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robertogreco : financialcrisis   9

The Rebel Alliance: Extinction Rebellion and a Green New Deal - YouTube
"Extinction Rebellion and AOC’s Green New Deal have made global headlines. Can their aims be aligned to prevent climate catastrophe?

Guest host Aaron Bastani will be joined by journalist and environmentalist George Monbiot and economist Ann Pettifor."
extinctionrebellion  georgemonbiot  gdp  economics  capitalism  growth  worldbank  2019  greennewdeal  humanwelfare  fossilfuels  aaronbastani  climate  climatechange  globalwarming  mainstreammedia  media  action  bbc  critique  politics  policy  currentaffairs  comedy  environment  environmentalism  journalism  change  systemschange  left  right  thinktanks  power  influence  libertarianism  taxation  taxes  ideology  gretathunberg  protest  davidattenborough  statusquo  consumerism  consumption  wants  needs  autonomy  education  health  donaldtrump  nancypelosi  us  southafrica  sovietunion  democrats  centrism  republicans  money  narrative  corruption  diannefeinstein  opposition  oppositionism  emissions  socialdemocracy  greatrecession  elitism  debt  financialcrisis  collapse  annpettifor  socialism  globalization  agriculture  local  production  nationalism  self-sufficiency  inertia  despair  doom  optimism  inequality  exploitation  imperialism  colonialism  history  costarica  uk  nihilism  china  apathy  inaction 
april 2019 by robertogreco
Brexit Is Only the Latest Proof of the Insularity and Failure of Western Establishment Institutions
"IN SUM, THE West’s establishment credibility is dying, and their influence is precipitously eroding — all deservedly so. The frenetic pace of online media makes even the most recent events feel distant, like ancient history. That, in turn, makes it easy to lose sight of how many catastrophic and devastating failures Western elites have produced in a remarkably short period of time.

In 2003, U.S. and British elites joined together to advocate one of the most heinous and immoral aggressive wars in decades: the destruction of Iraq; that it turned out to be centrally based on falsehoods that were ratified by the most trusted institutions, as well as a complete policy failure even on its own terms, gutted public trust.

In 2008, their economic worldview and unrestrained corruption precipitated a global economic crisis that literally caused, and is still causing, billions of people to suffer — in response, they quickly protected the plutocrats who caused the crisis while leaving the victimized masses to cope with the generational fallout. Even now, Western elites continue to proselytize markets and impose free trade and globalization without the slightest concern for the vast inequality and destruction of economic security those policies generate."



"Because that reaction is so self-protective and self-glorifying, many U.S. media elites — including those who knew almost nothing about Brexit until 48 hours ago — instantly adopted it as their preferred narrative for explaining what happened, just as they’ve done with Trump, Corbyn, Sanders, and any number of other instances where their entitlement to rule has been disregarded. They are so persuaded of their own natural superiority that any factions who refuse to see it and submit to it prove themselves, by definition, to be regressive, stunted, and amoral."



"BUT THERE’S SOMETHING deeper and more interesting driving the media reaction here. Establishment journalistic outlets are not outsiders. They’re the opposite: They are fully integrated into elite institutions, are tools of those institutions, and thus identify fully with them. Of course they do not share, and cannot understand, anti-establishment sentiments: They are the targets of this establishment-hating revolt as much as anyone else. These journalists’ reaction to this anti-establishment backlash is a form of self-defense. As NYU journalism professor Jay Rosen put it last night, “Journalists today report on hostility to the political class, as if they had nothing to do with it,” but they are a key part of that political class and, for that reason, “if the population — or part of it — is in revolt against the political class, this is a problem for journalism.”

There are many factors explaining why establishment journalists now have almost no ability to stem the tide of anti-establishment rage, even when it’s irrational and driven by ignoble impulses. Part of it is that the internet and social media have rendered them irrelevant, unnecessary to disseminate ideas. Part of it is that — due to their distance from them — they have nothing to say to people who are suffering and angry about it other than to scorn them as hateful losers. Part of it is that journalists — like anyone else — tend to react with bitterness and rage, not self-assessment, as they lose influence and stature.

But a major factor is that many people recognize that establishment journalists are an integral part of the very institutions and corrupted elite circles that are authors of their plight. Rather than being people who mediate or inform these political conflicts, journalists are agents of the forces that are oppressing them. And when journalists react to their anger and suffering by telling them that it’s invalid and merely the byproduct of their stupidity and primitive resentments, that only reinforces the perception that journalists are their enemy, thus rendering journalistic opinion increasingly irrelevant.

Brexit — despite all of the harm it is likely to cause and despite all of the malicious politicians it will empower — could have been a positive development. But that would require that elites (and their media outlets) react to the shock of this repudiation by spending some time reflecting on their own flaws, analyzing what they have done to contribute to such mass outrage and deprivation, in order to engage in course correction. Exactly the same potential opportunity was created by the Iraq debacle, the 2008 financial crisis, the rise of Trumpism and other anti-establishment movements: This is all compelling evidence that things have gone very wrong with those who wield the greatest power, that self-critique in elite circles is more vital than anything.

But, as usual, that’s exactly what they most refuse to do. Instead of acknowledging and addressing the fundamental flaws within themselves, they are devoting their energies to demonizing the victims of their corruption, all in order to de-legitimize those grievances and thus relieve themselves of responsibility to meaningfully address them. That reaction only serves to bolster, if not vindicate, the animating perceptions that these elite institutions are hopelessly self-interested, toxic, and destructive and thus cannot be reformed but rather must be destroyed. That, in turn, only ensures that there will be many more Brexits, and Trumps, in our collective future."
glenngreenald  economics  europe  politics  brexit  2016  vincentbevins  michaelsandel  elitism  garyyounge  ianjack  jeremycorbyn  hillaryclinton  donaltrump  neoliberalism  policy  government  eu  uk  us  establishment  inequality  greatrecession  2008  freemarket  markets  finance  refugees  iraq  libya  tonyblair  financialcrisis  disenfranchisement  alienation  corruption  journalism  media  jayrosen  class  classism  globalization  insularity  oppression  authority  berniesanders  christopherhayes  capitalism  nationalism  racism  xenophobia  condescension  michaeltracey  authoritarianism  fascism 
june 2016 by robertogreco
TARP: A Love Story — The Billfold
"Regardless, even if I could explain my love of TARP, it was clear. Nobody else outside my banker friends liked it. They hated it.

They hated it with everything they had. Some hated it with rants. But most hated it with a knowing resignation. They had seen this shit before.

It was the extreme example of a rigged system. Truck driver: “It wasn’t the needle that broke the camel’s back. It was the anvil that broke it.”

I also saw first hand why it resonated so badly with them. They were right, the system was rigged. At every level.

There really were two Americas. Two opportunity sets. Two education systems. Two legal systems. Two sets of rules.

The elites (Sorry about that word) got the better of it all. Better opportunities. Better educations. Better laws. Better bailouts.

And TARP was just a continuation of that, regardless of the relative merits of it at the time.

It represented how shit plays out in America: If you have money, you get cut all the breaks. If you don’t, you suffer all the breaks.

Nobody wanted to hear, “You know TARP benefited you too…” They have heard that shit all their lives. Everything is spun that way.

Me: “Really, it was also the best policy for you.” Them: “Funny how the person telling us that is always sitting on a pile of gold while we stand in shit.”

So regardless of what I think about the past beauty of TARP. The reality is: TARP was all about maintaining two separate and unequal systems.

So I look back at that distant day on the trading floor, when I first fell in love with TARP. It was only a marriage of convenience. For me.

I look back at that young banker and think. Damn he had it good. Damn he had it so easy. Damn he was so naïve. Damn did he ever love that TARP.

And damn if that TARP didn’t ever love him back."
2009  tarp  bailouts  elites  elitism  chrisarnade  greatrecession  banking  finance  class  middleclass  financialcrisis  politics  policy  us  classism 
june 2016 by robertogreco
Anti-Government Left: Elizabeth Warren Is Stronger Than Bill de Blasio | New Republic
"De Blasio’s rhetoric sounds more leftist, implying a relentless competition between underclass and overclass. But the substance of Warren’s agenda is far more radical. She wants to upend a fundamentally corrupt system, one in which big banks and other interests have coopted the apparatus of government. By contrast, de Blasio implicitly accepts “the system”—which in New York means an economy built around the financial sector and the real estate industry—and wants to mitigate its least desirable effects.1

Or, put differently, de Blasio accepts that today’s rich and powerful will continue to be rich and powerful; he just thinks they should do more to help the rest of us. Warren questions the very legitimacy of their wealth and power. “I’ve been in the Senate for nearly a year and believe as strongly as ever that the system is rigged,” she said in a recent speech.

This difference of emphasis isn’t shocking: New York City would fall into a deep depression if the financial sector shrunk substantially. And I don’t mean to belittle de Blasio’s agenda, which I consider important. But neither is that agenda especially ambitious in any cosmic sense. As other politicians have demonstrated before him, there’s no particular tension between a concern for the poor and a deference to the rich.* It’s why some have begun to think of de Blasio’s worldview as “Bloombergism with a populist mask.” De Blasio helped nurture this impression himself by courting the lords of finance and real estate during his general election campaign, then making a handful of Bloomberg-esque appointments, like the Goldman Sachs executive he named as his deputy mayor for housing and development.2

But here’s the thing: In addition to being more radical substantively, Warren’s agenda is much more sale-able politically."



"Against this backdrop, the problem for de Blasio-style populism is not that reducing inequality isn’t a worthy goal, or even one that’s widely shared. It’s that support for government is so low that few outside the left are likely to believe government can achieve it. Warren-style populism, on the other hand, goes right to the source of the cynicism. In the same way that Middle America believed government was mostly benefiting the undeserving poor in the 1980s and early 90s, today they believe it mostly benefits undeserving rich and powerful. And, just as Democrats had to dispel the former belief before they could advance the rest of their agenda, today they must dispel the latter. Warren’s approach does that."
elizabethwarren  left  finance  financialcrisis  government  money  politics  2014  billdeblasio  noamscheiberpolitics  policy  populism  corruption  systemschange  us  inequality  banking  incomeinequality 
january 2014 by robertogreco
23 Things They Don't Tell You About Capitalism - YouTube
"Development economics expert Ha-Joon Chang dispels the myths and prejudices that have come to dominate our understanding of how the world works in a lecture at the RSA."
ideology  taxes  taxation  freemarkets  growth  regulation  trickledowneconomics  inequality  wealthcreation  financialcrisis  myths  via:chrisberthelsen  2010  economics  capitalism  ha-joonchang 
february 2012 by robertogreco
Think Occupy Wall St. is a phase? You don't get it - CNN.com
"The members of Occupy Wall Street may be as unwieldy, paradoxical, and inconsistent as those of us living in the real world. But that is precisely why their new approach to protest is more applicable, sustainable and actionable than what passes for politics today. They are suggesting that the fiscal operating system on which we are attempting to run our economy is no longer appropriate to the task. They mean to show that there is an inappropriate and correctable disconnect between the abundance America produces and the scarcity its markets manufacture.

And in the process, they are pointing the way toward something entirely different than the zero-sum game of artificial scarcity favoring top-down investors and media makers alike."
douglasrushkoff  ows  occupywallstreet  activism  politics  protest  financialcrisis  2011  finance  policy  hierarchy  corporatism  labor  disparity  inequality  barackobama  corruption  media 
october 2011 by robertogreco
YouTube - DEBTOCRACY (FULL - ENG Subs)
"For the first time in Greece a documentary produced by the audience. "Debtocracy" seeks the causes of the debt crisis and proposes solutions, hidden by the government and the dominant media."
2011  greece  debt  finance  banking  imf  worldbank  odiousdebt  politics  economics  argentina  ecuador  eu  ecb  sovereignty  freedom  europe  olympics  arms  class  classwarfare  social  democracy  government  policy  corruption  goldmansachs  crisis  financialcrisis  healthcare  poverty  education  documentary  globalization  neoliberalism  theft  via:steelemaley 
june 2011 by robertogreco
Move Your Money - The Daily Dish | By Andrew Sullivan
"Here's an interesting idea that does not rely on government but can put pressure on the big four banks that just robbed us blind, threw so many out of work and are now refusing to make loans to people who need them: take your money out of the big banks and place it in community banks, ones that were not responsible for the meltdown...The idea is simple: If enough people who have money in one of the big four banks move it into smaller, more local, more traditional community banks, then collectively we, the people, will have taken a big step toward re-rigging the financial system so it becomes again the productive, stable engine for growth it's meant to be. It's neither Left nor Right -- it's populism at its best."
financialcrisis  crisis  finance  banking  us  2009  activism 
december 2009 by robertogreco
Will California become America's first failed state? | World news | The Observer
"Los Angeles, 2009: California may be the eighth largest economy in the world, but its state government is issuing IOUs, unemployment is at its highest in 70 years, and teachers are on hunger strike. So what has gone so catastrophically wrong?"
california  creditcrunch  society  government  recession  healthcare  environment  economics  politics  future  crisis  finance  failedstate  financialcrisis  budget  2009  us  state  economy 
october 2009 by robertogreco

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