Last week was momentous. Next week may be even more so. Will the shifting of financial and geopolitical tectonic plates break the system?
The bald truth? Nothing of lasting significance is going to happen until the problems of inflation, insane destabilizing financialization, and a program of conceptually aligned policies that are so wildly beneficial for both the individual and enterprise simultaneously occur. And historically that kind of break through general resolution only happens when a genuine paradigm change occurs.
And a 50% Discount/Rebate policy at retail sale and the rest of the regulatory and policy program of Wisdomics-Gracenomics will mathematically, empirically and temporal universe-ly accomplish all of the above and more. And I can rebutt every orthodoxy, terminal cynicism, and even any apparent conflict with the economic necessities of climate change. Let us light a gargantuan flare with a mass movement for monetary and economic paradigm change rather than cursing the darkness (or even doing absolutely valid reseaches that yet do not accomplish the synthesis of paradigm change).
I've lived worked and travelled widely so seen first hand both the impact of Western colonialism, but also of Russian colonialism in E Europe. Ive also studied International Development as a Masters - research in India. Ive been caught in a riot in Iran against the US backed Shah and also watched the tanks roll into Afghanistan first hand. In Zambia around the time the Rhodesians were bombing Nkomo's house. My mate lived next door... So might have a bit more first hand experience than the average commentator...
What recent events have brought home to me is how silent those who are most vociferous about Western colonialism (and I'd share the criticisms of the West), are about anything involving Russia. This despite centuries of brutal imperialism, continuing as Western colonialism wound down and now writ large in the utter brutality of Russia in Ukraine as they attempt to further extend their empire. Thats Putin's words, not mine.
The Holodomor does not even get a mention. Its as though Lithuanian, Polish, Ukrainian, Georgian, Chechnyan, Moldovan lives - not to mention those of many states and ethnicities that Russia (a modest country West of the Urals) colonised- just do not matter. You could call it racist and indeed if you listen to Putins speeches and those of his supporters they are explicitly genocidal and racist.
So being silent on what is happening today and has continued for so long, whilst continuing to critique what essentially wound up 50-60 years ago is dishonest political posturing. Colonialism should be called out wherever it comes from. Otherwise it is political posturing and dishonest. In practice it's more about an alignment of would be or actual autocrats. And suspiciously it tends to involve the far Left along with the far Right.
Read Russian history through a colonial lens and it becomes blindingly obvious. The Soviet Union was not a voluntary 'union' anymore than the British Empire was. It was the Soviet Empire. Russia's role in Africa today, mostly through their mercenary Wagner group is down with the worst of Heart of Darkness. This is not about 'whataboutery'. To be silent or condoning Russia's colonialism which has continued and is happening right now undermines and discredits important wider criticisms of colonialism. And Im afraid sections of the Left are particularly guilty of that.
(PS Good to see John McDonnell and Paul Mason calling some of this out.)
(PPS Keep up the great work on finance and banking)
Posted to Steve Keen's Substack newsletter:
Austrians are not only wrong, they're pig-headedly wrong. The perfect example of the stupidity of being captured by an orthodoxy.
The Chicago plan isn't up to the dynamism that is a good thing in economics, but it would easily be better than the crazed speculative nonsense of the current system. There isn't anything the private banking system does that a true publicly administered national banking system couldn't do better...or do without. Like the profit motive for example. What the economy and banking systems need is what everybody would be better off cultivating, namely wisdom and its pinnacle concept the natural philosophical concept of grace. To wit Wisdomics-Gracenomics. Grace is the most pregnant, dynamic, integrative, innovative and virtuous concept in human thought and experience. Find ways to implement the aspects of the natural philosophical concept of grace into the economy and money system (and every system including oneself) and we'll be on the road to both abundant economic stability and (finally) fulfilling our species designation of homo sapiens sapiens i.e. wise and discerning man.
Being a system's analyst is good, being a system's philosopher is an analytic step or two above it.
Good article but...
If you are going to talk about colonial wars, you might want to call out Russia as well. Centuries of brutal colonialisation of its neighbours with everything that goes with colonialisation, including the racism. Read Putin's speeches where he talks explicitly about re-establishing the Russian EMPIRE. He and those around him use explicitly genocidal terms. The West pretty much wound up its colonialisation 50 years ago, and yes it was a shameful period. However Russia has never stopped. Countries attempting to gain or keep independence have been brutally put down.
Those countries cosying up to Russia whilst still citing Western colonialism are conflicted to put it politely.
PS Check out the Holodomor and you'll understand why the Ukrainians are fighting for their lives against the people who inflicted it on them. Most people know about the Holocaust. Sadly too few know about the Holodomor in which a similar number of Ukrainians were murdered by the Russians.
Very well written. Thank you for the analysis Ann!
You are right, financialization is a stage 4 cancerous growth. Minsky/Keen were right, the system is monetarily and financially unstable. Michael Hudson is right Finance is a huge parasite sucking the profit out of the system while dominating every other business model and 95% of the general populace. MMters are right fiscal austerity is macro-economic monetary policy standing on its head.
Now all they need to do is recognize the new paradigm concept, where and how it is most efficaciously implemented, and then communicate those beneficial effects directly to the individual...because it will sell like crazy for them...and scare the shite out of the authorities, the pundits and the pols.
All of the above reforms are fine and good and conceptually and intentionally align with the new paradigm, but reforms are points in a circle labled the monetary, financial and economic PATTERN while a genuinely new paradigm is and changes the ENTIRETY of the circle.
Like I've said elsewhere before all a new paradigm and its effects need is a platform because its benefits are so good for virtually everyone they sell 'like hotcakes" on a cold and windy day. If you, Keen, Hudson and MMTers would look at the new paradigm and its innovative, integrative, problem resolving and reality inverting policies we could actually get some place in:
2) regarding the increasingly sorrier and sorrier mental state 6000 years of the current paradigm has had on the individual,
3) regarding climate change, and
4) on thriving instead of not surviving
If you send me your email address I'd be happy to send you a copy of the latest version of my still evolving published book Wisdomics-Gracenomics: The Monetary Paradigm and It Policies so we can discuss it. United we stand and win, divided we fall. I can be reached at firstname.lastname@example.org
This is, quite frankly, terrifying. What options do we, as the end users, have? What actions can we, the littlest players in the grand scheme of things, take? 🙏🏻