Thursday, December 23, 2010

Inside Job’s Charles Ferguson on the Corruption of Academic Economics

from Naked Capitalism

Here are two excellent videos. The first one is a short 1:54m excerpt from the film "Inside Job" about the economic collapse and related topics. In this clip the film's director, Charles Ferguson, grills former Federal Reserve vice chairman Frederic Mishkin on some "dubious work he did touting Iceland as a well run banking center not long before its implosion." Quite entertaining.

But the 2nd video, approximately 20 minutes long, is a must-see interview with Charles Ferguson where he expands more on his views. Of particular interest, is the opening segment where he discusses the corruption of academia that results in the control of ideas favoring the capitalist ruling class. To learn much more about this and how it affects students, I highly recommend that you read the book entitled, Disciplined Minds, by Jeff Schmidt.

The only criticism I have of Ferguson's views is when he suggests that Obama could have done something about it. As I see it, Obama, like most other recent Presidents, is only an employee, a PR person used as a front person to sell the policies of the ruling class. Like the others, he was carefully vetted for this role and he has performed very well. That is precisely why you don't see any real change happening. The transition from Bush to Obama was seamless. If he were to decide not to serve this function, you can be sure he would be removed from office one way or another. 

A book that I am currently reading by L. Fletcher Prouty entitled, The Secret Team, clearly explains how, once a President assumes office, this arrangement has shaped some major events after WWII. The Secret Team is essentially the political operatives of the ruling class. He writes:
The power of the team [key decision makers] derives from its vast intragovernmental undercover infrastructure and its direct relationship with great private industries, mutual funds and investment houses, universities, and the news media, including foreign and domestic publishing houses.
I have not yet had the opportunity to see the film. Apparently it is not being very widely shown and people are having difficulty buying the video. It is being shown in some large metropolitan areas. To see if it is being shown in your area, I suggest you use this NY Times link.