Is the Financial Crash 2.0 Coming?
by Isabelle Bourboulon, 2018, vsa-verlag.de
Market ideology has been on the advance since the 1980s. Only a few voices warned of the risks and instability of the liberalized financial markets. The European states mobilized 4.5 trillion euros to prevent their banking system from collapsing. After they profited from the generous bailout packages, the banks began to speculate against the most indebted countries.
Translator’s comments and links:
Happy September, post-materialists!
The US faces a nationwide power failure, the bitter fruit of the Twitterer’s lies, vulgarities and scapegoating.
Narcissism, illiteracy and apolitical indifference are homemade curses. The social state is the human future and should not be slandered as “Bolshevism.”
The economy for the few is an economy based on myths, fairy-tales and lies. Owners of capital should not be the only ones with enforceable rights. Building 2440 F-35 fighter jets for $291 billion is a blindness in a world where weapons don’t work, enemies don’t exist and money is regularly squandered.
Base Erosion and Profit Shifting (BEPS)
by Olesya Kazantseva, 2015
Closing tax havens, ending tax competition, and prohibiting profit-shifting are necessary for a fair tax system. The richest 1% in Pennsylvania could receive another $3 billion from Trump’s tax scam! Democracy is different than plutocracy. Problems do not disappear when they are ignored or repressed as fake populists and lies must be overcome with truth-tellers and sharing wealth.
Only radical change can avert egoism replacing solidarity. The state should serve the public interest and yet private or special interests are often in the driver’s seat.
Utopia and the exhaustion of the center
September 1, 2018 real world economic review
from David Ruccio
We’re ten years on from the events the triggered the worst crisis of capitalism since the first Great Depression (although read my caveat here) and centrists—on both sides of the Atlantic—continue to peddle an ahistorical nostalgia.
Fortunately, people aren’t buying it.
As Jack Shenker has explained in the case of Britain,
one of the most darkly humorous features of contemporary British politics (a competitive field) is the ubiquity of parliamentarians, pundits and business titans who wail and gnash at our ceaseless political tumult but appear utterly incurious about the conditions that produced it. . .
Such stalwart defenders of a certain brand of “common sense” capitalism have watched in horror as ill-mannered upstarts — on both the right and the left — build power at the fringes. But these freshly emboldened centrists pretend that the rupture has no connection to their own dogma and seem to envision the whole sorry mess as some sort of administrative error that will be swiftly tidied away once the right person, with the right branding, is restored to authority.
Much the same is true in the United States, where centrists in the Democratic Party watch in horror as the Republican Party falls in lockstep with Donald Trump and the only energy within their own party comes from the Left. All the while, they ignore their own role in creating the conditions for the crash and the fact that their technocratic promises to American young people—university or community-college education leading to a stable and prosperous worklife, the dream of a thriving middle-class democracy, the claim for capitalism’s economic and ethical superiority—lie in tatters.
As it turns out, Jürgen Habermas sounded the warning of just this eventuality back in the mid-1980s.* His argument, in a nutshell, is that western cultures had used up their utopian energies—and for good reason, because
the very forces for increasing power, from which modernity once derived its self-confidence and its utopian expectation, in actuality turn autonomy into dependence, emancipation into oppression, and reality into the irrational.
Crisis Regulation in Global Capitalism
by Samuel Decker and Thomas Sablowski, May 2017
The globalization euphoria waned with the 1997 Asian crisis. The policy of the IMF and the World Bank met with massive criticism and public protests in the global South in the 1980s. Hundreds of billions were needed to bailout bankrupt banks. Capital suffocates in its excess.
The US with its high solvent demand stabilized the world economy for a long time, consumed more than it produced and played the role of “consumer of last resort.” The US could become indebted in its own currency
more at www.openculture.com, www.grin.com and www.therealnews.com