Crises of the Republic: Lying in Politics; Civil by Hannah Arendt

By Hannah Arendt

A suite of reviews within which Arendt, from the perspective of a political thinker, perspectives the crises of the Sixties and early Seventies as demanding situations to the yank kind of govt.

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Extra info for Crises of the Republic: Lying in Politics; Civil Disobedience; On Violence; Thoughts on Politics and Revolution

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It was the day after the Fed had bailed out AIG for the sum of $160 billion. Bernanke was asked by the journalist on CBS’s show: ‘Where did you raise that money from? ’ He replied: ‘No, it’s not tax money. The banks have accounts with the Fed, much the same way that you have an account in a commercial bank. ’ So with just a few key strokes, $160 billion was created for the benefit of AIG. And thank heavens it was. The banking system, unlike you or I, can ‘magic’ money out of nothing – and this, in the case of AIG, prevented, for a while at least, global financial meltdown.

The currency and the banking system should be there to support the weak and restrain the strong. Instead the Euro benefits the strong at the expense of the weak; the private at the expense of the public. As such it can play no part in monetary reform, and must therefore be dismantled. The Euro must be understood not as a currency of the peoples, but as an ideal of private wealth. It is a currency which detaches the credit-creation system from democratic oversight and delegates those immense powers to private, unaccountable bankers – to use for private gain.

To major banks during the crisis and now, via measures like super low interest rates and continued regulatory forbearance ... ’ Why indeed. * * * To illustrate both the benign and the malign sides of the banking system, we can review recent events in Japan post the March 2011 tsunami. In the face of that catastrophic natural crisis, and Campagna T02655 01 text 21 01/08/2012 15:02 22 What We Are Fighting For the consequent meltdown of a nuclear power station, the Bank of Japan (BoJ) created, almost immediately, about £185 billion by means of that process now known as ‘quantitative easing’ (QE).

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