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Thu Jun 21, 2012, 12:25 PM

STIGLITZ: The World's 99% Knows Capitalism Is Failing and Believes That Change Is Possible

This was the headline over at Buzzflash.

I think everyone ought to copy and paste it into an email to the White House and their congressman and senators.

They need to know that they have done far too little punish those who broke the World economy or to fix it so they can't break it again.

They probably won't do anything, but at least they won't be able to say we didn't ask them to.

Hell, send it to Mitt too. But I think his idea of change is having someone hold us by our ankles and shake it out of our pockets and into his off shore accounts.

There are moments in history when people all over the world seem to rise up, to say that something is wrong, to ask for change. This is what happened in the tumultuous years 1848 and 1968. Each of these years of upheaval marked the beginning of a new era. The year 2011 may prove to be another such moment.

***

Americans, Europeans, and people in other democracies around the world take great pride in their democratic institutions. But the protesters have called into question whether there is a real democracy. Real democracy is more than the right to vote once every two or four years. The choices have to be meaningful. The politicians have to listen to the voices of the citizens. But increasingly, and especially in the United States, it seems that the political system is more akin to "one dollar one vote" than to "one person one vote." Rather than correcting the market's failures, the political system was reinforcing them.

Politicians give speeches about what is happening to our values and our society, but then they appoint to high office the CEOs and other corporate officials who were at the helm in the financial sector as the system was failing so badly. We shouldn't have expected the architects of the system that has not been working to rebuild the system to make it work, and especially work for most citizens - and they didn't.

The failures in politics and economics are related, and they reinforce each other. A political system that amplifies the voice of the wealthy provides ample opportunity for laws and regulations - and the administration of them - to be designed in ways that not only fail to protect the ordinary citizens against the wealthy but also further enrich the wealthy at the expense of the rest of society.

FULL TEXT

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Reply STIGLITZ: The World's 99% Knows Capitalism Is Failing and Believes That Change Is Possible (Original post)
yurbud Jun 2012 OP
xchrom Jun 2012 #1
LiberalLoner Jun 2012 #2
tk2kewl Jun 2012 #3
marmar Jun 2012 #4
Flying Squirrel Jun 2012 #5
yurbud Jun 2012 #6
RainDog Jun 2012 #7

Response to yurbud (Original post)

Thu Jun 21, 2012, 12:27 PM

1. du rec. nt

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Response to yurbud (Original post)

Thu Jun 21, 2012, 12:35 PM

2. K&R excellent read!

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Response to yurbud (Original post)

Thu Jun 21, 2012, 01:55 PM

3. K&R

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Response to yurbud (Original post)

Thu Jun 21, 2012, 05:05 PM

4. The world needs more Stiglitz, (much) less Friedman.

nt

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Response to yurbud (Original post)

Thu Jun 21, 2012, 06:15 PM

5. Capitalism woulf be just fine

without deregulation and corporate influence of politics and control of the media.

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Response to Flying Squirrel (Reply #5)

Thu Jun 21, 2012, 06:41 PM

6. yep. Just like that utopia, Somalia.

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Response to yurbud (Original post)

Sat Jun 23, 2012, 10:50 PM

7. k&r n/t

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