Bankism has replaced capitalism as the prevailing economic system throughout much of the world.
In capitalism, businesses rise and fall on their own merits. No business is too big to fail.
In bankism, too-big-to-fail banks don’t rise and fall on their own merits. They are saved by governments that in turn force the public to pay for banks’ mistakes by imposing austerity measures and higher taxes upon them.
In capitalism, private enterprise rises and falls on business practices, changing economic conditions, geopolitical climate and the tides and times of history as it unfolds.
A global phenomenon
In bankism, central banks manipulate economic conditions. From the Federal Reserve’s multi-trillion dollar quantitative easing, to the Bank of Japan’s mega-trillion-yen Abenomics scheme, banks around the world are pumping up their failed economies with cheap money rather than let them take the natural capitalistic course.
Capitalism has failed; bankism has become the prevailing global economic system of the 21st century.
In capitalism, businesses are accountable for their risks. In bankism, private-bank risk is supported by government policy and shouldered by the public. The biggest, most politically connected banks aren’t allowed to fail.
In capitalism, ramifications of bets befall the bettors. In bankism, institutionalized speculation is fueled by government and central-bank funds, while austerity programs and economic inequality crush the financial stability of entire populations.
In capitalism, money is raised through private channels. In bankism, banks and markets now rely on $7.2 trillion of Fed, European Central Bank and Bank of Japan intervention.
In capitalism, fraudsters are jailed. In bankism, big bankers commit financial crimes against humanity with near impunity, enabled by lax regulation and unequal justice.