Bernard Hickey renounces his faith in the Free Market
Finally brother Hickey has renounced his faith in the neoliberal free market that has wrecked the global economy...
Bernard Hickey - The free market god doesn't exist
I feel like a priest who has been wrestling with his belief in god and has now decided god does not exist.
It's time for me to recant and to say what I've been thinking for months: the economic god of completely free markets and capital flows is not worth believing in anymore and we must look for other things to believe in and do.
I think New Zealand needs to have a debate about capital controls, about foreign ownership of assets, about measures to control our currency and about being openly nationalistic rather than internationalistic about our economic policy.
I think the Global Financial Crisis and the preceding decade of debt-driven instability in global capital markets and trade flows have demonstrated the failure of the economic model most New Zealand policymakers have adhered to for nearly 3 decades.
I think we need to rethink the way we run monetary policy, the way we allow foreign ownership of assets, the way we encourage savings, the way our financial institutions are regulated and change the things we are aiming for.
SING IT BROTHER!
Last week the 3rd quarter GDP figures came in, the Reserve Bank had predicted .7% growth, we actually grew by only .2%. This is all happening right when Paula Bennett launches her fucking great big stick and bugger all carrot Social Welfare Policy which will see Solo Mothers, the sick, the crippled and the mentally unwell forced back into work in a 6.8% unemployment environment.
I particularly love how Paula Bennett has sent letters to beneficiaries telling them they can no longer home school their children and must be forced to work instead.
Whanau, I don’t wish to be skeptical about claims that the recovery is here, but aren’t we facing a crises of capitalism caused by corporate merchant banker greed enabled by neoliberal Milton Friedman deregulation, low tax, free market dogma which will see a double dip depression?
The IMF see it, they see the threat
O-r-r-r-r we could all pretend fairies live at the bottom of our collective gardens and that we will fund tax cuts from the pot of gold under John Key’s GST tax rise rainbow.
To have Brother Hickey renounce his faith in the Free Market will make National Party supporters shiver and throw the right wing blogosphere into confusion. The reality is their beliefs and bullshit low tax, deregulation, free market dogma doesn't work.
This is 1932 and Keynesian managed capitalism once again is our only way out.
posted by Bomber @ 10:45 am
13 comments
13 Comments:
"To have Brother Hickey renounce his faith in the Free Market will make National Party supporters shiver and throw the right wing blogosphere into confusion. "
Wrong, he's a financial journalist not a ideologist or a banker. This has absolutely nothing to do with anything the National party believes in. I don't even know how you could draw such a conclusion to be honest and any such inference is bizzare.
Nice one Bomber :) Keep up the good work!
Hmmm, I'm very interested in what changes he proposes to Monetary Policy.
David Cunlife has floated similar suggestions from a Labour standpoint...what are we talking here - less use of interest rates and more use of fiscal tools??
This has absolutely nothing to do with anything the National party believes in. I don't even know how you could draw such a conclusion to be honest and any such inference is biz
LMAO - Really? The National Party are right wing idelogues who believe in the free market uber alles. They are attempting to implement low tax, deregulation free market Milton Fridman dogma to counter a global economic crises caused by low tax, deregulation free market Milton Fridman dogma. To have a former right wing journalist come down from the mountain to say the right wing god National believe in is dead is encouraging. Your denial at what ideas motivate National however is not.
An interesting article for you and your readers....
http://www.marketwatch.com/story/america-on-the-brink-of-a-second-revolution-2010-09-28?pagenumber=1
"between December 2007 -- the official start of the Great Recession -- and December 2009, the American economy made eight million workers redundant. Even if the job market were to improve to the level of the boom years of the 1990s, it would still take until March 2014 simply to halve the present 9.6% unemployment rate and return it to a pre-recession 4.7%. Little wonder that James Bullard, president of the St. Louis Federal Reserve Bank, warned of the American economy creeping closer to the black-hole years of deflation experienced by Japan in the 1990s."
http://www.tomdispatch.com/post/175299/tomgram%3A_dilip_hiro%2C_the_waning_of_america/#more
So lets consider the countries that are forging ahead, China, Brazil, India, Turkey.... Hmmm, so America and Europe are essentially bankrupt at the hands of the "Free Market" and that other ideology that the West "beat" looks like it might be quietly taking over the world. Don't count your chickens and all that.... I guess Bernard Hickey's references to God say it all really, it's not an ideology the Right are coming to terms with loosing, it's a religion, and we all know how hard it can be to put Faith aside.
"we all know how hard it can be to put Faith aside."
SEACHANGE anyone
"we all know how hard it can be to put Faith aside."
SEACHANGE anyone
That's so true anon, I put so much faith in my fellow NZer not to be conned by a flash merchant banker selling ill-defined 'change'. The attempt to mine conservation land, denying ACC counselling to rape victims, implementing league tables by stealth via national standards to aid the private education industry over public education and the annexation of Auckland is all 'change', but I don't think that 'change' was what people thought they were voting for.
Sometimes my faith in my fellow citizens to see through the bullshit is one of my failings.
It's such a fascinating time Geo politically and economically and reality as it's being played out in front of us in real time shows us the failings of the status quo - as it disintegrates and the vacuum is filled - but the faithful truly are blind aren't they.
I wish I shared your Faith Bomber! Of coarse I'm optimistic enough to believe a lot of our fellow citizens will eventually have no option to see through the bullshit, but those deck chairs will probably be rearranged for a little while yet. Propaganda has done an amazing job of making that ever elusive American Dream very seductive.
prediction that by 2020 “an ancient pattern of desperate, all-out wars over food, water, and energy supplies would emerge” worldwide and “warfare is defining human life.”
Gwynne Dyer Climate WARS.
@ anon 1:28am
Its hardly an "ancient pattern".
When in history have we had a period of more than a couple of decades when there hasn't been all out war between various nations for the control of resources?
This is 1932 and Keynesian managed capitalism once again is our only way out.
Nice to see you finally dropping the mantra that capitalism is eeeeeeevil.
I'm a born again Keynesian capitalist, free market capitalism is eeeeeeeeeeevil however.
From one of the world's great geopolitical analysts, here is a terrifying glimpse of the none-too-distant future, where climate change will force the world's powers into a desperate struggle for advantage and even survival.
Dwindling resources.Massive population shifts.(UNPREDICTABLE)Natural disaters.Spreading epidemics.Drought.Rising sea levels.Plummeting agricultural yields.Crashing economies.Political extremism.These are some of the expected consequences of runaway climate change in the decades ahead, and any of them could tip the world towards conflict.
Post a Comment
<< Home