History Repeating: In Goldman Sachs We Cannot Trust...

GOLDMAN SACHS BUSINESS PRINCIPLES ( # 5 of 10)

"We stress creativity and imagination in everything we do. While recognizing that the old way may still be the best way, we constantly strive to find a better solution to a client's problems. We pride ourselves on having pioneered many of the practices and techniques that have become standard in the industry. -Goldman-Sachs Website, 2009.

HISTORY:

Goldman-Sachs is a financial institution that survived the Great Depression. John Kenneth Galbraith in his popular book, The Great Crash 1929 has a chapter dedicated exclusively to them entitled: In Goldman-Sachs We Trust.

Here we see a pattern emerging dating back nearly a century:

1928:

"Goldman, Sachs, and Company (GS&C) created a new venture called "Goldman, Sachs, Trading Company" (GSTC) and originally issued 1M shares at $100/share on Dec 4, 1928 but GS&C bought it all and then sold 90% of it to the public for $104 [apparently thinking this was a way to make a quick buck -- they had not yet learned about the concept of "leverage" as it is used/abused today]. Only 2 months later (Feb 21, 1929) GSTC merged with a company called Financial & Industrial Securities Corp. -- the resulting assets were $235M. Just before the merger, Feb 2 the stock was $136.50 and 5 days later on Feb 7 it was $222.50"
Massive value increase even though tangible real value was much less. Incredible spikes seem to follow the firm. Maybe they have the Midas touch?

“This remarkable premium was not the undiluted result of public enthusiasm for the financial genius of Goldman, Sachs. Goldman, Sachs had considerable enthusiasm for itself, and the Trading Corporation was buying heavily of its own securities. By March 14 it had bought 560,724 shares of its own stock for a total outlay of $57,021,936. This, in turn, had boomed their value. However, perhaps foreseeing the exiguous character of an investment company which had it investments all in its own common stock, the Trading Corporation stopped buying itself in March. Then it resold part of the stock to William Crapo Durant, who re-resold it to the public as opportunity allowed.”

1929:

Seven months later, after the October crash (including a 2:1 stock split), the price of the stock ultimately fell to approximately 1 3/4. The Goldman-Sachs Trading Corporation (GSTC) was an investment trust, a forerunner of the modern mutual fund. According to Galbraith, Goldman-Sachs' stock lost 97% of its going-public value., less than a year after its public offering.

1932:

But in a time with no SEC, virtually anything went on Wall Street during the Great Depression. Of course, we all know how the story ends. Years later in Washington Mr. Sachs had this to say to Senator Couzens at the Committee of United States Senate Hearing:

Senator Couzens: Did Goldman, Sachs and Company organize the Goldman Sachs Trading Company?

Mr. Sachs: Yes, sir.

Senator: And it sold its stock to the public?

Mr. Sachs: A portion of it. The firm invested originally in 10 percent of the issue.

Senator: And the other 90 percent was sold to the public?

Mr. Sachs: Yes, sir.

Senator: At what price?

Mr. Sachs: At 104...the stock was later split two for one.

Senator: And what is the price of the stock now?

Mr. Sachs: Approximately 1 3/4.

Deja-Vu perhaps?

2008:

Goldman Sachs seems to have a pattern of passing the proverbial buck after they have rinsed all profits from their venture and moved out of the way before the train derails.

(Excerpt:"In Goldman Sachs We Trust: The Story of a $222 Stock going to $1 During the Great Depression," mybudget360.com,8.2009. Image: Profiteer Illustration, Library of Congress, 1929).

Truth Or Consequences: An Insatiable Appetite For Wealth...

“My God, the suburbs! They encircled the city’s boundaries like enemy territory, and we thought of them as a loss of privacy, a cesspool of conformity and a life of indescribable dreariness in some split-level village where the place-name appeared in the New York Times only when some bored housewife blew-off her head with a shotgun” -John Cheever, (Esquire, 7.1960).

“In the highly artificial and materialistic bases of modern civilization, with the corresponding arrangements and methods of living, the force-infusion of intellect alone, the depraving influences of riches just as much as poverty, the absence of all high ideals in character -- with the long series of tendencies, shapings, which few are strong enough to resist, and which now seem, with steam-engine speed, to be everywhere turning out the generations of humanity like uniform iron castings -- all of which, as compared with the feudal ages, we can yet do nothing better than accept, make the best of, and even welcome, upon the whole, for their oceanic practical grandeur, and their restless wholesale kneading of the masses -- I say of all this tremendous and dominant play of solely materialistic bearings upon current life in the United States, with the results as already seen, accumulating, and reaching far into the future, that they must either be confronted and met by at least an equally subtle and tremendous force-infusion for purposes of spiritualization, for the pure conscience, for genuine esthetics, and for absolute and primal manliness and womanliness -- or else our modern civilization, with all its improvements, is in vain, and we are on the road to a destiny, a status, equivalent, in its real world, to that of the fabled damned.” -Walt Whitman (“Democratic Vista,” 1871).

" The United States will never be Europe. It was born as a commercial republic. It’s addicted to the pace of commercial enterprise. After periodic pauses, the country inevitably returns to its elemental nature.

The U.S. is in one of those pauses today. It has been odd, over the past six months, not to have the gospel of success as part of the normal background music of life. You go about your day, taking in the news and the new movies, books and songs, and only gradually do you become aware that there is an absence. There are no aspirational stories of rags-to-riches success floating around. There are no new how-to-get-rich enthusiasms. There are few magazine covers breathlessly telling readers that some new possibility — biotechnology, nanotechnology — is about to change everything. That part of American culture that stokes ambition and encourages risk has gone silent.

We are now in an astonishingly noncommercial moment. Risk is out of favor. The financial world is abashed. Enterprise is suspended. The public culture is dominated by one downbeat story after another as members of the educated class explore and enjoy the humiliation of the capitalist vulgarians.

Washington is temporarily at the center of the nation’s economic gravity and a noncommercial administration holds sway. This is an administration that has many lawyers and academics but almost no businesspeople in it, let alone self-made entrepreneurs. The president speaks passionately about education and health care reform, but he is strangely aloof from the banking crisis and displays no passion when speaking about commercial drive and success.

But if there is one thing we can be sure of, this pause will not last. The cultural DNA of the past 400 years will not be erased. The pendulum will swing hard. The gospel of success will recapture the imagination.

Walt Whitman got America right in his essay, “Democratic Vistas.” He acknowledged the vulgarity of the American success drive. He toted up its moral failings. But in the end, he accepted his country’s “extreme business energy,” its “almost maniacal appetite for wealth.” He knew that the country’s dreams were all built upon that energy and drive, and eventually the spirit of commercial optimism would always prevail.”

-David Brooks, (Excerpt: "The Commercial Republic," 3.17.2009. Image: -H. Armstrong Roberts,1960s).

VIOLETPLANET SAYS: But of course, nothing lasts forever now does it?

11 Reasons Why Bernard Madoff aka "The Swindler" Is America's Unconscious Superhero

“In today’s regulatory environment, it’s virtually impossible to violate rules.” -Bernard Madoff (2007).

The Inadvertent Hand of Justice:

While it is understandable that the super-rich and wealthy, who have lost a large portion of their retirement and investment funds are unanimous in their condemnation and cries of betrayal of trust, and the editorials of all the prestigious newspapers and weeklies have joined the chorus of moral critics, there is much to praise in Madoff’s deeds, even if such praise was not at the heart of his fraudulent endeavor.

1. The swindle of $50 plus billion dollars may make a big dent on US Zionist funding of illegal Israeli colonial settlements in the Occupied Territories, lessen funding for AIPAC’s purchase of Congressional influence and financing of propaganda campaigns in favor of a pre-emptive US military attack against Iran. Most investors will have to lower or eliminate their purchase of Israel bonds, which subsidize the Jewish State’s military budget.

2. The swindle has further discredited the highly speculative hedge funds already reeling from massive withdrawals because of deep losses. Madoff’s funds were one of the last ‘respected’ operations still drawing new investors, but with the latest revelations it may accelerate their demise. The dismissed promoters may finally have to perform an honest, productive day’s work.

3. Madoff’s long-term, large-scale fraud was not detected by the Securities and Exchange Commission (SEC) despite its claims of at least two investigations. As a result, there is a total loss of credibility. More generally, the SEC’s failure demonstrates the incapacity of capitalist government regulatory agencies to detect mega frauds. This failure raises the question of whether alternatives to investing in Wall Street are better suited to protect savings and pension funds.

4. Madoff’s long-term association with NASDAQ, including his chairmanship, while he was defrauding his clients of billions, strongly suggests that the members and leaders of this stock exchange are incapable of recognizing a crook, and are prone to overlook felonious behavior of ‘one of their own’. In other words, the investing public can no longer look to holders of high posts in NASDAQ as a sign of probity. After Madoff, it may signal time to look for a king-size mattress for safe keeping of what remains of a family’s wealth.

5. The investment advisors from top banks in Europe, Asia and the US managing billions of funds did not carry out the most elementary due diligence of Madoff’s operation. Apart from severe bank losses, tens of thousands of influential, affluent and super-rich lost their entire accumulated wealth. The result is total loss of confidence in the leading banks and financial instruments as well as the general discrediting of ‘expert knowledge’. The result is a weakening of the financial stranglehold over investor behavior and the demise of an important sector of the parasitic ‘rentier’ class, which gains without producing any useful commodities or providing needed services.

6. Since most of the money stolen by Madoff came from the upper classes around the world, his behavior has reduced inequalities – he is the ‘greatest leveler’ since the introduction of the progressive income tax. By ruining billionaires and bankrupting millionaires, Madoff has lessened their capacity to use their wealth to influence politicians in their favor – thus increasing the potential political influence of the less affluent sectors of class society…and inadvertently strengthening democracy against the financial oligarchs.

7. By swindling life-long friends, self-same ethno-religious investors, narrow ethnically defined country club members and close family members, Madoff demonstrates that finance capital shows no respect for any of the pieties of everyday life: Great and small, holy and profane, all are subordinated to the rule of capital.


8. Among the many ruined investors in New York and New England, there are a number of mega slumlords (real estate moguls), sweatshop owners (fancy name-brand clothes and toy manufacturers) and others who barely paid the minimum wage to their women and immigrant laborers, evicted poor tenants and swindled employees out of their pensions before moving their operations to China. In other words, Madoff’s swindle was a kind of secular ‘divine’ retribution for past and present crimes against labor and the poor. Needless to say, this ‘unconscious Robin Hood’ did not redistribute the money fleeced from the employers to their workers, he reinvested part of it in charities which enhanced his philanthropic image and to payout to some of his early investors so sustain the overall Ponzi scam.

9. Madoff struck a severe blow against anti-Semites who claim that there is a ‘close-knit Jewish conspiracy to defraud the Gentiles’, laying that canard to rest once and for all. Among Bernard Madoff’s principle victims were his closest Jewish friends and colleagues, people who shared Seder meals and frequented the same upscale temples in Long Island and Palm Beach.

Bernie was discriminating in accepting clients, but it was on the basis of their wealth and not their national origin, race, religion or sexual preference. He was very ecumenical and a strong backer of globalization. There was nothing ethnocentric about Madoff: He defrauded the Anglo-Chinese bank HSBC of $1 billion dollars and several billions from the Dutch arm of the Belgian bank Fortes. $1.4 billion was from the Royal Bank of Scotland, the French bank BNP Paribas, the Spanish bank, Banco Santander, the Japanese Nomura; not to mention hedge funds in London and the US, which have admitted holdings in Bernard Madoff Investment Securities. Indeed Bernie was emblematic of the modern up-to-date, politically correct, multicultural, international…swindler. The ease with which the super rich of Europe forked their fortunes over caused one Madrid-based business consultant to observe that, “picking off Spain’s wealthiest was like clubbing seals…” (Financial Times, December 18, 2008 p.16)

10. Madoff’s swindle will likely promote greater self-criticism and a more distrustful attitude toward other potential confidence people posing as reliable financial know-it-alls. Among self-critical Jews, they are less likely to confide in brokers simply because they are zealous backers of Israel and generous contributors to Zionist fund drives. That is no longer an adequate guarantee of ethical behavior and a certificate of good conduct. In fact it may raise suspicion of brokers who are excessively ardent boosters of Israel and promise consistent high returns to local Zionist affiliates – asking themselves whether this business about ‘what is good for the …’ is really a cover for another scam.

11. The demise of Madoff’s enterprise and his wealthy liberal Jewish victims will adversely affect contributions to the 52 Major Jewish American Organizations, numerous foundations in Boston, Los Angeles, New York and elsewhere, as well as the Clinton/Schumer militarist wing of the Democratic Party (Madoff bankrolled both of them as well as other unconditional Congressional supporters of Israel). This may open Congress to greater debate on Middle East policy without the usual high volume attacks.

Conclusion:

Madoff’s swindle and fraudulent behavior is not the result of a personal moral failure. It is the product of a systemic imperative and the economic culture, which informs the highest circles of our class structure. The paper economy, hedge funds and all the ‘sophisticated financial instruments’ are all ‘Ponzi schemes’ – they are not based on producing and selling goods and services. They are financial bets on future financial paper growth based on securing future buyers to pay off earlier cash ins.

The ‘failure’ of the SEC is totally predictable and systemic: The regulators are selected from the regulatees, are beholden to them and defer to their judgments, claims and audit sheets. They are structured to ‘miss the signs’ and to avoid ‘over-regulating’ their financial superiors. Madoff operated in a milieu of a Wall Street where everything goes, where impunity for mega-bailouts for mega swindlers is the norm. As an individual swindler, he out-defrauded some of his bigger institutional competitors on the Street. The whole system of rewards and prestige goes to those best able to juggle the books, to cover the paper trails and who have willing victims begging to get fleeced. What a mensch, this Madoff!

In a few days, one individual, Bernard Madoff, has struck a bigger blow against global financial capital, Wall Street and the US Zionist Lobby/Israel-First Agenda than the entire US and European left combined over the past half century! He has been more successful in reducing vast wealth disparities in New York than all the white, black, Christian and Jewish, reform and mainline Democratic and Republican governors and Mayors over the past two centuries.

Some right-wing conspiracy theorists are claiming that Bernie is a secret Islamic-Palestinian agent (from Hamas) who set out to deliberately undermine the financial base of the Jewish State of Israel and its most powerful, affluent and generous US backers and foundations. Others claim that he is a closet Marxist whose swindles were carefully designed to discredit Wall Street and to funnel billions into clandestine radical organizations – after all…does anyone know where the lost billions have gone? Unlike the leftist pundits, bloggers and protest marchers, whose earnest and public activities have had no effect on the rich and powerful, Madoff has aimed his blows where it hurts the most: Their mega-bank accounts, their confidence in the
capitalist system, their self-esteem and, yes, even their cardiac well-being.

Does that mean we on the left should form a Bernie Madoff Defense Committee and call for a bailout in line with Paulson’s bailout of his Citibank cronies? Should we proclaim “Equal bailout for equal swindlers!”? Should we advocate his flight (or his right of return) to Israel to avoid a trial? It might not fly with his many Jewish victims to make the case for an Israeli retirement for Bernie.

There is no reason to mount the barricades for Bernard Madoff. It’s enough to recognize that he has inadvertently rendered an historic service to popular justice by undermining some of the financial props of a class-ridden injustice system.
-James Petras (Excerpt: "Bernard Madoff: Wall Street Swindler Strikes Powerful Blows for Social Justice", Information Clearinghouse, 12.20.2008. Image: -VioletPlanet, The Hero Factory, 2.26.09).

On Consumerism: Trample To Death, Save Money, Live Better...

“...Jdimytai Damour, a 34-year-old temporary employee at the Wal-Mart store, was crushed (to death) underfoot as thousands of shoppers, chanting "push in the doors," did just that -- ripping the doors right off their hinges, these desperate-for-a-deal maniacs stampeded into the store, massacring Damour under their heavy, relentless feet, which I guess were so caught up in marching to the capitalistic tune of consumerism that they just couldn't register the life they were squeezing out of the man beneath them.

There are no reports of any shopper attempting to help Damour. On the contrary, Damour's co-workers, as well as paramedics and police officers at the scene, all tell of hostile shoppers who impeded assistance to Damour and who became angry when the announcement came over the PA that the store would be closing because of Damour's death.

Since hearing about this horrific murder I have made myself nauseous imagining Damour terrified, gasping for air, the weight of all those shoppers grinding him into the floor. But, the truth is, I have also found myself unable to stop thinking about the connections between his murder, and capitalism, and consumerism. I cannot help but think that this horde's behavior really isn't all that far off from how consumers in a capitalistic society are programmed to behave.

Think of this: if a corporation's purpose is to maximize profit, isn't a consumer's purpose to minimize price-paid? That is, in order to be the very best consumer , don't you need to seek out the lowest-priced goods? Further, capitalism teaches us to celebrate those who achieve success and material wealth, even as we acknowledge that "getting to the top" often involves scrambling up over the backs of fellow human beings. Sure, driving your heel into the flesh of a man trapped beneath you is a bit more visceral than the sort of bloodless exploitation that corporate climbers employ, but the impulse -- the drive for personal success or satisfaction; the ambition to meet one's own needs at any cost -- springs from the same notions of individualism that lay at the heart of a capitalistic system.

In the movie Dirty Pretty Things, a character, Okwe, makes a statement about the sorts of people with whom we share our world yet often do not acknowledge-he says:

"... we are the people you do not see. We are the ones who drive your cabs. We clean your hotel rooms. And suck your cocks."

I think about this whenever I think about one of this country's most enduring mythologies: the American Dream. As the story goes, everyone is born equal in America, into a country with a level playing field, where, with hard work and perseverance, anyone can achieve economic stability and financial success. Integral to the idea of this American Dream is the notion that those who do not "make it" fail because they choose to fail. This is an important part of our mythology, and it is convenient for explaining the existence of the people Okwe mentions. How do we reconcile the poverty and desperation we see all around us? Or the knowledge that we share our world with people whose lives are miserable, hopeless and grim? By believing that they are responsible for their own wretched existences. Otherwise, we have to admit that the system is flawed. And if we admit that the system is flawed, then we will have to change it. For many people, this is not only a terrifying notion, but it also seems impossible. Further tempering any impulse to demolish the capitalistic system is the fact that we are so seduced by the elusive promise of wealth and privilege that the false-hearted dogma of the American Dream is a stronger motivating force than is the reality that we see all around us.

We are complacent.
And gluttonous.
And divided.

I believe that within a capitalistic society, especially one that is teetering, seething, and grasping as desperately as ours is, this sort of brutal, every-man-for-himself mentality is likely to manifest in more and more everyday occurrences. Capitalism can behave in no other way -- it exists for only as long as there is a class of people to exploit. As Ezra, the prophet of Elle Flanders's brilliant documentary Zero Degrees of Separation, says:

"Without the cogs, there would be no machine." We are all cogs in this plutocracy we call "America." And we chew each other up to bloody bits..."

-Tani Bellestri (Excerpt: "Blood In the Machine,"CommonDreams.org, 12.5.2008. Image: Title Card, "Born To Kill,"directed by Robert Wise, 1947).

The United Bank of America: A Call To Civil Service...

“Democracy is the road to Socialism.” -Karl Marx

"In what now looks like the final phase of the credit crunch, one thing has become clear: Many of the world's major banks will end up in state control.

Britain is furthest down the track. This week, Royal Bank of Scotland Group Plc and HBOS Plc ceded majority control to the government in exchange for financial support. Already, the state is making demands. It will have the right to seats on the board, to fix dividends, and be allowed to set executive pay.

Other countries are likely to follow. Germany has put its own rescue package in place, and Chancellor Angela Merkel has said the way bankers pay themselves will have to change. Even U.S. Treasury Secretary Henry Paulson has promised the government will take a direct stake in banks such as Citigroup Inc. and Goldman Sachs Group Inc.

In effect, bankers are about to become civil servants. That will require a huge culture change. In a second, banking will have to switch from being a raucous, entrepreneurial and aggressive industry into a dull, safe and conservative one.

For that to happen, their brains will have to be completely rewired. Everything a generation of bankers grew up expecting will be forgotten. A new set of rules is being written.

The initial moves will be cosmetic. Out will go the round- the-clock, work-hard-play-hard culture. In its place will come the nine-to-five day with a break for tea and biscuits. Meetings will be sacrosanct, and the keeping of minutes precise. The gender-awareness officer will no longer be a figure of fun, but rather the most powerful person in the workplace. As for taking clients to lap-dancing clubs, don't even think about it.

It's a new world, get used to it.

-Matthew Lynn (Excerpt: "Bankers Find Their New Calling as Civil Servants," Bloomberg News, 10.15.08. Image: - Deathagony1917,DeviantArt.com,2008).

Consuming Passions: The Age Of Heroic Consumption...The Tyranny of Money...

The age of heroic consumption is surely drawing to a close. The inspiration of those whose principal virtue is the money that permits them to lay claim to a disproportionate share of the earth’s resources is being by-passed in a world where a population of 9 billion must be accommodated by 2050.

The price tag on the possessions of the wealthy — their 20 million dollar mansions, 5 million dollar yachts, extravagant couture and priceless jewels, their private jets and lives apart from the great majority of humankind — are rapidly losing their power to enchant the rest of us. In an age when scientists, humanitarians and moral leaders are exhorting human beings to look to our impact upon the earth — and not solely in relation to the carbon footprint — it has become obsolete to gaze with breathless admiration upon individuals dedicated to the proposition that a whole world should be dying of consumption, and not just the 1.6m who perish from tuberculosis each year.

The GREATEST THREAT to GLOBAL STABILITY comes NOT from the POOR but FROM the RICH. This startling proposition runs directly into another received idea, which is that the risk of disorder is a result of excessive materialism. What we suffer from is not a surfeit of materialism, but a deficiency of it; for if we truly valued the material basis upon which all human systems depend, we would exhibit a far greater reverence for the physical world we inhabit. If materialism means respect for the elements that sustain life, then we are gravely wanting in it. What is sometimes referred to as “materialism” is actually something else: perhaps a distorted kind of mysticism which believes we can use up the earth and still avoid the consequences of our omnivorous appetites.

This is why the gross consumers of the age will be scorned as the pitiable destroyers of the sustenance, not only of the poor of today, but of everyone’s tomorrow. It is natural for people to want to do the best for their children, but this is generally interpreted as leaving them a private monetary inheritance; but if the other side of this legacy is a befouled world, the enjoyment of today’s privilege may become the curse of the future. In any case, there is a great deal of humbug in pious concern expressed for our children’s children, since this rarely prevents those who give voice to such tender sentiments from living as though there were no tomorrow. “Live the dream” has become the cliche of the hour; although it requires no great wisdom to understand that dreams realized soon turn to ashes.

Everything that can be done to bring the age of heroic consumption to its close should be done. This means the promotion of a different understanding of wealth. The myriad aspects of a truly rich and fulfilled life should be rescued from the tyranny of money. Perhaps we have not entirely forgotten that the most joyful and exhilarating of human occupations derive from self-reliance, self-provisioning, not only in the basic goods that sustain life, but also in satisfactions that arise from the cost-free resourcefulness of ourselves and others.

This is why the A-listers, the celebs, the fat cats, the big spenders, the conspicuous consumers do not represent a “lifestyle” to be emulated at all costs, but serve as warning of the spector of depletion and exhaustion awaiting us within a short space of time. When Thorstein Veblen wrote his Theory of the Leisure Class at the end of the 19th century, he saw “conspicuous waste and show” as a replacement for “earlier and more primitive displays of physical prowess”. Even his caustic insights could not anticipate the degree to which the ornamental in-utility of the very rich would lead them to become pioneers of planetary demolition.

Of course, downgrading the exploits of the major culprits in ransacking the earth is easier said than done. Cultures are not, as journalists and politicians sometimes suggest, to be discarded or “changed” at will. But sooner or later, a reduction in the abuse of the elements of life will be forced upon the world. If it proves impossible to take preventive action in this regard, we shall soon enough be overtaken by events — oil wars, water wars, even more brutal conflicts over land than we have already seen, food wars, social disruption, rioting and breakdown, such as the World Bank has already detected in some 37 countries in the last two years, will be the form in which the relentless plunder of the planet will resolve itself.

Just as the age of heroic labor — the Stakhanovite idea of selfless dedication to the building of Communism — perished, so heroic consumption — that equally selfless dedication to sustaining capitalism — has also had its day. Stakhanovites were so called after a coalminer in the Soviet Union in 1935 who exceeded his work quota by 14 times the fixed level, producing 102 tons of coal in six hours. This became a kind of “spontaneous” official policy in the construction of Socialism.

How laughably old-fashioned this now sounds. And how swiftly things that appear immutable can change. It should be our ambition to ensure that the work of predatory individuals upon the fruits of the earth comes to appear as archaic and futile as the sacrifice of human energies in the Soviet Union to release the resources which, according to Marx, “slumbered in the lap of social labour”.

Heroic consumption, unlike heroic labor, requires no official sponsorship. The incentive to get rich is so deeply embedded in Capitalism, that it has been seen as an expression of human nature itself. The first task in achieving a decent security for all people on earth is to affirm the distinction between human nature and the nature of Capitalism.

Human beings want, above all, TO SURVIVE. The moral and social elevation of the wealthy and their profligacy suggests that they are prepared to sacrifice even this hitherto imperishable goal for the sake of transforming the beauty and value of the world into a wasteland.

-Jeremy Seabrook (Excerpt:"Consuming Passions",The Guardian/UK,6.10.2008. Image: -Antonio Petruccelli: One of the most famous and sought-after Fortune Magazine covers depicting the chaos and financial ruin left in the wake of the Stock Market Crash of 1929, Issue: June, 1937).