Why the Poker Game is Ending

In his book “Secrets of the Temple: How the Federal Reserve Runs the Country“, leading journalist William Greider said that the economy is like a poker game. He said that it is human nature to want to get all of the chips, but noted that – if one person does get all of the chips – the game ends.

In other words, the game of capitalism only continues as long as everyone has some money to play with. If the government and corporations take everyone’s money, the game ends.

The fed and Treasury are not giving more chips to those who need them: the American consumer. Instead, they are giving chips to the 800-pound gorillas at the poker table, such as Wall Street investment banks. Indeed, a good chunk of the money used by surviving mammoth players to buy the failing behemoths actually comes from the Fed.

No wonder billionaire George Soros says that the way US Treasury Secretary Henry Paulson was handling the situation was “very reminiscent of the way the central bankers talked in the 1930s”, the time of the Great Depression.

And no wonder Nobel-prize winning economist Joseph Stiglitz stresses putting poker chips back in the hands of the little guy (for example, by strengthening unemployment insurance).

This is not a question of big government versus small government, or republican versus democrat. It is not even a question of Keynes versus Friedman (two influential, competing economic thinkers).

It is a question of focusing any government funding which is made to the majority of poker players – instead of the titans of finance – so that the game can continue. If the hundreds of billions or trillions spent on bailouts had instead been given to ease the burden of consumers, we would have already recovered from the financial crisis.

This entry was posted in General. Bookmark the permalink.
  • http://www.blogger.com/profile/16405245653419469858 asangenito

    I think everyone needs to understand why the fed is giving these bailout funds to the corporate gians, its called JOBS. These are the companies that can create more jobs and employ people, so rahter than giving the money to individuals, the government has decided to start at the top and have the money “trickle” down to the consumer.

  • http://www.blogger.com/profile/02461704898251049430 Wincash

    Play Free online Arcade games  and wincash

  • http://www.blogger.com/profile/17497535830962810665 game gold

    Without hesitate, I bought eve isk , in the game I can find myself. I feel lonely, but I do not want to talk with anyone, so I buy isk . At present, think the happy day I spend in knight, I am eager to enter it, and buy eve online isk . Own eve online isk , it means that you own the life of happiness. So I will not leave cheap eve isk . It is the origin of the happiness.

  • http://www.blogger.com/profile/14557050233215429265 筱娅

    Do you like playing in the game which you need to use wow gold, when you do not have World of Warcraft Gold, you must borrow warcraft gold from friends, or you buy wow gold. If you get cheap wow gold, you can continue this game.

  • http://www.cockpitqueen.com/ cockpitqueen

    Nice post..thanks for sharing

  • Pingback: Bill Gross (One of the 1%): "Class Warfare By The 99%? Of Course, They’re Fighting Back After 30 Years Of Being Shot At"()

 

 

Twitter