Nothing illustrates the irrelevance of democratic politics in the neo-liberal era more than the sight of a supposedly free-market right-wing government attempting to reinvent Fannie Mae/Freddie Mac in Britain.
On the other side of the pond, we have a supposedly left-wing government which funnels increasing amounts of taxpayer money to crony capitalists in the name of public-private partnerships. Politics today is just internecine warfare between the various segments of the rentier class. As Pete Townshend once said, “Meet the new boss, same as the old boss”.
From one of the wordy, but ever so interesting blogposts of Macroeconomic Resilience.
It's apparently beyond us
5 minutes ago
5 comments:
And a parting on the left is now a parting on the right.
It is so good to see more and more people becoming aware that it's not just bosses and workers that cause problems. That in fact the real people to worry about are rentiers.
"That in fact the real people to worry about are rentiers."
That's a bit out of date, really, the Tory party was originally the party of large rural landowners, then it became the party of urban rentiers, but now it mainly the party of financiers,
No doubt about that, Bayard. But financiers are just rentiers who rent out money in my book.
D: "financiers are just rentiers who rent out money in my book"
Yes, but they don't even do that. Ultimately, banks are just debt collection agencies, it wasn't their "money" to start with. They are just middlemen between borrowers and depositors, i.e. between purchasers and vendors.
And as 80% of bank loans are secured on land, what they are really doing is collecting land rents.
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