Saturday, July 20, 2013
Financialization in Action: Wall Street Investment Bank Mints Money by Moving Metal in Decrepit Part of Bankrupt Detroit
As if to illustrate the devastating deindustrialization and financialization of the U.S. economy in the global era--i.e. the relentless outsourcing of real economic activity and reduction of all economic value to financial instruments or derivatives of financial instruments--Goldman Sachs is minting money by moving aluminum ingots among a string of warehouses in a derelict section of bankrupt Detroit.
Click here and here for the mind-blowing, bizarre story that reads like a finance capitalism--or casino capitalism--case study.