We live in troubled and ironic times. The times are certainly troubled. The IMF’s Managing Director has recently spoken with some justification of a looming “lost decade” for the global economy – warning of “dark clouds” blocking the capacity of the world’s leading economies to deliver a renewed bout of economic growth and generalized prosperity.[1] The times are also deeply ironic: since the governing solution to those dark clouds – in countries as substantial as Italy and Greece, and in institutions as powerful as the IMF – would currently appear to be the replacement of elected leaders by appointed technocrats. The solution favored by the powerful is the transfer of state authority from democratically chosen leaders to governors drawn predominantly from the ranks of the very bankers whose inadequate supervision of their own industry darkened the skies in the first place. In this manner, a global financial crisis that initially discredited bankers has incrementally morphed into one to be settled on terms directly specified by bankers themselves.[2] A crisis of economics has been turned into a crisis of democracy. It is an outrage.
The only thing challenging that morphing is the explosion of popular protest which has accompanied it. In key cities in Europe now, the battle lines are being drawn between the technocrats in the ministries and the protesters on the streets. In key cities in the United States, similar lines exist between those who control Wall Street and those who occupy it. If the next decade is not to be lost, it is absolutely vital that, in the clash between money and the people, the people win.
But will they? Only if, inspired by the occupation of Wall Street, a wider political constituency in the United States comes to recognize the force of four truths that the conservative media work endlessly to deny.