FacebookTwitterGoogle+RedditEmail

Soulless Economics

Austerity, the brutal tool of neoliberal capitalism, stands up to Greek democracy and stares it down. Oh well.

We’re remarkably comfortable with soulless economics.

Pope Francis, speaking this week in Paraguay, cried to the nations of Planet Earth: “I ask them not to yield to an economic model … which needs to sacrifice human lives on the altar of money and profit.”

But we have yielded to this economic model, in thought, word and deed:

“At issue,” USA Today informs us, “is whether Greece has taken adequate steps to cut spending and raise taxes to deserve the new three-year, $59 billion infusion of funds it has requested, and whether it can be trusted to follow through on the austerity program it has proposed as the price for new loans.”

The pope’s words haven’t penetrated the pseudo-objective certainties of financial reporting, much less the dark sanctuaries of money and power. But they must. And eventually they will, or human evolution is dead. An allegedly impersonal economic structure, which quietly benefits the infinitesimally few who have far more than they need, is no foundation for our future.

This economic system is a relic of the Industrial Age, or perhaps it’s a relic of the Agricultural Revolution. It’s imbued with deep prejudices — human beings can be bought and sold, the nurturing of human life (women’s work) has no monetary value whatsoever — and reinforces our place outside the circle of life, separated from one another and from our deepest values.

Climate change and poverty are intertwined, the pope cries out in his stunning encyclical, “Laudato Si” — “Praised Be” — which reaches well beyond traditional Catholicism in its scope and message . . . and well beyond the parsimonious morality of global capitalism. We must, he declares, “look for solutions not only in technology but in a change of humanity” and “replace consumption with sacrifice, greed with generosity, wastefulness with a spirit of sharing.”

And we cannot bring about a change in humanity without a change in our economic system, which asks for sacrifice only from those who already have next to nothing and has no language that values generosity, except the sort that flows from the poor to the rich (but then it’s called “interest”). The present system does not acknowledge our connectedness to one another or to the planet or in any way understand that true, lasting prosperity emerges from sharing and giving, not exploitation.

“But the campaign of bullying — the attempt to terrify Greeks by cutting off bank financing and threatening general chaos, all with the transparent goal of pushing the current leftist government out of office — was a shameful moment in a Europe that claims to believe in democratic principles,” Paul Krugman wrote recently in the New York Times. “It would have set a terrible precedent . . . even if the creditors were making sense.

“What’s more, they weren’t. The truth is that Europe’s self-styled technocrats are like medieval doctors who insisted on bleeding their patients — and when their treatment made the patients sicker, demanded even more bleeding.”

What God are we worshipping?

In his book Sacred Economics, Charles Eisenstein writes: “It is hugely ironic and hugely significant that the one thing on the planet most closely resembling the forgoing conception of the divine is money. It is an invisible, immortal force that surrounds and steers all things, omnipotent and limitless, an ‘invisible hand’ that, it is said, makes the world go ’round.”

And thus Greek ATMs have no euros to dispense. “Without more help from the European Central Bank,” the USA Today article continued, “the Greek banking system may soon run out of cash” — implying that cash has the same sort of objective existence as oil or wheat or diamonds. That’s absurd, of course. Its existence is purely symbolic: an exchange medium with a commonly agreed-upon value backed by a government or central bank.

Krugman, describing the mysterious persistence of this medium, wrote that “if the money doesn’t start flowing from Frankfurt (the headquarters of the central bank), Greece will have no choice but to start paying wages and pensions with IOUs, which will de facto be a parallel currency — and which might soon turn into the new drachma.”

Money, in other words, is a function of social need. It is not an independent entity controlled solely by a financial priesthood, whose terms for its use — high interest rates, austerity, endless debt and poverty for some, endless freedom to exploit the human and environmental commons for others — are absolute.

Imagine a currency that serves a humane, intelligently conceived economic system, one that has at its core an awareness that all life is sacred. Imagine this reality reflected, rather than spurned, in every financial transaction that takes place, no matter how small, no matter how large.

More articles by:

Robert Koehler is a Chicago award-winning journalist and editor.

July 19, 2018
Rajai R. Masri
The West’s Potential Symbiotic Contributions to Freeing a Closed Muslim Mind
Jennifer Matsui
The Blue Pill Presidency
Ryan LaMothe
The Moral and Spiritual Bankruptcy of White Evangelicals
Paul Tritschler
Negative Capability: a Force for Change?
Patrick Bond
State of the BRICS Class Struggle: ‘Social Dialogue’ Reform Frustrations
Rev. William Alberts
A Well-Kept United Methodist Church Secret
Raouf Halaby
Joseph Harsch, Robert Fisk, Franklin Lamb: Three of the Very Best
George Ochenski
He Speaks From Experience: Max Baucus on “Squandered Leadership”
Ted Rall
Right Now, It Looks Like Trump Will Win in 2020
David Swanson
The Intelligence Community Is Neither
Andrew Moss
Chaos or Community in Immigration Policy
Kim Scipes
Where Do We Go From Here? How Do We Get There?
July 18, 2018
Bruce E. Levine
Politics and Psychiatry: the Cost of the Trauma Cover-Up
Frank Stricker
The Crummy Good Economy and the New Serfdom
Linda Ford
Red Fawn Fallis and the Felony of Being Attacked by Cops
David Mattson
Entrusting Grizzlies to a Basket of Deplorables?
Stephen F. Eisenman
Want Gun Control? Arm the Left (It Worked Before)
CJ Hopkins
Trump’s Treasonous Traitor Summit or: How Liberals Learned to Stop Worrying and Love the New McCarthyism
Patrick Bond
State of the BRICS Class Struggle: Repression, Austerity and Worker Militancy
Dan Corjescu
The USA and Russia: Two Sides of the Same Criminal Corporate Coin
The Hudson Report
How Argentina Got the Biggest Loan in the History of the IMF
Kenn Orphan
You Call This Treason?
Max Parry
Ukraine’s Anti-Roma Pogroms Ignored as Russia is Blamed for Global Far Right Resurgence
Ed Meek
Acts of Resistance
July 17, 2018
Conn Hallinan
Trump & The Big Bad Bugs
Robert Hunziker
Trump Kills Science, Nature Strikes Back
John Grant
The Politics of Cruelty
Kenneth Surin
Calculated Buffoonery: Trump in the UK
Binoy Kampmark
Helsinki Theatrics: Trump Meets Putin
Patrick Bond
BRICS From Above, Seen Critically From Below
Jim Kavanagh
Fighting Fake Stories: The New Yorker, Israel and Obama
Daniel Falcone
Chomsky on the Trump NATO Ruse
W. T. Whitney
Oil Underground in Neuquén, Argentina – and a New US Military Base There
Doug Rawlings
Ken Burns’ “The Vietnam War” was Nominated for an Emmy, Does It Deserve It?
Rajan Menon
The United States of Inequality
Thomas Knapp
Have Mueller and Rosenstein Finally Gone Too Far?
Cesar Chelala
An Insatiable Salesman
Dean Baker
Truth, Trump and the Washington Post
Mel Gurtov
Human Rights Trumped
Binoy Kampmark
Putin’s Football Gambit: How the World Cup Paid Off
July 16, 2018
Sheldon Richman
Trump Turns to Gaza as Middle East Deal of the Century Collapses
Charles Pierson
Kirstjen Nielsen Just Wants to Protect You
Brett Wilkins
The Lydda Death March and the Israeli State of Denial
Patrick Cockburn
Trump Knows That the US Can Exercise More Power in a UK Weakened by Brexit
Robert Fisk
The Fisherman of Sarajevo Told Tales Past Wars and Wars to Come
FacebookTwitterGoogle+RedditEmail