There is a crisis in capitalism. I can’t tell you how many times I’ve heard that slogan from some Marxist posturing with no clue why. We can be pretty sure we know what the problem is now. It’s about debt rising about 4% faster than GDP since the 1960′s and a service burden of debt in our economies of above 12% – this is all worse than in previous depressions. This has been happening whatever shade of government we’ve had, across all OECD nations. France may be an exception, but I’m looking into that.
What we have been resisting is letting crooked banks and speculators take the hits and forming a democratic alternative to casino capitalism. Strangely, the very system we once thought could save us from the road to serfdom is trying to force us down it now. The rich have accumulated nearly all the money and now want to buy up our public sectors on the cheap in fire-sales as economies crash. In trying to do this, they have replaced the Politburo as public enemy number one, though we are too dumb to see this yet.
What we should do is let the banks fail and start over with a new system of economics and a new world currency replacing the USD. This would be a big change and bring about the end of American military supremacy, so it would require some thinking through. The most obvious thing we need is to promote a more innovative economy and stop believing that is all about vast riches and super-brains. It’s really much more ordinary.
My own belief is the crisis is ideological in the sense we can cure it if we change our thinking. We can grow food, find new energy sources, find ways to stop bandits and mad, religious people doing terrorism, build decent housing and get on with fairly idle lives and stop ourselves breeding too much. Only ignorance prevents us now. So how can we get round to believing this? You don’t need much brainpower to work it out.