2014-09-24

A Colossus with Feet of Clay

Global capitalism is "a colossus with feet of clay." Never before a power regime has been able to cause so much violence and suffering to so many people worldwide. At the same time, a very elaborate propaganda apparatus, infiltrated in all the structures of the system, is in charge of hiding this violence behind the masks of structural poverty, racial or religious conflicts, natural disasters or epidemics. The success of this structural violence is largely due to a monetary system, monopolized by the big capital, based on the creation of money out of nothing -- in fact, forgery of official documents -- and a fractional-reserve banking system -- fraud and misappropriation -- (Jesús Huerta del Soto, "Crisis financiera, reforma bancaria y el futuro del capitalismo", 2012). In other words, legalized crime. This fictitious capital, not only generates structural economic instability, but also involves a greater exploitation of natural resources and labor force, particularly in the weakest levels of the system.

Today, we can affirm without exaggeration that the financial system is a parasitical "colossus" devoted to the extraction of wealth from the poorest. Under the realm of global neoliberalism, the children working in brick factories around the world are the "feet of clay" which bear the colossus of financial speculation.


Image after Franciso de Goya or follower's The Colossus (1808-1812) [pd], child labour in Afghanistan [ua-fu/fd] and Dow Jones Industrial Average chart.