Mar 10, 2014
Globalization Goes Bankrupt
Posted on Sep 20, 2009
By Chris Hedges
But the game is up. The utopian dreams of globalization have been exposed as a sham. Force is all the elite have left. We are living through one of civilization’s great seismic reversals. The ideology of globalization, like all utopias that are sold as inevitable and irreversible, has become a farce. The power elite, perplexed and confused, cling to the disastrous principles of globalization and its outdated language to mask the political and economic vacuum before us. The absurd idea that the marketplace alone should determine economic and political constructs caused the crisis. It led the G-20 to sacrifice other areas of human importance—from working conditions, to taxation, to child labor, to hunger, to health and pollution—on the altar of free trade. It left the world’s poor worse off and the United States with the largest deficits in human history. Globalization has become an excuse to ignore the mess. It has left a mediocre elite desperately trying to save a system that cannot be saved and, more important, trying to save itself. “Speculation,” then-President Jacques Chirac of France once warned, “is the AIDS of our economies.” We have reached the terminal stage.
“Each of Globalization’s strengths has somehow turned out to have an opposing meaning,” John Ralston Saul wrote in “The Collapse of Globalism.” “The lowering of national residency requirements for corporations has morphed into a tool for massive tax evasion. The idea of a global economic system mysteriously made local poverty seem unreal, even normal. The decline of the middle class—the very basis of democracy—seemed to be just one of those things that happen, unfortunate but inevitable. That the working class and the lower middle class, even parts of the middle class, could only survive with more than one job per person seemed to be expected punishment for not keeping up. The contrast between unprecedented bonuses for mere managers at the top and the four-job families below them seemed inevitable in a globalized world. For two decades an elite consensus insisted that unsustainable third-world debts could not be put aside in a sort of bad debt reserve without betraying Globalism’s essential principles and moral obligations, which included an unwavering respect for the sanctity of international contracts. It took the same people about two weeks to abandon sanctity and propose bad debt banks for their own far larger debts in 2009.”
The institutions that once provided alternative sources of power, including the press, government, agencies of religion, universities and labor unions, have proved morally bankrupt. They no longer provide a space for voices of moral autonomy. No one will save us now but ourselves.
“The best thing that happened to the Establishment is the election of a black president,” Holmes said. “It will contain people for a given period of time, but time is running out. Suppose something else happens? Suppose another straw breaks? What happens when there is a credit card crisis or a collapse in commercial real estate? The financial system is very, very fragile. The legs are being kicked out from underneath it.”
Chris Hedges’ latest book is “Empire of Illusion: The End of Literacy and the Triumph of Spectacle.” His weekly column appears Mondays on Truthdig.
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