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Recommend Boris Kagarlitsky: The World’s Largest Pyramid Scheme (Email)

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by BORIS KAGARLITSKY

http://www.counterpunch.org/2011/08/23/the-worlds-largest-pyramid-scheme/

The United States managed to avert a default, and that is good news. But the partisan battle in Congress sent the stock market plunging, and the decision by Standard & Poor’s to downgrade the country’s credit rating has made matters far worse.

Party ambitions alone did not cause the bitter standoff in Congress. At stake is not just the size of the national debt or state expenditures but the entire social and political structure of the United States.

Democrats have traditionally championed social welfare programs, while Republicans put more emphasis on private business and the free market. So why do most working people in the Midwest vote Republican and members of the New York financial elite vote Democrat?


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