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	<title>Comments on: Goldman Goes Rogue – Special European Audit To Follow</title>
	<atom:link href="http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/feed/" rel="self" type="application/rss+xml" />
	<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/</link>
	<description>What happened to the global economy and what we can do about it</description>
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		<title>By: Courson Cunningham</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-45176</link>
		<dc:creator><![CDATA[Courson Cunningham]]></dc:creator>
		<pubDate>Mon, 01 Mar 2010 11:37:09 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-45176</guid>
		<description><![CDATA[Flying an airplane into 85 Broad St. is too good for these charming individuals because in many cases death would be almost instantaneous, thus depriving them of the slow death they have inflicted on millions of others.

No, they need to be hung from meat-hooks so their death agony will be equivalent to the damage inflicted. And this should be filmed as an example to other bankster criminals determined destroy our children&#039;s future in order to pay for their excess and greed.]]></description>
		<content:encoded><![CDATA[<p>Flying an airplane into 85 Broad St. is too good for these charming individuals because in many cases death would be almost instantaneous, thus depriving them of the slow death they have inflicted on millions of others.</p>
<p>No, they need to be hung from meat-hooks so their death agony will be equivalent to the damage inflicted. And this should be filmed as an example to other bankster criminals determined destroy our children&#8217;s future in order to pay for their excess and greed.</p>
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		<title>By: Prentice</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-45119</link>
		<dc:creator><![CDATA[Prentice]]></dc:creator>
		<pubDate>Sun, 28 Feb 2010 15:26:06 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-45119</guid>
		<description><![CDATA[PS - this was a message to Gerry as well as all other Goldman defenders and apologists]]></description>
		<content:encoded><![CDATA[<p>PS &#8211; this was a message to Gerry as well as all other Goldman defenders and apologists</p>
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		<title>By: Prentice</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-45118</link>
		<dc:creator><![CDATA[Prentice]]></dc:creator>
		<pubDate>Sun, 28 Feb 2010 15:25:00 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-45118</guid>
		<description><![CDATA[So you either work for Goldman or you&#039;re defending these thieving, lying bastards for your own sick reasons.

There is no word in our current lexicon to appropriately describe the atrocious, loathsome, heinous, malevolent, malicious, nefarious, repulsive, vile behavior, and character, of people like you and the Goldman scum you are defending. You are literally re-inventing this area of our vocabulary, for want of a descriptive term to match your repulsive, disgusting nature, you piece of garbage.]]></description>
		<content:encoded><![CDATA[<p>So you either work for Goldman or you&#8217;re defending these thieving, lying bastards for your own sick reasons.</p>
<p>There is no word in our current lexicon to appropriately describe the atrocious, loathsome, heinous, malevolent, malicious, nefarious, repulsive, vile behavior, and character, of people like you and the Goldman scum you are defending. You are literally re-inventing this area of our vocabulary, for want of a descriptive term to match your repulsive, disgusting nature, you piece of garbage.</p>
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		<title>By: Michael Heizer</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-45104</link>
		<dc:creator><![CDATA[Michael Heizer]]></dc:creator>
		<pubDate>Sun, 28 Feb 2010 01:08:43 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-45104</guid>
		<description><![CDATA[Everyone wishes that. Every thinking person on the planet, or, in any case, everyone who understands what these thieving bastards have done to destroy the US and the world economy while enriching themselves beyond anyone&#039;s wildest dreams.

What we&#039;re all waiting for is for someone, somewhere, somehow to take out these scum and by now it&#039;s becoming clear that this can only be achieved by violence.]]></description>
		<content:encoded><![CDATA[<p>Everyone wishes that. Every thinking person on the planet, or, in any case, everyone who understands what these thieving bastards have done to destroy the US and the world economy while enriching themselves beyond anyone&#8217;s wildest dreams.</p>
<p>What we&#8217;re all waiting for is for someone, somewhere, somehow to take out these scum and by now it&#8217;s becoming clear that this can only be achieved by violence.</p>
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		<title>By: flipspiceland</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44592</link>
		<dc:creator><![CDATA[flipspiceland]]></dc:creator>
		<pubDate>Mon, 22 Feb 2010 18:52:54 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44592</guid>
		<description><![CDATA[To include what the global financial elitists have been doing under the rubric of Capitalism is just the left&#039;s way of trying to grab more power and seeking a scapegoat to do it. And they need something simple.

As you write, what they have done is no more about what Capitalism is than what voting is about self-governance. If they control the money, then our vote is a complete waste of time and worse perpetuates the illusion that we have some control of our destiny.]]></description>
		<content:encoded><![CDATA[<p>To include what the global financial elitists have been doing under the rubric of Capitalism is just the left&#8217;s way of trying to grab more power and seeking a scapegoat to do it. And they need something simple.</p>
<p>As you write, what they have done is no more about what Capitalism is than what voting is about self-governance. If they control the money, then our vote is a complete waste of time and worse perpetuates the illusion that we have some control of our destiny.</p>
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		<title>By: Ken</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44529</link>
		<dc:creator><![CDATA[Ken]]></dc:creator>
		<pubDate>Mon, 22 Feb 2010 13:02:11 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44529</guid>
		<description><![CDATA[Our modern day Superman is Ron Paul, and we could use a few thousand more like him.]]></description>
		<content:encoded><![CDATA[<p>Our modern day Superman is Ron Paul, and we could use a few thousand more like him.</p>
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		<title>By: Jim</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44235</link>
		<dc:creator><![CDATA[Jim]]></dc:creator>
		<pubDate>Thu, 18 Feb 2010 20:58:39 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44235</guid>
		<description><![CDATA[This blog has documented the Fed injecting an average of $40 Billion into the Goldman and JPMorgan prop desks, the Primary Dealers, during options expiration week. This is government intervention on the largest scale in US financial history to enrich the corrupt investment banks with taxpayer funds.
This from the blog, link follows.

&quot;There is an interesting distribution top forming in the US equity markets. This rally has been driven by liquidity delivered from the Fed and the Treasury primarily to the Wall Street banks, who are deriving an extraordinary amount of their income from trading for their own books, at least based on published results.

Much of the rally in US stocks has occurred on thin volumes and in the overnight trading sessions. Definitely not a vote of confidence, and a sign of potential price manipulation in fact.&quot;

http://jessescrossroadscafe.blogspot.com/]]></description>
		<content:encoded><![CDATA[<p>This blog has documented the Fed injecting an average of $40 Billion into the Goldman and JPMorgan prop desks, the Primary Dealers, during options expiration week. This is government intervention on the largest scale in US financial history to enrich the corrupt investment banks with taxpayer funds.<br />
This from the blog, link follows.</p>
<p>&#8220;There is an interesting distribution top forming in the US equity markets. This rally has been driven by liquidity delivered from the Fed and the Treasury primarily to the Wall Street banks, who are deriving an extraordinary amount of their income from trading for their own books, at least based on published results.</p>
<p>Much of the rally in US stocks has occurred on thin volumes and in the overnight trading sessions. Definitely not a vote of confidence, and a sign of potential price manipulation in fact.&#8221;</p>
<p><a href="http://jessescrossroadscafe.blogspot.com/" rel="nofollow">http://jessescrossroadscafe.blogspot.com/</a></p>
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		<title>By: Jim</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44227</link>
		<dc:creator><![CDATA[Jim]]></dc:creator>
		<pubDate>Thu, 18 Feb 2010 19:49:19 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44227</guid>
		<description><![CDATA[It&#039;s been shown the OPTIONS EXPIRATION (this week) week have coincided with the Fed purchasing the most toxic mortgages, an average of $40 Billion, that is why this money is going to Goldman, JP Morgan and a couple other High Frequency Trading desks, TO PROP THE STOCK MARKET. Just look at these charts, if you don&#039;t think Goldman, making 1000 trades PER SECOND, can&#039;t move the market up by buying index ETFs, SPY and DIA, they moven the market down over 800 points in 5 days, and have moved it up more than half that already using Treasuries exchanged for MBSs, on this, OPTIONS EXPIRATION. You think this is by coincidence?
GET REAL!
http://www.financialsense.com/fsu/editorials/wakefield/2010/0217.html]]></description>
		<content:encoded><![CDATA[<p>It&#8217;s been shown the OPTIONS EXPIRATION (this week) week have coincided with the Fed purchasing the most toxic mortgages, an average of $40 Billion, that is why this money is going to Goldman, JP Morgan and a couple other High Frequency Trading desks, TO PROP THE STOCK MARKET. Just look at these charts, if you don&#8217;t think Goldman, making 1000 trades PER SECOND, can&#8217;t move the market up by buying index ETFs, SPY and DIA, they moven the market down over 800 points in 5 days, and have moved it up more than half that already using Treasuries exchanged for MBSs, on this, OPTIONS EXPIRATION. You think this is by coincidence?<br />
GET REAL!<br />
<a href="http://www.financialsense.com/fsu/editorials/wakefield/2010/0217.html" rel="nofollow">http://www.financialsense.com/fsu/editorials/wakefield/2010/0217.html</a></p>
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		<title>By: Pete</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44204</link>
		<dc:creator><![CDATA[Pete]]></dc:creator>
		<pubDate>Thu, 18 Feb 2010 17:34:56 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44204</guid>
		<description><![CDATA[I wish I had a pet Rhinosaurus - is that a cross between a Rhino and a dinosaur? Can I get a miniature one to carry in my manbag?]]></description>
		<content:encoded><![CDATA[<p>I wish I had a pet Rhinosaurus &#8211; is that a cross between a Rhino and a dinosaur? Can I get a miniature one to carry in my manbag?</p>
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		<title>By: Tony Foresta</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44129</link>
		<dc:creator><![CDATA[Tony Foresta]]></dc:creator>
		<pubDate>Thu, 18 Feb 2010 06:25:48 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44129</guid>
		<description><![CDATA[I challenge, or beg - any of the many erudite financiers, accountants, economists and other lights on this site to define what exactly is this thing called &quot;Capitalism&quot;, - because from my reading capitalism is one thing, - the kleptocratic bandit capitalism we hazard and endure today is something entirely different.  The submit that the global financial system is something entirely different from, and aberrant to - that thing called Capitalism.

The process of defining this thing called Capitalism, - which is the predatorclass and oligarchs holy mantra and sacred chant, - will prove beyond a shadow of doubt, - that the entire global financial system, and particularly the &quot;...den of vipers and thieves&quot; in the Amerikan financial sector do NOT honor, abide, or operate under the principles and definition of &quot;Capitalism&quot;.  

Crimes have been, and are being committed, grotesque injustices.  Trillions of the peoples dollars funneled into the offshore accounts of the predatorclass and predatorclass oligarchs.   Our founding fathers would revolt against this government!  And so should we.   I would also challenge my fellow commentarians to recall that the people have &quot;...the right...to petition the government for redress of grievances.&quot;  If we no longer have that right, - then when was this right annulled, and who exactly redefined the Bill of Rights?  I know of no official legal rescission of the 1st Amendment.   Do any of you?

So... a crime is a crime - and a criminal is a criminal,  - and there is no &quot;painting lipstick on a pig&quot;.   We either live in a society of laws, rooted in the rule of law, - and everyone is applicable, and NO ONE is above or beyond the law - or we don&#039;t.   If we do, then &quot;...the den of vipers and thieves&quot; at GS and through-out the US financial, regulatory, and insurance sectors, are going to jail.&quot;   If we don&#039;t - the woe to us, - for we will inhabit then a world where the are no laws.  In a world where there are no laws, -  there are no laws for anyone predators!!]]></description>
		<content:encoded><![CDATA[<p>I challenge, or beg &#8211; any of the many erudite financiers, accountants, economists and other lights on this site to define what exactly is this thing called &#8220;Capitalism&#8221;, &#8211; because from my reading capitalism is one thing, &#8211; the kleptocratic bandit capitalism we hazard and endure today is something entirely different.  The submit that the global financial system is something entirely different from, and aberrant to &#8211; that thing called Capitalism.</p>
<p>The process of defining this thing called Capitalism, &#8211; which is the predatorclass and oligarchs holy mantra and sacred chant, &#8211; will prove beyond a shadow of doubt, &#8211; that the entire global financial system, and particularly the &#8220;&#8230;den of vipers and thieves&#8221; in the Amerikan financial sector do NOT honor, abide, or operate under the principles and definition of &#8220;Capitalism&#8221;.  </p>
<p>Crimes have been, and are being committed, grotesque injustices.  Trillions of the peoples dollars funneled into the offshore accounts of the predatorclass and predatorclass oligarchs.   Our founding fathers would revolt against this government!  And so should we.   I would also challenge my fellow commentarians to recall that the people have &#8220;&#8230;the right&#8230;to petition the government for redress of grievances.&#8221;  If we no longer have that right, &#8211; then when was this right annulled, and who exactly redefined the Bill of Rights?  I know of no official legal rescission of the 1st Amendment.   Do any of you?</p>
<p>So&#8230; a crime is a crime &#8211; and a criminal is a criminal,  &#8211; and there is no &#8220;painting lipstick on a pig&#8221;.   We either live in a society of laws, rooted in the rule of law, &#8211; and everyone is applicable, and NO ONE is above or beyond the law &#8211; or we don&#8217;t.   If we do, then &#8220;&#8230;the den of vipers and thieves&#8221; at GS and through-out the US financial, regulatory, and insurance sectors, are going to jail.&#8221;   If we don&#8217;t &#8211; the woe to us, &#8211; for we will inhabit then a world where the are no laws.  In a world where there are no laws, &#8211;  there are no laws for anyone predators!!</p>
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		<title>By: oe</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44122</link>
		<dc:creator><![CDATA[oe]]></dc:creator>
		<pubDate>Thu, 18 Feb 2010 05:45:00 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44122</guid>
		<description><![CDATA[If that&#039;s the case you&#039;d had better be good at making things, repairing stuff, salvanging stuff, growing things....e.g working with the hands...]]></description>
		<content:encoded><![CDATA[<p>If that&#8217;s the case you&#8217;d had better be good at making things, repairing stuff, salvanging stuff, growing things&#8230;.e.g working with the hands&#8230;</p>
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		<title>By: oe</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44121</link>
		<dc:creator><![CDATA[oe]]></dc:creator>
		<pubDate>Thu, 18 Feb 2010 05:33:44 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44121</guid>
		<description><![CDATA[Excellent point. Being an engineer I cannot fathom credit default swaps, and all this other exotic nonsense. But I can understand the ecosystem and the earth are closed systems with finite resources. Either we mature, voluntarily tighten our belts, diet, and move forward into an economic system predicated on long-term sustainability (&quot;hemostatic&quot;) or we suffer a massive heart attack when some resource runs out (peak oil, precious metals, land loss from global warming) from corporate (and individual) rapaciousness. Time to pack the US Congress with 90% mathematicians, ecologists, climate scientists, and 10% clergy rather than the shills there now.]]></description>
		<content:encoded><![CDATA[<p>Excellent point. Being an engineer I cannot fathom credit default swaps, and all this other exotic nonsense. But I can understand the ecosystem and the earth are closed systems with finite resources. Either we mature, voluntarily tighten our belts, diet, and move forward into an economic system predicated on long-term sustainability (&#8220;hemostatic&#8221;) or we suffer a massive heart attack when some resource runs out (peak oil, precious metals, land loss from global warming) from corporate (and individual) rapaciousness. Time to pack the US Congress with 90% mathematicians, ecologists, climate scientists, and 10% clergy rather than the shills there now.</p>
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		<title>By: M. G. in Progress</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44118</link>
		<dc:creator><![CDATA[M. G. in Progress]]></dc:creator>
		<pubDate>Thu, 18 Feb 2010 05:06:34 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44118</guid>
		<description><![CDATA[Sovereign debt is now a market for lemons and a Ponzi scheme.
Again it&#039;s true that the recession is uncovering what auditors (and I add economists/statisticians) could not (or better did not want.
Since foreign banks own some 70% of Greek debt, it appears clear that &quot;market structures helped overcome information asymmetries and sustained the development of Greece sovereign debt&quot;, under very peculiar conditions.
This paper at http://www.princeton.edu/~pcglobal/conferences/globdem/papers/Bonds_and_Brands14.pdf
can explain the incentives to fraud in the market for lemons of sovereign bonds...]]></description>
		<content:encoded><![CDATA[<p>Sovereign debt is now a market for lemons and a Ponzi scheme.<br />
Again it&#8217;s true that the recession is uncovering what auditors (and I add economists/statisticians) could not (or better did not want.<br />
Since foreign banks own some 70% of Greek debt, it appears clear that &#8220;market structures helped overcome information asymmetries and sustained the development of Greece sovereign debt&#8221;, under very peculiar conditions.<br />
This paper at <a href="http://www.princeton.edu/~pcglobal/conferences/globdem/papers/Bonds_and_Brands14.pdf" rel="nofollow">http://www.princeton.edu/~pcglobal/conferences/globdem/papers/Bonds_and_Brands14.pdf</a><br />
can explain the incentives to fraud in the market for lemons of sovereign bonds&#8230;</p>
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		<title>By: RockyRacoon</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44100</link>
		<dc:creator><![CDATA[RockyRacoon]]></dc:creator>
		<pubDate>Thu, 18 Feb 2010 02:36:59 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44100</guid>
		<description><![CDATA[sorry about the typo&#039;s the window kept bouncing up and down-maybe to long a response.]]></description>
		<content:encoded><![CDATA[<p>sorry about the typo&#8217;s the window kept bouncing up and down-maybe to long a response.</p>
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		<title>By: RockyRacoon</title>
		<link>http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/#comment-44099</link>
		<dc:creator><![CDATA[RockyRacoon]]></dc:creator>
		<pubDate>Thu, 18 Feb 2010 02:36:00 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=6401#comment-44099</guid>
		<description><![CDATA[Capitalism is a social order in the same fashion that Feudalism was a social order.  The economic cannot be seperated from the polical or the social, it encompasses the entire ensemble of social relations.  Political-economy as the study of economics used to be called became de-coupled along the way to further mystify and obsfucate the exploitative aspects of the system.  The key to understanding the inner workings of any society is to discover the manner in which surplus labour i.e profit, is pumped out of the direct producers.  Under capitalism, the direct producers historically were seperated from the means of production-the serfs were freed from the land ( on which they had tenure and could produce enough for themselves and their families while giving the  Feudal Lord his due for protection from other Feudal Lords who could possible harm them.  Protection money vis a vis ownership of the land.  Once displaced during the industrial revolution, the serfs-became a new class the working class who had nothing save their labour power to sell in exchange for a wage.  These are our social relations, they are also our economic relations and they depend on the political system to enforce these relations.  The state acts as administrators on behalf of the ruling class thus, 
  The law locks up the hapless felon
who steals the goose from off the common,
but lets the greater felon loose
who steals the common from the goose.]]></description>
		<content:encoded><![CDATA[<p>Capitalism is a social order in the same fashion that Feudalism was a social order.  The economic cannot be seperated from the polical or the social, it encompasses the entire ensemble of social relations.  Political-economy as the study of economics used to be called became de-coupled along the way to further mystify and obsfucate the exploitative aspects of the system.  The key to understanding the inner workings of any society is to discover the manner in which surplus labour i.e profit, is pumped out of the direct producers.  Under capitalism, the direct producers historically were seperated from the means of production-the serfs were freed from the land ( on which they had tenure and could produce enough for themselves and their families while giving the  Feudal Lord his due for protection from other Feudal Lords who could possible harm them.  Protection money vis a vis ownership of the land.  Once displaced during the industrial revolution, the serfs-became a new class the working class who had nothing save their labour power to sell in exchange for a wage.  These are our social relations, they are also our economic relations and they depend on the political system to enforce these relations.  The state acts as administrators on behalf of the ruling class thus,<br />
  The law locks up the hapless felon<br />
who steals the goose from off the common,<br />
but lets the greater felon loose<br />
who steals the common from the goose.</p>
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