From an email:
"You might view the entire crisis as a Shock Doctrine-style coup d'etat by the rentier class."
I would not say "might" here. This is a solidification of a creeping coup that began some time ago. The ground work was laid in the Nixon administration, the foundation constructed in the Reagan-Bush 43 years, after Carter had begun deregulation, the superstructure begun under Clinton-Rubin, and largely finished under Bush 44, especially with the conservative business-friendly supreme court that came with Alito and Roberts, which was the de facto coup d'état (as I wrote about at Daily Kos at the time as the real issue rather than Roe v. Wade). The Obama administration is simply putting on some finishing touches.
I would not say that this is anything new. It was the case prior to the New Deal, which only came into being due to elite overreach. The New Deal can be viewed as a hiatus rather than a reversal, since the right, dominated by industrial and finance capital, began working immediately to reverse the ND through political allies. It's just taken awhile for them to implement the plan.
I won't go into the blow-by-blow here since I think that everyone here [email addressees] knows what the scenario has been. The point I am making is that this is all a part of a piece. This is clearly a manufactured crisis. There can be no doubt that it is being used to impose political and economic change that polls show the overwhelming majority opposes.
This is not going to change until the US gets the money out of politics and closes the revolving door. Money talks and politicians walk. The media is compromised, first because of ownership, and secondly, because reporter have to tred lightly to maintain access. The system is thoroughly corrupt to the core.
This is nothing new. The US has been a plutocratic oligarchy since the victory of Hamilton, representing Northern capital, over populists, Pennsylvania democrats, and Southern agriculturalists. In this scenario, it is not at all accidental that Hamilton was the first Treasury secretary.
As a matter of strategy, it seems to me to be necessary to show a significant number of people that MMT and allies provide the knowledge necessary for reversing this pernicious trend before overreach leads to GDII. I think this means being more frank in telling it like it is politically in addition to focusing on the economics — although I think that a global depression is very likely already baked in, and the best we can do is provide a plan that can be picked up when the smoke settles after Reagan-Thatcherism has finally run its course. But the last mile is closing fast, so there may yet be time.