Daily Archives: April 2, 2011

“Tax the Super Rich now or face a revolution”

Hey, it aint me saying that, it’s mainstream Wall Street columnist Paul B. Farrell of MarketWatch (published by Dow Jones & Co).

You sure wouldn’t know it from the attacks that politicians are making on social spending and longstanding restraints on corporate predation, but maybe a few insiders are finally waking up to reality. If the super-rich (and the rest of us) are lucky, there will be enough of a political upsurge to change the rules of the game before all hell breaks loose.

The New Deal policies of FDR and the depression-era Democrats saved capitalism from extinction back in the 1930’s by establishing rules to constrain the damage done by the greed of insiders and power seeking demagogues, and by creating social programs to protect the weak and disadvantaged and to share the wealth. Without that, there would probably have been a violent revolution in America.

Taxation by itself will not be enough to create a compassionate and harmonious society, but retrieving the loot that has been stolen from the American people over the past couple decades would be a good start.

Here are a few tidbits from Farrell’s article:

Remember, 93% of what you hear about markets, finance and the economy are guesses, wishful thinking and lies intended to manipulate you into making decisions that suck money from your pockets into Wall Street.

…on an inflation-adjusted basis, Wall Street lost 20% of your retirement money in the decade from 2000 to 2010, over $10 trillion.

Wake up folks. The Super-Rich Delusion is destroying the American Dream for the rest of us. The Super Rich don’t care about you. They’re already stockpiling for the economic time bomb dead ahead. Don’t say you weren’t warned. Time for you to plan ahead for the coming revolution, for another depression.

Read the rest of it here: