CNBC has been running a feature this morning on what it calls the “Scam of the Century,” referring to the Bernie Madoff investment scandal. Even if the “century” in question is confined to the 21st – rather than the more general past 100 years – the scope of injury suffered by others at the hands of Madoff pale in comparison to those inflicted by Bush’s wars against Iraqi and Afghan people, as well as the zombie economics being practiced in the name of “corporate bailouts.”
CNBC would like us to take note of “The Human Toll of Madoff Scandal,” suggesting that because his multi-millionaire and trillionaire investors each lost millions of dollars, that their suffering was somehow greater than that to be experienced by ordinary people who will have to account for the trillions of dollars expended by the state. If the government’s bailouts and warring expenses should total $6 trillion – a figure lower than many have estimated – and given a current U.S. population of 300 million persons, these scams will cost the average individual some $20,000. For a family of four, the total bill – whether in the form of increased taxation or inflation – will come to $80,000. Bear in mind that wealth is a relative term – e.g., a family with a net worth of $200,000 will likely be harder hit by this $80,000 expense, than will a a family with a net worth of $100,000,000 by their investment loss of $1,000,000. It is interesting that the suffering experienced by individuals – whether at the hands of the state or private investment gurus – doesn’t seem to merit an inquiry into “the human toll” until the super-rich are affected. Perhaps the Madoff victims will be the next group to be bailed out by the rest of us.
Ahhhh, the continuing struggle to make the world safe for plutocracy!
