Friday, September 19, 2008
The Return of History
Commentary by Richard Estes on the recent, unsanctioned market interventions by the US govt:
the global neoliberal era that commenced in the late 1970s, implemented by figures like Reagan, Thatcher, Pinochet and Deng Xiaoping, among others, is now officially over
in the short term, investors and the financial sector will be winners, having pocketed outsized returns, bonuses and transactions fees, with a government backstop, but, in the mid to long term, they will be losers, as the consequences of their actions are visited upon us
it might be called, "The Return of History", in juxtaposition to Fukuyama's famous declaration, "The End of History", in the early 1990s
class conflict is going to return with a vengence, when people realize that they are being brutally subjected to the discipline of a market administered by politicians and corporations that not only exempt themselves from it, but require everyone else to pay for their mistakes
You can read more of Estes' commentary at his blog American Leftist.