… first watch the full interview on the bottom of their website, 24.30 min – published on raw story, by David Ferguson, May 2, 2012.
… According to Chomsky, we are currently living in a period of “pretty close to global stagnation” but that the world’s great powers are reacting to the lack of growth in exactly the wrong manner. “The United States and Europe are committing suicide in different ways, but both doing it.”
He called European austerity measures “a disaster” and indicated that he expects them to fail, the question being more about how long it will take. The spending cuts and slashing of benefits to workers are ultimately part of a plan designed to dismantle the social contract, he said, although some governmental leaders are more willing than others to call it that.
The U.S., Chomsky believes, has failed in that our electoral system has been “shredded” by the introduction of private money. Our nation has shipped production and manufacturing offshore and concentrated on the “financialization” of our economy. The social safety net has essentially been replaced by the prison system, he said, with the U.S. “getting rid of the superfluous population through incarceration.”
It’s also a mistake, he said, to treat the Republican Party as a genuine political party rather than the “lock-step” policy arm of the superrich. Of course, the wealthy can’t sell the idea of a plutocracy to the population outright, so they mobilize the socially conservative base by stoking the so-called “culture wars” … (full text).
Inflation-Targeting Experiment May Start in Japan – But at What Cost? on nacked capitalism, by Philip Pilkington, MAY 3, 2012;
New York Times Yet Again Demonstrates Its Fealty to the 1%, on nacked capitalism, by a regular reader, May 2, 2012.