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Wall Street was founded on slavery


Photo Credit: Wikimedia Commons

Wall Street is a highly influential financial district but its history is rarely talked about. In order to understand the largesse of Wall Street and the system of global capitalism, it is crucial to know Wall Street’s history. Wall Street was founded on slavery and, to this day, it remains a key pillar in upholding racial inequality and economic oppression.

New York City was a Dutch settlement known as New Amsterdam in the Dutch colonial province called New Netherland during much of the 17th century. Through the Dutch West India Company, the Dutch utilized labor of enslaved Africans who were first brought to colony around 1627. The African slaves built the wall that gives Wall Street its name, forming the northern boundary of the colony and warded off resisting natives who wanted their land back. In addition, the slaves cleared the forests, built roads and buildings, and turned up the soil for farming. Slavery was not a phenomenon limited to the southern American colonies. Northern colonies, such as Boston and New York, participated in the trans-Atlantic slave trade. Read the rest of this entry »

 

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Trader tells truth to BBC…”Goldman Sachs rules the world”


This video has been sparking a lot of controversy on the Internet and the media — and for good reason. In a shocking display of honesty, independent trader, Alessio Rastani, openly said:

For most traders, we don’t really care that much how they’re going to fix the economy, how they’re going to fix the whole situation. Our job is to make money from it. And personally, I’ve been dreaming of this moment for three years. I have a confession, which is, I go to bed every night, I dream another recession, I dream of another moment like this. Why? Because people don’t seem to remember but the ’30s depression wasn’t just about a market crash. There were some people who were prepared to make money from that crash. And I think anybody can do that. It isn’t just for some people in the elite. Anybody can actually make money, it’s an opportunity. When the market crashes, when the Euro and the big stock markets crash, if you know what to do, if you have the right plan set up, you can make a lot of money from this.” 

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Goldman Sachs’ profits soar as economic injustice continues…


Last Sunday (July 12, 2009), the New York Times reported on Goldman Sachs’ soaring profits (“For Goldman, a Swift Return to Lofty Profits”). Here’s a telling passage:

“The obsessive speculation has already begun, along with banter about how Goldman’s rapid return to minting money will be perceived by lawmakers and taxpayers who aided Goldman with a multibillion-dollar cushion last fall.

They exist, and others don’t, and taxpayers made it possible,’ said one industry consultant, who, like many people interviewed for this article, declined to be named for fear of jeopardizing business relationships.

Startling, too, is how much of its revenue Goldman is expected to share with its employees. Analysts estimate that the bank will set aside enough money to pay a total of $18 billion in compensation and benefits this year to its 28,000 employees, or more than $600,000 an employee. Top producers stand to earn millions.

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