power like a miser, resisting every effort to drain it away from me. I will then use my power as I see fit.

Buckley is dead, and so is his ethos.

Debt hasn’t diminished since the crisis began. It’s grown like an infected boil on the face of democracy.

As massive debts accumulate to governments and ever larger banks, the temptation among the elites to rob the rest of us grows stronger. And the longer we wait to pop this zit, the deadlier the pus explosion when it ruptures.

Author: William Hennessy

Co-founder of St. Louis Tea Party Coalition and Nationwide Chicago Tea Party Persuasive design expertLatest book: Turning On Trump: An Evolution (2016)Author of The Conservative Manifest (1993), Zen Conservatism (2009), Weaving the Roots (2011), and Fight to Evolve (2016)I believe every person deserves the dignity of meaningful work as the only path to human flourishing.

4 Comments on “Bankers and Politicians Are Robbing People Everywhere

  1. Whoa there Bill. You’re starting to sound like the tin-foil helmut folks.

    Whereas there is little doubt that the government is rapidly taking away our liberties, your nebulous inclusion of bankers and “elites” sound paranoid. The old “they’re” out to get us.

    Governments compel us through taxes, fines, levies and imprisonment. Any transaction you have with the banks and bankers, on the other hand, is strictly voluntary. If you don’t like a particular bank, or any bank for that matter, you can choose not to do business with them. That is not the case with the governmet.

    The problem I think you’re trying to address deals with the influence certain financial institutions (e.g. Goldman Sachs) have within our political system. But the underlying problem is that the reason these institutions have developed this incestuous relationship with the political system is that decisons made by politician can have such a dramatic impact on their business and personal fortunes. This is true of all crony capitalism.

    The solution is to reduce the power of government, such that decisions made in Washington and other centers of political power, have such little impact on our lives that it no longer is worth it to change policies.

    Take away the power of government, and you won’t have to worry about “the elites”.

    1. Perhaps.

      But I’m joined by Scott Rasmussen, James Pethokoukis of National Review, and many others.

      And this wasn’t my first dance on this topic.

      The big banks, which were intentionally made larger during the crisis, continue their unfair advantage over smaller banks through TBTF subsidy:
      According to a Bloomberg analysis of the findings, this amounts to a taxpayer subsidy of $83 billion a year, equalling virtually all of the annual profits enjoyed by the largest banks.

      Yes, the government feeds the swollen banks. And the banks will fight with all their subsidized wealth any attempt to weaken either.

      And, no, I won’t defend crony capitalists just because the government makes it easy for them suck at the public teat. The banks lobby hard for protection and subsidies, and in many respects, the government is simply doing their bidding.

      Finally, and at the risk of piling on here. those tin-foil hat wackos at Boston Consulting Group contemplated the need for 26% wealth tax (hair cut) on all US private deposits in 2011.

      I might be nuts, but I’m in good company.

  2. 1913 was a very bad year and one of several Constitution-shredding and sovereignty-destroying events that occurred that year was the creation of the Federal Reserve Bank. The same thing that is happening now in Cyprus and Greece, coming soon to Spain/Italy/Portugal, is also coming to the U.S. on a massive scale. Retired folks living on cash nest eggs had better watch out – that system you created and/or tolerated is about to give you a very nice haircut. How will your average spoiled-rotten “I’m on welfare but still got me an iPhone” U.S. citizen behave? No matter, the U.S. Dept. of Homeland Security is preparing now to go to war with all of us on behalf of these same elite bankers you discuss in your article. Any politician not aware of and not addressing these issues is not worthy of your attention.

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