430 - Capitalist Endgames and Blame Games (The Political Economy of Pain - Power and Powerlessness 7)

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Episode #430 - Capitalist Endgames and Blame Games (The Political Economy of Pain - Power and Powerlessness #7)

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⌚ Sun 28 September 2008  ☻Doug Noland, Derrick Jensen, Susan Rosenthal (reading)

Download Hour1 Download Hour2Should capitalism survive?

Some listeners have written to ask me to do coverage on the financial crisis to counter the spin and obfuscation being broadcast in the corporate media. In terms of analysis by economists of the administration bailout plan, Democracy Now has been providing excellent coverage to illuminate the power grab, to point out how there is never enough money to provide health carte for the people for example, but always enough to bail out Wall Street. I recommend you listen at http://democracynow.org if you haven't heard it.

One topic of debate is whether the urgency for action is real or a scheme to ram through a sort of financial "Patriot Act". Many within the financial world have been warning of a financial collapse as a result of the deadly brew of credit and leverage cooked up by Wall Street bankers I can tell you that there are many financial analysts who are not fans of the administration and its policies, or the current practices on Wall Street, who do believe that economic system is on the verge of collapse, but don't believe a $700 billion bailout will solve the problem, as is being claimed. Many within the system have denounced it as an orgy of criminality in terms unusual in the normally staid financial analyst sector.

The question that isn't part of the official debate within capitalism is the one that most interests me - whether this system ought to survive at all, rather than how to save it. Beyond that, how to apply social leverage to an already toppling system, and we'll explore that question in depth this week with author Derrick Jensen.
Thanks to Jim Puplava of http://financialsense.com and to Lierre Keith
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