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"Each man can vote, as it were, for the color of
tie he wants and get it; he does not
have to see what color the majority
wants and then, if he is in the minority, submit."
1850
The police force of Chicago consists of nine
men, for a population of 298,000 ~ 1 officer per 33,000 residents.
October 8–10, 1871 Great Chicago Fire kills approximately
300 people, burning roughly 3.3 square miles including over 17,000 structures,
and leaving more than 100,000 residents homeless.
1888 The population has exploded to almost 1.1
million.
There are now more than 1,255 policemen in 20 district police
stations ~ 1 officer per 876 residents.
1893 John
D Rockefeller endows University
of Chicago economics school to publish the Journal of Political
Economy edited by J Laurence Laughlin.
1946
Milton Friedman, the lead
theorist of the Chicago School of
Economics for a half century, was
a staunch supporter of laissez-faire
economics.
Friedman claimed that when an economy is highly distorted, the only
way to reach that perfect
capitalist laissez-faire state was to
deliberately inflict painful shocks
- like Ewen Cameron and
Adolf Hitler.
Only
"bitter medicine" could "clear" the
economic distortions of ingrained
socialist patterns.
He envisioned
de-patterned socialist societies
returned to a state of a pure
free market cleansed
of all government regulations, all trade barriers and all
entrenched corporate interests.
Friedman dreamed of a
free market state of "natural" health when all was in balance,
before human 'interferences' interjected
distorting patterns.
His quest was for the purest possible form of
"participatory
democracy".
In a
free market people
express free will through
consumer
purchases.
Friedman's ideology promised "individual
freedom," a project that
elevates citizens above any collective enterprise and
liberates them to express
free will through consumer choice.
Friedman's ideology appealed to
controlling corporate
interests.
Corporate interests saw the idea of solidarity among
workers' gaining ground around the world and saw this ideology as a way to
disempower workers.
John
M. Olin, realizing this would give ultimate power to
controlling corporate interests
became a longtime funder of Milton Friedman' ideological crusade and the
largest single funder of
corporate think tanks.
1949 Leo Strauss becomes a professor of political science at
the University of Chicago.
Born in Germany to Jewish parents, Strauss
emigrated to the United States.
Strauss belonged to the German Zionist
youth group, along with his friends Gershom Scholem and Walter
Benjamin.
He was "converted" to political Zionism as a follower of
Vladimir Jabotinsky.
Strauss inculcated an elitist strain in American
political leaders linked to imperialist militarism,
neoconservatism and
Christian Zionism.
Seymour
Hersh claimed Strauss endorsed noble lies, "myths used by political leaders
seeking to maintain a cohesive society."
Strauss maintained a
sympathetic "problematic" interest in Zionism.
Strauss influenced The
Weekly Standard editor Bill Kristol, William Bennett, Newt Gingrich,
Antonin Scalia and Clarence Thomas, as well as Paul Wolfowitz.
"Strauss
distorted the politics and history of ancient Greece, and of classical Athens
specifically. Prominent among the Straussian advocates for vigorous military
engagement abroad have been Deputy Defense Secretary Paul Wolfowitz;
Abram Shulsky, who heads the Pentagon Office of Special Plans; Stephen
Cambone, Undersecretary of Defense for Intelligence; Richard Perle,
former chairman of the Defense Policy Board; and William Kristol, editor
of the conservative journal the Weekly Standard." - William H. Leckie,
Jr.
"Countries don't go bust." - Walter
Wriston
"The
Keynesian revolution against
laissez-faire was
costing the corporate sector
dearly.
Clearly what was needed to regain lost ground was a
counterrevolution against Keynesianism,
a return to a form of
capitalism even less regulated than before the Depression.
This
wasn't a crusade that Wall Street could lead - not in the current
climate.
If Milton Friedman's close friend Walter Wriston (BB,CFR), head of
Citibank, had come forward and
argued that the minimum wage and corporate taxes should both be abolished, he
naturally would have been accused
of being a robber baron.
That's where the Chicago School came in.
It quickly became clear that when Milton Friedman, a brilliant
mathematician and skilled debater, made those
same arguments, they took on an entirely different quality.
They
might be dismissed as wrongheaded but they were imbued with an aura of
scientific impartiality.
The enormous benefit of having
corporate views funneled through academic, or quasi-academic, institutions kept
the Chicago School flush with donations and in short order spawned a global
network of neo-liberal think
tanks supplying the counterrevolution's foot soldiers worldwide."- Naomi
Klein
In an attempt to upset state institutions with
political and economic shock
therapy the oligarchs of South America targeted leaders of unions,
"disappeared" community leaders and assassinated relgious leaders such as Padre
Óscar Arnulfo Romero y Galdámez.
Augusto Pinochet and his Latin American
compatriots attempted to heal
their countries of the sickness of socialism, of
the impulse toward
collective action, by cutting their gangrene corrupted arms off.
They found out too late that you can not get much done without your
arms.
"In testimony from truth commission reports
across the region, prisoners tell of
a system designed to force them to
betray the principle most integral to their sense of self.
For most
Latin American leftists, that most cherished principle was what Argentina's
radical historian Osvaldo Bayer called "the only transcendental theology:
solidarity."
The torturers understood the importance of solidarity
well, and they set out to shock that impulse of
social interconnectedness out of their prisoners.
Of course all
interrogation is purportedly about gaining valuable information and therefore
forcing betrayal, but many
prisoners report that their torturers were far less interested in information
than in achieving the act of
betrayal.
The point of the exercise was getting prisoners to do
irreparable damage to that part of themselves that believed in
helping others above all
else." - Naomi Klein
CIA: "Pinochet personally ordered" Letelier
bombing
David X. Li's Gaussian copula
function
| "Li's formula, known as a
Gaussian copula function, looked like an unambiguously positive breakthrough, a
piece of financial technology that allowed hugely complex risks to be modeled
with more ease and accuracy than ever before. With his brilliant spark of
mathematical legerdemain, Li made it possible for traders to sell vast
quantities of new securities,
expanding financial markets to unimaginable levels." - Felix
Salmon |
"Labs"
much like that of Dr.
Frankenstein, located in places like Wharton,
Princeton,
Harvard and
Berkeley wholeheartedly
embraced the Reagan-Bush counterrevolution based upon the
laissez-faire economic
ideology of Milton Friedman.
"The Chicago School bears the
blame for providing a seeming
intellectual foundation for the idea that markets are self-adjusting and
the best role for government is to do nothing." - Joseph Stiglitz
"The entire thirty-year
history of the Chicago
School experiment has been one of mass corruption and
corporate collusion between
security states and large corporations, from Chile's piranhas, to
Argentina's crony privatizations, to Russia's Oligarchs, to Enron's energy
shell game, to Iraq's "free fraud zone."
The point of shock therapy is to
open up a window for enormous profits to be made very quickly - not despite
the lawlessness but precisely because of it." - Naomi Klein
The
financial engineers of
profit-driven innovation agree that mathematical models of risk
simply failed to take into
account all of the variables.
According to expert consensus risk models proved
rather myopic.
The financial engineers focused on
variables concerned with
expected returns and the default risk of financial instruments.
Mathematical
models failed to account for the fact fungible financial instruments must,
in a final accounting, be based on
tangible
assets.
Variables neglected include
an out of control debt spiral based on never ending growth within
a closed finite biological
system experiencing catastrophic environmental degradation world wide at a
rapidly increasing pace.
Wall Street fabricators of avant-garde
financial instruments are actually called "financial engineers."
Living off the heady vapors of the FIRE sector
they left in their wake a deindustrialized nation, full of
super-exploited settlers
and families.
2008 "Two wage-earners, working longer
hours, are now needed to (barely) sustain a standard of living once earned by
one.
That doesn't count the melting away of health insurance, pensions
and other forms of protection against
the vicissitudes of the free market or
natural calamities." - Steve
Fraser 01/08
"To
compel confidence authorities
are placing enormous pressure on the Financial Accounting Standards
Board to allow "mark-to-market"
accounting.
Banks will not have to account for the actual value of the
assets on their books but can claim instead that they are worth whatever they
paid for them.
The Treasury,
Federal Reserve and
SEC all seem to view propping up
stock prices as a critical
part of their mission - the Federal Reserve sometimes seems more concerned
than the average Wall Street
trader with the market's day-to-day movements." - Michael Lewis & David
Einhorn 01/03/08
"Neoliberal (neocon in America) economists in
the last three decades have denied the possibility of a replay of the worldwide
destructiveness of the Great
Depression that followed the collapse of the speculative bubble unleashed by unfettered US
financial markets of the 'Roaring Twenties'.
They fooled themselves
into thinking that false prosperity built on debt
could be sustainable with
monetary indulgence.
Now history is repeating itself, this time
with a new, more lethal
virus that has infested deregulated global financial markets with
'innovative' debt securitization,
structured finance and maverick banking
operations flooded with excess liquidity released by accommodative central
banks.
A massive structure of phantom wealth was built on the
quicksand of debt
manipulation." - Henry C. K. Liu 11/15/08
2009 "Until the last year,
the biggest growth industry within the US had been the financial sector,
producing profits of over $500 billion as late as 2006.
The US has
replaced working for a living with the manipulation of money and the extraction of
interest, either by lending it or by brokering the lending and investment by
foreigners.
In order to enrich themselves,
the financiers, with a lot of help from
the government, designed the merger/buyout bubble of the 1980s,
the dot.com bubble
of the 1990s, and the predatory
lending bubble of the 2000s." - Richard C. Cook 03/02/09
"Investment banks, like
Merrill Lynch,
were never subject to the same kind of safety and soundness regulation as
commercial banks.
Over the years bank services and bank risks migrated
outside of the regulatory safety net.
Wall Street securities traders developed the
commercial paper market, which replaced much of banks' short term corporate
lending.
Newer market participants, like
hedge_funds, were not subject
to any regulation at all.
Even regulated banks were gradually allowed
to own securities and insurance
businesses within a holding structure, and they were allowed to hold
highly-risky speculative positions in
off-balance-sheet
"special purpose" entities." - Mark Jickling
2011 $1.2 billion disappears like
magic from Jon Stevens Corzine investment firm IM Global.
Jon Stevens
Corzine after earning a MBA from the Chicago School of Economics went on to
become a CFO of Goldman Sachs, a US
Senator and a Governor of New Jersey.
He made $400 million in the
initial public offering of Goldman
Sachs.
Corzine helps develop a plan to rescue
Long Term Capital
Management.
Corzine is a Steering Committee member of the
Bilderberg Group.
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