Naomi Klein: Protesters Are Seeking Change in the Streets Because It Won't Come From the Ballot Box

Naomi Klein: Protesters Are Seeking Change in the Streets Because It Won't Come From the Ballot Box

Occupy The Planet

Occupy SF

Occupy SF movement takes root on Market Street | Dan Schreiber | Local | San Francisco Examiner

Occupy SF movement takes root on Market Street Dan Schreiber Local San Francisco Examiner

Resistance & Rage

What are the root causes behind the protests? What do demonstrators hope to accomplish? And will the US administration manage to defuse the rage?

The Unbelievably Rampant Corruption On Wall Street

It seems as though the rampant corruption on Wall Street is seeping up almost everywhere now. In fact, some of the things that have come out recently have been absolutely jaw-dropping. The truth is that the corruption on Wall Street is much deeper and much more systemic than most of us ever dared to imagine. As the general public digests these recent scandals, it is going to result in a tremendous loss of faith in the U.S. financial system. Once faith in a financial system is lost, it can take years or even decades to get back. So how is the U.S. financial system supposed to work properly when large numbers of people simply do not believe in it anymore?

Corruption And The Global Financial Crisis

When in 2004 I calculated an index of "legally corrupt" manifestations (measured through the extent of undue influence through political finance and powerful firms influencing politicians and policy making), the U.S. rated in the bottom half among the 104 countries surveyed. Countries like the Netherlands, Norway, Denmark and Finland exhibited low levels of "legal corruption" (ranking Nos. 1 through 4, respectively). Yet the U.S. was rated 53rd, a few ranks below Italy. Chile rated 18th. Also rating better than the U.S. were countries like Botswana, Colombia and South Africa.

The new U.S. administration has stated its intention to address the challenges of transparency and accountability in its stimulus plan. The devil will be in the details. Merely creating an oversight institution will not do; system-wide reforms in incentives are required. Deep-seated transparency reforms need to be a cornerstone in the government's plan, and should apply to U.S. public agencies as well as domestic and international financial institutions. Regulations supporting effective disclosure, as well as improved audit, accounting and risk-rating standards, should be preferred to restrictive regulatory controls that block innovation and growth.

Noam Chomsky on Occupy Wall Street protests

The consequences of ignoring reality