There is nothing new under the Broiling Sun (Ken Burns)

Johnny Sunshine  

Looking on the bright side is not always easy, even for me, though the words of Daniel Berrigan encourage buoyancy; as faith always starts with oneself. It means an overriding sense of responsibility for the universe, making sure that the universe is left in good hands and the belief that things will finally turn out all right if we remain faithful. That said, it`s worth remembering that the natural optimism of the spirit must contend with the equally innate pessimism of the intellect.  Especially, when looking at the political landscape from a left-wing position. In these circumstances, it’s necessary to conclude that the fight has been completely fixed, against the many by the very few.  Such sentiment only amplified when one considers the more articulate commentary emanating from the USA today. Such as Chris Hedges suggesting that the political system has undergone a corporate coup d’état. Resulting in an inverted totalitarianism, not discernible through an individual demagogue but instead expressed via the anonymity of the corporate state.  This shadowy leviathan has made a servant of the contemporary Democratic Party an organization dominated by fake liberals, masquerading as the social democrats of the past, uttering political clichés favouring the poor, while serving the interest of monopoly and capital.   The USA today resembles Pottersville rather than Bedford Falls but a progressive government tradition does exist, which was shaped both by the right as well as the left.  Read more of this post

Advertisements

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