Home | About | Donate

U.S. Capitalism Is in Total Meltdown

Originally published at http://www.commondreams.org/views/2020/07/24/us-capitalism-total-meltdown

3 Likes

As Buckminster Fuller said: “You never change things by fighting against the existing reality. To change something, build a new model that makes the old model obsolete.”

Move from a Possession and Power economy to a Use and Access model.

People don’t need to own their own copy of everything under the sun just have access to the stuff of life through cooperation and sharing.This is wealth available to all not just the few.

It’s madness to try and grow grow grow the world’s economy in a never ending up-ward spiral , we must put in place de-growth solutions to save resources and use them wisely.

We have to be the change we wish to see ,so others will follow . The rich western countries and individuals
who hold 90 % of all wealth and resources must lead by example .
It’s a natural expression of Oneness to wish to share the Earths abundance and forget about ownership as a mental construct .The solutions are spiritual in nature and can only be solved this way, it’s a broth in consciousness that we need not a growth in government or more millionaires or billionaires.

8 Likes

I like Sarah Jaffe’s attitude: So we’ve got to start over from scratch. We can do this. It could be worse, we could have… no, I better not tempt fate. Maybe it can’t get much worse.

2 Likes

As long as the Federal Reserve can print money, the stock market will be protected and bad corporate debt will be purchased. Gotsta secure those almighty 401Ks and trust fund babies.

As for us peasants, grab a nice freeway overpass in a Trumpville near you. And when the food riots break out, grab you some.

2 Likes

“Capitalism in meltdown” ? Not if the exponential wealth growth the 1% capitalists continue to experience is any indication.

Until all of FDR’s New Deal regulations and programs (that have been dismantled by the duopoly since 1978) are restored and enhanced to address 21st century conditions, there is no hope of reversing the income and wealth disparity trajectory that we have experienced for the past half century.

Yes, I know the New Deal harnessed and reshaped capitalism and wasn’t socialism, but it worked very well for a majority of murkins for nearly half a century, and its remnants continue to work well for the majority…that is why the duopoly continues to spend tens of billions per year fighting against the New Deal.

3 Likes

In low income Black and Latinx communities, I’ve seen more people embracing solidarity economics - mutual aid, community banking, economies of trust and collaboration vs. monetary exchange, etc. I see hope there.

However, it will be a long term struggle, with no guarantee of success. The economy is certain to get worse, after Biden is elected. My sense is, that as more people engage in revolutionary uprisings, Biden will embrace Trump’s tactics of using the US military to violently crush dissent.

5 Likes

Biden will no doubt claim the cupboards bare and in order to “Save America” the Government has to be responsible and tackle the huge debt. (it will increase by close to 4 trillion this year alone). This will be followed by a troop surge in Iraq, Afghanistan, Syria, Somalia and a sponsored Coup in Venezuela.

4 Likes

We are not apt to agree that capitalism is or is not in meltdown. We are apt to agree that in one way or another the current system has to be supplanted or replaced, at least in large measure.

Jaffe’s concluding point, then, if perhaps not the claim of her title, we can probably take as certain.

Well, then, what are the solutions? We ought to look at the following

  • Elinor Ostrom’s research on the management of the commons, including the principles that she derived.
  • Multiple, simultaneous, local currencies so that the non-governmental government cannot govern what is outside of its sovereignty by manipulating the money by which people manage accounts. Bernard Lietaer is interesting.
  • Permaculture and Transition Towns and related systems that serve people, return surpluses to natural systems, and repair and recoup the damages we have done to the living systems that remain our sole authentic support

Eventually, all that is not going to have much to do with the market going up or down on a given day, for the same sorts of reasons that the produce in the store does not depend to much on a big win at a casino a couple hours away.