Friday, July 29, 2016

Michael Hudson — Obama Said Hillary Will Continue his Legacy – and Indeed She Will!

Antidote to fawning pundits.
Obama’s brilliant demagogy left many eyes glazed over in admiration. Nobody is better at false sincerity while misrepresenting reality so shamelessly. Probably few caught the threatening hint he dropped about Hillary’s plan for corporations to share their profits with their workers. This sounds to me like the Pinochet plan to privatize Social Security by turning it into exploitative ESOPs (Employee Stock Ownership Programs). The idea is that wage withholding would be steered to buy into the company’s stock – bidding it up in the process. Employees then would end up holding an empty bag, as occurred recently with the Chicago Tribune. That seems to be the great “reform” to “save” Social Security that her Wall Street patrons are thinking up.…
The solution is not to save the Democratic Party, but to replace it. The debate reminds me of that about the Soviet Union in the 1950s: Is it a degenerated workers’ state, or a Stalinist bureaucratic mutation going the opposite direction from real socialism?
I wonder how many years it will take for Hillary to end up booed so loudly that she has to leave hotels and other speaking venues via their back alleys, much as Lyndon Johnson had to sneak out to avoid the anti-war booers leading leading up to the 1968 election.
Bill Clinton and Barack Obama ran the ship onto the rocks. Now Hillary is campaigning for more of the same, flanked by a "blue dog" VP nominee. Hudson compares Bernie and Hillary to Trotsky and Stalin, and we all know how that turned out.

Naked Capitalism
Michael Hudson: Obama Said Hillary Will Continue his Legacy – and Indeed She Will!
Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University


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Ryan Harris said...

Piketty was the academic case for social security privatisation, the political machine will now follow the model since it captured the rhetoric and imagination. It's a done deal both parties are fans now.

Bob said...

That article was a barn-burner.