Naked Capitalism: The Great Depression and the Revolution of 2017

Entertaining, and sobering futuring at Naked Capitalism.

President Kucinich also announced a new “Marshall Plan” for war-ravaged Europe, which has descended into near anarchy since the EU collapsed in late 2010. He called on the Italian Red Brigade army to end its siege of Berlin. He promised to begin an airlift of food for Europe’s starving millions, to be followed by industrial products to help European nations to begin to produce for domestic consumption. He called for an end to fiscal austerity and argued that since each nation had adopted its own currency with the collapse of the euro, each now had the ability to “spend by crediting bank accounts.” Hence, “whatever is technologically feasible is financially feasible.”

Wall Street rallied on the news, with Nasdaq reaching a new high of nearly 250 and the Dow hitting 1150—the highest levels seen since the Great Crash of October 2011. The dollar also rose on the news, to $52 per Chinese RMB. Optimism spread to Japanese markets, with the yen remaining close to 132 per dollar.

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  • fitzjameshorse1745

    Lets hope its a case of Life imitating Art.
    I have long predicted a European Civil War. Although I actually see it as nations trying to re-assert sovreignty rather than a revolutionary movement.
    Still ……..good stuff.

  • I promise you that I will ban all economists from my administration. I will not seek, nor will I follow, advice from economists.

    Throw ’em to the wolves, boys. And let’s burn some science books while we’re at it.

    Quite a depressing piece. And FJH, you’re tongue is in your cheek, right?

  • fitzjameshorse1745

    No……well yes….well kinda.
    I have been opposed to the Common Market/EEC/EC/EU/Yoorp since before Britain and Ireland joined it.
    And I think it was Saint Garret FitzGerald who claimed that the process of European unity had to be by stealth …otherwise the electorates would never have accepted it.
    The European project has been brought to us by the Elite…..politicians, bankers, journalists, ….the economic callapse of the last two years brought to us by the same Elite.
    I think it was just bloody mindedness on my part from 1973 to the expansion to 25 nations…..from 15. For most of that time I just resented being “wrong”
    I think thats the point….25 nations…….where I realised the Project was not sustainable.
    Dont want to re-run that argument. But that was the point I realised Collapse was inevitable (that national and european interests were intrinsically different when theres two economic standards in place).
    The Banking crisis (Germany/Greece) proves the point for me.
    Obviously I dont wish violence on anyone (that was part tongue in cheek…yes) but I welcome the failure of “Yoorp” and basically dont much care how it collapses.

  • Greenflag

    fitzoharikari

    ‘I welcome the failure of “Yoorp” and basically dont much care how it collapses.’

    Don’t care was made care . When you’re on the Titanic and there are no lifeboats left and you can’t swim and you have a gammy leg and have an aversion to salt water then you’ll be okay when she goes under .

    As short sighted as a bulldog chasing a parked car 😉

    How about a change of moniker to Fitz Chamberlain -now there was a Prime Minister who did’nt see any import in the collapse of Czechoslovakia . His successor fortunately did care and made the obvious geographical point that these ‘islands are unfortunately not located 3,000 miles to the west of Calais but are considerably closer at a mere 20 miles .

  • Mack

    I think that blog entry points the way to the only way out for Europe. Have the ECB give every man, woman and child in the Eurozone a debit card with €10,000 on it. Replenish annually until the crisis ends. Monetary stimulus blitz!

  • Greenflag

    Although I much enjoyed the part about the arrest and jailing of 6,000 Wall St the article was disappointing in other areas . References to a former President Palin and a President Kuchinich seem exaggerated . Worst of all the idea of an Italian Red Army Brigade laying siege to Berlin is simply not credible . Apart from the logistics the simple mechanics of your Italian tank’s gear mechanism would militate against such a siege . Given that the two forward gears in these tanks only work in reverse mode when they are under frontal attack and given also that the reverse gear only works in the forward mode for when said tank is attacked from the rear -it would require a huge logistical exercise on the part of the German or other armies to plonk themselves to the rear of the Italian Red Army Brigade south of Rome and by a surprise attack on Berlusconi’s tax dodgers and Mafiosi propel said army northward 1300 miles to Berlin .

    One commentator deemed the piece a ‘masturbatory ‘ fancy . The real thing will be much more exciting and revealing come the day as those of us who remember our youthful fancies will attest 😉

  • Itwas SammyMcNally whatdoneit

    Greenflag,

    you British with your selective historical memories – I think the imminence of the World Cup brings on this dreadful one-eyedness.

    “your Italian tank’s gear mechanism would militate”

    With the anniversay of Dunkirk upon us is it also reasonabe to ask about the reverse gears on British craft?

    “laying siege to Berlin is simply not credible”

    The Italians(ish) did conquer half the wolrd including Britian and run the place for hundreds of years.

  • Greenflag

    ‘The Italians(ish) did conquer half the wolrd including Britian and run the place for hundreds of years.’

    No they did’nt . That would have been the Romans;) The Italians only emerged as a nation state in the 1840’s iirc . There are some who still maintain that there is no such person as an Italian and that they are really Romani, Napoliani , Milanese , Siciliani and Firenzi with Tuscanii and Po basin dwellers among others making up the remainder .
    It is of course accepted by economic historians that the British after the Romans left did not return to the same standard of living they enjoyed under Roman rule until the late 17th century .

    Alas ever since the various peninsular tribes joined up as Italians (some are still in transition mode) it has been steadily downhill – picking the wrong side in a World War -farting about with fascism , and having a deja vu negative experience trying to recreatie a long dead past . They remind me of a certain political faction on this island . Anyway it was one Haile Selassie the Ethiope who disabused them of their reawakened imperial notions .

    But I’ve no doubt they can win the World Cup if they put their mind to it 😉 I have placed a modest amount on their hoped for success .

    Remember hell is a place where

    The French do the repairs
    The Germans are the policemen
    The English do the cooking
    The Italians run the government
    And the Irish are absent 😉

    Canada as Joe Canuck will attest could have enjoyed

    British democracy
    French culture
    and American know how

    instead it ended up with

    British know how
    French democracy
    and American culture

    and while we’re about stereotypes the old COMECON prior to the collapse of communism was based on seven fundamental principles

    The German sense of humour
    Polish hard work
    Russian good neighbourliness
    Czech courage
    Romanian socialist solidarity
    Bulgarian intelligence
    and the widespread knowledge of the Hungarian language 😉

    Shure is it any wonder it did’nt last 🙂

    I

  • Greenflag

    I would’nt want ye to think I was picking on our Italian fellow Eu members . Yesterday was after all national fish and chips day and who do we have to thank for that brilliant culinary innovation ? Certainly not any Paddy Murphy or Dafydd Jones or Hamish Mackintosh or Cecil Bottomley Featherstonehaugh .

    No way It was a Giuseppe Macari or was it de Vito or Forte ?

  • Itwas SammyMcNally whatdoneit

    Greenflag,

    What about the reverse gears on the Dunkirk boats, Eh?

    Regardng the Italians and Romans, the great Tony Soprano had this to say below in my favourite line from the whole show. (There is a rude bit at the end so be careful).

  • You Irish don’t like the Poles much do you.