Mark Blythe explains the global rise of the Right

[hashtag4]

Mark Blyth explains the global rise of the Right

Underguy started a thread with a link to one of the best explanations of the current political events that one can hear.
Unfortunately, his thread got derailed by the typical personality clashes that one sees in the political threads.

So I made my own captions from Mike Blyth's talk (pls. give allowance for my english or for any mistakes coming from my limitted understanding of economics; I will correct them as I go).

I posted them in underguy's thread and I started a thread of my own, in the hopes that posters might pay attention to what really matters and comment on that, in either thread:



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Here are the links to underguy's thread and to Mark Blyth's critique, as well as my captions of that:

http://forum.literotica.com/showthread.php?t=1373132

https://m.youtube.com/watch?v=-K8bf6dbYt4

https://m.youtube.com/watch?v=Bkm2Vfj42FY

 

[hashtag4]

J DORE starts by explaining how people misinterpreted Brexit and so On. Because predatory capitalism(based on Banks'economic policies)is crumbling. Then he rolls a video clip featuring a segment of an interview with political scientist from Brown University called Mark Blyth:


"MARK BLYTH:

I kept talking about Global Trumpism, and I predicted Trump's election, Brexit and Trump. This is not a local event. There's the shrinkage of Center party votes, the collapse of Left party votes in particular in western Europe.
- Greece happened. Coming next, Renzi is going to fail in the next Italian elections coming up, which is going to cause a constitutional crisis in Italy .
- Shortly after that, we have the French election coming up. I would like to remind you of the following statistics:the lowest that George Bush Jr. ever got as president in his approval rating was 29%. The president of France currently has an approval rating of 4% . And the National Front have nearly 40%. So the most popular party in France is the National Front. We have the German elections coming up: Mattel is vulnerable.

How is all of this going to play out, and how is it all connected? There's a Simple way to think about it:
From 1945 until 1975, we targeted a particular economic variable called global employment. And there's a thing called The Luka's critique , which basically says: if you keep targetting something, people will game it.
And they did. Unions gained it, employees gained it and the result was inflation. And after a while, that inflation became painful enough that the people who were the hard buyers , the creditor class in these countries, to band together and form a market-friendly revolution. And they liberated finance, and they deregulated banks, and they integrated the economies of the world. And they globalised labour, such as that labour could no longer demand that it gets it's share of productivity, cause if you don't, we'll just move your jobs somewhere else. And all those trade agreements that were signed, the globalization which is inevitable we can't roll back.
-- And there's a moment when people started to figure out that for the past 30 year's from 1985 till n ow, huge amounts of money have been generated in the global economy, and most of it has gone to a tiny fraction of the population. So there's been a huge amount of growth, but hardly anyone has benefitted. So they're a bit fed up with this , and they've decided that at any possible opportunity, whether it Is Brexit, or the Italian constitutional referendum or anything, to basically notice, that we've had enoughof this. And that's what this is.


Now there's a macroeconomic underpinning all this too, because after we decided to target full employment for 30 years, we decided to target full inflation for 30 years. I don't see why the Lukas critique doesn't actually apply for that one as well.
And we've monitored credit award in which you can dump 13 trillions Euros under global money supply through quantity of using other programs, and there's no inflation anywhere.
And here's you problem; when you've levered up your banking system and you've bailed it out, dumped it on the public system saying that you all need to cut back all that terrible debt, when people's personal balance sheets are still bloated from the credit they took out in the 2000's, and they don't have wage growth, and there's no inflation to ease the burden of the debt, then the creditors fight harder to get their money back.. whether it's the form of the creditor class or the debtor class, what we have everywhere is creditor debts standoffs. And these take different forms:For the left it takes the form of Demos, for the right it takes the form of the National Front and for Trump, which has a weird coalition, which is of course sexist and racist, and all the rest of it. But one part of it is, if you look at the States that really fell hard, it's economic.

Now if you recognize that simple fact, you can put Trump in there with Brexit, with Jeremy Corbin and so on.
To end it all: in 2015, Wall Street bonuses(not regular compensations )seven years after they were bailed out with the public purse, totalled 28.4 billion dollars. Total compensation paid to every Single person from this country who earns minimum wage:40 billion dollars."

 

[hashtag4]

N.B.
My captions cover less than 20% of any interview, so they don't breach forum rules



EDIT
J. Dore and his colleagues end their talk by saying that Trump's presidency will inevitably lead to another economic collapse, just like his predecessors. And that the danger of it all is that (given that Republicans are a predom. political party) this might lead to laypeople being manipulated into blaming minority groups. The rise of neofascism.

He claims that the american Democratic party should get rid of those elements that don't serve the interest of the population, or that it's time for people to start an authentic Democratic party.

 

[Ms_Ann]

Newtons Third Law.

 

[Pakalea345]

http://scontent.cdninstagram.com/t51.2885-15/s480x480/e15/11189651_427375620771221_1792032628_n.jpg?ig_cache_key=MTQzNDMwOTk5.2

 

[Pakalea345]

https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcRLMWJBWJ5BoN6sJqf0motfG89wxehj-4FJvl1Tr9toLZfm1FEa