Best of the Week
Most Popular
1. US Housing Market Real Estate Crash The Next Shoe To Drop – Part II - Chris_Vermeulen
2.The Coronavirus Greatest Economic Depression in History? - Nadeem_Walayat
3.US Real Estate Housing Market Crash Is The Next Shoe To Drop - Chris_Vermeulen
4.Coronavirus Stock Market Trend Implications and AI Mega-trend Stocks Buying Levels - Nadeem_Walayat
5. Are Coronavirus Death Statistics Exaggerated? Worse than Seasonal Flu or Not?- Nadeem_Walayat
6.Coronavirus Stock Market Trend Implications, Global Recession and AI Stocks Buying Levels - Nadeem_Walayat
7.US Fourth Turning Accelerating Towards Debt Climax - James_Quinn
8.Dow Stock Market Trend Analysis and Forecast - Nadeem_Walayat
9.Britain's FAKE Coronavirus Death Statistics Exposed - Nadeem_Walayat
10.Commodity Markets Crash Catastrophe Charts - Rambus_Chartology
Last 7 days
Stock Market Dow 30k before End of 2020? - 13th Jul 20
Credit Market Investments Turned Into End-User Risk Again - 13th Jul 20
Investors Are Going All-In on This Coronavirus Proof Industry - 13th Jul 20
5 Vital Insights That You Can Gain From Instagram Trackers - 13th Jul 20
Stop Believing The 'Economy' Is The Same As The Stock Market - 12th Jul 20
Spotify Recealed as The “Next Netflix” - 12th Jul 20
Getting Ahead of the Game: What Determines the Prices of Oil? - 12th Jul 20
The Big Short 2020 – World Pushes Credit/Investments Into Risk Again - 11th Jul 20
The Bearish Combination of Soaring Silver and Lagging GDX Miners - 11th Jul 20
Stock Market: "Relevant Waves Vs. Irrelevant News" - 10th Jul 20
Prepare for the global impact of US COVID-19 resurgence - 10th Jul 20
Golds quick price move increases the odds of a correction - 10th Jul 20
Declaring Your Independence from Currency Debasement - 10th Jul 20
Tech Stocks Trending Towards the Quantum AI EXPLOSION! - 9th Jul 20
Gold and Silver Seasonal Trend Analysis - 9th Jul 20
Facebook and IBM Tech Stocks for Machine Learning Mega-Trend Investing 2020 - 9th Jul 20
LandRover Discovery Sport Service Blues, How Long Before Oil Change is Actually Due? - 9th Jul 20
Following the Gold Stock Leaders as the Fed Prints - 9th Jul 20
Gold RESET Breakout on 10 Reasons - 9th Jul 20
Fintech facilitating huge growth in online gambling - 9th Jul 20
Online Creative Software Development Service Conceptual Approach - 9th Jul 20
Coronavirus Pandemic UK and US Second Waves, and the Influenza Doomsday Scenario - 8th Jul 20
States “On the Cusp of Losing Control” and the Impact on the Economy - 8th Jul 20
Gold During Covid-19 Pandemic and Beyond - 8th Jul 20
UK Holidays 2020 - Driving on Cornwall's Narrow Roads to Bude Caravan Holiday Resort - 8th Jul 20
Five Reasons Covid Will Change SEO - 8th Jul 20
What Makes Internet Packages Different? - 8th Jul 20
Saudi Arabia Eyes Total Dominance In Oil And Gas Markets - 7th Jul 20
These Are the Times That Call for Gold - 7th Jul 20
A Reason to be "Extra-Attentive" to Stock Market Sentiment Measures - 7th Jul 20
The Beatings Will Continue Until the Economy Improves - 6th Jul 20
The Corona Economic Depression Is Here - 6th Jul 20
Stock Market Short-term Peaking - 6th Jul 20
Gold’s Major Reversal to Create the “Handle” - 5th July 20
Gold Market Manipulation And The Federal Reserve - 5th July 20
Overclockers UK Custom Build PC Review - 1. Ordering / Stock Issues - 5th July 20
How to Bond With Your Budgie / Parakeet With Morning Song and Dance - 5th July 20
Silver Price Trend Forecast Summer 2020 - 3rd Jul 20
Silver Market Is at a Critical Juncture - 3rd Jul 20
Gold Stocks Breakout Not Confirmed Yet - 3rd Jul 20
Coronavirus Strikes Back. But Force Is Strong With Gold - 3rd Jul 20
Stock Market Russell 2000 Gaps Present Real Targets - 3rd Jul 20
Johnson & Johnson (JNJ) Big Pharma Stock for Machine Learning Life Extension Investing - 2nd Jul 20
All Eyes on Markets to Get a Refreshed Outlook - 2nd Jul 20
The Darkening Clouds on the Stock Market S&P 500 Horizon - 2nd Jul 20
US Fourth Turning Reaches Boiling Point as America Bends its Knee - 2nd Jul 20
After 2nd Quarter Economic Carnage, the Quest for Philippine Recovery - 2nd Jul 20
Gold Completes Another Washout Rotation – Here We Go - 2nd Jul 20
Roosevelt 2.0 and ‘here, hold my beer' - 2nd Jul 20
U.S. Dollar: When Almost Everyone Is Bearish... - 1st Jul 20
Politicians Prepare New Money Drops as US Dollar Weakens - 1st Jul 20
Gold Stocks Still Undervalued - 1st Jul 20
High Premiums in Physical Gold Market: Scam or Supply Crisis? - 1st Jul 20
US Stock Markets Enter Parabolic Price Move - 1st Jul 20
In The Year 2025 If Fiat Currency Can Survive - 30th Jun 20
Gold Likes the IMF Predicting a Deeper Recession - 30th Jun 20
Silver Is Still Cheap For Now - 30th Jun 20
More Stock Market Selling Ahead - 30th Jun 20
Trending Ecommerce Sites in 2020 - 30th Jun 20
Stock Market S&P 500 Approaching the Precipice - 29th Jun 20
APPLE Tech Stock for Investing to Profit from the Machine Learning Mega trend - 29th Jun 20
Student / Gamer Custom System Build June 2020 Proving Impossible - Overclockers UK - 29th Jun 20
US Dollar with Ney and Gann Angles - 29th Jun 20
Europe's Banking Sector: When (and Why) the Rout Really Began - 29th Jun 20
Will People Accept Rampant Inflation? Hell, No! - 29th Jun 20
Gold & Silver Begin The Move To New All-Time Highs - 29th Jun 20
US Stock Market Enters Parabolic Price Move – Be Prepared - 29th Jun 20
Meet BlackRock, the New Great Vampire Squid - 28th Jun 20
Stock Market S&P 500 Approaching a Defining Moment - 28th Jun 20

Market Oracle FREE Newsletter

AI Stocks 2020-2035 15 Year Trend Forecast

The Politics of Economic Collapse: The Center Will Not Hold!

Politics / Great Depression II Jul 24, 2012 - 12:15 PM GMT

By: Danny_Schechter

Politics

Best Financial Markets Analysis ArticleSometimes, we have to turn to our poets for real insight into our current global condition.

It was back in 1919 in the aftermath of World War l, that Irish wordsmith William Butler Yeats put pen to paper and came up with “The Second Coming,” verses that have stood the test of time. Yeats was born the year the American Civil War ended in 1865 and died in 1939, the year World War 2 began.


His most famous lines:

Turning and turning in the widening gyre

The falcon cannot hear the falconer;

Things fall apart; the centre cannot hold;

Mere anarchy is loosed upon the world,

The blood-dimmed tide is loosed, and everywhere

The ceremony of innocence is drowned;

The best lack all conviction, while the worst

Are full of passionate intensity

I am not so categorical about putting down “passionate intensity,” but it is certainly true, as every reader of every newspaper knows, the political center (or Centre in its Anglicized spelling) cannot hold and is not holding.

As a result, we see more volatility leading to instability, along with new stirrings on both the right and the left as the global economy weakens and many nations find themselves saddled with acrimony, debt, disillusion and decline. There is virtually no consensus on solutions.

Perhaps because of the entanglements and interdependency fostered by globalization, governments, right, left and center, don’t seem able to solve their economic crises or governance responsibilities. You see it everywhere as political schisms, irrespective of ideology, degenerate into canyons of disbelief and invective. Both socialist and capitalist governments are broken by endless dickering with patching efforts underway that seem to only lead to more crises, not the end of crisis.

Two recent developments point to issues that almost every country faces, including my own, where stalemate and polarization are the order of the day, or should I say, the disorder of the day?

Consider China:

The NY Times reports fear and loathing as debates emerge, first in private and then in public … ”the private gatherings are a telling indicator of how even some in the elite are worried about the course the Communist Party is charting for China’s future. And to advocates of political change, they offer hope that influential party members support the idea that tomorrow’s China should give citizens more power to choose their leaders and seek redress for grievances, two longtime complaints about the current system.”

Now, turn to, Israel, where for all its talk of a united people, disunity reigns:

“JERUSALEM — The broadest unity coalition Israel has seen in many years broke apart Tuesday evening, rent by irreconcilable differences over how to integrate ultra-Orthodox men and Arab citizens into the military and civilian service, a fundamental question for the future of the Jewish democracy.

After stunning the political establishment with a secret, late-night deal in May, Prime Minister Benjamin Netanyahu and Shaul Mofaz, the leader of the centrist Kadima Party, failed to achieve their top priority and agreed to part ways.”

In Hollywood, this is known as “irreconcilable differences”

One reason may be that the people who often appear to be in charge are, in fact, not. Elected officials are, in many cases, in office but not in power. They have ceded power to military interests such as Israel’s “War Cabinet” or America’s Pentagon or the lobbyists for economic power structures in Wall Street, the City in London or parallel financial centers in every country. Central banks and International agencies like The IMF seem to be governing by default.

Misgoverning may be a better word for it, according to top former IMF economist who just resigned and slammed the Fund for incompetence The Guardian reports, “In a resignation letter to the IMF's board and senior staff, dated June 18, Peter Doyle said the IMF's failures in issuing timely warnings for both the 2007-2009 global financial crisis and the euro zone crisis were a "failing in the first order" and "are, if anything, becoming more deeply entrenched.”

Everyone knows that Iran’s Supreme Ruler is the ultimate power broker there but unknown, even invisible, “supreme” forces run other countries but hide their existence. In the US, the unelected “Supreme Court” majority more or less has a right-wing agenda. They selected George Bush as the country’s President in 2000 and then imposed through the Citizens United decision a way that corporations and the wealthy can use their money to dominate our politics. These “Supremes” don’t just review laws; they make them.

There are conflicts and structural weaknesses within nations and between nations that undermine a social stability also insuring that the Center cannot hold. Top-down consensus-based liberalism of the technocratic variety has become more volatile. Third World analysts like Samin Amin have been arguing the Center is hot holding, writing, “The world economy (of historical capitalism) moves from disequilibrium to disequilibrium through changes in the balance of power between classes and nations.”

Deep internal conflicts have destabilized the system even as new forces and protest movements emerge to challenge it.

MIT’s “”Noam Chomsky also warns explicitly that the Center cannot hold, but focuses on the victims of its collapse.

He writes, “There are poignant studies of the indignation and the rage of those who have been cast aside as the state-corporate programs of financialization and deindustrialization have closed plants and destroyed families and communities. These studies reveal the sense of acute betrayal on the part of working people who believed they had a fulfilled their duty to society in what they regard as a moral compact with business and government, only to discover that they had only been instruments for profit and power, truisms from which they had been carefully shielded by doctrinal institutions.”

He fears that growing political resentment will lead to escapes into unreason, feeding the rise of the right, something we are seeing in the US and parts of Europe. “This is one possible outcome of collapse of the center,” he writes.

He then calls for a renewal of “the radical imagination.” Says Chomsky: “The center is clearly not holding, and those who are harmed are once again shooting themselves in the foot.”

Interesting that a left which has battled the Center for all these years seems to bemoans its disintegration--but for a reason. They see a corrosion of formal democracy with corporations and financial institutions increasingly making key decisions with even less transparency and responsiveness to the public.

They also recognize that there is less and less countervailing power with the unions weakened but still hoping to reform systems increasingly resistant to reform. Activists like the Occupy Movement aspire to speak for the 99% but do not seem strong enough or organized enough to do so.

There are cycles of history just as there are business cycles. Marx once wrote that events happen, ‘the first time as tragedy, the second time as farce.’ We seem to still be in the tragic phase.

News Dissector Danny Schechters film and book Disinformation. For more information, Http://www.plunderhecrimeofourtime.com.

    News Dissector Danny Schechter has made a film and written a book on the “Crime Of Our Time.” (News Dissector.com/plunder.) Comments to dissector@mediachannel.org

    © 2012 Copyright Danny Schechter - All Rights Reserved
    Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules