Surviving Capitalism (Not) : That $50 Billion Infrastructure Plan

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Wednesday, September 15, 2010

That $50 Billion Infrastructure Plan

by Michael Hudson from his blog.

God knows the US needs its crumbling infrastructure overhauled, but the ruling capitalists are going to make sure that they profit from it. Who better to lead this effort than the pseudo-populist Obama?

...instead of funding transportation out of tax proceeds (levied progressively on the wealthy) or by the central bank monetizing public debt, the Obama plan calls for borrowing $50 billion at interest from banks.