Comrade Greenspan

Nobel prize-winning economist Paul Krugman has pointed out that comrade Alan Greenspan has called for nationalization of the banks, along with firebrand Lindsey Graham (Republican-SC). I wish I could report that a million proletarians armed with appropriated SWAT vehicles and AK-47s had surrounded Greenspan’s house, but alas physical intimidation played no role in Greenspan’s announcement.

That’s what we call a structural problem, when without internal class struggle Greenspan has to call for nationalization of the banks. The individuals and their policy histories in charge did not matter: they had no choice.

All those decades of John Birch publications for the South have now backfired. We have such a low threshhold for what socialism is here that Greenspan looks like a hardline communist by Amerikkkan standards. This is not bailing out a Chrysler or a New York City. This is the whole f*ing capitalist economy receiving a poor grade via the banks.

When the Congressional Budget Office says that we could be doing $3 trillion more in business if not for capitalist inefficiency, even many college-graduates are going to figure out that at some point Keynesian concerns turn to socialist ones. The current stimulus debate is all the more damning for capitalism because it is global in the sense of not being one sector of the economy such as autos. The inability of the banks to turn a profit reflects on the whole state of Amerikan capitalism, and then for someone to come along and say, with a generalized government stimulus Amerikans could be doing trillions more in business–hey watch out, someone’s going to parse that, not just in the united $tates either. If we have to subsidize capitalism, why not subsidize it for what needs to be done for the environment instead of Durangos and various nearly extinct car models.



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