By Pam Martens and Russ Martens of Wall Street on Parade
Rana Foroohar, an Associate Editor and Global Business Columnist for the Financial Times, penned an OpEd at the New York Times yesterday that was as audacious in its insults to the Times’ richest hometown industry, Wall Street, as it was brilliantly in touch with the abject dysfunction of the U.S. financial system.
Foroohar’s thesis is this: “…there’s a core truth about our financial system that we have yet to comprehend fully: It isn’t serving us, we’re serving it.”
Foroohar describes in specific detail what Wall Street On Parade has long described as Wall Street’s institutionalized wealth transfer system. (See our articles describing this system under the menu button above titled “Wealth Transfer Schemes.” You may find two particular articles of interest, here and here.)
Just how high up the chain of command this “service” to Wall Street goes was deftly captured in a Tweet by the President of the United States on Monday of this week. In the midst of a humanitarian crisis in Puerto Rico, where upwards of 3 million fellow Americans are living with limited access to food and water and without any municipal electric power in the midst of a sweltering heat wave in the aftermath of Hurricane Maria, President Trump Tweeted about the “billions of dollars owed to Wall Street and the banks” by Puerto Rico, adding that this debt “sadly, must be dealt with.”
To those of us who instinctively know how Wall Street has its way with Presidents of every stripe, it sounded like Puerto Rico was either going to be extorted in the midst of a humanitarian crisis into sweetening the pot for its creditors on Wall Street or strong-armed into the kinds of privatization schemes that Wall Street has so cleverly inflicted on cash-strapped nations in the past…