The Audacity of Dope

There's a million and one reasons Willard Mitt 'Mittens' Romney shouldn't be elected the 45th President of the United States November 6th, but only one reason he won't when looking at the presidencies of the past 20 years. Unfortunately, being a flip-flopping liar who will shapeshift into anything the polls say will help curry favor with a few voters won't hinder him as Obama has proven. Being a plutocrat whose success was solely predicated on winning the genetic lottery thus helping dispel the illusion of the American Dream of social mobility won't hurt him either as the silver spoon he was born with in his mouth was only slightly shinier than Dubya's. Nor will his business record of buying up companies with borrowed money, loading them with debt in order to siphon off as much cash as possible before breaking them up to sell off the pieces and ship the jobs overseas disqualify him as an entire economy based on this kind of short term financial gain for the few at the cost of long term wealth creation for the many is exactly what Clinton created during his time in the White House. Not even belonging to a crazy cult that believes wearing magic underwear marks them off from other mere mortals will make a difference in the land of religious fanaticism. No, being a man around fifty years old with an Ivy League degree and having been a governor or senator, Mitt near perfectly fits the job description to occupy 1600 Pennsylvania Avenue. Yet Mittens won't win as he hasn't broken one federal law that all three of his predecessors did; he's never smoked a joint.

Who's to say if it was the stoner vote that put Clinton, Dubya and Obomber over the top, but it's as likely as anything else to have swayed the few votes that actually matter in the undemocratic electoral college system of selecting the US president. Bill Clinton may have claimed he didn't inhale, but he did enjoy pot brownies. Dubya never denied it, saying, "When I was young and irresponsible, I was young and irresponsible" meaning he did plus lots more. Obama came right out and said, "When I was a kid, I inhaled. That was the point." In fact judging by the legendary exploits of Dubya and the fact that Obomber and his buddies smoked so much ganga they nicknamed themselves the Choom Gang, the next president in 2016 is probably going to be chronic.

Of course Americans have a lot of practice dealing with the cognitive dissonance involved in having a president who has broken the same law that sees about 750,000 people arrested every year. War is peace thanks to such mental gymnastics as preemptive, preventive or preventative war, freedom is slavery thanks to the debt servitude necessary to propel an economic system dependent on financialization and ignorance is strength thanks in large part to the informational overload of the technological revolution. Thanks to the primacy of obedience and the related reverence for authority drilled into them at a young age they don't mind casting their vote while blindfolded to the other choices whose beliefs most likely better align with theirs thus turning their election into a quadrennial Pepsi Challenge where choosing Coke or Pepsi doesn't matter as either way you're still going to get diabetes and die.

Sure, much of the US election circus is nothing but a choreographed carnival to coronate an Obomney or Robama, where only a handful of votes in a thimbleful of states will matter, but Americans in many states do have direct democracy: ballot initiatives and referendum. This November 6th there are ballot measures in seven states to either legalize the sale of medical marijuana or legalize it altogether if you're over 21, taxing and regulating it as they do with alcohol. This is an issue where representative democracy is clearly failing the American people, but fortunately direct democracy takes the power out of the hands of vested interests and returns it to the people. Washington (Initiative 502), Colorado (Amendment 64), and Oregon (Measure 80) will decide whether to legalize the drug's production and sale for recreational use. Massachusetts and Arkansas (first in the south) will vote to catch up with the previous trio and the 14 other states where medical marijuana use is already legal. Meanwhile, in Montana they will be voting to reinstate the 2004 citizen-approved medical marijuana law the state legislature recently repealed. Legalization just missed getting on the ballot in Michigan so the City Commissioners in Kalamazoo voted unanimously to decriminalize weed, saying the new ordinance will help police respond to serious crimes even faster than before based on how it has gone so far in Chicago. Detroit, Flint and Grand Rapids will also ask their citizens whether they'd like to decriminalize possession

How did we get to this wacky world? Constructing elaborate Rube-Goldberg machines to destroy our planet or Nobel Peace Prize winners composing kill lists and remotely killing American citizens, innocent women, children, wedding guests and their rescuers with drones in faraway lands without any declaration of war are less controversial than letting people smoke weed to improve the quality of their lives or just for fun. Even when laws have been passed to legalize medical marijuana and with a president we believed to be progressive sitting in the Oval Office, medical dispensaries and training schools are raided by the feds while state troopers stand by and wave good day to the staff, clients and students. Despite Obomber's 2008 promise "I'm not going to be using Justice Department resources to try to circumvent state laws [on medical marijuana]" his Attorney General, Eric Holder has been doing just that. It was the same Eric Holder who may have helped sink California's Prop 19 to legalize marijuana when he vowed to "vigorously enforce" federal marijuana laws and warned that the government would not look the other way and allow a state marijuana market to emerge a month before the 2010 election. In a rational world we'd design laws that improved our society, finances and health but far too often, and especially in the case of cannabis, it seems these ideals are trumped by politics, emotions and special interests.

"Even if one takes every reefer madness allegation of the prohibitionists at face value, marijuana prohibition has done far more harm to far more people than marijuana ever could."
- William F. Buckley Jr

While hard numbers are hard to come by, the drug war costs well over 6,000 lives a year in the US while in Mexico drug cartels have killed more than 55,000 people in the past six years. Prohibition not only raises prices thus increasing incentives to capture market share, it renders contracts unenforceable and makes it impossible for competitors to use the courts or the police to challenge intimidation or settle disputes; the war on drugs has given us decapitated corpses hung from bridges while the cola wars has simply given us all diabetes. Worse are the number of lives lost to the prison system as half of the 2.5 million behind bars in the US are there for drug offenses, many of them of the low-level, nonviolent variety. In 2010, 1.64 million people were arrested for drug violations - 80% of them for possession. Even worse, it has become a new form of Jim Crow as though blacks use and sell drugs at the same rates as whites, thirteen of them go to jail for every white person who does. It seems obvious but many still don't get that sending potheads to jail destroys lives and families and creates hardened criminals who get turned by the prison culture. Members of the now militarized police force see the senselessness close-up which is why Law Enforcement Against Prohibition (LEAP), a national organization of cops and criminal justice experts dedicated to “speaking out about the failures of our existing drug policies” have become legalization advocates.

Costing this war is as slippery as those waged in Iraq and Afghanistan but it is every bit as expensive. According to Harvard drug economist Jeffrey Miron: "Legalizing drugs would save roughly $41.3 billion per year in government expenditure on enforcement of prohibition. Of these savings, $25.7 billion would accrue to state and local governments, while $15.6 billion would accrue to the federal government." Yet according to The Economic Impact of Illicit Drug Use on American Society, last published by the Department of Justice in 2011, enforcing illegal drug laws imposes an annual cost on the American criminal justice system of $56 billion; while incarceration of drug offenders imposes an annual cost of $48 billion for a total of over $100 billion. Back to Harvard's Miron who claims drug legalization would yield tax revenue of $46.7 billion, annually, assuming legal drugs were taxed at rates comparable to those on alcohol and tobacco. Approximately $8.7 billion of this revenue would result from legalization of marijuana and $38.0 billion from legalization of other drugs." Whatever the exact figures, in these times of austerity in which California spends more on its prison system than all higher education this is a huge burden. So big in fact that many states are turning to privatization of prisons which will guarantee occupancy rates, forcing states to maintain or toughen drug and immigration laws in order to keep the beds filled.

Here's what we know about marijuana's impact on our health. Not much thanks to prohibition. In fact we were more aware of its benefits over a century ago. Sure there seems to be a few negatives, heavy use in your teens may shave a few points off your IQ, smoking has been tied to testicular cancer and 9% of those who try marijuana eventually fit a diagnosis of cannabis dependence. But few would advocate teens smoking a few joints a day, cannabis compounds have been shown to stop metastasis in aggressive cancers and the corresponding dependency rates for alcohol and nicotine are 15 and 32%. The "gateway" drug argument claims use leads to more dangerous substances as most people who use other illicit drugs had used marijuana first. Not to bore you with the old causation is not correlation trope but the illegality of weed forces people to come into contact with harder drugs in their illegal dealings and don't forget people often smoke cigarettes or drink alcohol before they latch on to marijuana. Meanwhile, marijuana has significant upsides for individuals with certain illnesses. In glaucoma patients, it can reduce the dangerously high eye pressure that can lead to vision loss. In addition, pot can provide relief from chronic pain, reduce nausea and vomiting from cancer chemotherapy, and limit the severe weight loss that results from AIDS and other diseases. Alcohol abuse kills 75,000 people a year. Legal prescription drugs kill 100,000 people a year. Marijuana kills zero. The statistics for violent crime and accidental death follow the same pattern.

"Hemp is of first necessity to the wealth & protection of the country."
- Thomas Jefferson

The path from being a simple plant mandatory to grow in 1619 Jamestown colony law to Samuel Caldwell and Moses Baca becoming the first Americans busted for pot just over 75 years ago, Oct 2, 1937, is as hazy as the air at a Dylan show in 1966. In between, hemp was the principal crop at George Washington's Mount Vernon, secondary at Jefferson's Monticello, used as part of medicinal preparations beginning in 1839 and "fashionable narcotic" by 1853. Control came slowly over the next 80 years, culminating in prohibition with the passage of the federal Marihuana Tax Act in 1937. First came poison laws in an attempt to regulate pharmaceuticals through labeling to indicate harmful effects of the drugs or prohibiting sale outside of licensed pharmacies and without a prescription. Basically, trying to combat this type of snake oil salesmen.

At the turn of the 20th century, between 2% and 5% of the US population were drug addicts, more than today, the majority hooked on morphine, a legacy of the Civil War and bored housewives duped by door-to-door con artists. The Pure Food and Drug Act of 1906 did more than any subsequent law to fight addiction. In addition to creating the FDA (Food and Drug Administration) it also said certain drugs could only be sold by prescription and habit forming drugs had to be labeled. As Congress did not possess the power to create general criminal laws, a plan was devised to masquerade the regulation and persecution as a tax, leading to the Harrison Narcotics Tax Act of 1914. It created the template for using criminal sanctions to deal with the non-medical use of drugs but only applied to opium, morphine and its various derivatives, and the derivatives of the coca leaf like cocaine; there was no mention anywhere of amphetamines, barbiturates, marijuana, hashish, or hallucinogenic drugs of any kind. More importantly, it did nothing to outlaw possession but set such a high tax on non-medical exchange of the drugs that it made it defacto illegal to have certain drugs.

Control was tightened ad hoc, state by state to restrict all narcotics, including cannabis, as poisons and limit their sale to pharmacies requiring doctor's prescriptions. From 1915 to 1937, some 27 states passed criminal laws against the use of marijuana driven by three factors. Racism, fear of substitution and religious fanaticism. Out west, the influx of Mexican immigrants made them easy prey for populist politicians. Overheard on the floor of the Texas Senate, "All Mexicans are crazy, and this stuff [marijuana] is what makes them crazy." Proponent of Montana's first marijuana law said, "[g]ive one of these Mexican beet field workers a couple of puffs on a marijuana cigarette and he thinks he is in the bullring at Barcelona." In the northeast of the country, the fear was marijuana would be taken up by those who could no longer drink or do morphine. And of course the religious fanatics were in Utah, where the Mormon Church's opposition to euphoriants of any kind was codified by the state legislature as the first criminal law in the US against the use of marijuana in October of 1915. On what should be known as international drug cartel day, the turning point came February 19, 1925, when the International Opium Convention was revised to include among other things, Indian hemp, while leaving the low-THC European hemp uncontrolled.

"Reefer makes darkies think they're as good as white men."
 - Harry Anslinger; US Drug Czar

The mythology surrounding marijuana prohibition has only grown with time. Who hasn't run into a conspiracy theorist blaming it all on William Hearst's use of Yellow Journalism to protect his lumber interests (hemp can also be used to make paper) or a hippie happy to harangue Dupont and the cotton industry for their role in demonizing the hemp plant (yes, makes pretty good clothes, too). The fact is marijuana's current status in America and the world has more to do with one man than all else combined. Harry J. Anslinger was the drug czar under five presidents becoming the first the first Commissioner of the U.S. Treasury Department's Federal Bureau of Narcotics (FBN) on August 12, 1930 and serving until May 1962. By 1936, Anslinger was convinced that America was under assault by a reefer invasion and therefore launched a two-pronged counterattack: a legislative plan to seek from Congress a new law that would place marijuana and its distribution directly under federal control alongside a media campaign to turn a near-harmless, potentially life saving plant into loco weed. His gore file was filled with stories of mild-mannered youths being turned into axe-wielding mass murderers, white female students into sex slaves, and of course Negroes, Hispanics, Filipinos and entertainers seeking the company of those innocent white girls after a single puff of the stuff. The culmination of this propaganda was of course the now infamous film, Reefer Madness.

His legislative assault led to a hearing on national marijuana prohibition in 1937 in which three bodies of testimony were given; Anslinger himself representing the government as head of the FBN, spokesmen from industries that would be affected by a ban on hemp, and representatives from the medical profession. Anslinger's testimony is easily summed up with "Marihuana is an addictive drug which produces in its users insanity, criminality, and death." There were three industrial spokesmen, from the rope, paint and varnish, and birdseed people. The first testimonial irony came from the rope people who told of the cheap supply from the Far East making homegrown uneconomical. Of course shortage of rope to supply warships less than five years later required the government to become the biggest growers in history. The paint and varnish folks said "we can use something else" while only the birdseed people balked and gave us irony number two. When asked "Couldn't you use some other seed?" the birdseen man said, "No, Congressman, we couldn't. We have never found another seed that makes a bird's coat so lustrous or makes them sing so much." For this reason, birds, not people, have been able to enjoy some of the benefits of the plant under the name "denatured seeds".

The two pieces of  medical testimony prove the most puzzling, one from a pharmacologist, the other, a doctor/lawyer representing the AMA (American Medical Association). The former claimed to have had three dogs die after he injected the active ingredient in marihuana into the brains of 300 canines. Unfortunately, the active component, THC,  wasn't isolated until 1964, so who knows what he shot into their craniums. When asked by a Congressman, "Doctor, did you choose dogs for the similarity of their reactions to that of humans?", the pharmacologist replied, "I wouldn't know, I'm not a dog psychologist." The latter medical testimony, from Dr. William C. Woodward was short, sweet and succinct, "The American Medical Association knows of no evidence that marihuana is a dangerous drug." To understand why the two Congressmen then told him, "Doctor, if you can't say something good about what we are trying to do, why don't you go home?" and "Doctor, if you haven't got something better to say than that, we are sick of hearing you", one must remember the political situation of the time. Both Congressmen were Democrats who held a grudge against the AMA as they had opposed every piece of Roosevelt's New Deal legislation introduced from 1932 through 1937.

It was August 20th at 5:45pm in the pre-air-conditioning world of Washington, DC when the debate on national marijuana prohibition took place in Congress. No one was there. Well, a few Republicans, one of whom from upstate New York stood up before the bill was passed on "tellers", "Mr. Speaker, what is this bill about?" To which speaker Rayburn replied, "I don't know. It has something to do with a thing called marihuana. I think it's a narcotic of some kind." To which the New Yorker, a Republican as much on the side of the AMA for the last 5 years as the Democrats were against, followed up, "Mr. Speaker, does the American Medical Association support this bill?". At which point a committee member jumped up and said, "Their Doctor Wentworth [remember it was Woodward] came down here. They support this bill 100%." Good enough for the Republicans. Good enough for America as the bill then passed on and when the bill passed the Senate without debate or recorded vote and President Roosevelt signed it, the US had national prohibition with the federal Marihuana Tax Act.

More irony? Well, the La Guardia Report (yeah, the mayor of NYC La Guardia), the first in depth study into the effects of smoking marijuana came out just seven years later, it systematically contradicted claims made by the U.S. Treasury Department that smoking marijuana results in insanity, and determined that "the practice of smoking marihuana does not lead to addiction in the medical sense of the word." The next big surge in this war came with Nixon who not only upped the ante on the war in Vietnam but more egregiously committed the country to wage "total war against public enemy number one in the United States, the problem of dangerous drugs" regardless of the cost, in dollars or lives. Not only did he oversee the implementation of the Controlled Substances Act in 1970, he also ensured the war would be well funded and armed with the creation of the Drug Enforcement Agency (DEA) in 1973. Republicans continued to bask in the law and order glory under Reagan, when Nancy was handed the skillet in the Just say no, This is your brain on drugs campaign. The same story continues to this day with millions of lives lost or destroyed simply to uphold an outdated, falsely propogated belief that profits the wicked, just as any war. Despite all the propaganda, a record-high 50% of Americans said last year the use of marijuana should be made legal, up from 46% the year before.
 
Marijuana prohibition keeps police officers busy on the beat, courts jammed with marijuana offenders, and jails packed with prisoners convicted of violating marijuana laws. Unquestionably, these laws have helped make America great, nay, the greatest in the world... at penning people in cages. Not only does America lead in sheer number of prisoners, it has the highest incarceration rate in the world, too. The prison-industrial-complex that has grown to catch, judge and accommodate the millions behind bars along with the tobacco, pharmaceutical and alcohol industries, have a lot of profit incentive to keep things the way they are. It should come as no surprise that the biggest financial contributor to Smart Colorado, the supposedly family-friendly group leading the fight against the marijuana legalizing Proposition 64, is Save Our Society from Drugs, a Florida-based nonprofit founded by Mel and Betty Sembler who once led drug rehab centers shut down over wide-ranging child abuse scandals. With the coming votes in the western trifecta of states comes the hope of a domino effect and an end to a system that destroys lives to fill up treatment centers and pad private prison profits.

Alcohol offers a good parallel with weed though its trajectory from legal euphoriant to not and back again was much steeper. Though the US didn't go completely dry until the 18th Amendment came into force at midnight, January 16, 1920, after being ratified by 36 states, about 65% of the country had already banned alcohol. Just as alcohol can lead to strange bedfellows, so did the prohibition movement: xenophobes, industrialists, women's rights activists and religious zealots. Anti-German wartime sentiment tied in with the push to use grain to make bread for soldiers instead of beer turned Milwaukee's brewers into "the worst of all our German enemies," and the Anti-Saloon League dubbed their beer "Kaiser brew." Henry Ford described prohibition as "the greatest force for the comfort and prosperity of the U.S." while John D. Rockefeller saw it as a way of strengthening the monopoly of his Standard Oil by eliminating the alternative of ethyl alcohol to power cars. Alcohol's obvious link to wife beating and child abuse drove the development of the Woman's Christian Temperance Union. 

Of course history has shown that turning temperance into prohibition was a big mistake as thirteen long violent years followed in yet another sad parallel with modern drug policy. While most of the gangland style violence and overt corruption spread by bootleggers of the prohibition era played out at home, most of it that has resulted from drug laws takes place south of the border, out of sight of middle America. Perhaps this explains why the anti-prohibition forces only took thirteen years to win while the perverse drug laws have been around almost a century. The Association Against the Prohibition Amendment (AAPA) formed in 1919 even before prohibition and was so successful that by the time the 21st Amendment ending national alcohol prohibition went into effect December 1933, more than a dozen states had already opted out. This same slow creep is hopefully being emulated by the marijuana legalization movement. A final parallel: the spark for the repeal movement was the onset of the Great Depression in 1929. Could the not-so-great depression do the same? "Beer For Prosperity" became the anti-Prohibition battle cry as few could deny the obvious truth that legalizing beer would create thousands of new jobs virtually over night. At the same time, desperately-needed new government revenue would be generated in the form of beer taxes. Sounds kind of familiar doesn't it?

If legalization comes to the US, they won't be the first. Everyone knows about the Netherlands being a drug haven but few speak about the annual prevalence of marijuana use for people age 15-64 being just 5.4% there compared to 13.7% in the US. The contrasts in figures are even starker for heroin, cocaine and opiates. Even fewer talk about the success of decriminalization in Portugal. Quietest of all is the revolution being seen in Central and South America, where most of the loss of life in this war has occurred. It's not just the leftist governments either; Guatemalan President Otto Pérez Molina, a 30-year military veteran whose campaign slogan was "Iron fist, head and heart", angered Washington in September by proposing drug legalization at the UN General Assembly. This came on the heels of a dozen Latin American leaders avoiding using the term legalization by calling to reduce demand for drugs by exploring "regulatory or market oriented options", an act of linguistic prestidigitation favored by Mexican President Felipe Calderon to avoid pissing off Uncle Sam. Even President Juan Manuel Santos of Colombia, which has received almost $9 billion in aid from the US to fight the cartels, has said he's open to legalization. However, the race to sanity seems set to be won by Uruguay where a bill has been introduced to legalize the production and sale of marijuana under a state monopoly thanks to its flower-farming former leftist guerilla president, Jose "Pepe" Mujica.
 
So while the world watches the presidential returns November 6th to see who will be sleeping in the White House for the next four years, the people of Colorado, Oregon and Washington will be choosing whether to not only make their lives better but also those in Chihuahua, Durango and Sinaloa, the three Mexican states where drug cartels will be most harmed by legalization, losing up to 30% of their earnings from traffic to the US. There's a few other interesting citizens' initiatives to keep an eye on, particularly California's Proposition 37 which would require products containing GMOs to be labeled. Opponents, Monsanto that is, are spending millions to argue that giving people information would scare them into buying non-GMO products. Well, um, yeah, I guess that's the point. Maine, Maryland and Washington will be having up-or-down votes on legalizing same-sex marriage while Minnesotans face a measure to constitutionally take away gay couples rights as 30 states have already done. And don't forget Florida and Maine choose whether to tighten control over women's uteruses (uteri?). 

"When you return to this mundane sphere from your visionary world, you would seem to leave a Neapolitan spring for a Lapland winter - to quit paradise for earth - heaven for hell! Taste the hashish, guest of mine - taste the hashish!"  
 - Alexander Dumas

Polls show Washingtonians and Coloradans likely to vote yes while Oregonians might not be ready to make the leap. What will it mean if these states legalize marijuana? The Obama administration has already showed its disdain for the will of the people by raiding medical dispensaries all over the west, so one can imagine an even stronger reaction to people smoking pot for recreational purposes and given his religious zealotry, Romney has predictably made it clear he'll fight weed tooth and nail. While parroting the same old refuted marijuana myths,  former drug warriors predict a constitutional showdown between the states and feds. With so many powerful forces profiting from prohibition, yes votes in any or all three states will only be a victory in one battle with many more to come. Hopefully the anti-prohibition movement will continue down the same successful path as the last 70 years ago when Beer Day parades saw 100,000 turn out in NYC and 40,000 in Detroit to cheer the legalization of beer, Obama will magically turn into the progressive we believed him to be four years ago and the media will turn from demonization to pressing for legalization. Just as scientists are now restarting research into LSD, MDMA and psilocybin (found in magic mushrooms) after a 40 year federally imposed hiatus and discovering new benefits, new medical uses for marijuana will also help the push. Regardless of the vote, it'll be a cat and mouse game for the foreseeable future in which the cats have the guns but the mice have the reason...

 

The Hazardous Morals of Bankers

Warning: You must forgive the writer for the exceptional length of this piece as a combination of rust that accumulated over months away from writing, a little too much time on his hands and what is feared to be the initial stages of ambiguphobia all contributed to the problem. 
- ed.

US federal debt will be more than $16 trillion by the time you read this. Student loan debt in the land of the free surpassed both credit card debt and the $trillion mark earlier this year. Greece teeters on the brink of bankruptcy while the other PIIGS wait their turn in the slaughterhouse. Three cities in California declared bankruptcy within a month this summer while nations have given up their sovereignty in order to avoid the same fate. Tens of millions have been thrown out of their homes in the past four years while even the Catholic Church battles to remain solvent. All of this was kicked off with the collapse of Lehmann Brothers four years ago triggering a crisis which forced governments and central banks around the world to pour trillions of dollars of bailouts into the financial system in order to stave off financial collapse and the threatened panic, chaos and disaster sure to follow. So, why are we here four years later staring over the US fiscal cliff, waiting for the eurozone to collapse and watching local sheriffs play the muscle for the mafioso banks repossessing all our neighbours possessions? The same reason the crisis seems perpetual. Debt and it's collector, moral hazard.

“You have to choose between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold.”
 - George Bernard Shaw

Like all good yarns, that of debt goes way back in time, before money, before barter, beginning with the Sumerians in Mesopotamia over 5000 years ago in fact, but we don't need to go back that far. No, forty-one years is enough for our purposes, when Richard Nixon ended the post war Bretton Woods International Monetary system by suspending the convertibility of the dollar into gold (then $35 to the ounce, today around $1600) on August 15th, 1971, effectively creating the current floating currency regimes: fiat money. No longer would the US dollar be convertible to gold; no longer would money creation and thus finance be constrained. Not only was the US fighting a war in Vietnam that had to be paid for but they were battling "international money speculators" as Tricky Dick dubbed them. Heck watch for yourself:



So it was that the casino known as the financialization of capital was built, in order to protect the average worker "because they [financial speculators] thrive on crisis, they help to create them". By no means was this the first time the world had used virtual money with nothing guaranteeing its value but our faith. According to David Graeber, there have been two such previous periods in the history of money and debt: The Age of the First Agrarian Empires (3500–800 BCE) and The Middle Ages (600 CE — 1500 CE). The key difference with today was that both those eras saw strong institutions and traditions which placed controls on the potentially catastrophic social consequences of debt from Mosaic jubilees (debt forgiveness every 50 years) to Christian and Muslim prohibitions on usury. Fast forward in time to go backward as the current era has seen protection turned on its head creating the first effective planetary debt enforcement system, operating through the IMF, World Bank, governments, corporations and other financial institutions. In the past we protected debtors; today we protect the interest(s) of creditors. Spot the doublethink involved here as the danger posed by financial speculators led to a policy which in turn empowered the threat leading to it's perpetuation becoming a necessity to maintain the status quo. The battle against the money speculators has been fought just like the war on terror.

Nixon's move had predictable results, a series of crises as wave after wave of speculation, manipulation and deregulation smashed against the economy. Predictably, with no physical limit to fiscal and monetary expansion, government debts ballooned leading to inflation which needed 22% interest rates to tame causing economic malaise that necessitated tax cuts (mostly for corporations and the rich) and deregulation to get the economy going again. The balance of power between rentiers and workers was shifted by slashing capital gains and opening investment loopholes so that in less than a generation the very group we had been warned about had been handed the keys to the Porsche and proceeded to drive us all over the edge. The process seemed almost planned, conspiratorial, but it was our own hubris that allowed it.

"There are compelling reasons for paying attention to this potential for catastrophe as, every debt crisis in history since Solon of Athens has ended in inflation, bankruptcy or war, and there is no cause to believe we’ve solved this one, even if it has been postponed." - Susan George; Fate Worse Than Debt, p. 196

The Cliff's Notes to the crisis reads like a tragedy. Steady erosion of the competitive advantage enjoyed by the US after WWII and the west as a whole to the east leads to policies which ensured wage stagnation for those working in industries losing employment and skyrocketing renumeration for the CEO's outsourcing those jobs and the financial industry which facilitates it. This creates a feedback loop in which those at the top enjoy more influence on legislation thanks to their enhanced financial position. Those at the bottom, seeing themselves falling further behind turn to debt in order to maintain the illusion of keeping up with the Joneses. Check out this interactive chart to see the machine in action. Meanwhile, the flood of money to the top leads to fewer and fewer available investment alternatives necessitating looser regulation on credit to lend to less and less credit worthy clients through the creation of creative, near magical, financial instruments. All the while, the growing inequality brought about by transferring wealth to the top slowly strangles the consumer driven economy (about 70%) as those who would spend have less while those who invest, at home or abroad, have more. A little more doublethink courtesy of trickle-down economics.

On the government side, though Reagan talked a fiscally conservative game, he walked a public spending splurge as debt tripled under his watch. Bush the elder didn't do much better and though Clinton managed to run a couple of surpluses late in his second term, Dubya and Congress managed to pass two successive $trillion plus tax cuts while fighting two separate $trillion plus wars along with passing a $trillion plus prescription drug plan. The Anglo-Saxon affinity saw the UK walking in near lockstep; just replace Reagan with Thatcher and Clinton with Blair at the head of the parade through the Corporation of the City of London instead of Wall Street. The financial sectors share of domestic US profits skyrocketed from below 16% to 41% making bankers more important than ever. The partial repeal of Glass Steagall, allowing banks to gamble grandma's pension with the Gramm-Leach-Bliley Act (also known as the Financial Services Modernization Act) and the Commodity Futures Modernization Act which ensured that the credit default swaps and collateralised debt obligations at the heart of the 2007/8 crisis wouldn't be regulated were the finishing touches as the banksters had merged with government and rigged the economy for explosion.

The story that unfolded in continental Europe was somewhat different but had the same result. Overnight, countries such as Ireland, Greece, Spain, Portugal and Italy were expected to transform into Germany. Shockingly, it didn't happen and without their own currencies to debase in order to regain competitiveness, the peripheral, low-capital investment economies were crippled while German producers were given a boost. Not only did prices go up - in Spain a loaf of bread doubled in four years - but salaries stayed about the same, rising 14% in the ten years from the introduction of the euro January 1st, 2002 to the end of 2011. Throw in the additional enticement of suddenly being deemed nearly as credit worthy as their northern partners and you've got yourself the perfect debt bomb recipe. The explosion of Benzes, Beemers and Audis on the streets of Madrid and Dublin created a surplus that found its way back to German banks who had to lend this money to someone and were happy to find eurozone approved customers from Porto to Thessaloniki to buy more German cars or real estate developers to build beach resorts to take vacations in. Each country took their own path to purgatory, in Spain and Ireland it was more private bank debt while in Greece and Portugal it was more public (and Italy, well, they've always had too much debt).

As we know, our story doesn't end well, in fact, there doesn't seem to be an end as it's starting to feel like the neverending story. The total cost is incalculable  in dollars, euros or pounds, but it's the human cost that should remind us that economies are meant to serve people and not the other way around. When the crisis hit, we were told we had to bailout the banks or the world would end, so we did. Ever since it became clear that Greece wasn't going to be able to maintain its debt, the troika always manages to get the money to Athens on time. When the Irish banks couldn't keep afloat, their government threw them a lifeline and guaranteed their debt. Spanish banks were going under so once again the troika (IMF/ECB/European Commission) saved the day. Trillions of paper dollars, pounds and euros all to ensure the debt obligations continue to be paid, trillions the people will have to pay back. For what? The sums will never be paid off, everything has been done to keep interest payments flowing to the banks and to give them enough time to get their capital out. The price of paying off failed bankster bets is not only the sweat of our brows but becomes ever more demanding, framed in the Orwellian language of fiscal austerity/consolidation, structural adjustment/reform, labour flexibility, competitiveness, and growth.

In the 70's and 80's the IMF/World Bank became despised figures in the developing world. As global capital sought higher returns than could be found in the developed west, their sites settled on the poorer resource-rich nations of the south and east where they found dictators, anti-commie generals and corrupt legislators willing to sign over their people's futures in exchange for ready cash to build vanity projects, fund coups, suppress insurrections or simply pad their Swiss bank accounts. When the people of their nations found they couldn't pay, the men in black would arrive, preaching the 'free market' mantra of globalization, structural adjustment programs, which always had the effect of worsening life for the people while benefiting the foreign corporations. Eventually, the anti-globalization movement and debt cancellation voices became loud enough and democracy returned to many places and debt was in some cases even forgiven. The first part of the story is now playing itself out in the 'developed' world except this time the countries aren't even getting a hydroelectric dam, bombs or a statue in return. Debt is granted only to maintain existing debt in exchange for lowering spending on those things that help the people, shredding the social safety net, firing workers, lowering tariffs and taxes and eliminating workers rights in a duplicitous attempt to make the economy more competitive in order to grow and pay off the increased debt load. Unfortunately it has never worked, isn't working and never will. The only winner, for awhile at least, are the banks to whom the interest keeps flowing.

Ironically, many accept this punishment as atonement, self-flagellation to purify the soul. Debts are contracts that must be paid off, more than an obligation, as the threat of moral hazard would not only destroy our financial system but lead to anarchy (gasp!). Yet bank bailouts are a perfect example of moral hazard as the banksters have now learned that they will not pay the costs of their losses; their gains remain privatized while their losses are socialized. Morality should be the last thing they want to talk about as their lascivious behaviour has been highlighted this summer with a series of scandals that illustrate they have no intention of ever doing the right thing whenever there's a whiff of profit to be had. If they don't get caught, great, if they do, well, there will be newspaper headlines, an investigation and finally, at worst, a fine to pay, usually a fraction of what the illegal behaviour gained. Somehow, even though both Mitt Romney and the US Supreme Court have defined corporations as people, not only are the big banks Too Big To Fail, they've become Too Big To Jail (TBTF/J).

"Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from these rules, in consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it." Adam Smith; The Wealth of Nations, Book V, Chapter I, Part III, p.820

This summer has put the lie to Adam's words once and for all. Most recently it was Britain's Standard Chartered, who NY state regulators accused of hiding $250 billion of transactions with Iran despite sanctions. A person would be charged with terrorism and sent to Guantanamo, a bank simply pays a $340 million fine; it's up to the families of those killed in terrorist attacks facilitated by StanChar to sue the bank. The reaction of the British government was particularly instructive; when a British bank is threatened with the loss of its New York banking license, officials, from the mayor of London to the Bank of England governor to the Chancellor of the Exchequer rush to its defense. This, from the same country that would and has done everything in its power to get Julian Assange extradited to the US for torture and possible execution and done nothing to prevent its own citizen, Gary MacKinnon, who suffers from Asperger's syndrome, from being extradited to the US for exposing weaknesses in the defense department's computer security systems.

Just a few week before that came the revelations of the LIBOR rigging scandal. A story that is 'too complicated' to understand by the public was therefore ignored by the media. Besides, there was that whole Batman shooting and then the Olympics to worry about. Denver theater body counts and jingoistic medal counts are far more interesting than a bunch of bankers sending each other emails, right? Well, no, not really when mass shootings seem to have become monthly occurrences in the US (surprise! another one today), the Olympic medal count can be predicted based on population, per capita GDP, past performance, and host status while the bankster collusion earned them hundreds of billions (trillions?) in profits while costing the public an impossible to figure, er, figure. Wait, sounds a bit like the Olympics. Anyway, as usual it's not all that complicated.

LIBOR stands for the London Inter Bank Offered Rates and it's used in the setting of most other kinds of interest in the world, from credit cards, student loans and mortgages to the cost of government bonds. Seeing as we live in a 'free market', up until the scandal we all assumed this rate was set by the 'laws' of supply and demand but, as usual, our naivety cost us and profited them. Instead, the most important rate in the world is determined every morning by representatives of the 18 largest western banks who report on what they expect to pay to borrow funds from each other (Inter Bank) in the future. Under LIBOR rules, the four highest and four lowest estimates are eliminated, and the average of the rest becomes the official rate. Well, shockingly, banksters used this opportunity to artificially set rates everyday a bit higher or lower in order to profit from the positions they held in their portfolios. Barclays had their boss Bob Diamond resign and was fined ￡290 million by British authorities, who were involved in the racket, while seven banks including Barclays have been subpoenaed in the States. A few Italian families get together and we call them the mafia and charge them with racketeering but when banks do it we call it cooperation. It will take years of litigation to sort it all out but you can be assured, a few banks will have to pay a fraction of the profits earned in the scam.

Speaking of the mafia, seeing as interest rates aren't spicy enough to make headlines, the other summer scandal involved just that, Mexican drug lords who line headless bodies on highways. Once again the contrast between the justice meted out to the flesh and blood people and the corporate people is illuminating. A real person gets caught selling dime bags on the street corner trying to raise money to go to college, we go to jail for life; they get caught laundering the money from the profits earned on those bags, they say they're sorry and get a slap on the wrist. Europe's largest bank, HSBC, not only transported billions of dollars of cash in armoured vehicles, cleared suspicious travellers' cheques worth billions, and allowed Mexican drug lords to buy planes with money laundered through Cayman Islands accounts, they also moved money from Iran, Syria and other countries on US sanctions lists, helped a Saudi bank linked to al-Qaida shift money to the US and even cleared $290 million in "obviously suspicious travelers cheques" that benefitted Russians "who claimed to be in the used car business." Lucky we only have to worry about Iranian-American used car salesmen hiring Mexican drug lords to assassinate the Saudi ambassador or this might sound like a conspiracy theory. Yep, all this was part of a report by a US senate committee which revealed HSBC failed to monitor $60 trillion in wire transfer and account activity, had a backlog of 17,000 unreviewed account alerts regarding potentially suspicious activity, and failed to conduct anti-money laundering due diligence before opening accounts for HSBC affiliates.

Each time new revelations come to light, bank executives line up to testify in front of an important sounding committee and explain how they are "horrified" by what has happened, that they couldn't have foreseen events, that measures have been put in place, that it was bad luck or a black swan or a rogue trader. Then it happens again. Just this spring, the last remaining 'good banker', Jamie Dimon had his bank JP Morgan victimized by one of those rogues as "the London whale" lost a bet on a position that could cost his bank $9 billion. Just the kind of gamble we were promised these banks would no longer make in exchange for bailing them out just four years ago. Just the kind that lost UBS $2 billion last September, Societe Generale $6 billion in January 2008, or Barings Bank $1.3 billion in 1995. Our always vigilant press is always sure to name them rogues, despite being the norm, performing unauthorized trades and justice is swiftly served on these lone scoundrels while pensioners and savers pay the price and the banks continue to promote the culture of short term profits in which psychopaths thrive, to inflate their quarterly earnings. Had enough yet? There's always the fattening of the PIIGS, the Magnetar trade, the Sentinel fraud, any of these, or ...

If these were people, as corporations such as banks have supposedly become, we'd execute, jail or banish them from our communities so how do you explain the social pressure to repay criminal enterprises that are slowly sucking the life from our economic system? In order to succeed in society, few would disagree that a university or college education is a prerequisite. Such a degree costs tens of thousands of dollars or pounds obliging many to take out student loans which become payable upon completion of their studies. In America, if you decide to head to Vegas and max out your credit card on hookers, blow and roulette only to find yourself unable to pay, one option is to declare bankruptcy, ruining your chances to obtain credit but clearing the debt off the books just as the hangover clears after a good, greasy breakfast. If you find yourself without a job (or only part-time or unpaid internship) once you finish school and unable to pay back a student loan, you don't have the bankruptcy option, it can't be cleared and will be with you until death or its paid. Heaven forbid if you're among the 25% of Americans without health coverage and you or a family member fall ill, the cost of which forces many into a debt spiral. This is nothing if not slavery. Even if you're a good client and you pay your debts, or the debts of your nation through your taxes, you are forced to work in order to earn the income. What else is forced labour but slavery?

Funny that we (or at least the Sumerians) had this all figured out 5000 years ago. Even then they recognized the need to protect those forced into debt from unforeseeable circumstances or the avaricious. Interest rates also seem to have first appeared in Sumer where most transactions were conducted on credit. Years with bad harvests resulted in peasants hopelessly indebted to the rich, forced to surrender their farms and, ultimately, family members, in debt bondage. Inevitably this would lead to a social crisis in which the masses were enslaved to the few. It soon became traditional for each new ruler to wipe the slate clean, cancel all debts, and declare a general amnesty or 'freedom', so that all bonded labourers could return to their families. Significantly, the first word for 'freedom' known in any human language, the Sumerian amarga, literally means 'return to mother' while in Sanskrit, Hebrew and Aramaic, debt, guilt, and sin are actually the same word. Julius Caesar became the hero of the Plebs, and was ultimately killed by the nobles, for introducing debt forgiveness schemes after he took power from the corrupt patrician oligarchy. Solon laid the foundation for Athenian democracy by "shaking off the burdens" of enslaving debt. Biblical prophets instituted a similar custom, the Jubilee, whereby after seven years all debts were similarly cancelled, the direct ancestor of the New Testament notion of ‘redemption’. Through some historical error, we inherited the institutions of lending at interest without the original checks and balances.

Instead, we live in a world where banks are bailed out while people are sold out. In which lenders making up details on credit applications became such a common practice it became known as liar loans but debtors get sent to jail for 30 years for lying on the same forms. It was after all many of those liar loans that were slapped together, sliced, diced and bundled into the CDO's that helped cause the crisis, but no one needs to be jailed for that. It's only those uncivilized countries that obviously need a good bombing where bankers are actually punished for fraud. Tax evasion is only for the rich and corporation kind of people not the 99%. It's jail for you or me if you screw the IRS but if you're HSBC or Credit Suisse, you just cut a deal in which you hand over email and telephone records of your staff to the US Department of Justice. Stealing from your clients is frowned upon unless your MF Global, an investment company run by the former governor of New Jersey Jon Corzine, then of course it's okay. It's usually fraud if I sell you something that I know is going to blow up, but if you're Goldman Sachs, where your clients are referred to as muppets, well, it's fine to sell your clients investment products that your bank is offloading as fast as possible on the open market because you know they're about to explode, even when there's emails to prove it.

It doesn't seem like banks have morals and they definitely don't learn their lesson from the punishments they receive. Bank of America’s securities unit has agreed four times since 2005 not to violate a major antifraud statute, and another four times not to violate a separate law. Merrill Lynch, which Bank of America acquired in 2008, has separately agreed not to violate the same two statutes seven times since 1999. They're just doing cost-benefit analysis, where their benefits are our costs as when Morgan Stanley entered into a complex swap agreement with the New York electricity provider KeySpan in 2006 that gave it a stake in the profits of a competitor enabling the two companies to push up the price of electricity. Price fixing is illegal, so Morgan Stanley had to pay a fine of $4.8 million for enabling it, but they got to keep the $21.6 million they made for handling the swap and didn't have to admit any wrongdoing. The cost to New Yorkers in higher utility bills? $300 million. Bear Stearns, Lehman Brothers, Goldman Sachs and JP Morgan Chase came out smelling like roses converting human shit into billions of dollars in profits by financing a new sewer treatment plant for the people of Jefferson County. The people didn't come out smelling so pretty though as the financing cost forced them into the biggest municipality bankruptcy in US history. The same thinking probably went into Wells Fargo's alleged decision to fire an employee three days before his daughter was scheduled for surgery in order to avoid paying the bill. No cash, no cure for cancer as the hospital cancelled the surgery and the child was left to die.

What of finances role of market maker and facilitating transactions for investors and consumers, surely we owe them something for that? Well, thanks to the deregulation of the agricultural commodity market in 2000 Goldman Sachs earned £600m from food speculation in 2009 alone. While the bank's profits were boosted, the numbers dependent on food banks and aid were exacerbated thanks in part to the banksters. No one disagrees that their gambling pushes up prices, the only question is how much relative to other factors such as biofuels, changing consumption patterns and drought. The poor are disproportionately affected by a rise in food prices as they spend a higher percentage of their income for the basics, just as they do for debt. If you use anything made of plastic, drive a car or heat your home, you should know oil speculation adds $23.39 to the price of a barrel (around a quarter) which translates to about an 83-cent-per-gallon of gas premium and costing an average American family $82/month. And people we're angry when Bank of America introduced a $5/month debit card fee!?! Seems these financial behemoths need the cash though as they need to keep up with their competitors in the new world of flash trading. By spending billions on faster cables they can shave microseconds off the latency, or trading execution time, thus allowing themselves to peek at the orders of other traders before they're made. Not only does this destroy the idea of investing, especially by us flesh and blooders, but it opens up the markets to one of the newest perils, the flash crash. Hooray, more risk!

Perusing the comments under any number of stories of payday loan companies charging four to 5000% interest, distraught families being tossed on the street or students in the streets protesting their debt enslavement, one can always be sure to find defenders of the faith of finance. These moralizers are quick to point out that no one forces people to sign on the dotted line but never take into account the asymmetry of information and power between the parties or the corrupting influence of living in a society built on sating our short term desires no matter the cost. The tired refrain of taxation and representation is trotted out to rationalize paying the debts of our governments but loses all meaning when put in the context of the options faced by voters today: Bad or Worse, Red or Blue, vote wrong and it's a redo, either/or results in another IOU as the need for money to get elected forces politicians to prostate themselves before the FIRE (finance, insurance and real estate, one for all and all for one thanks to deregulation). Insisting people today make rational economic decisions seems ludicrous while our educational system is being sold off to the lowest bidder and converted into a propaganda factory where standardized test scores are more important than critical thinking. Arguing we have a choice when the information we receive is nothing but a toxic mix of cognition clogging updates in our Twitooglebook universe alongside stories from a media controlled by six corporations (down from 50 in 1983) offering 2,000 channels with the same message while selling an illusion of choice barraging us with a constant stream of crisis reports, crisis summits and near-crisis averted but never connecting the dots.

"When national debts have once been accumulated to a certain degree, there is scarce, I believe, a single instance of their having been fairly and completely paid. The liberation of the public revenue, if it has ever been brought about at all, has always been brought about by bankruptcy; sometimes by an avowed one, but always by a real one, though frequently by a pretend payment." - Adam Smith; The Wealth of Nations, Book V, Chapter III, Part V, p. 481

To review. Forty years ago we entered a new era of fiat currency which untethered money and thus debt from any constraints in order to protect ourselves from "money speculators". The US in particular experienced a long economic boom for the wealthy with stagnation and even decline for the rest as taxes for the rich and corporations were cut, unions were gutted and jobs were outsourced. In the past 30 years, 96% of the growth of average incomes have gone to the richest 10% and in the past 10 years, the incomes of the other 90% have declined. In Europe, a new currency was introduced with supposed magical powers to turn the likes of Greece into Germany but only had the effect of causing them to diverge. On both sides of the Atlantic, the shortfall of the poor, the middle class and their governments was made up by increased borrowing. The "money speculators", whose ingenuity was unleashed by the deregulation that regulatory capture bought them, were more than happy to find more and more creative ways to eliminate risk and earn huge rewards. When the ponzi scheme faltered, we were told there was no alternative to saving the banks, transferring trillions from public hands to private with no consequences and next to no oversight. With nothing fixed and no lesson having been learned, the banks emerged bigger and more powerful than ever with the knowledge they can act with impunity while the public from Madrid to Manchester to Miami are forced to accept ever more stringent austerity measures in exchange for ever larger bailouts which continue right under our noses.

Oh, it continues. TARP was just the beginning of bank bailouts as the program has continued in stealth and shows no sign of being abandoned therefore changing the game is the new moral imperative and sustaining it a sin. Language is their most effective ruse, twisting meanings and changing expressions. Quantitative easing in the US and UK is nothing more than printing money electronically and using it to overpay banks for their financial assets or by lending to them on the cheap, minimizing their borrowing costs and lowering their reserve requirements in the hopes they will lend that money on to the real economy. Of course they don't, they just buy more bonds (gilts in the UK) to earn a risk free return (as long as the merry-go-round continues) and wait for the next round of easing (QE3 is rumored for a fall sailing). All this goes to pad the bottom line which they need to perpetually improve to keep increasing CEO salaries, keep the stock market happy and of course, give idiots like this something to babble about incoherently.



European sensibilities were a bit too sensitive for such blatant Zimbabwe/Weimar Republic-like behavior (at least until recently when they just up and gave Spanish banks €100 billion that the people will have to pay back), so the ECB basically did the same thing but called it LTRO, Long Term Refinancing Operation. Prohibited from giving money directly to countries, the ECB printing press is used to give money to banks ostensibly to buy bonds from countries having problems selling them (ie. Greece et al). More free money for the banks if the game continues as they can either put the cash into the riskier bonds at higher rates or play it safe and deposit it back at the ECB. Other Newspeak candidates include 'Growth friendly' policies, those which hand more power to foreign corporation and banks to continue their plunder while David Cameron's 'expansionary austerity' is more Orwellian than his Big Society and has driven the UK into a 'surprise' double-dip recession. Confused? Yep, you're meant to be, otherwise you'd wonder why they don't just give the money directly to the people instead of banks while artificially maintaining low interest rates in order to force the elderly to eat cat food or starve.

"And Jesus went into the temple of God, and cast out all them that sold and bought in the temple, and overthrew the tables of the moneychangers, and the seats of them that sold doves" - Matthew 21:12

Just this past week US VP Joe Biden got in a little hot water for telling a half-truth:

People (well, right-wingnuts) went, well, nuts, as they tried to turn his words into an insensitive race play. The mistake he made though is that we're already in chains, slaves to greedy, immoral (amoral?), psychopathic bankers. It wouldn't be so bad if we at least we're being driven for a monumental purpose, I dunno, like building pyramids, the US capitol or White House instead of facilitating the worship of the Golden Calf. Up til now we've been complicit in their shakedown where debt is a sacred obligation only if it is owed by the poor and vulnerable to the rich and powerful who have used their gains to purchase political power or hidden them away in the Caymans. Yet debt is always negotiable or can even be written off when it's the other way around ensuring the wealth keeps flowing upwards. The growth in inequality seen before the crisis has been put on steroids since the bailout with more than 90% of the gains going exclusively to the richest 1% causing the middle class to slowly disappear and poverty to explode while Paul Ryan argues to cut their support. Regardless, much of the rabble will rally to the Romney/Ryan call to extend the Bush tax cuts and further cut taxes on the rich while making the rest pay for it. We used to ask "What's the Matter With Kansas?" but we need to ask "what's the matter with us?" today for doing nothing as the air raid sirens are sounding the next attack.



Alone, none of us can destroy the false idol of greed, there's no Moses amongst us, the only way is if enough people act together. Think and buy locally, plant a garden, ride your bike, vote for alternative parties and take your money out of the TBTF/J  banks (US, UK, Facebook) and put it in a credit union that puts profits back into communities are all simple ways to start. The more ambitious can talk to and teach others, join a protest, or even try to get out of the fiat economy altogether by investing in physical gold, silver or other metals. Of course if you're worried about all that extra weight in your pockets try using the alternative, electronic, secure Bitcoin currency. Finally, we have to shed the holier-than-thou shackles placed on us by those that would call people who walk away from underwater homes deadbeats, graduates unable to make their student loan payments slackers and governments tricked into a debt trap unable to meet their debt obligations lazy while bailed out banks behave beligerently, 'good' governments gut the promised social welfare state and corporations renege on obligations and commitments made to provide health care, pensions and other benefits to workers. The parasites may seem to have the power, they may have won the previous battles, but we, as flesh and blood people, have the real power, it's time to Strike Debt, stop paying what is no longer morally owed, a debt strike to stop the bankster shock doctrine takeover.