Damn straight. Climate change isn’t due to individual actions as the market worshipers want you to believe. It is due to an economic system that puts profits above all else
Disinvestment in productivity is linked to world wide overcapacity in production and the consequent disparity between the rate of profit in production vs. the rate of profit from the FIRE (Finance, Insurance, and Real Estate) sector. Government policy — zero interest rates for large capital borrowers, massive tax reductions for corporations and the wealthy — makes speculative asset inflation an attractive alternative to productive investments.
Disinvestment in manufacturing is linked to the decision of industrial manufacturing executives to invest a growing amount of capital in foreign manufacturing (Foreign direct investment ) and automation systems that would allow for the outsourcing of factories to other countries, while reducing the skills needed by manufacturing workers. So, instead of investing in domestic production for foreign markets, major industrial firms began producing goods abroad for import back into the United States market.
The money for these things comes from the rich clawing back our wages, and our assets/property (housing) with rising indebtedness to the banks (H/H private-sector debt), and massive tax giveaways to them (Trickle Down).
Welcome to the Neoliberal Rentier economy, made possible by state intervention (what James K. Galbraith calls the “predator state”) in the interests of the Patrimonial Rentier class rather than “market competition” and the laboring classes.
“Labour frontbencher Chris Williamson criticised the US during an interview with the BBC2’s Newsnight on Wednesday night, saying violent protests had “been aided and abetted by the United States of America, who have been funding opposition groups and have a very shady record, going back many decades, of interfering in Latin America”.
Ex-London mayor says wealthy families using power over trade to undermine Hugo Chávez’s successor, Nicolás Maduro
Myth: The federal corporate tax is too burdensome. Fact: Due to copious loopholes, profitable corporations pay slightly more than half the statutory tax rate. And some of the biggest corporations often ZERO out their federal taxes or pay rates in the single digits. Read all about it: www.itep.org/corporatestudy