Tuesday, May 25, 2010, Nathan's Economic Edge; link at bottom.
Martin Armstrong: Immoral – Not – Illegal, A Crisis in Ethics Repeating the 1930’s
This is a very good paper from Martin in which he chastises the argument that Goldman has done nothing illegal… just immoral. He sees and draws parallels to the Great Depression – that’s interesting because he repeatedly claims that we’re not repeating the Great Depression. In fact, the parallels are staggering. However, I agree that this is no Great Depression, it is far worse; it is a nation and possibly world changing series of events.
Martin discusses many legal issues, on this subject he is definitely spot on! The lack of jury trials, the extreme rate of conviction, the growth in the number of Federal Prisoners are all signs of a breakdown of the system. These types of breakdowns occur when the power structure gets one-sided. Once this occurs, rebellion is not far behind. And ultimately what happens is that the people lose CONFIDENCE in the government. This has and IS occurring now. I personally don’t trust ANYTHING I hear or read at this point – economic statistics are a lie, accounting is a fraud, and I am completely unsure how to read the events of the world as I believe what’s really occurring is being spun to the public. And I KNOW that the real power structure is NOT the structure presented for our consumption.
The markets are no longer real, they are simulated and controlled by a very few players! Martin nails the point that the players in the markets are not there serving a purpose for society, they are there for their own “egotistical hedonism.”
Near the end of this paper he quotes Thrasymachus, who discussing how the “just” are always the losers to the “unjust” memorably says, “My meaning will be most clearly seen if we turn that highest form of injustice in which the criminal is the happiest of men, and the sufferers or those who refuse to do injustice are the most miserable – that is to say tyranny, which by fraud and force takes away the property of others…”
It seems to me that we have arrived at that destination… where those who stand behind their morals and ethics suffer while those who stand behind fraud and force take away the property of others. We are there, it is the end of the line for CONFIDENCE, and it is this that is at the foundation of the rule of law upon which capital either forms or flees.
[link to economicedge.blogspot.com