Ransom Capitalism

Mié, 09/07/2022 - 12:56 -- gramirez

In both the financial crisis and the first months of the pandemic, there was a broad consensus that governments needed to make extraordinary fiscal interventions to preserve the means of existence without threatening the economic status quo. 

Bailouts are an ideal intervention for a decaying neoliberal politics: they maintain capital flows, rising asset prices and the upwards redistribution of wealth, while supporting the minimum needs of enough of the population to prevent total social breakdown.

Under the bailout consensus, as with the IMF interventions, the state and its citizens are expected to pay private companies’ ransom demands without taking anything substantive in return. There’s no suggestion that the public might acquire a stake in a company in exchange for the money they hand over.


G-8's first bankruptcy

Mié, 04/29/2009 - 00:33 -- Anónimo (no verificado)

By Chan Akya Asian Times 25-04-09  -  Obela 29-04-09 It is ironic that from a strictly economic point of view, the United Kingdom today appears more akin to the Russia of Joseph Stalin that was described by British statesman Winston Churchill in his memorable quote in 1939*. Its economy is in the throes of its greatest financial crisis in over two generations, yet the UK shows unmatchable resolve in trying to crash and burn itself faster and with greater impact than any other political economy appears to be even contemplating.

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