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
Tuesday, November 26, 2013
The Official Video from the Federal Reserve on How It Creates Electronic Money
Like this author, there are a number of liberals and old-fashioned conservatives who denounce the form that capitalism has taken in recent decades, and advocate a return to some restrictions that seemed to have reigned in the tendency for capital to concentrate in ever fewer enterprises, and the concentration of wealth along with power in ever fewer hands which, of course, is the natural tendency of a capitalist system. But these critics refuse to believe that and want to return to an earlier stage when the government had more independence and power to face up to capitalists to inhibit their mad pursuits of profits and power.
This earlier stage (following WWII?) was, in their minds, the golden age of capitalism--never mind the concomitant numerous small wars, the mini-economic crises, the growth of secret agencies, the destruction and subversion of labor unions and diminishing opportunities for working people to improve their lives.
Their position is much like that of a counselor recommending to an alcoholic/drug addict that he/she cuts back on their consumption of alcohol/drugs as a treatment for the disease. Still, such critics do point out, as this author does, the glaring problems with the system as it is today. Specifically, in this post she brings greater clarity to the way the Fed operates and the way it creates money to serve the needs of capitalists.