How Propagandists for the 1% Are Manipulating Christian Teachings to Rob the Middle Class
Alter Net — In the endless swirl of headlines about the current global financial crisis, the dominant narrative, which is also driving the 2012 US presidential election, is that crippling amounts of public debt run up by profligate government spending have brought us to the brink of financial ruin and must be offset by deep cuts in social services and “entitlements.”
It is a false narrative that masks the largest ongoing financial swindle in human history, a swindle being carried out at public expense by a small class of elite financial speculators. This speculative class has been unleashed over the past three decades by a Utopian neoliberal political project now embodied in its most virulent form in the Republican presidential ticket of Mitt Romney and Paul Ryan.
Let’s start with the depth and size of the underlying financial crisis, which is almost in the realm of hyper-reality. In 1997, for example, the total value of annual financial transactions worldwide was an already-staggering 15 times greater than global GDP. Today, it is 70 times greater . (1) In 1995, the six largest US banks controlled assets worth 17 percent of annual GDP. Today, the figure is 64 percent . (2) Again in 1995, the global total of outstanding derivative debt obligations was $17.7 trillion. By 2010, at nearly $470 trillion , outstanding derivatives were 741 percent of global GDP .