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Roubini and Taleb: Government's Socialization of Losses Is Destroying the Real Economy

• Washington**Q**s Blog
 Socialism, Capitalism or Fascism?

Some, however, argue that the economy is more like fascism than socialism. For example, leading journalist Robert Scheer writes:
What is proposed is not the nationalization of private corporations but rather a corporate takeover of government. The marriage of highly concentrated corporate power with an authoritarian state that services the politico-economic elite at the expense of the people is more accurately referred to as "financial fascism" [than socialism]. After all, even Hitler never nationalized the Mercedes-Benz company but rather entered into a very profitable partnership with the current car company's corporate ancestor, which made out quite well until Hitler's bubble burst.
Is Scheer right?

I don't know. But Italian historian Gaetano Salvemini argued in 1936 that fascism makes taxpayers responsible to private enterprise, because "the State pays for the blunders of private enterprise... Profit is private and individual. Loss is public and social" (page 416).

This perfectly mirrors Roubini's statement about the American government's bailout plan.

Remember that one of the best definitions of fascism - the one used by Mussolini - is the "merger of state and corporate power".

That could never happen in America, right?

Again, I don't know. But consider:
Two powerful congressmen have said that banks run Congress The head of the Federal Reserve Bank of Kansas City, the former Vice President of the Dallas Federal Reserve, and two top IMF officials have all said that we have - or are in danger of having - oligarchy in the U.S. Economist Dean Baker says that the real purpose of bank rescue plans was "A massive redistribution of wealth to the bank shareholders and their top executives" The big banks killed any real chance for financial reform months ago

2 Comments in Response to

Comment by Anonymous
Entered on:

But yet you come back for more day after day Red come on you know you just love my stuff!

Comment by Lola Flores
Entered on:

 "Government's Socialization of Losses Is Destroying the Real Economy"

Bwaaa haaa....what economy, Lori?  The one we didn't have when Obama took over or the one we still don't have?

Maybe, you should be concentrating a little more on the fact that the US is done as an empire:  finito, caput!  It's over for you hatemongers.  Hopefully, those of us with common sense will get together and make sure the likes of you NEVER again are given a chance to rise and fuck us all again! 

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