Hello to the new interventionism

Apparently even the most minimal intervention becomes a heresy, hence the disdain directed by neoliberal market fundamentalists toward Greenspan. He did indeed turn a blind eye to intervention of a particular bent. As noted in the latest issue of the New Internationalist:

[Greenspan] only flowered when George Bush’s neocons brought in a programme of market uber alles. Tax cuts for the rich, runaway military spending, a vast deficit, and a boom in finical profits fuelled by the explosion of credit. The writing was on the wall if you cared to read it … [and] Greenspan chose not to.

Greenspan’s was part of a dominating world-view that since the Reagan-Thatcher era had upheld Hayek’s outlook that there is no alternative to market fundamentalism. During the Bush period Greenspan was part of an ideological machine that was so committed to strengthening the market that they were prepared to instigate an unjust war for oil, trample on civil liberties and even breach the Geneva Convention.

When the neocons used their “market uber alles” beliefs to promote militarism, imperialism and monopolistic corporate power, the neoliberals were quietly complicit. Under this neocon/neoliberal rightwing alliance public values regarding the care of the environment, truth-in-government and care of the family and community were overridden by market and militaristic propaganda machines. Even when Hayekian fundamentals like the rule of law, were trampled upon by militarist excesses, the neoliberals were relatively quiet.

Public sensibilities were slow to respond to these excesses, but respond they did, first by publicly discrediting Bush and then by decimating the Republican conservatives in the US election. Faced with the unfolding consequences of market fundamentalism, citizens will no longer accept the civil, social or environmental costs.

Further, it is now expected that newly entrusted leaders will enact, intervene, and plan for a better, safer and healthier future. Now, after all of the ideological failures and corporate shenanigans of the last decade, Obama (and Rudd) are expected to fix an economy built on massive private debt, rebuild communities and prevent social breakdown. This is a monumental task. Given the power of vested corporate interest and the complicity of the commercial media it is a task that requires the support of independent online media and active community members. One thing is for certain - the world will never quite be the same again.