Short version Voted a Top Comment on the Forbes article
“The Stock Market And Bernie Sanders Agree — Break Up The Banks” ,
a more full story follows.
The reality of the matter is as embarrassing as it could be. If you trace it all back to origins… it’s our very own greed causing the whole mess, our demanding that Wall Street produce ever faster growing **unearned income** for our investments.
That’s what is now backfiring on us as the serious scientists all always said it would. The earth is not an infinite honey pot… is the big problem our not so big hearts and minds have in grasping the consequences of our own choices. We simply failed to notice the consequences, or listen to those saying “beware of what you ask for”.
The truth is WE became “The Sorcerer’s Apprentice”* and now we are dealing with having turned the planet into our Fantasia. The truth is that if we “Break Up the Banks” the financial system we designed to grow unearned income will just keep multiplying the disruptions the scientists always pointed to it causing! Are there options?? Well find someone honest who studies it perhaps…
Sorcerer’s Apprentice https://t.co/CWNhXe7xhj
(If this YouTube copy is inaccessible sometimes you may need to find another copy or just recall the heroic tragedy of it all, from the last time you saw it.)
Day after the NY Primary 2016:
In New York State yesterday there seemed to be a lot of answers, but we can all see more questions too. Neither Trump nor Sanders are offering practical ways of doing it, but clearly raised a huge chorus of “throw the bums out”, without actually identifying “who the bums are” as part of the questions left hanging. To the surprise of many Trump’s win was so persuasive it seems to almost legitimize his candidacy. To the surprise of many as well, Sanders overall persuasively lost to Hillary Clinton, and only had persuasive wins in conservative upstate areas. In ultra-liberal New York City, his claim to ultra-liberal leadership found really very few neighborhoods persuaded. New York is the kind of place that needs no persuasion at all on the legitimacy of his issues, but found his manner and inability to say what he’d actually do, and relying on a constant stream what had to be called rather misogynist digs.. caused him to lose legitimacy.
So nearly all agree the bums need to be thrown out, but “who the bums are” remains unanswered, and largely undiscussed too, The Trump campaign colorfully claims the intention to disregard all the rules to “get the raccoons out of the basement”, and with no strategy but public outrage, sweep away the broken Republican party and Washington DC political establishments. Sanders imagines that some executive order breaking up the banks and popular demand for relieving very real and widespread despair will remove all the barriers to doing that.
I’ve studies these problems in great detail for many years, and have in fact been expecting to have to somehow claim to have predicted this kind of grand societal collision with itself from the first time I caught a glimpse of the real problem. My observations are only a little more detailed and focused on locating who has a choice, who actually is “at fault” in that sense, as the natural disaster at the end of capitalism has been has been long predicted for what I see as all the wrong reasons for centuries.
That real problem is that “Wall Street” is the name given to the practices of the financial traders who trade everyone’s investment funds, and so… “Wall Street” actually already works for us, and doing precisely what we ask it to do. There’s just something profoundly confused about what we ask it to do. We ask it to manage the use of our idle savings to produce profits to add to our savings, and so multiply in scale without end except for letting the trader take a share of the spoils, Of course the bargain is that multiplying your profit taking from your world with no exception eventually destroys your world, invisible only if you don’t look.
I don’t know quite why Goethe did not sharply identify that ultimately seductive bargain with the Devil when writing Faust. That play is apparently his morality tale about what happens when making that bargain. He was, though, enough more clear in depicting it in his balladic poem Der Zauberlehrling, that Walt Disney used as the basis of his ever popular animated film Fantasia, and very pointed fable “The Sorcerer’s Apprentice”.
Our hero, Mickey Mouse, steals a look at the sorcerer’s book of secrets and immaturely calls upon its magic to command his broom to carry the heavy water of his chores, so he can sleep all day. As he awakes he finds the magical broom can’t be stopped, as Micky doesn’t know what spell to cast for that, and is flooding the whole house and castle, and so MUST be stopped. Then like people feel today, Micky picks up his ax to do in the boom for good…, but finds in chopping up the one it only multiplies magical brooms and the rising flood turns into a great torrent.
The failure of Mickey’s strategy would, of course, be repeated if Sanders’ grand gesture calling for “breaking up the banks” were to actually be applied. The various banks that have now grown overwhelmingly big, magically carrying our water so we can accomplish ever more without work, will all just continue expand, as long as we ask them to use our savings as before. You would just get more banks accumulating more disparity in the wealth of the world. Whether the phrase “break up the banks” refers to dividing up the banks into smaller ones, or separating their savings and investing functions, it wouldn’t alter a bit the basic service they are being asked to provide us as investors. They’d still be using our idle money to multiply, in some magical way, so we can be showered with fruits without labor, and left with the puzzle of why that can’t keep working.
Investors may or may not feel “wet”, but if you look around the world, everyone else does look rather soaked! It’s a quandary that we’ll have to resolve, why the secrets of creating wealth were apparently not shared by our process of enjoying wealth. So what’s clear, at least, is we now have a new job. It’s not one that Wall Street asked for, perhaps, but that they can’t refuse as they work for us. It’s to break with the Faustian bargain we made with ourselves, and perhaps stumbling some also stumble without regrets so much as anticipation, get about the work of showing the world another side of what we can do with our genius.
Here we don’t find ourselves without a plan of action, is what’s different from the many calls to protest, though the plan may need repeated adjustment and improvement in various ways. It’s ironically not like Bernie’s plan to “not take Wall Street’s money” either. It’s indeed to “take Wall Street’s money” we belatedly realize, because Wall Street is in fact just managing our money for us, and we just need to as for the right thing. That’s the real way to break our bargain with the Devil, that we do seem to be at a great historical point of rejecting. We can take our knowledge of wealth with us too, but only if we learn the other tricks needed to leave the earth whole and to share.