Capitalist Pigs Galore!

Image: http://www.wikia.nocookie.net

“Investors in Woodford’s fund are complicit in this crime against Argentinians but worse, they fail to see cause and effect and how this practice (the Shock Doctrine) is now the default economic model applied everywhere. By participating in this rigged casino, investors are supporting global odious debt and eventually they too will become its victims…”

Investors Are Culpable And Will In Turn Become Victims

Published on Wednesday, 04 January 2017

Up until the 1980s, investment was for the relatively few, affluent but privatisations and increasing prominence of investment in the media drew more and more people into the idea of accumulating surplus wealth and investing it. So much so that the financial services industry has formed a growing proportion of economic activity as manufacturing and wealth creation declined or was “offshored”.

These days, the business of investment is about making money from money and has become truly dislocated from its original purpose: to invest surplus wealth in companies creating more wealth to increase prosperity for all – or at least that was the theory.

{Sojourner note: or at least this was the bullshit lie we were all fed!}

We also now have celebrity investment managers, as more and more talented people are drawn to the business by huge rewards: investment stars such as Anthony Bolton (formerly of investment giant Fidelity) or Neil Woodford (formerly at Invesco). Woodford recently set up a new investment firm and has attracted a huge following.

The above is to set the scene for today’s Daily Pickings which is the story of Argentine debt and Woodford hoping to “make a killing” from the Shock Doctrine, which is the IMF/WorldBank imposed practice of privatising state assets, creating huge debts while enriching the governing oligarchy. Daily Picking recently referred to odious debt, debt which has been imposed on a population without their consent and not for their benefit.

Woodford-backed legal fund soars on Argentina hopes by Gavin Lumsden

Burford Capital, the litigation finance fund backed by star investor Neil Woodford, on verge of massive legal win against Argentina’s government

Under former president, Cristina de Kirchner, Argentina had negotiated a settlement with most of its creditors holding Argentina’s odious debt but a couple of “vulture funds” acquired some of the debt at cents on the dollar and refused to settle. A complicit US judge upheld the vulture funds’ immoral claim but de Kirchner refused to pay. She has now been removed from power and Structural Elite flunkies are now in charge. Woodford is now expecting to make money from the legal case making its way through the US courts.

Investors in Woodford’s fund are complicit in this crime against Argentinians but worse, they fail to see cause and effect and how this practice (the Shock Doctrine) is now the default economic model applied everywhere. By participating in this rigged casino, investors are supporting global odious debt and eventually they too will become its victims.

This little vignette is a small example (of great significance to Argentinians) of the madness of the economic system which is consuming itself and people along with it. So if you’re an investor in Woodford’s fund, you may wish to ponder the implications for you and those around you.

Dave, at the Occupy London Economics Working Group, used the analogy of the spider in the vivarium to describe the current economic system. It consumes everything therein to become the biggest, fattest spider and of course, thereby, creates the conditions for its own demise – there’s nothing left to eat.

Source: Investors are culpable and will in turn become victims

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