Skip Navigation | Sheffield IMC | UK IMC | Editorial Guidelines | Mission Statement | About Us | Contact | Help | Support Us

UK Indymedia UK Indymedia Sheffield Indymedia Sheffield Indymedia

UG#551 - Understanding The Financial 'Crisis' (The Spectre Haunting Europe)

Robin Upton | 24.05.2011 14:21 | Analysis | Public sector cuts | Social Struggles | Sheffield | World

The show this week looks at the so-called financial 'crisis' from two different perspectives. Firstly, I give an audio commentary on a presentation I created last year, Understanding the Financial 'Crisis'. Next, Michael Hudson speaks on The Spectre Haunting Europe, detailing the financial goings on in Europe, focussing on the evisceration of the Latvian economy and expanding upon his prediction of a new feudalism and a neo-liberal style fire sale of the European welfare state.

ug551-hour1mix.mp3 - mp3 27M

ug552-hour2mix.mp3 - mp3 27M


Presentation available for download from  http://altruists.org/AE602
======================================================

My take on the Financial 'Crisis' is so different from most people I know, that last year I made AE602, a presentation on Understanding the Financial 'Crisis' explaining my view, which is recommended watching to help you get the most from the first hour of this week's show as I comment on it. I believe that those who control commercial media are deliberately misreporting the 'crisis', adding irrelevant details to complicate a relatively simple reality. What is called the 'crisis' is in fact not unexpected, and was created as a convenient untruth used to mask the contradictions arising in applying an ideology of perpetual growth on a finite planet and delay the day of reckoning when fictional claims on wealth come home to roost.

Apart from the connection with resource depletion, one essential fact which commercial media omits to mention about the 'crisis' is that it has winners as well as losers; on the other side of every foreclosed home and business is a bank which takes ownership of assets which are sold cheaply. Thus the likening of the financial crisis to natural disaster - one which destroys real wealth rather than transfers it - is as misleading as it is graphic. We look at how commercially controlled media consistently obscures people's understanding and consider some of the wrong questions it asks. We consider the psychopathic basis of the modern economics and look at 'money psychosis', the mass delusion which leads people in monetised societies to confuse the real with the imaginary. The presentation concludes with some down to earth questions designed to speed recovery from this and assist in the turbulent years ahead in which centrally-issued money collapses. As a break from my commentary, we also hear the soundtrack of Quantitative Easing explained, a somewhat light-hearted YouTube video, and a section from The Corporation on the money psychosis of market traders and how they reacted on Sep 11th when they saw the planes hit the Twin Towers.

In contrast to the overview feel of the first hour, in our second hour, we look at the operational details of the transformation taking place. We play a March 2011 interview of Bonnie Faulkner with Michael Hudson on 'The Spectre Haunting Europe'. He describes how neo-liberal economic policies are being ruthlessly applied to nations such as Latvia. He likens the consequences to warfare, resulting in such indebtedness and poverty that mass emigration and a sharp decline in GDP are a result. Unless Europeans vigorously oppose these changes, he anticipates a new feudalism in Europe as social welfare model is rolled back in favour of Chicago school US style capitalism, with consequent deleterious consequences for general welfare and material standard of living.

Robin Upton
- e-mail: unwelcome [at] unwelcomeGuests [D0T] net
- Homepage: http://UnwelcomeGuests.net

Download this article in pdf format >>

Email this article to someone >>

Submit an addition or make a quick comment on this article >>

Publish

Publish your news

Do you need help with publishing?

Kollektives

Birmingham
Cambridge
Liverpool
London
Oxford
Sheffield
South Coast
Wales
World

Other UK IMCs
Bristol/South West
London
Northern Indymedia
Scotland

Sheffield Topics

Afghanistan
Analysis
Animal Liberation
Anti-Nuclear
Anti-militarism
Anti-racism
Bio-technology
Climate Chaos
Culture
Ecology
Education
Energy Crisis
Fracking
Free Spaces
Gender
Globalisation
Health
History
Indymedia
Iraq
Migration
Ocean Defence
Other Press
Palestine
Policing
Public sector cuts
Repression
Social Struggles
Technology
Terror War
Workers' Movements
Zapatista

Sheffield [navigation.actions2016]

Sheffield [navigation.actions2015]

Sheffield [navigation.actions2014]

NATO 2014

Sheffield Actions 2013

G8 2013

Sheffield Actions 2012

Workfare

Sheffield Actions 2011

2011 Census Resistance
August Riots
Dale Farm
J30 Strike
Occupy Everywhere

Sheffield Actions 2010

Flotilla to Gaza
Mayday 2010
Tar Sands

Sheffield Actions 2009

COP15 Climate Summit 2009
G20 London Summit
Guantánamo
Indymedia Server Seizure
University Occupations for Gaza

Sheffield Actions 2008

2008 Days Of Action For Autonomous Spaces
Campaign against Carmel-Agrexco
Climate Camp 2008
G8 Japan 2008
SHAC
Smash EDO
Stop Sequani Animal Testing
Stop the BNP's Red White and Blue festival

Sheffield Actions 2007

Climate Camp 2007
DSEi 2007
G8 Germany 2007
Mayday 2007
No Border Camp 2007

Sheffield Actions 2006

April 2006 No Borders Days of Action
Art and Activism Caravan 2006
Climate Camp 2006
Faslane
French CPE uprising 2006
G8 Russia 2006
Lebanon War 2006
March 18 Anti War Protest
Mayday 2006
Oaxaca Uprising
Refugee Week 2006
Rossport Solidarity
SOCPA
Transnational Day of Action Against Migration Controls
WSF 2006

Sheffield Actions 2005

DSEi 2005
G8 2005
WTO Hong Kong 2005

Sheffield Actions 2004

European Social Forum
FBI Server Seizure
May Day 2004
Venezuela

Sheffield Actions 2003

Bush 2003
DSEi 2003
Evian G8
May Day 2003
No War F15
Saloniki Prisoner Support
Thessaloniki EU
WSIS 2003

Server Appeal Radio Page Video Page Indymedia Cinema Offline Newsheet

insecure Unencrypted Page

We suggest you use an encrypted connection encrypted connection for browsing this site.

Please install the CAcert root certificate to verify the authenticity of the site, for more information see the security page.

IMCs


www.indymedia.org

Projects
print
radio
satellite tv
video

Africa

Europe
antwerpen
armenia
athens
austria
barcelona
belarus
belgium
belgrade
brussels
bulgaria
calabria
croatia
cyprus
emilia-romagna
estrecho / madiaq
galiza
germany
grenoble
hungary
ireland
istanbul
italy
la plana
liege
liguria
lille
linksunten
lombardia
madrid
malta
marseille
nantes
napoli
netherlands
northern england
nottingham imc
paris/île-de-france
patras
piemonte
poland
portugal
roma
romania
russia
sardegna
scotland
sverige
switzerland
torun
toscana
ukraine
united kingdom
valencia

Latin America
argentina
bolivia
chiapas
chile
chile sur
cmi brasil
cmi sucre
colombia
ecuador
mexico
peru
puerto rico
qollasuyu
rosario
santiago
tijuana
uruguay
valparaiso
venezuela

Oceania
aotearoa
brisbane
burma
darwin
jakarta
manila
melbourne
perth
qc
sydney

South Asia
india


United States
arizona
arkansas
asheville
atlanta
Austin
binghamton
boston
buffalo
chicago
cleveland
colorado
columbus
dc
hawaii
houston
hudson mohawk
kansas city
la
madison
maine
miami
michigan
milwaukee
minneapolis/st. paul
new hampshire
new jersey
new mexico
new orleans
north carolina
north texas
nyc
oklahoma
philadelphia
pittsburgh
portland
richmond
rochester
rogue valley
saint louis
san diego
san francisco
san francisco bay area
santa barbara
santa cruz, ca
sarasota
seattle
tampa bay
united states
urbana-champaign
vermont
western mass
worcester

West Asia
Armenia
Beirut
Israel
Palestine

Topics
biotech

Process
fbi/legal updates
mailing lists
process & imc docs
tech