Chomsky: Current crisis demonstrates anti-democratic nature of financial system

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Noam Chomsky: Current crisis demonstrates anti-democratic nature of financial system


Sent to DS from Joel from The Real News Network

Chomsky on the economy

Noam Chomsky: Current crisis demonstrates anti-democratic nature of financial system

In part two of their interview, Paul Jay asks Prof. Noam Chomsky to weigh-in on the dominant subject of the day, the economic crisis. While Prof. Chomsky agrees that the current crisis is a very serious one that will have broad implications for the broader society, he points out that the foreseeable Medicare-induced economic crisis will “dwarf” the current one in magnitude.

With the current credit freeze in U.S. financial markets Chomsky is interested in George Bush’s perspective, seeing his mentality as the source for the financial crisis.  Chomsky interprets Bush’s proposal, “We hate democracy, we don’t want the public to be involved in decisions about things.  We want to go back to the profit motive, meaning that a private tyranny….should look out for itself, not for the public interest.”

While on one hand, state-restricted markets are democratic by design in that they allow people to take control–through their government–of financial institutions to force them to include externalities and risks to the broader population in their decision-making. The other hand is that these factors are such that profit-seeking enterprises will not accommodate them when left to their own volition, given that free markets do not put a price on these externalities.

“Do we want private concentrations of power to make decisions for their own benefit or do we want the public to be concerned to make decisions for the public welfare?” Chomsky says this is the question we as a country need to answer in order to return to an effective democratic process, especially in light of the current financial crisis.

You can find complete coverage of this story and part 1 of this story on our website:…


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4 thoughts on “Chomsky: Current crisis demonstrates anti-democratic nature of financial system

  1. Pingback: Howard Zinn: Vote for Obama but direct action needed « Dandelion Salad

  2. The banks are being saved for the commoners. The moneyed may have already lost their fortunes as it were them who were putting money in to those hand which have sunk the boat in an effort to make some extra for them. So, the present govt may be given a benefit of doubt in the instant case. May this is one case where the commoners have had some advantage viz a viz the moneyed. Basically I am against the big money taking the small people for a ride as they mostly do. There may be some who have had money out of the crisis but not many.

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