Richard Wolff describes a monetary system predicated on fear, greed and poverty, and argues that it must end:
Republican and Democratic politicians alike dare not link this crisis to an economic system that has never stopped producing those “downturns” that regularly cost so many millions of jobs, wasted resources, lost outputs and injured lives. For them, the economic system is beyond questioning. They bow before the unspoken taboo: never criticise the system upon which your careers depend.
Thus, this crisis and its burdens will continue until capitalists see sufficiently attractive opportunities for profit to resume investing and hiring people in the US as well as elsewhere. The freedoms of US capitalists to gain immense government supports as needed, and yet to invest only when, where and how they can maximise their private profits are paramount: the first obligations of government. The freedoms from want and insecurity for the US people remain a distant second priority – until mass political action changes that.
Will we see any mass movements to challenge the deeply flawed premise of western industrial economies? Hard to tell, but the more people know about the pitfalls of the system, the better the chances. After all, you can only fix something if you know how it was broken.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.