Wall St.'s Next Profit Scheme -- Buying Up Every Piece of Your Home Town

Continued from previous page

So it’s time to default. Otherwise, Wall Street will turn us into Greece. That is the financial plan, to be sure. It is the strategy for today’s financial war against society at large. In Latvia, I spoke to the lead central banker, who explained that wages in the public sector had fallen by 30 percent, helping push down private-sector wages nearly as far. Neoliberals call this “internal devaluation,” and promise that it will make economies more competitive. The reality is that it will up the internal market and drive labor to leave.

Footnotes

[1] Adam Nagourney, “Tax Cuts From ’70s Confront Brown Again in California,” The New York Times, January 9, 2011.