The economic consequences of Mr Greenspan

Nora Connolly 

Image © IMF Photograph/Stephen Jaffe

Dedicated to David Wright who is about to celebrate his 50th birthday.

Alan Greenspan the former chair of the Federal Reserve has just published a book an occasion that allows time for reflection. In his pomp he was known as Saint Alan and the economic consensus he helped shape, today appears unruffled and widespread. The austerity programme followed by the UK government recently commended by Greenspan, a supporter of George Osborne. One of the important ingredients for economic success according to Mr Greenspan (speaking several years ago) is the need for `growing worker insecurity which reduces pressure for compensation and decent working conditions` the UK government is following that piece of advice to the letter. Meanwhile in the USA wealth resides in the hands of a tiny fraction of the population a `section so small that the census doesn’t even pick it up…a tenth of a percent of the population`. This has political implications because power is held in limited hands and helps explain the ideological hinterland of Barack Obama, a centrist amid a right wing consensus. Unsurprisingly there has been no Obama New Deal. Given this situation, one need not wonder why adherence to the market continues unabated. Even though the crash of 2008 is considered worse than 1929, but in the 1930s a new consensus emerged, while today a conservative orthodoxy dominates.   Read more of this post

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The Politics of Pressure in a global context

Image © Adam Weiz for SumOfUs.org

Legal Eagle

`We have to pick campaigns that are not too big and not too small. And the target of eight is large enough that as long as we vary our tactics from campaign to campaign we should be able to begin to see patterns about what`s working and what`s not. That’s the science strategy and as we learn more about how to change corporate behaviour we will be able to ratchet up the difficulty of our campaigns`. Taren Stinebricker-Kauffman  Read more of this post

The corporate campaign to produce a stupid nation

Nora Connolly

Image © Andrew Rusk

In 1925 the state of Tennessee passed an Act forbidding the teaching of evolutionary theory, the law was tested when John Scopes from Dayton was put on trial. Clarence Darrow defended Scopes against a prosecution team led by William Jennings Bryan. The trial put religion and first amendment rights under the legal microscope but there was also an economic subtext to this cause celebre, Bryan was after all, the man who made the remarkable Cross of Gold speech in 1896. Regarding the Scopes trial, Bryan got it wrong, though his position was not without merit. Darwinism had been misappropriated and incorrectly applied at the turn of the twentieth century and used to undermine the position of US workers. Social conservatives at the time justified economic inequality on the grounds that it was a natural consequence of the `survival of the fittest`. This clashed with Bryan`s democratic outlook, while wrong he challenged science for the noblest of humanitarian/economic reasons, he remembered the poor and the downtrodden whose grievances he powerfully articulated in 1896. Read more of this post

Miliband, the Mail and antisemitism, some points arising

Robin Richardson

Image © CC-BY

Antisemitism, it has often been said, is a light sleeper. Sometimes, though, and in certain places and circumstances, it slumbers for quite a long time, and is not immediately or widely recognisable when it wakes up. For whilst dormant it was taking on new tones and colourings, was acquiring a new repertoire of signals and cues, new nods and winks, it was fashioning new dog whistles. Those who give voice to it when it wakes after a longish sleep may not be consciously aware of what they are doing, or of the effect their words, references and imagery have on others. Read more of this post

What`s the word?

Nora Connolly

Image © Chatham House

What language was he speaking? [Answer] All languages. And none…Umberto Eco – The Name of the Rose

It seems to me, that politicians would get more respect, if their oratory was a little more sincere, especially when spouting egregious policy at conference. The Chancellor of the Exchequer, this week made a crass speech in Manchester. Words used devoid of genuine meaning; `Help`, `Abandon`, `Work`, `Benefits`, `Job`, `Hired`, `Great`, `Future`, `Faith`, `Optimism`, `Nerve`, `Cuts`, `Sacrifice`, `Yes`, `Decline’, ‘Business`, `Country`, `Sound`, `Economic`, `Fair` `Prosperous`, and `Standards`. One could cite the entire speech but these words stand out, the meaning lost in a sea of thinly disguised spite. The audience listening including several Ministers, who like the Chancellor, require no mandate even though this government is implementing profound change and massively altering the social fabric of this country. At least in the 1980s when the Conservatives hammered the poor, they had the good grace to administer it with a Parliamentary majority. And believe it or not, there were elements in the Conservative Party in the 1980s that had some hold on reality; although they spawned this mob and mob is the correct word to use in this context. Read more of this post

Review of Simon Schama – The Story of the Jews Episode 5: Return

LeftCentral Review

This final episode deals with the creation of the state of Israel, it begins on Yom HaShoah. We hear a siren wail; symbolically life comes to a stop, busy traffic, hospitals, colleges all the bustle of daily life grinds to a halt. People desist from chatter, as they are filmed standing in complete silence, attempting to remember an event which as Simon Schama says, is beyond words. He then explains that the state of Israel contains 50% of the world’s Jewish population, six million people, each survivor representing a defeat for the Nazi programme of total extermination. The Holocaust, argues Schama, finally made the moral case for the creation of Israel. Not only because of what the Nazis did but what everyone else failed to do. Read more of this post