In praise of Icelandic workers — Bloomberg editors

Protesters against the banks (Reykjavik, 2009).
Protesters against the banks (Reykjavik, 2009).

Hat tip to Robert Naiman for sharing this editorial piece by Bloomberg praising the bottom-up approach followed by Iceland in dealing with the financial and economic crisis and, by contrast, blasting the U.S. and EU approaches:

But, who would have thought that using public resources to help regular people manage their debt — rather than the bankers keep paying obscenely high bonuses to their top executives — could ever work?

Actually I did.  I said that the bottom-up approach would be “more effective, equitable, and inexpensive.”

The sooner we understand the best economic policy for us is an organized and enlightened class struggle (and act accordingly), the better.  Here are two economists ruminating about it:

From Robert Reich’s Facebook page (Reich was U.S. Labor Secretary under Clinton):

One of the most encouraging things I’m seeing isn’t happening in Washington. It’s happening at big-box retailers and fast-food chains, where the lowest-paid and most vulnerable workers in America are beginning to organize for higher wages. Yesterday, fast-food workers at McDonalds, Burger King, and other chains went on strike in New York. Last week, Walmart workers staged protests. The Bureau of Labor Statistics estimates 7 out of 10 growth occupations over the next decade will be low-wage fields like these whose workers are earning between $8 and $10 an hour. And contrary to popular mythology, these jobs are not being done by teenagers. The median age of fast-food workers across America is over 28, and women — who make up two-thirds of the industry — are over 32, according to the BLS.


1 Comment

  1. This expropriation is accomplished by the action of the immanent laws of capitalistic production itself, by the centralization of capital. One capitalist always kills many. Hand in hand with this centralization, or this expropriation of many capitalists by few, develop, on an ever-extending scale, the cooperative form of the labour process, the conscious technical application of science, the methodical cultivation of the soil, the transformation of the instruments of labour into instruments of labour only usable in common, the economizing of all means of production by their use as means of production of combined, socialized labour, the entanglement of all peoples in the net of the world market, and with this, the international character of the capitalistic regime. Along with the constantly diminishing number of the magnates of capital, who usurp and monopolize all advantages of this process of transformation, grows the mass of misery, oppression, slavery, degradation, exploitation; but with this too grows the revolt of the working class, a class always increasing in numbers, and disciplined, united, organized by the very mechanism of the process of capitalist production itself. The monopoly of capital becomes a fetter upon the mode of production, which has sprung up and flourished along with, and under it. Centralization of the means of production and socialization of labour at last reach a point where they become incompatible with their capitalist integument. This integument is burst asunder. The knell of capitalist private property sounds. The expropriators are expropriated.

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