A nation of deadbeats…but swindlers, con artists and crooks comes closer to the mark.
I came across the following video after searching a bit after reading this interview in Mother Jones.
“Deadbeat Nation” sounds like a great name for book. And as it turns out, it is a book. In A Nation of Deadbeats: An Uncommon History of America’s Financial Disasters, William & Mary professor Scott Reynolds Nelson argues that American history consists of a never-ending string of defaults at the individual, municipal, and state levels. Credit bubbles alternately finance transformative policies like westward expansion and infrastructure improvements, and then remake the nation’s political landscape when they invariably pop. Economist Tyler Cowen, in a New York Times Magazinereview last July, needed just one sentence to summarize the book: “We have hardly ever had a well-functioning banking system.”
What this means is that from the very beginning the finances of this country were based on fraud. Watch the video here.
In this he shows how nearly all the financial disasters and crisis can be traced back to bank and financier investments that were dodgy at best and fraudulent at worst. What Nelson I think does not realize is that in this he also shows how capitalism itself is at it’s very core is based on fraud, swindling and corruption. And at the head are the bankers.
I have watched a number of these types of videos and read a number of articles and online books of this sort by various economic and financial historians etc. all with the stated or unstated premiss that there is nothing wrong with capitalism providing it is done honestly.
Then each one without exception goes on to show unequivocally that there is no such thing as honest capitalism. There never has been and probably never will be.