“Nixon’s moves were among several factors that led to a huge increase in unregulated financial capital and a radical shift in its use, from long-term investment and trade to speculation. The effect has been to undermine national economic planning as governments are compelled to preserve market “credibility,” driving any economies “toward a low-growth, high-unemployment equilibrium,” Cambridge economist John Eatwell comments, with stagnating or declining real wages, increasing poverty and inequality, and booming markets and profits for the few.” — Noam Chomsky, Profit Over People
Posted on: Thu, 24 Jul 2014 23:30:00 +0000
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