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5/6/10

US-led Casino Capitalism - recovery running into problems

Is capitalism working when 1 percent of the U.S. population owns more wealth than the bottom 99 percent of the US population combined? Does capitalism work when corporations are allowed to hijack our government and drive us to war — at the expense of millions — because it is profitable?

Can we truly say that capitalism is working as its insatiable quest for endless profits is ravaging the planet’s ecosystems to the point of certain destruction? Can we say that capitalism “works” when the decisions of a few, wealthy and unelected men in an unknown mahogany hall on Wall Street can bring the entire world’s population to its knees?  Certainly, capitalism does work: it works wonders for the privileged few at the top of society. But when the rest of us are included, it becomes clear that any system that places profit before people and the planet cannot meet criteria for the “workable".

Bottom line: the US government is removing the stimulus prop to GDP growth before the recovery has become self-sustaining. The inventory cycle is already starting to fade. That means weak 1 or 2% growth at best by Q4 2010. Unless job growth picks up tremendously by the second half of the year, the US  recovery is in trouble.S-led Casino Capitalism

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