Broadcast on 18th April 2011 at 9-9.30am on 2SER 107.3FM in Sydney.
With James Hitchcock.
Today's recording comes courtesy of TUC Radio. Please visit their website tucradio.org for a variety of great audio recordings.
Click here to download Parenti’s talk.
Today were talking about the C word --- yes capitalism.
The global financial crisis...the GFC....for a couple of months at the end of 2008 it seemed the party was up. If only we could have seen it coming they said, we could have weeded out those few bad apples from the over wise esteemed bastions morale upstanding that is wall street. The governments of North America and Europe borrowed trillions of dollars to bailout (and by bailout we mean gift) some of the worlds largest and collapsing financial and industrial corporations. But the headlines grew tired, and as the quickly as the crisis appeared it was over and the media lurched onto to its next catastrophe.
Far from over, for many, the reality of the crisis is only becoming real now as Europe and North America begin to cut social services to pay for these enormous bailouts. But in the end was the GFC a fail for capital or an en epic win?
Michale Parenti is an author whose latest work includes God and his Demons, Democracy for the few and contrary notes. At this talk given in August 2008, just months before the crisis made headlines, Parenti argues that crisis is built in to the nature of the corporate capitalist system and that its structural flaws put it on a permanent collision course with democracy.