On the stock market the immense increase in the fortunes of 1% of
the (rich) population is in fact real and the money came from the
rest of us.  The increase was driven by obscene profits as a result
of automation (computers) of production (and unemployment in relatively
high paying industrial jobs) and of course outsourcing and shipping of
jobs to poor countries overseas.  The market drop reflects over production
in the near future and represents some real loss  of wealth among
the wealthy.

This is contrary to the view sagely offered by the corporate media
that the market is all psychology, and (odd) in fact drives the
economy by promoting the wealth effect (loopy to the max.).
wcm
>
> COASTAL POST
> (415)868 1600 FAX (415) 868 0502
> P.O. Box 31
> Bolinas CA 94924
> http://www.coastalpost.com
> email: [log in to unmask]
> May,2000
>
>
>
> The IMMF: Insane Miami Market Fanatics?
>
>
>
> The mental instability in global affairs should  make advocates of
> change  hopeful , even as they worry. A disappearance  of  some
> artificial riches gained on Wall Street  - trillions of dollars gone in
> a “ market correction” - may be a sign that political economic  madness
> is on borrowed time. But we still have a long journey to  reach social
> sanity .
>
> The disgraceful episode of the Cuban child held hostage in Miami seemed
> near a sane conclusion, after months of madness . But, at the time of
> this writing, the fanatic clan in Florida, their zealotry fed by the
> Gusanos in Washington, have spit in the face of government, and
> succeeded . A  nation which, with impunity,  bombs cities and starves
> children , seems to quake in fear of a band of  disturbed sociopaths in
> Florida.
>
> The eventual outcome may be that the  zealots of Miami  suffer their
> greatest setback. Finally revealed as cynics at best, and  deranged at
> worst, they have incurred the disgust of a majority of Americans . Only
> some politicians and other fanatics are not repulsed by the  cruel
> manipulation of this child’s emotions.  The  idea that Elian would live
> better in Miami than in Havana must be based on the fact that only in
> the USA can a six year old bring a gun to school and kill a classmate.
> He’d never have that freedom under Castro’s tyranny.
>
> Cynical  politicians  have played along with this Miami movement for
> too long. Greedy search for political capital and  spineless concession
> to Castro demonology have ruled American politics for more than forty
> years. We may finally see a turning of the American political worms, if
> not those who only became brave once they  ran away from Cuba , the way
> Tories “escaped” the American revolution.
>
> But perhaps the  most telling sign of  mental breakdown is the ruling
> class reaction to  growing criticism of international capitalism. The
> thousands who demonstrated against the WTO in Seattle last year were not
> a flash in the pan. That movement made itself prominent again in
> Washington demonstrations focused on the major forces of global capital:
> the International Monetary Fund and the World Bank.
>
> This new movement represents a coalition of forces , an operational
> structure and a decency of purpose  that really threatens  the
> anti-democratic international system .  The profiteers of global
> poverty, social  injustice and environmentally destructive economics
> are very nervous.
>
> It is significant that as Castro is demonized by the Miami-Washington
> clan , he helps lead the  Group of 77 - representing an international
> majority  - in their criticism of the global system, and their support
> for the DC demonstrators. The  economic arrangement lauded by the
> ruling  G7 powers is the curse of the rest of humanity, including most
> of the people of those seven nations.
>
> The old order of  global usury that places a  majority in the perpetual
> bondage  of poverty, debt, or both,  is finally facing an international
> movement, united across borders of geography, culture and even class.
>
> The growing  teamwork among students, environmentalists and organized
> labor  has struck  panic into the hearts of capital’s global gluttons.
> They depict themselves as saviors to humanity, helping the poor and
> workers of the world with their policies of expanding debt, contracting
> wealth and advancing the destruction of natural life.
>
> The truth is that the rich get richer while the poor get poorer, and
> this has not  changed with modern the institutions of global capital. Of
> the top 24 rich nations of the world in 1900, 23 are still tops in the
> year 2000. Progress? Meanwhile, those in  opposition to this unjust
> economic idiocy are portrayed as products of ignorance and pampered
> wealth  who would  lead us all into a future of  despair. Sure.
>
>
> Never before have so many joined in actions against the foundation of
> economic and political power in the USA and the world. The C word is
> usually used only in conjunction with the modifier “corporate”, but the
> members of this movement might as well wave red flags, since the power
> structure sees them as what they are: threats to  capitalism.
>
> Globalization groupies  were in a tizzy after Seattle, and they are even
> more perturbed after Washington. Some  pundits are losing their grip ,
> with commentary  beginning to make them sound like the mental cases of
> Miami .
>
> A  government report says 20% of Americans have suffered mental illness.
> Citizens might think this group was composed  exclusively of those  who
> are riding highest in the economy.  Despite their financial success ,
> they, or at least their spokespeople, seem to be in need of a massive
> prozac transfusion.
>
>
> The Miami fanatics  are  almost lucid, compared to the  fundamentalists
> of  globalization. These types see the market as a god, to be dealt with
> only by  the high priests of  wealth, international business and
> obedient government. Democracy is as alien a concept to this market cult
> as it was to Hitler . Or Batista, the fascist so loved by the  Miami
> mob. When he ruled, communists were hung from lamp posts and peasants
> suffered their miserable lives in silence. Now, the communists run Cuba
> and the uppity peasants are educated and healthy.  The Horror!
>
> We  need to understand that fascism , along with its repression  of
> dissent, always follows the economic line of free market capitalism.
>
> During the Viet Nam era,  anti-war demonstrators  chanted “hey hey LBJ,
> how many kids did you kill today”. In Washington, demonstrators
> chanted “IMF, what do you say, how many kids did you kill today”.  In a
> leap of awareness, critics have moved from demonizing individuals  to
> demonizing institutions. They even talk about putting people before
> profits. Whew! When their chants begin to clearly identify a system,
> the reaction  by rulers of the global insane asylum may make the Miami
> loonies look rational by comparison. Be prepared.
>
> Copyright (c) 2000 by Frank Scott. All rights reserved.
>
>              This text may be used and shared in accordance with the
>              fair-use provisions of U.S. copyright law, and it may be
>            archived and redistributed in electronic form, provided that
>             the author is notified and no fee is charged for access.
>            Archiving, redistribution, or republication of this text on
>              other terms, in any medium, requires the consent of the
> author .
>
> frank scott
> http://www.marin.cc.ca.us/~frank
> email: [log in to unmask]
> 225 laurel place, san rafael ca. 94901
> (415)457 2415   fax(415)457 4791
>