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Keep socialist blog En Passant going - donate now
If you want to keep a blog that makes the arguments every day against the ravages of capitalism going and keeps alive the flame of democracy and community, make a donation to help cover my costs. And of course keep reading the blog. To donate click here. Keep socialist blog En Passant going. More... (4)

Sprouting sh*t for almost nothing
You can prove my 2 ex-comrades wrong by donating to my blog En Passant at BSB: 062914 Account: 1067 5257, the Commonwealth Bank in Tuggeranong, ACT. More... (12)

My interview Razor Sharp 18 February
Me interviewed by Sharon Firebrace on Razor Sharp on Tuesday 18 February. http://sharonfirebrace.files.wordpress.com/2014/02/18-2-14-john-passant-aust-national-university-g20-meeting-age-of-enttilement-engineers-attack-of-austerity-hardship-on-civilians.mp3 (0)

My interview Razor Sharp 11 February 2014
Me interviewed by Sharon Firebrace on Razor Sharp this morning. The Royal Commission, car industry and age of entitlement get a lot of the coverage. http://sharonfirebrace.com/2014/02/11/john-passant-aust-national-university-canberra-2/ (0)

Razor Sharp 4 February 2014
Me on 4 February 2014 on Razor Sharp with Sharon Firebrace. http://sharonfirebrace.files.wordpress.com/2014/02/4-2-14-john-passant-aust-national-university-canberra-end-of-the-age-of-entitlement-for-the-needy-but-pandering-to-the-lusts-of-the-greedy.mp3 (0)

Time for a House Un-Australian Activities Committee?
Tony Abbott thinks the Australian Broadcasting Corporation is Un-Australian. I am looking forward to his government setting up the House Un-Australian Activities Committee. (1)

Make Gina Rinehart work for her dole
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Sick kids and paying upfront

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Save Medicare

Demonstrate in defence of Medicare at Sydney Town Hall 1 pm Saturday 4 January (0)

Me on Razor Sharp this morning
Me interviewed by Sharon Firebrace this morning for Razor Sharp. It happens every Tuesday. http://sharonfirebrace.com/2013/12/03/john-passant-australian-national-university-8/ (0)

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Goldman Sachs: Will they never learn?

There was dancing on Wall Street with the news today that Goldman Sachs made billions in profit in the last quarter.

What’s not to like?  Betting on interest rates, underwriting share issues, revaluing assets… These are the hallmarks of genius.

So it is only right that the bank has set aside $6 billion in bonuses for their bosses. 

One question.  Isn’t gambling on interest rates and the stock exchange a zero sum game?  In other words hasn’t Goldman Sachs only managed to move losses onto someone else?

Another question.  Did Goldman Sachs game the system and sting taxpayers for a bailout of billions?

The people who bought us the Global Financial Crisis and took money form US taxpayers are now going to gorge themselves.  Could there be anything more sickening than these legalised Bernie Madoffs filling their bellies on the flesh of their victims, American workers?

The finance sector creates no new wealth.  (For this discussion let’s leave aside nuances like labour, not capital, creating productive wealth.)

It redistributes the value the productive economy makes, getting at the same time its cut of that.

The returns to the finance sector over the decade before the crisis have quadrupled. Yet this sector makes no direct contribution to wealth creation.

This is a finance bubble. It pricked last year and its disastrous effect on the productive economy are only beginning to unfold.

What the celebrations on Wall Street show is that our rulers have learnt nothing. 

The Goldman Sachs roller coaster has reached the top, ready to race again to the bottom.  

This is nothing to shout about.  It is something to fear.

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