Archive for October 7, 2014


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OCTOBER 23, 2014 ISSUE

Why Weren’t Alarm Bells Ringing? Paul Krugman

“…Yes, rising levels of private debt, increased reliance on shadow banking, growing international imbalances, and so on helped set the stage for disaster. But intellectual shifts—the way economists and policymakers unlearned the hard-won lessons of the Great Depression, the return to pre-Keynesian fallacies and prejudices—arguably played an equally large part in the tragedy of the past six years. Say’s Law—the false claim that income is automatically spent—made a comeback. So, incredibly, did liquidationism, the view that any effort to ameliorate the pain of depression would postpone needed adjustment. It’s true that conventional economic analysis fell short in the face of crisis. But when policymakers rejected orthodox economics, what they did by and large was to reject it in favor of doctrines like “expansionary austerity”—the unsupported claim that slashing government spending actually creates jobs—that made the situation worse rather than better…”

 

I am wondering of late how the West is ever going to untangle the unholy mess we have created by backing violent fringe groups all over the globe in order to create disorder and regime change in target countries. This tactic has enabled us to maintain hegemonic control over strategic areas of the globe and to plunder their resources.

Isis makes a perfect example of this descent into chaos, while the fascists in Ukraine are another group in the early stage of development.

But now this gambit is unraveling because the pawns are turning on their kings and our leaders are finding it harder to deceive us that their motivation is the protection of democracy and our “Western values”.

In the West in order to deliver democracy to the third world our politicians tell us it is necessary to reduce our rights and freedoms at home and increase our taxes.

There is another elephant in the room that is becoming more visible as our taxes rise and freedoms are disappearing, and that is our governments are not doing these things for us.

Here in Australia and more so in the United States we are fighting wars for the wealthy and especially for the tax dodging corporations making up the military industrial complex. This industry is now being overtaken by the “insecurity industry” based around the CIA run fear business which makes most of its money from spying on citizens and industrial espionage rather than averting terrorism.

In fact this industry depends on our fear of terrorism and the latest security laws in Australia created in response to 30,000 CIA trained zealots in Toyota utility vehicles taking over Iraq oil wells, our rights and liberties are being butchered by our parliamentary “representatives”.

With CIA operatives fueling turmoil in Libya, Syria Ukraine, Chechnya Venezuela and Pakistan and then losing control of the many balls they are juggling, we are on the edge of international chaos with many millions of refugees being created. How much longer can we afford security?

I shudder to think of the difficulties we are creating for our children especially when this turmoil will be getting worse as global climate change adds to the social and economic cost of this insanity, pushing it beyond their ability to cope.

Most alarmingly the struggle to control Middle Eastern oil fields pits the words largest nuclear powers against each other and as I write this article nuclear submarines from at least five nations are shadowing each other in the Mediterranean Sea off the coast of Syria.

World War 3 is pushing closer to a start up date.

It is time we ordinary people in the West used what power we have left to dump the inept politicians and their moribund party systems and replaced them with men and women of imagination and the intelligence to think outside the restrictions of our corporate controlled consumerist world.

We need leaders with the courage to take on the fear industry and the corporate elites whose psychotic greed is killing us all. It is also time we challenged ourselves to step outside our comfort zone and confront the future rather than idealizing the past and importantly to re-engage in politics instead of leaving the field to the ship of fools steering our destiny.

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