Portside

You’ve inspired millions of us to get involved in politics – and to fight the most important and basic of all fights on which all else depends: to reclaim our economy and democracy from the moneyed interests. Thank you, Bernie.

If either Trump or Cruz is elected president, we could see the largest redistribution in American history from the poor and middle-class of America to the rich.

Viewing Donald Trump in light of the fascists of the first half of the twentieth century – who used economic stresses to scapegoat others, created cults of personality, intimidated opponents, incited violence, glorified their nations and disregarded international law, and connected directly with the masses – helps explain what Trump is doing and how he is succeeding.

The critics of Bernie Sanders' economic plan fail to reckon with the long-term benefits of a single-payer health care system.

Unlike most other countries, the United States doesn’t control drug prices. It leaves pricing up to the market, which enables drug companies to charge as much as the market will bear. So what, exactly, did Martin Shkreli do wrong, by the standards of today’s capitalism? It’s easy to go after bad guys, much harder to go after bad systems.

Despite the growing revolt against the ruling class, it seems likely that the nominees in 2016 will be Jeb Bush and Hillary Clinton. After all, the ruling class still controls America. But the revolt against the ruling class won’t end with the 2016 election, regardless. Which means the ruling class will have to change the way it rules America. Or it won’t rule too much longer.

Just as with the American subprime crisis, and the current plight of many American cities, Wall Street’s predatory lending played an important although little-recognized role. Undoubtedly, Greece suffers from years of corruption and tax avoidance by its wealthy. But Goldman wasn’t an innocent bystander: It padded its profits by leveraging Greece to the hilt—along with much of the rest of the global economy.

“The idea is pretty simple behind this one,” Senator Elizabeth Warren said a few days ago, explaining her bill to resurrect Glass-Steagall. “If banks want to engage in high-risk trading — they can go for it, but they can’t get access to ensured deposits and put the taxpayers on the hook for that reason.”

Santa Cruz County’s Board of Supervisors recently suspended all business with the five giant banks, including JPMorgan Chase and Citicorp, who recently pleaded guilty to felony charges of criminal collusion. While the small California county’s portfolio is only valued at $650 million, Santa Cruz County Supervisor Ryan Coonerty says he’ll be contacting other local jurisdictions to urge them to follow Santa Cruz County’s lead.

The key to understanding the rise in inequality is not technology or globalization. It is the power of the moneyed interests to shape the underlying rules of the market.