Aug 18 2011
Capitalism IS the Crisis
New data released by the U.S. Labor Department on Wednesday revealed that the Producer Price Index (PPI) rose in July by more than expected. The PPI is an indicator of wholesale inflation, and currently it is at its highest peak in the last six months, effectively lowering real wages, and consequently consumerism – this has increased worries among economists about the possibility of a double-dip recession. USA Today polled thirty nine economists, who put the chances of another downturn at 30% – twice as high as when they were polled three months earlier. But, corporate profits are robust – up 22% since 2007, even while the personal finances of most Americans are fragile. The current official unemployment rate of 9.1% shows little sign of improvement; 13.9 million Americans continue to look for work. And those that are working, are working much harder. Mother Jones Magazine reports Americans now put in an average of 122 more work hours per year than Brits, and 378 hours (nearly 10 weeks!) more than Germans. A new documentary called “Capitalism Is The Crisis” looks at the hypocrisy of the capitalist economy which, time and again, seems to be enriching corporations at the expense of the working and middle class. Starting with the 2008 financial crisis, the filmmakers investigate how capitalist financiers lost trillions of dollars in public money and then imposed measures of austerity to alleviate the situation they had in fact created. By decimating public services and undermining labor rights the capitalists who created the crisis now demand austerity. Capitalism Is The Crisis provides an in depth look at the nature of the current economic crisis and the protests against austerity measures, and recommends “a revolutionary path for the future.” The film features Chris Hedges, Derrick Jensen, Naomi Klein and others.
Inside Job
Earlier this year, Inside Job, the powerful documentary by Charles Ferguson, won the Academy Award for Best Documentary, underscoring the public’s growing frustration with corporate crime and culpability in the recession. Before Inside Job, Charles Ferguson was best known for his 2005 documentary, No End In Sight: The American Occupation of Iraq, which premiered at the Sundance Festival in 2007. No End In Sight won the Special Jury Prize at Sundance, the Best Documentary prizes of the New York and Los Angeles Film Critics circles, and was nominated for an Academy Award for Best Documentary. In Inside Job, Ferguson exposes the truth behind the economic crash of 2008. The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. Through extensive research and interviews with major financial insiders, politicians and journalists, the film traces the rise of a rogue industry and unveils the corrosive relationships which have corrupted politics, regulation and academia. Inside Job is narrated by Academy Award winning actor Matt Damon and was shot on location in the US, Iceland, England, France, Singapore, and China.
Thank You Gifts:
Capitalism is the Crisis – DVD – $75
Inside Job – DVD – $100
Double DVD pack featuring both of the above – $150
Call 818-985-KPFK (5735) to make a pledge, or visit www.kpfk.org.
Special thanks to Dollars and Sense for donating subscriptions!
One Response to “Capitalism IS the Crisis”
This documentary sounds like something I’ll have to see. However, I personally feel that civilization itself is the crisis, not just capitalism. Throughout the history of civilization, there has been widespread misery and poverty while a few thrived at everyone else’s expense.
I think it was on this very show that the profits of big oil companies a few years ago were likened the pharaohs of ancient Egypt.
Environmental degradation has always come with civilization (Easter Island, Greece…)–it’s just happening much more efficient now and faster.
History students are often asked which historical period they’d choose to live in (e.g., ancient Greece, ancient Rome, medieval times, the old west in America…). I wouldn’t want to live in any of them. A few males of certain races lived well–everyone else was oppressed/exploited.
Having said all that, I do agree that a revolution away from capitalism would be a huge step in the right direction.
(I doubt that many people would want to give up civilization and return to indigenous ways of living–though that should be an option for those that would want it. I don’t know what form a new society would take. It seems like that should be decided on a community-by-community basis.)