Dateline: Toronto, In the after glow of a police state crack down...Video and photos of burning police cars and smashing glass in some media drowned out all else this weekend here in Toronto. Not only the messages on the placards of the peaceful "People First We deserve Better!" march, but also The G-20 Toronto Summit Declaration that was released after the Summit - that was also in town over the weekend. ;)
The G-20 message: Austerity, austerity, austerity.
Except China which is to increase funding to social programs, governments collectively agreed to reduce spending, everything from child care to pension funding will be hit in a bid to balance budget deficits by 2013.
These measures are to fix the fallout associated with the financial melt down of 2008 caused by wild speculation in the over-the-counter derivatives market.
In PBS's FRONTLINE progam "The Warning", the head of the "Commodity Futures Trading Commission" Brooksley Born runs head long into Allen Greenspan and a phalanx of banking lobbyists. She loses in her bid to regulate the over-the-counter derivatives market - which may have saved us this, and future pain. (see Chapter two, "Brooksley Born Arrives on the Scene".)
Currently as the Obama Administration tries to regulate the market today, the banking lobby is pulling out all the stops to head him off. The fact of the matter, in my opinion, is that these toxic derivatives are an integral mechanism in the American Empire Project, (see "Project for the New American Century, Rebuilding America's Defenses" published by the American Enterprise Institute). It a way to move the post World War Two industrial machine to the four corners of the world and dismantle the affluent society here (a bulwark during the cold war against the relatively high - on a world scale - Soviet standard of living).
Bankers and Industrialists are so serious about this they are threatening to collapse the economy and destroy any chance the Democrats have to maintain a majority in Congress. This as opposed the longer crisis to crisis rape of the middle class they have institutionalized through de-regulation. (I'd call the bluff which it isn't - so, coup d'etat say?).
As bank reform was going through congress in May, banks held a demonstration of their power. They showed Obama and progressive Democrats they could cause an instant depression if they wanted to - with the 1,000 point 14 minute drop in the DJIA that pundits blamed on a computer glitch. See Wikipedia "May 6, 2010 Flash Crash or the The Crash of 2:45". We didn't see the other half of the message which probably read something like this. "Watch the DJIA at 2:45."
Talk about terrorism.
Yeh, "glitch". The 'glitch' was Obama didn't know who's calling the shots.
- imho - banks and industrial buyers working the commodities markets - which they do every day to guarantee themselves the price they buy raw materials at and the price they sell their widgets at - withheld buy orders while continuing to sell.
See, Zero Hedge, "Dissecting The Crash" by "Tyler Durden".
Or as another observer said, that's what happens when there's "NOBODY THERE TO TAKE PROFITS" (See article, Black Thursday at the 'EvilSpeculator.com.)
So the next step in dismantling the affluent society is a global austerity program. This is same kind of reactionary thinking that deepened and sustained the great depression of 1929 - 1939; and which lead ultimately, to the second world war.
In case you were wondering It's a think set that the Obama administration was speaking against at this weekends conference. The Obama administration wants to continue with Keynesian economic theory, spend public money to reboot the future through Obama's super-high-efficiency post oil economy vision.
For some reason the banks and industrialists are opposed to this vision that icludes their redundancy - I guess they'd rather a vision that includes our and our children s redundancy instead (world war).
The other related issue is the use of military style clamp down on public expression; the kind of peaceful public expression we're likely to see a lot more of as the austerity programs outlined above continue to be implemented and as the economy staggers from one crisis to another.
The poorest of the poor and the most vulnerable will be hit first - sort of an ass-backwards vision of what this (civilization) is supposed to be about.
Black Bloc Anarchists or Agent Provocateurs?Question: If you were going to break the law in the middle of a police phalanx would you wear a uniform that identified you as a Black Bloc member?
The same Black Bloc uniform that police say all the security is all about?
Yet for some reason, while all the smashing and burning is going on there are no police in sight.