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Guns and Butter - June 27, 2012 at 1:00pm

Guns and Butter, for June 27, 2012 - 1:00pm

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Guns and Butter

"At the Crossroads of the Most Serious Economic Crisis in World History" with Michel Chossudovsky. History of the financial crisis from the early 1980s to the present; economic dimensions of the global crisis; naked short selling; market manipulation; speculative activity; derivatives; solutions to the crisis the cause of further collapse; privatization; government policies; bankruptcies; debt and social breakdown; grassroots organizing; Occupy Wall Street; Ad Busters; CANVAS-OTPOR; Anonymous.

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The OTPOR clenched fist is

The OTPOR clenched fist is part of the Democracy Now! logo which has been very supportive of the Occupy movement.

Things took a wrong turn from

Things took a wrong turn from the start when Faulkner asked Chossudovsky to explain the "financial crisis" (not capitalist crisis) which she stated started in the early 1980s. This enabled her and Chossudovsky to avoid the fact that in fact the global economy entered a crisis back in the late '60s, and that the '70s was a decade of the dreaded "stagflation," i.e. high inflation and high unemployment simultaneously. Chossudovsky took the bait and blamed the crisis on the third world debt crisis, Reagan-Thatcher "reforms" which shredded the welfare state, and growing control by financial "speculators" to the detriment of the "real economy." All of these are SYMPTOMS, not "causes,"
Faulkner asked Chossudovsky how the present system is different from the capitalism which Marx analyzed (as if it obviously is). Chossudovsky responded that Marx's analysis focused on how a capitalist company paid workers low wages and thus extracted surplus value, but now everything works through financial speculation. This has NOTHING to do with Marx's analysis, which took as its starting point not a single company, but global capital treated as if it were a single unit. Marx repeatedly emphasized how surplus value cannot be understood from the perspective of a single company, as its extraction is a global process, as is its distribution, that in fact the system functions to funnel surplus value created in small, labor-intensive enterprises to large, machine-intensive ones. But of course Faulkner doesn't know this, and most likely most listeners don't either. Chossudovsky is either seriously ignorant about Marx's analysis, or is knowingly misrepresenting it.
Chossudovskly blamed high oil prices entirely upon speculation. His site has repeatedly run articles which purport to "debunk" Peak Oil, even to claim that oil is abiotic, the result of volcanic processes in the earth's core, and that its supply is infinite.
And the conclusion was that austerity on behalf of financial speculators is the cause of the global crisis. Again, a symptom is treated as the cause. The cause is the very structure of the capitalist system.
See this series of articles on the crisis for a fuller explanation, listed here in order:

Aside from the abiotic oil

Aside from the abiotic oil topic, your critique seems based on syntactical issues and seems carping and not very substantial. It's not clear if If you are upset that Choussudovsky and Faulkner don't pursue a more fundamentist Marxist line or at the possibility that neither is an academic expert on Marx. Keep in mind that in a limited hour interview there will be some generalizations and summary analyses that won't satisfy a political connoisseur. Be constructive.
Chossudovsky's too simple overview is still valid, despite his apparent emphasis on a 'single companies. The distinction of extraction of value from production versus the extraction of value from speculation is all too visible globally and I did not hear him say that he championed either.

Bonnie, thanks for doing this

Bonnie, thanks for doing this amazing service and having Michel Chossudovsky on yet again! I don't understand where Pacifica has gotten offtrack in supporting "humanitarian wars" but G&B has been a clarion of truth in a time of universal deceit!

Chossudovsky is quite awake.

Chossudovsky is quite awake. Wish the general population was the same. Mr. Chossudovsky can't be president(not being American citizen, although that doesn't seem to have stopped Obama), but he could be canada's prime minister.

Thank you for hosting Dr.

Thank you for hosting Dr. Chossudovsky on your Station. The deception is perpetrated by the elite as long as the masses stay asleep. It is 3 to 4 minutes before midnight before the world is blown away by the elite sponsored wars of ideology. Masses better wake up before they are forced to take sides - masses against masses, religion against religion, poor against poor, etc. All for the benefit of elite owned corporations. In good times these elite money through their fraudulent banking system and in economic collapses they earn by supplying arms to both sides to finish each other.

Chossudovsky for President.

Chossudovsky for President.

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