Posts By Irish Left Review

ester

Cuban Film Festival 2015 – Pearse Centre – 25th- 26th of April

, , No Comment

Note venue: Pearse Centre (27 Pearse Street)

Saturday 25 April

11:30 a.m.

Esther en Alguna Parte [Esther Somewhere] (2013)

The peaceful life of Lino, a widower who keeps busy with the simplest every­day things, is turned upside-?down when Larry Po, another quirky old man who has multiple personalities, tells Lino that his late wife, Maruja, led a double life: by day a house­wife, at night an impres­sive singer of boleros. Given the possibility that perhaps he had not really known her, he becomes a detec­tive obsessed with find­ing the truth. ? Directed by Gerardo Chijona. ? In Spanish with English sub­titles. ? Running time: 95 minutes.

1:30 p.m.

Tarde para Ramón [Too Late for Ramón] (2013)

Nerve-racking, unforeseeable events throw a Havana taxi-driver for a loop, rush­ing to finally settle an issue haunt­ing his relation­ship with an estranged daughter before she flies away that afternoon. ? Directed by Daniel Ramón Chile. ? In Spanish with English sub­titles. ? Running times: 10 minutes.

1:45 p.m.

Habana Station [Havana Station] (2011)

Filmed in a slum in western Havana, this film addresses inequalities in Cuba through the relation­ship between two chil­dren of different social strata. The film was selected for Best Foreign Language Film at the 84th Academy Awards. ? Directed by Ian Padrón. ? In Spanish with English sub­titles. ? Running time: 95 minutes.

And lots more…

Read Post →

GlAcDa

Demonstrate in Solidarity with Venezuela. Sunday 19th April 2015

, , 1 Comment

In 1985 President Ronald Reagan declared Nicaragua to be “a threat to the United States”, and proceeded to finance and arm the “contras” in order to overthrow the democratically elected Sandinista government. When, thirty years later the current president of the U.S. declares Venezuela to be “a threat to the United States”, it can only mean one thing – the U.S. is seeking to overthrow the government of Venezuela.

Since the election of Hugo Chávez in 1998 transformed the political situation in Venezuela and Latin America, the U.S. has striven to restore its dominion over the continent. It has supported and encouraged the Venezuelan ultra-right, during the coup d’état in 2002 and since, in all its efforts to destabilise and undermine the Bolivarian Government.

Last year the ultra-right organised street violence resulting in the deaths of 43 people. This year in February, Venezuelan security services uncovered a plot for another coup d’état. You would not know this from the Irish media who take their news from the Washington Post and the New York Times. They would have us believe that the deaths last year were the result of state repression of peaceful demonstrations and that there was no plot, that persons convicted of violent crimes or awaiting trial are political prisoners.

These false reports have been endorsed by the U.S. Senate and the European Parliament. It is on this basis that the Senate orders sanctions and the President issues his executive order.

The threats against Venezuela have been repudiated by UNASUR and by ALBA, representing a majority of Latin American States, who no longer accept the hegemony of the United States. The Coordinating Bureau of the Non-Aligned Movement in the United Nations has stated that they also reject the latest decision of the Government of the United States to expand it’s coercive measures against Venezuela.

 

The Venezuela Ireland Network is holding a demonstration outside the U.S. Embassy in Dublin from 2pm til 4pm on Sunday 19thApril, to call for the rescinding of the order declaring Venezuela to be a threat to the United States, for the ending of sanctions against officials who were only acting according to the constitution and laws of Venezuela, and for an end to all U.S. interference in Venezuelan affairs.

Read Post →

LL_thumb2

LookLeft 21 Out Now In Easons and Across the Country

, , No Comment

LookLeft 21 is in Easons stores and hundreds of selected newsagents across the country now.

Still only €2. The highlights of this issue include:

Women on the frontline – Áine Mannion talks to women who are leading the fight against austerity

Pious Hooligans’ – Donal Fallon discusses the mass movements of Christian Anti-Communism in 1930s Ireland.

Divided but strong – The Greek Left’s history informs its present and Europe’s future. Éilis Ryan reports from Athens.

Solidarity at Solitude – Paddy Wilson and Chris Bailie discuss the efforts of fans to create a progressive, non-sectarian fan culture at Cliftonville FC.

Combat Folk! – Kevin Squires talks to The Modena City Ramblers about the music and politics that keep them going.

Can the left co-operate? – At least four different plans are being proposed to further Left co-operation but many hurdles remain, reports Dara McHugh

The battle for Ukraine – After the coup in the Ukraine, Ukrainian progressives face severe repression. We interview leftist organisation Borotba about the coup and the new regime.

God, culture and the republic – After the terrorist attacks in Paris and Copenhagen, Gavan Titley and Ultán Gillen discuss the roles of secularism and multiculturalism

Cut out from the docklands carve up – Dublin Docklands communities are being sidelined from their area’s development. Richard O’Hara investigates.

Another lost generation? – Youth work is disproportionately hit by cutbacks, damaging the prospects of young people.

Stormont House Agreement: who benefits? – Justin O’Hagan looks at the movement against austerity in Northern Ireland.

And much more…

Read Post →

1

Grassroots Gathering 2015

, , 1 Comment

Grassroots Gathering 2015
Joining the dots between grassroots movements, communities, campaigns…

Call for contributions and registration info

St. John Bosco Youth Centre, Drimnagh, Dublin


Friday April 17 (evening) – Sunday April 19th (afternoon)

We are coordinating with local water charges groups so as to fit in with the Burn the Bills demo.

A grassroots gathering is a one-off event run by a local group bringing together people involved in different community campaigns and social movements to learn from each other’s experiences, talk about what works and what doesn’t, develop networks and make alliances. Joining the dots – imagines a raising of awareness, a politicisation leading to radical transformation, it may also envision a strategic connection between diverse campaigns and collective actions in order to advance, strengthen, consolidate and collaborate in struggle with unity and purpose.

There have been over a dozen of these gatherings in different parts of the country over the last eleven years and they have helped support all sorts of different campaigns and movements – campaigning against the water charges, resisting Shell in Erris, campaigning against cuts, supporting women’s right to choose, advocating for housing rights and resisting evictions, challenging neo-liberalism in the EU, campaigning against deportation and the direct provision system, creating free space for young people, fighting for environmental justice, highlighting US military use of Shannon, challenging racism and more.

We’re looking for contributions – offers to host workshops or even just to give a short talk, as well as artistic and children’s events. Please let us know by Tuesday April 7th (just after the Easter bank holiday) if you would like to do something so we can finalise a programme. You can email us at grassrootsgathering2015@gmail.com or find us at https://www.facebook.com/GrassrootsGathering.

A good workshop for this gathering has any speakers talking for just 5 or max 10 minutes each to get a discussion going – remember most other people there are also activists. A really good workshop has people from different movements giving 5-minute intros about the same kind of practical problem from their own experiences and then a discussion. We aren’t looking for events which are mostly made up of one person talking or which are mostly about trying to sell other people on a specific issue. So please let us know if you’d like to do a short intro or organise a whole workshop!

Typical sessions might include:
- How to organise, strategy and tactics, direct action, dealing with police…
- getting people involved, mobilising communities, media of all kinds, politicisation…
- education, understanding the issues, working together against austerity…
- arts workshops, film showing, children’s activities, outdoors activities…

It’s not for profit (and we all get to muck in with washing up, passing the hat and generally helping out), it isn’t run by any political party and nobody will try to recruit anyone.

Read Post →

New University / ReThink UvA occupation at the University of Amsterdam

ICTU Youth, USI and IFUT statement in support of University of Amsterdam occupation

, , 1 Comment

The Irish Congress of Trade Unions (ICTU) Youth, the Union of Students in Ireland (USI) and the Irish Federation of University Teachers (IFUT) want to express our support for the New University / ReThink UvA occupation at the University of Amsterdam.

The demand to put an end to “managerialism, real-estate-speculation and precarious labour in Higher Education” should unite students and staff across the world. 

In Ireland, the campaigning group Third Level Workplace Watch recently highlighted the terrible conditions facing adjunct staff in our Higher Education institutions – where lecturers are surviving on welfare, in ‘permanent’ part-time status for years, and working sixty hours per week while barely making minimum wage.

At the same time, students are facing exorbitant increases in fees as budgets for Higher Education are cut by successive austerity governments. In the twenty years between 1995 and 2015 these fees have increased 1,579%. From an adjusted figure of just under €190 in 1995 to €3,000 for incoming students. 

The balance of funding for Higher Education in Ireland is moving from public to private. In some cases this takes the form of major multinational corporations directing scientific research, in others EU research grants being used in the development of drones and “counter-terrorist” weaponry. Little if any of this enjoys democratic oversight.

Still again this neoliberalisation takes the form of increased emphasis on attracting international students – who pay exorbitant, unsubsidised fees and are set into competition with Irish students for places in a process antithetical to genuine internationalism. These students can expect to pay more for poorer services too.

The neoliberal university in Ireland is profoundly changing the student experience. Most students aspire to engage in the free and critical pursuit of knowledge, to use our time in Higher Education for personal development and to become rounded citizens of society. However, increasingly it seems like we are reduced to consumers in a rat race, with degrees little more than stamps of social capital meant to improve our chances in the job market.

But this is not simply a problem in Higher Education. In Further Education budget cuts have forced the closure of many programmes. Community education and training has also been devalued, utilised as a source of free labour and a means to hide real unemployment figures. 85,000 people are on ‘labour activation’ schemes in Ireland at the moment which are often exploitative and result in little experience being gained. Apprentices have found themselves burdened with extortionate fee increases too.

The occupation in Amsterdam inspires many of us – both students and staff – who are trying to understand how we can break these cycles which worsen year-on-year. In Ireland we understand, like you do, that it is time for a fight back.

We send our solidarity to all of those involved in the occupation and in our common struggle for an education system that is democratic, developmental and focused on serving the needs of society rather than the careers of technocrats or the profits of business.

Derek Keenan (Chairperson, Irish Congress of Trade Unions Youth)

Laura Harmon (President, Union of Students in Ireland)

Mike Jennings (General Secretary, Irish Federation of University Teachers)

Read Post →

cl

What would Europe Win from a Grexit? ‘Peace and quiet. (Pause…) For a period’

, , Comment Closed

Two recent interviews with Marxist economist, and now Greek MP Costas Lapavitsas are worth have a look at, particularly as they outline his view of the strategies that Syriza need to follow during the engineered ‘breathing space’ created by recent negotiations with the European institutions. He also outlines how a strategy he has long advocated, a Greek exit from the Euro, should be managed.

The first, published on the 12th of March in Jacobin magazine. The interviewer was Sebastian Budgen, an editor at Historical Materialism.

And Varoufakis himself explicitly located his position within a kind of Keynesian framework, and is allied with people like James Galbraith who are openly Keynesians.

Let me come clean on this. Keynes and Keynesianism, unfortunately, remain the most powerful tools we’ve got, even as Marxists, for dealing with issues of policy in the here and now. The Marxist tradition is very powerful in dealing with the medium-term and longer-term questions and understanding the class dimensions and social dimensions of economics and society in general, of course. There’s no comparison in these realms.

But, for dealing with policy in the here and now, unfortunately, Keynes and Keynesianism remain a very important set of ideas, concepts, and tools even for Marxists. That’s the reality. Whether some people like to use the ideas and not acknowledge them as Keynesian is something I don’t want to comment upon, but it happens.

So I cannot blame Varoufakis for that, for associating himself with Keynesians, because I’ve also associated myself with Keynesians, openly and explicitly so. If you showed me another way of doing things, I’d be delighted. But I can assure you, after many decades of working on Marxist economic theory, that there isn’t at the moment. So yes, Varoufakis has worked with Keynesians. But that isn’t really, in and of itself, a damning thing.

Read Post →

AAWorldNotOurs

Progressive Film Club & Ireland-Palestine Solidarity Campaign

, , Comment Closed

A reminder of our screening this Saturday, in conjunction with the Ireland-Palestine Solidarity Campaign, which features the multi-award winning “A World not Ours”.

We will be having two screenings this month. Details of our show on the will be sent next week.

2.30pm: The Great Book Robbery (2012)

Telling the story of the systematic looting in 1948 of 30,000 Palestinian books in a joint operation by the nascent Israeli army and the Israeli national library. A remarkable illustration of how one culture emerges from the dust of another after it has laid it to waste; the moment Palestinian culture is destroyed is also the moment a new Israeli consciousness is born, based not only on the erasure of the Arabs’ presence in Palestine but also on the destruction of their culture.

¦ Directed by Benny Brunner.
¦ In English & Hebrew, with English subtitles.

**3.45pm: A World Not Ours (2012)

An intimate, humorous, portrait of three generations of exile in the Palestinian refugee camp of Ain el-Helweh, in Lebanon. Personal recordings, family archives, and historical footage ensure the film is a sensitive and illuminating study of belonging, friendship, and family. Filmed over more than 20 years by multiple generations of one family, is more than just a family portrait; it is an attempt to record what is being forgotten, and mark what should not be erased from collective memory.

“Flips storytelling and Mideast-Arab cliches on their heads … The Wonder Years in a refugee camp” – Variety

¦ Directed by Mahdi Fleifel.
¦ In Arabic, with English subtitles.

**A note of thanks to the directors

Read Post →

inWomensDay

International Women’s Day Celebration

, , Comment Closed

Satharn 7 Márta, 2 i.n.

Ceiliúradh Lá Idirnáisiúnta na mBan

Women in the water resistance

Cainteoirí: Ann Farrelly (Sord), Cat Inglis (Baile Átha Cliath Thoir Thuaidh), Jessica Hughes (Fionnghlas), Carole Watson Purcell (Tamhlacht). Cathaoirleach: Betty Purcell.

? Teach Shéamais Uí Chonaíle (43 Sráid Essex Thoir)

 

Saturday 7 March, 2 p.m.

International Women’s Day celebration

Women in the water resistance

Speakers: Ann Farrelly (Swords), Cat Inglis (Dublin North-East), Jessica Hughes (Finglas), Carole Watson Purcell (Tallaght). Chairperson: Betty Purcell.

? James Connolly House (43 East Essex Street)

 

Read Post →

greek_reforms

Greek Reforms Submission as Presented to the President of the Eurogroup Today

, , Comment Closed

The following are the package of Greek reforms sent to the President of the Eurogroup, Jeroen Dijsselbloem at midnight Greek time, last night. 

Dear President of the Eurogroup,

In the Eurogroup of 20 February 2015 the Greek government was invited to present to the institutions, by Monday 23rd February 2015, a first comprehensive list of reform measures it is envisaging, to be further specified and agreed by the end of April 2015.

In addition to codifying its reform agenda, in accordance with PM Tsipras’ programmatic statement to Greece’s Parliament, the Greek government also committed to working in close agreement with European partners and institutions, as well as with the International Monetary Fund, and take actions that strengthen fiscal sustainability, guarantee financial stability and promote economic recovery.

The first comprehensive list of reform measures follows below, as envisaged by the Greek government. It is our intention to implement them while drawing upon available technical assistance and financing from the European Structural and Investment Funds.

Truly

Yanis Varoufakis Minister of Finance Hellenic Republic

I. Fiscal structural policies

Tax policies – Greece commits to:

  • Reform VAT policy, administration and enforcement. Robust efforts will be made to improve collection and fight evasion making full use of electronic means and other technological innovations. VAT policy will be rationalised in relation to rates that will be streamlined in a manner that maximises actual revenues without a negative impact on social justice, and with a view to limiting exemptions while eliminating unreasonable discounts.
  • Modify the taxation of collective investment and income tax expenditures which will be integrated in the income tax code.
  • Broaden definition of tax fraud and evasion while disbanding tax immunity.
  • Modernising the income tax code and eliminating from it tax code exemptions and replacing them, when necessary, with social justice enhancing measures.
  • Resolutely enforce and improve legislation on transfer pricing.
  • Work toward creating a new culture of tax compliance to ensure that all sections of society, and especially the well-off, contribute fairly to the financing of public policies. In this context, establish with the assistance of European and international partners, a wealth database that assists the tax authorities in gauging the veracity of previous income tax returns.

Public Finance Management – Greece will:

  • Adopt amendments to the Organic Budget Law and take steps to improve public finance management. Budget implementation will be improved and clarified as will control and reporting responsibilities. Payment procedures will be modernised and accelerated while providing a higher degree of financial and budgetary flexibility and accountability for independent and/or regulatory entities.
  • Devise and implement a strategy on the clearance of arrears, tax refunds and pension claims.
  • Turn the already established (though hitherto dormant) Fiscal Council into a fully operational entity.

Revenue administration – Greece will modernise the tax and custom administrations benefiting from available technical assistance. To this end Greece will:

  • Enhance the openness, transparency and international reach of the process by which the General Secretary of the General Secretariat of Public Revenues is appointed, monitored in terms of performance, and replaced.
  • Strengthen the independence of the General Secretariat of Public Revenues (GSPR), if necessary through further legislation, from all sorts of interference (political or otherwise) while guaranteeing full accountability and transparency of its operations. To this end, the government and the GSPR will make full use of available technical assistance.
  • Staff adequately, both quantitatively and qualitatively, the GSPR and in particular the high wealth and large debtors units of the revenue administration and ensure that it has strong investigative/prosecution powers, and resources building on SDOE’s capacities, so as to target effectively tax fraud by, and tax arrears of, high income social groups. Consider the merits of integrating SDOE into GSPR.
  • Augment inspections, risk-based audits, and collection capacities while seeking to integrate the functions of revenue and social security collection across the general government.

Read Post →

15

Grassroots Strategy Weekend

, , Comment Closed

 

Gluaiseacht for Global Justice, We’re Not Leaving, ATTAC Ireland,

Third Level Workplace Watch, and Marea Granate Dublin invite you to a

Grassroots Strategy Weekend

Evening debate, Friday 6th March
All day workshops, Saturday 7th March

The Teacher’s Club, Parnell Square, Dublin 1

Vibrant and spirited grassroots campaigns, including water and housing, have invigorated and energised people, movements and political actors in Ireland. Many of us now speak about austerity, neoliberalism, and the ruling elite that has lost touch with the majority of the people. We speak about and see the connections between the water-tax, the nationalisation of private debt, the housing and homelessness crisis, the scandal of direct provision, the crumbling health care system, trade agreements like TTIP, privatisation of public goods, services and national resources, the decimation of the community sector, the assault of structural violence and institutional racism, and much, much more. 


Still, this awakened public consciousness of how the powers that be operate and influence our lives is not yet visible in the collaboration of social movement groups who work on these issues.

Hence, we invite you to a weekend of discussion intended to establish what connects us

and to work out collectively if there are common strategies or projects we can pursue together to strengthen all of our movements.


For who?

Read Post →

ttip

TTIP – What is it and Should we be Worried?

, , Comment Closed

TTIP – what is it and should we be worried?
 


 

A debate on the Transatlantic Trade and Investment Partnership
with economist Constantin Gurdgiev and Frank Keoghan, TEEU President
 
Hosted by Joan Collins TD
 
February 27, 7.30pm, Wynns Hotel
 
 On February 27 at 7.30pm in Wynn’s Hotel, Joan Collins TD hosts a debate on the pros and cons of the Transatlantic Trade and Investment Partnership. Possibly the most talked about EU-US trade deal in a generation and still in negotiation, the TTIP sets out to create the world’s largest free-trade zone.
 
Setting out the reasons for opposing the TTIP is Frank Keoghan, TEEU General President and a member of the Global Solidarity Committee of ICTU. Economist and commentator Constantin Gurdgiev explains its merits while Deputy Joan Collins chairs the debate and the follow-up questions and answers session.
 
This debate is supported by Mandate, TEEU and Unite the Union
 

Read Post →

3

The Wrath of Kane: Banking Crisis and Political Power

, , Comment Closed

While his whole testimony requires examining in a little more depth, I think this is a good standalone clip from evidence to the banking inquiry given by Prof. Ed Kane on Wednesday 28 Jan 2015.

He was asked by Deputy Pearse Doherty to elaborate on the statement below which was made in a paper that Kane co-authored in 2004:

Realistically, every government-managed disaster relief program is a strongly lobbied tax-transfer program for redistributing wealth and shifting risk away from the disaster’s immediate victims. A systemic crisis externalizes – in depositor runs and in bank and borrower pleas for government assistance – a political and economic struggle over when and how losses accumulated in corporate balance sheets and in the risky portfolios of insolvent financial institutions are to be unwound and reallocated across society.

Professor Kane’s analysis is that the way a crisis plays out in terms of who pays for the crisis is an issue of power – that is, it is related to the nature of political and economic power in a state and the relationships between the worlds of finance and politics.

Anyway, the official transcript is below, with a video clip of the ecxhange. You’ll notice that the official transcript differs slightly from the actual exchange, but not in a significant way. The meaning is still captured and essentially stays the same.

the 2004 paper referenced is available here.

Deputy Pearse Doherty: [your] 2004 paper says that while policy-making during a crisis may be of the seat of the pants variety, the policy itself is informed by a political and economic struggle over who pays for the losses. How important in the view of Professor Kane is that dynamic, namely, the political and economic struggle of who pays for the crisis in terms of framing the terms of the resolution?

Professor Edward Kane: I think it is terribly important. I define a crisis as a battle over loss allocation. There are firms with losses and no one wants to hold them. People are contracted to take the losses, by writing insurance or lending money or bonds, but they do not want to pay and they have the political power, in many cases, to see that they are paid. My superficial understanding of Ireland is that many foreign creditors were paid off with Irish taxpayers’ money and it is astonishing to me how good politics, the way a republic or a democracy is supposed to work, would ever lead to that solution.

Read Post →

2

Always the Artists: Week Three of the Bank Inquiry

, , Comment Closed

“Shadows never go away.
Might be you don’t see them,
but they’re always clinging to your heels.”

A Song of Ice and Fire

When I was a child in primary school my way of dealing with Irish class was to find a word in the question that matched a word in the text and hope for the best. The sentence I would find would be the one I’d read out. Sometimes it worked, sometimes it didn’t. But, it was a plan, and it helped me get through the hour.

In the absence of any understanding of the grammar, of the way the words actually relate to each other, you grab what you can and try to make sense of the situation.

In terms of the bank guarantee and bailout, and the different narratives that are being thrown out there, we can’t really do this – we can’t just pick out single words, single events, and use them to make our story. We need to have enough of an overview of the dynamics at play in order to make sure we don’t stray from the path as we go forward.

In other words, we need to understand the grammar that holds it all together, and one of the objectives of the bank inquiry is to fulfill this role.

It helps, of course, to have witnesses that understand this, and with Professor Patrick Honohan last week I’m not sure it did.

On paper the purpose of Honohan’s appearance before the Bank Inquiry Committee was to discuss his 2010 report, which looked at the regulatory and operational failure within the Central Bank and the Financial Regulator’s office. On the day itself, however, the proceedings were dominated by talk of the 2008 bank guarantee – the decision itself and supposed cost.

Honohan initially said that the net cost of the guarantee would be somewhere in the region of €40 billion. When he was challenged on this he revised the figure and, indeed, the parameters, acknowledging that his figure wasn’t for the guarantee alone but for the subsequent bailout. Even with this, Honohan had not factored in added costs such as interest repayments. The moment he gave the definitive-sounding figure of €40bn, though, he had handed the journalists the following day’s headline.

He followed his €40bn with another brash statement – that Brian Lenihan had been ‘overruled’ by a more senior politician with regard to saving Anglo Irish Bank. It was obvious that the ‘more senior politician’ he was referring to was Brian Cowen.

Read Post →

2

Peter Nyberg Bank Inquiry Evidence, 17 December 2014

, , Comment Closed

I do not think it is fair to say people partied. People just lived a little better than they otherwise would have done because of the bubble.” Peter Nyberg under questioning from Deputy Pearse Doherty, 17 Dec 2014.

Peter Nyberg’s appearance at the Irish bank inquiry marked the beginning of the context phase, the purpose of which is to set the scene for the causes and consequences of the bank guarantee and bailout. The context part is going to last for a few months, and it may not be until April before the committee starts calling people actually involved in the guarantee decision and its aftermath. So, for those looking for fireworks you may have to be a little bit patient I’m afraid. However, the context phase gives us the opportunity to do what it says – to place the guarantee within a wider framework than that of the personalities involved in the tense meetings of the night of 29 September 2008. It allows us to see the bigger picture; that is, if we want to see it. It is by no means certain that such a road is one that the various actors involved in Irish finance would choose for themselves. Alongside this, the committee is itself working within a context where narratives around the crisis have already been formed, most notably the “asleep at the wheel/regulators/bad apples/nobody understood/auditors/collective psychology” theme. I’ll come back to this later as this is something that popped up during Nyberg’s (quite dry and uninspiring) testimony, but it is worth flagging now because in the search for the truth as to what happened we have to deal with a story that has had six years to bed itself down. The analogy that is closest to explaining what I’m getting at here would be that of a cover story, but it is not as calculated and Machiavellian as that. We’re dealing here with an ideology – Nyberg admits as much in his testimony – and the way that the ideology of modern finance made sense of the world before the crash is the way that it made sense of the world after the crash. It couldn’t grasp the nature of the problem then, and it is incapable of making sense of it now. It knows that the problem was structural, but because it has such a vested interest in the continuation of those structures and practices, it has to find a way of addressing systemic failure without changing the architecture. Its solution, its way of squaring the circle, is to treat the crisis as a managerial problem. Asleep at the wheel / regulators / bad apples / nobody understood / auditors / collective psychology / etc etc etc. What is needed is better managers, better regulators, better auditors. It is a bit like if a car crashes because of faulty brakes, the solution is to find a better driver.

Read Post →