Monday, March 15, 2010


Here is a video that discusses Hillary Clinton's recent disastrous tour in Latin America

The big changes that are taking place in Latin America are changes that took place for real structural reasons. The economic growth failure that has taken place over the last thirty years, s the worse economic performance in over a century an economic policy led by the IMF and the World Bank under US leadership.

The changes that Mark Weisbrot is referring to in this video over the last thirty years is called Neoliberalism by the world and Reaganism, Thatcherism by the local marks.

Jeff Gates is the author of the highly-regarded Democracy At Risk: Rescuing Main Street From Wall Street, a sequel to The Ownership Solution: Toward A Shared Capitalism For The 21st Century. The latter book was described by one reviewer as "the best book on economics for a generation," and praised by Ralph Nader as "a Capitalist Manifesto, a blueprint for spreading the benefits of capitalism more equitably."

From those books comes these quotes

"In financial systems, results are downstream of the 'Chicago model' – a shared mindset from which today's results flow. Over the past half-century, this market-fundamentalist perspective evolved into the 'Washington' consensus to emerge as the guiding principle of the World Trade Organization (WTO) now taking this model to global scale."

"At the core of this worldview lies a premise whose purpose is easily stated: 'maximize financial returns and – trust us – all else will be fine.' Faith in that perspective ensured today's results," Gates explains.

The "law and economics" movement referred to by Gates also traces its origins to the University of Chicago. As key opponents of financial regulation, this movement was heavily funded by the same Olin Foundation that also supported neoconservatism through its funding of neocon think tanks such as the American Enterprise Institute.

"Nowhere in this operating system is there any provision for the values essential to the long-term health of communities: fiscal foresight, civil cohesion and environmental sustainability. Money is the only value granted a voice."

"In the financial domain, 'the people in between' are securities bundlers, rating agencies and, most fundamentally, those who induce "the mark" (the public) to put their faith in the financial premise that enables this ongoing fraud.

"All flows downstream from a 'consensus' perspective – regardless whether the deception is a shared belief in Iraqi weapons of mass destruction or a consensus faith in the infallibility of unfettered financial markets. The modus operandi is identical – the displacement of facts with beliefs."

The countries in BRIC have excused themselves from neoliberalism. The only people still being screwed by this monster is the US and its allies. Far from being an FDR, Obama has hired the very worst of these engineers of neoliberalism, has doubled down, and is throwing this monstrous economic system into overdrive

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