RSA Animate: Crises of Capitalism
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In this RSA Animate, renowned academic David Harvey asks if it is time to look beyond capitalism towards a new social order that would allow us to live within a system that really could be responsible, just, and humane?
This is based on a lecture at the RSA (www.theRSA.org).
This is based on a lecture at the RSA (www.theRSA.org).
Sep 7, 2010 3:33 PM
Re: RSA Animate: Crises of Capitalism
hmmm. very interesting dialogue that is sorely missed in the so-called news outlets. i do like these tidbits that are found and added to this site. definitely would like to see more of this kind of debate
By: ritterkreuz
Re: RSA Animate: Crises of Capitalism
Well, privately owned news corporations are censored by influence of shareholders and advertisers. CNN could theoretically introduce dialogue about this subject, but they would lose 90% of revenue generated by advertizing of major corporations that would consider it as “communist propaganda”. Few minutes later, CNN shares would drops, as investors start dumping their shares until stock value becomes practically worthless. CNN CEO would then be forced to step down and everyone involved in placing such content would be fired.
One of the exception is comedy network with personalities such as Jon Stewart, as they touched this subject in the past, however...it doesn’t count as it is COMEDY channel ... not NEWS network!
Also, most of the public news channels have some form of self censorship on this subject as they fear that ruling political party will cut financing because such “dialogue” would be considered “too controversial” to be broadcasted on public television, as it may consequently cause loss of voter support and almost definitely large corporate donations.
The few places where we can find non biased moderators outside Comedy Central can be found here @ Milk and Cookies.
One of the exception is comedy network with personalities such as Jon Stewart, as they touched this subject in the past, however...it doesn’t count as it is COMEDY channel ... not NEWS network!
Also, most of the public news channels have some form of self censorship on this subject as they fear that ruling political party will cut financing because such “dialogue” would be considered “too controversial” to be broadcasted on public television, as it may consequently cause loss of voter support and almost definitely large corporate donations.
The few places where we can find non biased moderators outside Comedy Central can be found here @ Milk and Cookies.
By: flopnik
Re: RSA Animate: Crises of Capitalism
Non-biased moderators?! Give me their names -- I'm cutting their funding! ;)
Re: RSA Animate: Crises of Capitalism
Well ... joking aside, let’s just say hypothetically M&C were featured on major TV network, and suddenly traffic increased to the scale never imagined before. Then one of those major media conglomerates purchases M&C, and you as one of the original moderators receive offer of very generous six digit annual salary (unless you already have it...then ignore this post). Then someone upstream approaches you about this particular post: “Hi koolcat, I am not sure how you missed that recent video about of crises of capitalism, but can you please remove it as it is not part of our new content policy?”
What would you do?
Would you defend this post even if it meant losing your job?
What would you do?
Would you defend this post even if it meant losing your job?
By: flopnik
Re: RSA Animate: Crises of Capitalism
Always casting my jokes aside, and now you're casting aspersions at my 8-figure M&C salary ($00,000,000). You're not European, are you? Wadadde tells me those guys have no sense of humor. Ah, Canadian. Well, that's practically the queen's Europe, so I guess you're excused. :)
So, let's do some math. Let's see, if I declared bankruptcy and my wife left me (she'd want no part of this hypothetical - oops, funny again, sorry), I could live very comfortably on $10,000 per year (half of an $800/month 2-bedroom apartment in a small-to-medium sized town with a low cost of living + $100/wk in food, clothes, and beer). With the other $90,000 (either ignore taxes because I'm living in poonhound's world of 0 taxes for anybody or just gross me up), and at 13 cents per day, I could feed almost 2,000 starving, teary-eyed African babies (http://www.hopemissionsministries.com/ - hmm, could they all get free Korans at that volume?).
Now, your goon approaches me and says "Hi koolcat, I am not sure how you missed that recent video about of crises of capitalism, but can you please remove it as it is not part of our new content policy?" First, I'd say, "Dude, you misspelloke my name. It has three 'O''s for reasons I can never discuss without a court order."
Next, I would say "Are you kidding? That link got a whopping 512 hits today. It's practically gone viral! We'll make millions!" When he turns that down, I'll just tell him (I keep saying "him." I'm assuming it takes a real dick to make someone this much of a prick), "I'm sorry. Taking down links is the responsibility of the site admin. You know, the guy you just gave a few billion dollars to buy that island that just got hit by Hurricane Earl? Sorry man, we're screwed. Our only chance is to find the great Pantufas, but he only speaks Portuguese, Sigurrosian dialect. Sigurrosian. S-I-G-U-R-R-O-S-I-A-N. I'll see if I can track him down while you go and find a translator. Let's meet back here on Monday, February 31st. Are you available? You think so? Great. See you then."
So, let's do some math. Let's see, if I declared bankruptcy and my wife left me (she'd want no part of this hypothetical - oops, funny again, sorry), I could live very comfortably on $10,000 per year (half of an $800/month 2-bedroom apartment in a small-to-medium sized town with a low cost of living + $100/wk in food, clothes, and beer). With the other $90,000 (either ignore taxes because I'm living in poonhound's world of 0 taxes for anybody or just gross me up), and at 13 cents per day, I could feed almost 2,000 starving, teary-eyed African babies (http://www.hopemissionsministries.com/ - hmm, could they all get free Korans at that volume?).
Now, your goon approaches me and says "Hi koolcat, I am not sure how you missed that recent video about of crises of capitalism, but can you please remove it as it is not part of our new content policy?" First, I'd say, "Dude, you misspelloke my name. It has three 'O''s for reasons I can never discuss without a court order."
Next, I would say "Are you kidding? That link got a whopping 512 hits today. It's practically gone viral! We'll make millions!" When he turns that down, I'll just tell him (I keep saying "him." I'm assuming it takes a real dick to make someone this much of a prick), "I'm sorry. Taking down links is the responsibility of the site admin. You know, the guy you just gave a few billion dollars to buy that island that just got hit by Hurricane Earl? Sorry man, we're screwed. Our only chance is to find the great Pantufas, but he only speaks Portuguese, Sigurrosian dialect. Sigurrosian. S-I-G-U-R-R-O-S-I-A-N. I'll see if I can track him down while you go and find a translator. Let's meet back here on Monday, February 31st. Are you available? You think so? Great. See you then."
Re: RSA Animate: Crises of Capitalism
I think you exaggerate the drivers behind the centrist capitalist bias in the MSM in the US. Journalists know what gets them promoted : playing it safe. Yes, delivering exciting content is a major plus, but consistently giving even slightly left-of-center voices a platform is really only a respectable option if it has been proven to be financially successful. The news media buisiness makes most of its money from selling viewers/readers/listeners to advertisers. If Marxists would for some reason be avid consumers of luxury goods or just known chips eaters, then some corporation would cater to that market and sell the Marxists to the chips/speedboat manufacturers. People in the money buisiness don't give a fuck.
Colbert is a really funny. The producers of the show figured out a way of capitalizing on mockery of consumerism. Stephen regularly shills for some product by using it in some sarcastic jab at corperations. Not only is the audience not very different from ordinary consumers, they also get sold stuff during the show itself. That's probably how they can justify streaming it online and worldwide.
Since the most attractive markets for advertisers are the already consumption-happy emptyskulls and the affluent, the content will be skewed accordingly. This in turn generated a popular self image that's more right-wing that what is actually the reality..
There's usually no need to fire anyone. Only people like Murdoch would fire people regardless of their proven money-making potential.
Colbert is a really funny. The producers of the show figured out a way of capitalizing on mockery of consumerism. Stephen regularly shills for some product by using it in some sarcastic jab at corperations. Not only is the audience not very different from ordinary consumers, they also get sold stuff during the show itself. That's probably how they can justify streaming it online and worldwide.
Since the most attractive markets for advertisers are the already consumption-happy emptyskulls and the affluent, the content will be skewed accordingly. This in turn generated a popular self image that's more right-wing that what is actually the reality..
There's usually no need to fire anyone. Only people like Murdoch would fire people regardless of their proven money-making potential.
By: wadadde
Re: RSA Animate: Crises of Capitalism
Interesting how this guy never mentions how systemic risk was masked not by greedy financiers in denial, but the GSEs and the central bankers who artificially lowered interest rates because of politcal interests and social policy set by the federal government.
How can one say the financial crisis was a result of capitalists when the government and the Fed were circumventing all the risk?
How can one say the financial crisis was a result of capitalists when the government and the Fed were circumventing all the risk?
By: poonhound
Re: RSA Animate: Crises of Capitalism
Interesting thought. Could one say that the government and the Fed are made up of those same capitalists? Hence the systemic risk was masked by financiers since they have an inordinate amount of power over policy.
Just a thought. I find this really interesting stuff, but I have very limited knowledge of economics so I am not trying to pretend like I know what I am talking about. I was hoping there would more posts on this one.
Just a thought. I find this really interesting stuff, but I have very limited knowledge of economics so I am not trying to pretend like I know what I am talking about. I was hoping there would more posts on this one.
By: Crabjuice
Re: RSA Animate: Crises of Capitalism
Yes, one could say that.
The Federal Reserve is a quasi-governmental agency (private corporation), whose authority is granted by Congress, but which is free to directly set monetary policy without consulting any government branch or agency. It's Board of Governors is appointed by the President of the U.S. on a rotating basis, but the real power comes from private bankers on the Federal Open Market Committee, and most of the influence on that committee comes from private for-profit banks.
So, yes, Crabjuice, finance capital runs the U.S. central banking system directly. And, no, Poon, they didn't generate massive amounts of bum loans and then bundle them together and shine them up for resale to suckers in order to help out poor people. They did it for the same reason they ever do anything: To grab money. Duh.
The Federal Reserve is a quasi-governmental agency (private corporation), whose authority is granted by Congress, but which is free to directly set monetary policy without consulting any government branch or agency. It's Board of Governors is appointed by the President of the U.S. on a rotating basis, but the real power comes from private bankers on the Federal Open Market Committee, and most of the influence on that committee comes from private for-profit banks.
So, yes, Crabjuice, finance capital runs the U.S. central banking system directly. And, no, Poon, they didn't generate massive amounts of bum loans and then bundle them together and shine them up for resale to suckers in order to help out poor people. They did it for the same reason they ever do anything: To grab money. Duh.
Re: RSA Animate: Crises of Capitalism
The government was the biggest buyer of subprime loans, and the financial industry was all to eager to fill the demand by selling them. So sure they wanted to make money, but the question is why did the government oblige?
Some thought it was good social policy to promote home ownership for the less fortunate, amongst them was president Bush.
The main reason was that everybody in congress and the WH knew that the entire economy was predicated on the development of real estate, and they needed to do whatever they could to keep the train rolling and prevent recession once the prime market got saturated.
Recessions are very unpopular and the voters tend to "vote the bums out" when they happen. Just look at the republicans in 2008 and look what is about to happen to the democrats in November.
Some thought it was good social policy to promote home ownership for the less fortunate, amongst them was president Bush.
The main reason was that everybody in congress and the WH knew that the entire economy was predicated on the development of real estate, and they needed to do whatever they could to keep the train rolling and prevent recession once the prime market got saturated.
Recessions are very unpopular and the voters tend to "vote the bums out" when they happen. Just look at the republicans in 2008 and look what is about to happen to the democrats in November.
By: poonhound
Re: RSA Animate: Crises of Capitalism
Remember those "toxic assets" everybody was panicking about? They weren't owned by the Government until *after" their value crashed when investors realized they were a giant scam. The CDOs and other bogus securities were voluntarily exchanged in the free market (as voluntarily as anything is when fraud is baked right in every step of the way). And then the federal government bought up those toxic assets far above market value -- the government wasn't buying from itself -- and started throwing around bags of money for good measure. I don't know where your bag is, but I never got one. Not too many poor people got those particular government handouts.
The government's main role in facilitating that crisis was not in buying fraudulent securities, but in defunding regulators and gutting the regulations that were supposed to prevent such a crash. In particular, the Gramm-Leach-Bliley Act of 1999 gutted the Glass-Steagall Act of 1933, which was supposed to reign in the abuses that lead to the great depression. Here's a deliciously humorous one: the Commodity Futures Modernization Act of 2000 declared derivatives beyond all regulation, including any state regulations where they meet the definition of gambling instruments.
Too funny!
The government's main role in facilitating that crisis was not in buying fraudulent securities, but in defunding regulators and gutting the regulations that were supposed to prevent such a crash. In particular, the Gramm-Leach-Bliley Act of 1999 gutted the Glass-Steagall Act of 1933, which was supposed to reign in the abuses that lead to the great depression. Here's a deliciously humorous one: the Commodity Futures Modernization Act of 2000 declared derivatives beyond all regulation, including any state regulations where they meet the definition of gambling instruments.
Too funny!
Re: RSA Animate: Crises of Capitalism
Capitalism is voluntary exchange of goods and services in a free marketplace.
Its not capitalism if laws are created, tax payer subsidies are used, or bankrupt companies are bailed out by the government in order to manipulate the economy for political purposes.
Politicians are so concerned about keeping the unemployment rates low and their corporate cronies' pockets filled that they will game the system with lax monetary policy, taxpayer subsidies and easy-credit schemes because it will buy them votes.
Its not capitalism if laws are created, tax payer subsidies are used, or bankrupt companies are bailed out by the government in order to manipulate the economy for political purposes.
Politicians are so concerned about keeping the unemployment rates low and their corporate cronies' pockets filled that they will game the system with lax monetary policy, taxpayer subsidies and easy-credit schemes because it will buy them votes.
By: poonhound
