When Bankers Rule the World

| 6/28/2012 12:28:26 PM

Wall Street 

 Korten mugshotDr. David Korten (livingeconomiesforum.org) is the author of Agenda for a New Economy, The Great Turning: From Empire to Earth Community, and the international best seller When Corporations Rule the World.  He was recognized as an Utne Reader Visionary in 2011. 

Editor’s note: This post was originally published by YES! Magazine, and is licensed under Creative Commons. 


The tell-all defection of Greg Smith, a former Goldman Sachs executive, provided an insider’s view of the moral corruption of the Wall Street banks that control of much of America’s economy and politics. Smith confirms what insightful observers have known for years: the business purpose of Wall Street bankers is to maximize their personal financial take without regard to the consequences for others.

Wall Street’s World of Illusion

Why has the public for so long tolerated Wall Street’s reckless abuses of power and accepted the resulting devastation? The answer lies in a cultural trance induced by deceptive language and misleading indicators backed by flawed economic theory and accounting sleight-of-hand. To shatter the trance we need to recognize that the deception that Wall Street promotes through its well-funded PR machine rests on three false premises.

Barbara Berman
7/28/2012 1:15:38 AM

Thank you once again for highlighting the truth. Our "free press" - ie. the newspapers - have been totally corrupted by corporate interests, and our government - well, what can we really say?? Am I the only one who remembers the anti-trust laws? PS I do not fault the President for this mess - the congress - our elected "representatives" are really to blame.

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