C'est nous qui brisons les barreaux des prisons, pour nos frères, La haine à nos trousses, et la faim qui nous pousse, la misère. Il y a des pays où les gens aux creux des lits font des rêves, Ici, nous, vois-tu, nous on marche et nous on tue nous on crève.

Tuesday, 1 July 2008

Neoliberalism: FAIL

We have seen before that capitalism, particularly in its neoliberal version, is a thoroughly discredited doctrine.

We have more evidence of this today:

[T]o imagine the IMF investigating the US financial system is unthinkable, or was. But, at the weekend, Der Spiegel reported that the IMF would conduct a full investigation into virtually every aspect of it...
The fact that the IMF is knocking on the very doors of its parents and waving legal papers about who lost the house, the car and the kids will, if the past is anything to go by, be buried in the US by pom-pom waving on CNBC telling all what a great time it is to buy.

But the news that the US Fed has now lost its last vestige of credibility did not end with the German report.
Part of the problem is the US media, which has for so long pretended that all is or soon will be well, a bottom is near, a recovery awaits in the second half of the financial year that will sweep away all problems, sown over decades, in a new expansion, a cycle that is ordained to come. The latest fantasy is that with the quarter's end, new profit figures will invigorate the bull, which will seed fertility.

The next President will be handed at least two wars gone horrible wrong and, by then, an economy in similar shape. The bull will have to be a particularly fertile beast. (source)

It is not for nothing that, in the US, the self-declared most powerful of nations, 36.5 million people were living in poverty as of 2006. The triumphalist flag-bearers of capitalism may some day come to realise that the 'end of history' has arrived at the door just yet.