Power Shift

The Canadian Broadcasting Corporation’s Neil MacDonald has a two part series on the global financial crisis called “Power Shift” that I very highly recommend. It may give you some idea of where we are now in the “New World Order” post-market meltdown of 2008 and it raises many provocative questions about the future, about the breakdown of our inherited democratic institutions and disturbing questions about the resilience of democracy itself. Be sure to catch the video in the first installment upon which the articles are based.


7 responses to “Power Shift”

  1. LittleBigMan says :

    Why o why is it that when we have a crime on the streets and the criminal is caught, there’s always the name of an individual attached to it and eventually there’s a trial and the case is judged and closed one way or the other — but — when we have piracy within our economies, instead of names and an eventual trial and closure, we get obfuscations like “ECB policy”, “quantitative easing”, “the policy”, “the fed”, etc. etc.and the pirates act like they are doing us a favor?

    Obviously, there is some jerk who is responsible for this “policy” and “quantitative easing” and the blatant piracy of the savings of the people of Cyprus. Except that now the pirates are wearing clean suits and chauffeured around in expensive cars and their “policies” that are sharper than any pirates’ sword are above the law.

    It’s clear that the Cyprus experiment has set a very very dangerous precedent. It has shown that state sponsored economic and financial piracy is OK. It’s clear that any kind of “union” (United Nations, European Union, etc.) — in today’s terms — is taken as a carte blanche for violating sovereignty of the nations of lesser status within the union. In fact, joining any kind of union of nations is taken as sort of a backdoor dissolution of the sovereignty of the lesser and weaker nations within the union. Cyprus should have left the Euro zone and suffered the consequences, which, wouldn’t really be as bad as they were made out to be.

    • Scott Preston says :

      Neil MacDonald has a part 3 in the series called “the secretive world of printing money”


      I don’t think there’s a part 4. But MacDonald’s timely series recalls a book that recently won an award by Chrystia Freeland called “Plutocrats”


      Making the world safe for plutocracy is generally the thrust of present policies.

      • LittleBigMan says :

        I thought the interview with Mark Carney was most revealing, and no wonder he was moved to head the Bank of England. The following excerpts from his interview on the video shows his maneuvering with long array of obfuscations and beating around the bush, so to speak, when the subject in question is the declining wealth of individuals:

        From minute 7:25 of the video with Mark Carney [MC]

        MC: There’s no secret cabal here that’s orchestrating things. This is the monetary policy as it’s conducted today.

        NM: You can understand the anger of an older person today that has saved some…who has a pension who would draw a straight line from quantitative easing to his or her declining wealth and changing circumstances.

        MC: Absolutely, I can understand the frustration of that, yes.

        [NM: But the question is clearly a sore point with Carney]

        MC: There’s a logic to some of your questioning, which is that ‘wouldn’t it be better if the interest rates were really high — regardless of the consequences — you wanna talk about unintended consequences, I’ll give you intended consequences of that scenario, which is let’s get interest rates back to historic levels so that the money you saved — I mean is this all about you, Neill [chuckles]? — the money you saved and the return on that in your bank account — is going to be commensurate with what you expected…and we have double digit unemployment in this country…you know…hundreds of thousands of people losing their homes…um their businesses…um, because we have deflation.

        So, above we get all this inconclusive deceptive gibberish that is cloaked in a fabric of sympathy. But when Neil MacDonald asks Carney about the stocks, his answers are a lot more clearer and to the point, wich clearly shows where his heart and mind are when he wakes up every morning until when he goes to bed:

        NM: Is it fair that the party is going to come to an end?

        MC: Um, I’m not sure if we’re having a party Neil, but it doesn’t feel like a party, does it, given your questions?

        NM: If I had a big portfolio of stocks…

        MC: The Central Bank and party…you know… doesn’t go together.

        NM: Well, if I had a portifolio of stocks with DOW up at 14,500, I’d be having a party…

        MC: Well, it depends when you bought ’em, yeah!

        Clearly, this guy is in bed with stocks, and he can save his fake sympathy for the unemployed and bankrupt small businessman for himself.

  2. alex jay says :

    The following video should give you a more accurate background to the subject discussed:

    Also this one, which kicks in on the subject at around the one hour mark, though the whole video is worth a watch (still egnostic on the ET stuff however?)

    • alex jay says :

      OOps! What happened there? The second video is this one:

      • alex jay says :

        Seems like the cut and paste feature has stuck on the first video, soooo. let’s try again – fingers crossed?

  3. LittleBigMan says :

    Thank you for mentioning “Plutocrats”. I’ve added it to my list. After reading a couple of pages from the beginning of the book on Amazon, though, I have to admit that I was kind of surprised to read a coversation the author had had with Holly, the daughter of one of the co-founders of Blackstone. Despite being uber wealthy, Holly, seems so excited to be talking about money and wealth in the upper east side. I mean, one would not expect fish to chat excitingly about water, Hawaiians to be excited about pineapple, and Filipinos to get excited over coconut juice. I’m just struck that despite swimming and even drowning in so much wealth, these people get so pumped and excited talking about it. We’ll never rid ourseleves from the parasite of “greed”.

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