Securing Crony Capitalism
And all of
the sudden, Hillary Clinton has been totally self-exposed through her
latest statement about her
husband, Bill Clinton: “My husband, who I’m going to put in
charge of revitalising the economy, because you know he knows how to
do it,” Clinton said in Fort Mitchell, Kentucky, on Sunday.
“And especially in places like coal country and inner cities and
other parts of our country that have really been left out.”
Which is
actually a very good sign about her real intentions. Now that Bernie
Sanders appears to be left behind in the race for the nomination of
the Democratic party, after the fierce war against him by the
establishment, she already starts to forget her "Leftist"
positions and what happened under the Bill Clinton presidency.
Forget the
fact that Bill Clinton brought a bloodbath in Bosnia and Yugoslavia
through NATO bombings during 90s. He was a pioneer in establishing
for good the bipartisan political system, completely owned by the
plutocracy, by demolishing any political differences under the
neoliberal doctrine.
At the end
of 1992, just days after Clinton’s election as president of the US,
Alan Greenspan, head of the Federal Reserve at that time, went to see
the new president. The famous economist and supporter of the
neoliberal economy of deregulation, warned Clinton to withdraw his
campaign promises for social reform, because, as he claimed, the
deficit reached a dangerously high level. Greenspan told Clinton that
he should cut government spending, so that interest rates would go
down and the markets would boom. He believed that markets would
transform America, not politics. It was the beginning of the full
deregulated market for the US and the world.
It was the
start of the worship of the free market by everyone in the political
spectrum. And although that in the mid 90s, Greenspan had already
realized that something was wrong with the economy, politicians from
all the political spectrum fiercely criticized him. He finally
convinced himself that computers were increasing the productivity in
novel ways, too new to be detected in the data.
After
September 11, and given the great speculative bubble that was created
during the previous decade, it seemed that the American economy was
about to collapse. Then Greenspan took action by cutting down the
interest rates several times. The goal was simple: to encourage
American consumers to borrow and spend. The consumers’ desires
would become the engine that would stabilize the system. It was a
huge risk, because cutting the interest rates to almost zero,
Greenspan released a flood of cheap money into the economy, which in
the past led always to inflation and dangerous instability. But this
time it didn’t happen. A huge consuming boom began, bigger than any
other in history, without inflation. Everything seemed to remain
stable and the system seemed that it could manage itself without any
direct political control.
But
ultimately, the reason for this unusual booming was the exact
opposite. It happened due to the massive exercise of political power,
from an elite thousand miles away. The Chinese government kept the
exchange rate of the country at a low level. Therefore, the Chinese
products became cheap and flooded America. And to pay for them, the
US dollars flooded China. But rather than spend this money for the
population, the Chinese leaders loaned them immediately back to
America by buying government bonds. It was a perfect system of cheap
goods and cheap money inflow in the US, all controlled by the Chinese
political power. And that’s what created stability. From this, came
an orgy of lending from banks to even most unreliable borrowers in
the US. Although this time, the deregulated market had been
stabilized thanks to the political intervention of China, the bankers
wanted to make more money.
So finally,
in 2008 the dream collapsed. Greenspan’s vision for a new world and
Gordon Brown’s promise that there will be no more bubbles and
cracks, turned out to be fantasies based on a wave of financial
speculation. Speculation happened, because those who controlled the
economy in America and Britain, promised to build a new kind of
democracy, based on the markets, which could bring stability. But
again and again, it led to the opposite, in chaos and instability
around the world. And now, finally it happened in the heart of the
West. But again, like in South-East Asia more than a decade ago,
those who controlled the economy, triggered the political power this
time, to save and protect their sovereignty. They asked from
politicians to save them with money and politicians agreed. And
again, just like in South-East Asia, the price paid by the citizens
of the countries.
It's also
remarkable that the US political system, especially after Clinton
administration, has been adopted by Europe, with the transformation
of the Social-democrats. A characteristic example is Greece, as the
Socialist party PASOK under Kostas Simitis, implemented the
neoliberal perception of the free market and the financialization of
nearly every aspect of economic activity.
So, what do
you think the return of Bill Clinton in a key position would mean?
Add the donors of Hillary Clinton for her campaign to the myth of
the "free market" and you have two words: Crony Capitalism.
This comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteGood article! I must say, when I heard her basically say that she would have her husband run some things as he was better than her I thought 'how piss-weak are people voting for someone who thinks she is not the best fit for the top-job on her own?'.
ReplyDelete...........And then I remembered, they are not, the system is just rigged in her favor. Democracy is no part of the process if it is not throughout the process. The majority of people, not delegates and super delegates, are voting Sanders and Trump, that's just a simple fact. This is despite so many of the masses being prevented voting by not registering before they even learned of Sanders and of course so many more prevented from voting because of a rigged legal system designed to incarcerate and completely disenfranchise Blacks and Hispanics.
This display of utter contempt for the people from the establishment can be likened to a spoilt child's temper tantrum......imagine how they would act if they lost control despite all the corruption they applied?
Crony Capitalism / Plutocracy / Socialism for the Rich, has a long way to go before the apathetic majority decide to join the red-pill-woken minority but eventually I hope we will see genocide of the ruling families and cartels. It really is the only hope for complex life forms, not just humans.
It wasn't me, a big boy wrote it and then he ran away!
ReplyDelete