Discussion on the Direction of the Economy | PETER EWART
“The Great Reset”
At a time when youth, workers and people all over the globe have deep concerns about climate change, the environment, and the political and economic system itself, influential factions of the global financial oligarchy are calling for a “Great Reset” of the financial system in the wake of the COVID-19 pandemic; or to put it another way a “better” or “repurposed” capitalism, one which can supposedly ensure its preservation. Such calls for a “systemic change” and a return to “stakeholder capitalism,” especially in regards to climate change, are coming from various organizations of the North American and European oligarchies including the World Economic Forum, U.S. Business Roundtable, Climate Action 100+, and other oligarchic bodies. Continue reading
Canadian government hands over key advisory and decision-making power to super cartel | PETER EWART
The unfolding worldwide pandemic is bringing with it a profound financial crisis. How the crisis will be dealt with is a question on the minds of working people around the world. In Canada, working people face the additional complication that as yet, they do not set the direction of the economy, which is controlled by a financial oligarchy and governments in their service.
A financial crisis is itself nothing new; crises are inherent to the capitalist system espoused by the financial oligarchy. To prop itself up, as the financial oligarchy lurches from crisis to crisis, its instruments and forms of organization mutate and change, like creatures from the Black Lagoon. For example, out of the crises and corruption of the late 19th century came the merging of banking and industrial capital and the giant trusts and monopolies of the Robber Barons. And out of a cabal of leading U.S bankers on Jekyll Island in 1910 rose the Federal Reserve. In the 1990s, came the financial de-regulation of the banking sector and the welding back together, Frankenstein-style, of investment and commercial banking which contributed in a negative way to the sub-prime mortgage crisis and the Great Recession of 2008. And most recently, there is the “warm and fuzzy” statement from the U.S. Business Roundtable that the big corporations are responsible to all stakeholders, rather than the previous Milton Friedman configuration of only being accountable to shareholders. Continue reading
In the wake of the COVID-19 pandemic, trillions of bailout dollars in the U.S. and Canada are about to be fire-hosed into particular areas of the economy. Given that this is public money, who decides where and to whom these funds should go? | PETER EWART
Merchants of Death – Lithograph by Mabel Dwight
Boeing vice-president Patrick Shanahan, who formerly led the company’s missile defence subsidiary, became Deputy Defense Secretary – the second highest position in the Pentagon – and now replaces Gen. James Mattis as Acting US Defense Secretary in the Trump administration, effective January 1st.