Thursday, July 16, 2020

Wolff: The coming crash will be worse than the Great Depression

Partly because those at the top, and the stock market, put their head in the sand to the realities of mass unemployment and worsening inequality caused by the pandemic. And who will suffer this humongous crash? We the people, while the rich and corporations get bailed out yet again given their corruption over our government.

All in all, the pandemic is only highlighting and exacerbating problems that have existed in corporate capitalism all along. And to try to solve the problem with just more of the same will only lead to another crash. It really is time for America to transform into the sort of social democracies of northern Europe if we are ever going to survive this catastrophe. Otherwise we're headed for some of the darkest times in our history.

Wolff also makes clear that in the last depression FDR came along an implemented that sort of system including strong unions, which brought us roaring back by building a vibrant middle class and a thriving economy. I recall Moore's movie Where to Invade Next on how most of those social democracies elsewhere almost invariably said they got their ideas and policies from FDR.

The alternative is indeed four more years of Twitler and a full-scale rush down the road of fascism. The choice in November is that clear. Who is more likely to get us at least back on track or derail democracy altogether? And if we choose the former, and we the people start seeing us being brought back from the brink, who is most likely to take over that mantle and take us forward unto a new age of even more and better changes?

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