CAMBRIDGE FORECAST GROUP ESSAY: COMMENT ON “SHOCK OF THE GLOBAL” BOOK

January 9, 2011 at 9:56 am | Posted in Economics, Financial, Globalization, History, Research, Third World, USA, World-system, Zionism | Leave a comment

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Cambridge Forecast Group Essay:

“The Shock of the Global” “The 1970s in Perspective”

The American defeat in Vietnam in 1975 and the oil shocks of 1973 and 1979, accompanied by the Islamic Revolution in Iran and the Soviet invasion of Afghanistan, all occurred as Bretton Woods died and “stagflation” took over, leading to an imperial crisis of confidence in the US which continues into 2011.

The American political elite eventually, in this weakened state, surrendered leadership to the Zionist neocons which led to the Iraq war and the global financial imperial schemes (“neoliberalism”) of Lawrence Summers, Robert Rubin, Arthur Levitt, Alan Greenspan, Bernanke, which two panicky stratagems combined have led to the current financial/economic crisis in the US and globally.

The conniving at the Israeli blocking of a Palestine settlement and the blocking of Brooksley Born of the Commodity Futures Trading Commission (CFTC) by these leaders of the Wall Street/Treasury Complex, are two sides of an impractical and wilfully blind imperial coin. One imperialism is that of military conquest and “shock and awe”, the other financial imperialism with the World Bank and the IMF as the system’s “policemen” and the conquest of the world by U.S. finance.

These megatrends are not really understood in the following exemplary book, which sees some of the trees but not the forest.

The Shock of the Global

The 1970s in Perspective

Edited by Niall Ferguson

Charles S. Maier

Erez Manela

Daniel J. Sargent

Harvard University Press

Book Details:

448 pages

6-1/8 x 9-1/4 inches

4 graphs, 9 tables

Belknap Press

March 2010

From the vantage point of the United States or Western Europe, the 1970s was a time of troubles: economic “stagflation,” political scandal, and global turmoil. Yet from an international perspective it was a seminal decade, one that brought the reintegration of the world after the great divisions of the mid-twentieth century.

It was the 1970s that introduced the world to the phenomenon of “globalization,” as networks of interdependence bound peoples and societies in new and original ways.

The 1970s saw the breakdown of the postwar economic order and the advent of floating currencies and free capital movements. Non-state actors rose to prominence while the authority of the superpowers diminished. Transnational issues such as environmental protection, population control, and human rights attracted unprecedented attention. The decade transformed international politics, ending the era of bipolarity and launching two great revolutions that would have repercussions in the twenty-first century: the Iranian theocratic revolution and the Chinese market revolution.

The Shock of the Global examines the large-scale structural upheaval of the 1970s by transcending the standard frameworks of national borders and superpower relations. It reveals for the first time an international system in the throes of enduring transformations.

Comment:

Niall Ferguson is an “empire nostalgia’ theorist and neocon and therefore he cannot see the structural upheaval he senses.

As a passionate Israel supporter, Professor Charles Maier has the parallel problem.

The megapoint is that the global system wants to achieve post-Zionism while they want either global military violence or global  ”financial violence” to subjugate the Third World, a total misreading of the global situation from the 1970s till the present.

We use the word “Zionomics” to describe a worldview where American violence and the overfinancialization of the world economy serve as a convenient opportunity for Israel to annex Palestine.

The point is that the global system needs the supercession and transcending of Zionomics. The issue is not how does Israel see the world but rather, how does the world see Israel?

Washington, in its imperial panic, doesn’t see this, though Obama, with his Muslim-friendly speeches in Cairo and Djakarta, vaguely senses this.

Zionomics—the cluster of imperial views explained above—is part of the West/Third World/Israel historical traffic jam in the world, economically and politically.

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