Friday 19 November 2010

A Futures Commission to forecast what the world's rich will do

In conclusion to his article Ruling on Behalf of Wall Street's "Super Rich": The Financial End Time has Arrived, US left-wing professor Michael Hudson writes:
What we need is a Futures Commission to forecast just what will the rich do with the victory they have won. As administered by President Obama and his designated appointees Tim Geithner and Ben Bernanke, their policy is financially and fiscally unsustainable. Providing tax incentives for debt leveraging – for most of the population to go into debt to the rich, whose taxes are all but abolished – is shrinking the economy. This will lead to even deeper financial crises, employer defaults and fiscal insolvency at the state, local and federal levels. Future presidents will call for new bailouts, using a strategy much like going to military war. A financial war requires an emergency to rush through Congress, as occurred in 2008-09. Mr. Obama’s appointees are turning the U.S. economy into a Permanent Emergency, a Perpetual Ponzi Scheme requiring injections of more and more Quantitative Easing to to rescue “the economy” (Mr. Obama’s euphemism for creditors at the top of the economic pyramid) from being pushed into insolvency. Mr. Bernanke’s helicopter flies only over Wall Street. It does not drop monetary relief on the population at large.
The unsustainability of the US economy that Hudson writes about is leading many people, including Socialist Worker, to the conclusion that capitalism is entering its end time, however long that might last. The global response of socialists must be to lead a broad mass challenge to neo-liberalism right now and plan ahead for a seismic shift to a post-capitalist world.

To find out more about these ideas read Grant Morgan's compelling essay BEWARE! THE END IS NIGH - Why global capitalism is tipping towards collapse, and how we can act for a decent future’.

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