In Praise of Looters: Harry Binswanger’s Defense of Goldman Sachs

This article of mine was recently published at

In Praise of Looters: Harry Binswangers Defense of Goldman Sachs

Harry Binswanger’s 2013 praise of Goldman Sachs at ignores the context that the US does not have a free market economy. The US is a mixed economy, whose financial sector is monopolized by banking cartels. Counter to Binswanger’s argument that, “since profit is the market value of the product minus the market value of factors used, profit represents the value created,” the corporate profits of Goldman Sachs are the result of lobbying, government insider favors, the infamous 2008 bailout of AIG. and their membership in the central bank’s monetary monopoly. This misdirection is the primary characteristic of what Roderick Long called “right-conflationism.”

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2 Responses to In Praise of Looters: Harry Binswanger’s Defense of Goldman Sachs

  1. David says:

    Not a good analysis. Unless an industry is entirely taken over by the government, the fact that government regulates, taxes and subsidizes it does not wipe out all the market aspects. Why can’t both factors be involved?

    • The banking industry is full taken over by the government. In the US the federal reserve is the central bank with legal authority to print “legal tender,” and so has a monopoly on the money supply. It loans this government created and mandated money to a cartel of licensed and highly regulated banks which loan the money to consumers with no access to the lower interest rates by law, at a rate which creates an artificial profit for the banks.

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