The Capitalist Shakedown

William Bowles
Creative-i
Oct 13, 2008

“It is only in these dire circumstances that the United States, where private property is more sacrosanct probably than anywhere else in the world, is talking about some kind of nationalization of banks, if only limited. In financial circles they are now calling this ‘regime change,’ borrowing the term of course from a different context. But it is clear what it means: the end of neoliberalism, and the rise of aggressive government interventions into the economy. It represents a clear recognition that this is not a liquidity crisis that can be solved by pouring more money into financial markets or by lowering interest rates.”

— Interview with John Bellamy Foster, “Can the Financial Crisis Be Reversed?”

On 4 October, I wrote:

So where’s it all headed? The most likely outcome at least in the short term, would seem to be some kind of state capitalism given that the capitalists have proved themselves even more incompetent than was thought possible.

And this scenario is already being played out across the EU and of course in the US to a lesser extent. And in fact, it can be argued that everything that led up to the current situation makes the situation ideal for the creation of a Mussolini-style corporate, security state, a direct partnership between capital and the state. Fascism doesn’t have to wear jackboots, Armani suits will do just as well (especially as we’re paying for them).

…….full article here