Friday, August 2, 2013

Harold James — The Snowden Time Bomb

In the aftermath of the global financial crisis, world leaders repeated a soothing mantra. There could be no repeat of the Great Depression, not only because monetary policy was much better (it was), but also because international cooperation was better institutionalized. And yet one man, the American former intelligence contractor Edward Snowden, has shown how far removed from reality that claim remains.
Project Syndicate
The Snowden Time Bomb
Harold James is Professor of History and International Affairs at Princeton University and Professor of History at the European University Institute, Florence

I think that Professor James greatly understates the consequences of revelations by Manning, Assange, Snowden and other courageous and principled whistleblowers that have ripped whatever was left of the mask off the façade of the American Empire and its masquerading as a global partner. It is now clear that Washington is not interested in global partnership but in dictating the terms.

President Eisenhower cryptically warned of this unsavory development in his Farewell Address where he cautioned the nation about the rise of a military-industrial complex, which was actually a corporate state comprised of military, industrial, financial and governmental facets. Presently the US economy is built on a war machine predicated on endless war and US global hegemony, willing to use any means to achieve its objectives.

Until this war machine is unwound, as it should have been post-WWII, the myth of American exceptionalism will be confronted by Mao's observation that political power grows out of the barrel of a gun. Now the myth of American democracy has been debunked by the reality of American empire, as the national security state denies even the body of lawmakers access to its secrets, and the doctrine of the unitary executive looks suspiciously like incipient dictatorship.




7 comments:

Bob Roddis said...

Stop the presses. I agree 100% with what Tom Hickey said.

Except that it is all funded with fiat money. And that the purpose of our "modern monetary system" is to facilitate the funding the empire and elite without the nuisance of having to expressly extract resources from the public on a week by week basis via taxation directly translated into spending of what has been taxed.

PeterP said...

Bob,

Yes, fiat money is a potent tool, without it we might have GDP 20-50% lower than now, Great Depression would have lasted 25 years instead of 10. Like any tool it can be used for common good, or for the good of those on the top. It is like blaming Nazism on developments in chemistry.

The Rombach Report said...

"Except that it is all funded with fiat money"

Maybe a little less policy space would not have been such a bad thing? Bradley Manning got 10 years of his 130 year sentence for publishing the video "Collateral Murder" in the link below.

http://youtu.be/nH5vaaarpqk

Hmmmnnn..... Hope I don't get arrested.

The Rombach Report said...

"Yes, fiat money is a potent tool, without it we might have GDP 20-50% lower than now, Great Depression would have lasted 25 years instead of 10."

Ever hear of the depression of 1921?

Deflation estimates range from 13% to 18% in one year. Depending on who's doing the analysis, the unemployment rate peaked at 8.7% to 11.7% in 1921, but dropped to about 6.8% in 1922 and was down to 2.4% to 4.8% by 1923. From a high of 119.6 on November 3, 1919, the DJIA fell 47% to 63.9 by August 24, 1921.

Tom Hickey said...

US rules of engagement: "Shoot anything that moves."

Roger Erickson said...

"Shoot anything that moves."

Except the Output Gap. Like every other metric, Larry Summers only wants that one going up too.

Larry [I know nothing about Reserve Accounting] Summers. About to be YOUR new Fed Chief.

The Rombach Report said...

"Larry [I know nothing about Reserve Accounting] Summers. About to be YOUR new Fed Chief."

God help us!