#1 − Nothing to Lose


The article, Not My Financial Crisis – I’ve Got Literally Nothing to Lose by Alexander Zaitchik (AlterNet), makes the following point about those who have not really participated in the economic boom, who don’t really do much more than scrape by:

“Scraping by will likely become even harder in the days ahead for people in my income bracket. But it seems to me that a decade of scraping by is good practice for whatever’s coming. And it’s just a fact that this particular era of capitalism hasn’t been very good for those of us at the bottom of the wealth pyramid. If it takes some creative destruction to herald a new, more egalitarian, better regulated economy, then so be it. Millions of us are waiting for the reckoning with belts already tightened. They’ve been tightened for as long as we can remember. (emphasis added)”

It is easy to sympathize with the emphasized statement above; it’s probably true. But, it also indicates that the author isn’t at the bottom of the heap or isn’t aware of the ramifications of a true restructuring of the economy. When economists claim that the system can be saved, they mean that it will be put back the way it was; they don’t mean systemic change, which would benefit the unwashed masses, but not before it starved half of them to death.