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IPFS News Link • Economy - Economics USA
Harry Binswanger’s 2011 praise of Goldman Sachs at Forbes.com ignores the context that the US does not have a free
market economy. The US is a mixed economy, whose financial sector is
monopolized by banking cartels. Counter to Binswanger’s argument that,
“since profit is the market value of the product minus the market value
of factors used, profit represents the value created,” the corporate
profits of Goldman Sachs are the result of lobbying, government insider favors, the infamous 2008 bailout of AIG. and their membership in the central bank’s monetary monopoly. ...
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