Prophet with track record: anti-establishment anger in the western world

Gillian Tett, Financial Times capital markets editor at the time, warned about the state of the credit markets for at least a year before the crisis; she was one of the few who predicted the 2008 economic catastrophe.

gillian tettNow U.S. managing editor of the FT, she writes:

“Anti-establishment anger is bubbling up elsewhere in the western world”. She sees a rejection of mainstream parties and the ‘organs of politics’ in America.

What explains this malaise? Tett points only to the rise of the internet and social media:

“Back in the days of President Kennedy, the only way that most people could hope to participate in political change or make their views known was via a political party or demonstration.

Today, people can express ideas at any time via social media. “In some ways, this creates a very engaged and noisy society; protests are spreading like wildfire, as cyber “flash mobs” congregate over all manner of issues”.

american hubris2She does not even hint at the roots of anger and disgust at the fruits of western (aka Anglo-Saxon) politics:

  • crony capitalism with its revolving door’
  • rising economic inequality;
  • healthcare, transport, water, fuel and energy privatised for profit not service’;
  • taxpayers money spent on armaments;
  • the shame of drones illegally killing civilians and ‘targets’ in other countries;
  • the young sent to wage wars of benefit only to arms manufacturers and other vested interests;
  • pollution and destruction of the environment for profit;
  • wilful ignoring the long-term consequences of all these actions.

Does Gillian Tett underestimate ‘the people’:

“[T]he problem with this engagement is that it tends to be short term, volatile and based around single issues. It is hard to turn cyber flash mobs into a party campaign”. She correctly adds: reversing this tide of antipathy . . . will take more than a new election (or two) or social media posts”.

What effective course of remedial action can anti-establishment anger take?

Posted on October 26, 2014, in Conflict of interest, Corporate political nexus, Democracy undermined, Lobbying, Media, Parliamentary failure, Planning, Revolving door, Vested interests, Taxpayers' money, Economy, Military matters and tagged , , , , , , , , , . Bookmark the permalink. Leave a comment.

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