Redistribution of wealth Quotes

“Beyond the speculative and often fraudulent froth that characterizes much of neoliberal financial manipulation, there lies a deeper process that entails the springing of ‘the debt trap’ as a primary means of accumulation by dispossession. Crisis creation, management, and manipulation on the world stage has evolved into the fine art of deliberative redistribution of wealth from poor countries to the rich. I documented the impact of Volcker’s interest rate increase on Mexico earlier. While proclaiming its role as a noble leader organizing ‘bail-outs’ to keep global capital accumulation on track, the US paved the way to pillage the Mexican economy. This was what the US Treasury–Wall Street–IMF complex became expert at doing everywhere. Greenspan at the Federal Reserve deployed the same Volcker tactic several times in the 1990s. Debt crises in individual countries, uncommon during the 1960s, became very frequent during the 1980s and 1990s. Hardly any developing country remained untouched, and in some cases, as in Latin America, such crises became endemic. These debt crises were orchestrated, managed, and controlled both to rationalize the system and to redistribute assets. Since 1980, it has been calculated, ‘over fifty Marshall Plans (over $4.6 trillion) have been sent by the peoples at the Periphery to their creditors in the Center’. ‘What a peculiar world’, sighs Stiglitz, ‘in which the poor countries are in effect subsidizing the richest.”

“Beyond the speculative and often fraudulent froth that characterizes much of neoliberal financial manipulation, there lies a deeper process that entails the springing of ‘the debt trap’ as a primary means of accumulation by dispossession. Crisis creation, management, and manipulation on the world stage has evolved into the fine art of deliberative redistribution of wealth from poor countries to the rich. I documented the impact of Volcker’s interest rate increase on Mexico earlier. While proclaiming its role as a noble leader organizing ‘bail-outs’ to keep global capital accumulation on track, the US paved the way to pillage the Mexican economy. This was what the US Treasury–Wall Street–IMF complex became expert at doing everywhere. Greenspan at the Federal Reserve deployed the same Volcker tactic several times in the 1990s. Debt crises in individual countries, uncommon during the 1960s, became very frequent during the 1980s and 1990s. Hardly any developing country remained untouched, and in some cases, as in Latin America, such crises became endemic. These debt crises were orchestrated, managed, and controlled both to rationalize the system and to redistribute assets. Since 1980, it has been calculated, ‘over fifty Marshall Plans (over $4.6 trillion) have been sent by the peoples at the Periphery to their creditors in the Center’. ‘What a peculiar world’, sighs Stiglitz, ‘in which the poor countries are in effect subsidizing the richest.”

“Hey - Duggie! Duggie! Duggie!" He came running up to me, sparkler in hand. I felt like sticking one on him, the cheeky bastard. Nobody called me Duggie.He held the sparkler up in front of my face and said, "Wait. Wait."I was already waiting. What else was there to do?"Here you are," he said. "Look! What's this?"At that precise moment, his sparkler fizzled out. I didn't say anything, so he supplied the answer himself. "The death of the socialist dream," he said.He giggled like a little maniac, and stared at me for a second or two before running off, and in that time I saw exactly the same thing I'd seen in Stubbs's eyes the day before. The same triumphalism, the same excitement, not because something new was being created, but because something was being destroyed. I thought about Phillip and his stupid rock symphony and I swear that my eyes pricked with tears. This ludicrous attempt to squeeze the history of the countless millennia into half an hour's worth of crappy riffs and chord changes suddenly seemed no more Quixotic than all the things my dad and his colleagues had been working towards for so long. A national health service, free to everyone who needed it. Redistribution of wealth through taxation. Equality of opportunity. Beautiful ideas, Dad, noble aspirations, just as there was the kernel of something beautiful in Philip's musical hodge-podge. But it was never going to happen. If there had ever been a time when it might have happened, that time was slipping away. The moment had passed. Goodbye to all that.Easy to be clever with hindsight, I know, but I was right, wasn't I? Look back on that night from the perspective of now, the closing weeks of the closing century of our second millennium - if the calendar of some esoteric and fast-disappearing religious sect counts for anything any more - and you have to admit that I was right. And so was Benjamin's brother, the little bastard, with his sparkler and his horrible grin and that nasty gleam of incipient victory in his twelve-year-old eyes. Goodbye to all that, he was saying. He'd worked it out already. He knew what the future held in store.”