Capitalism’s crisis and a progressive exit strategy
Review of Debtocracy by Katerina Kitidi & Aris Hatzistefanou (2011)
LookLeft #8, October 2011
Debtocracy is an independent, low budget film that has taken Greece by storm. Released on the internet earlier this year, it has already been seen by over one million Greeks and tens of thousands elsewhere. Using newsreel and archive footage, intercut with interviews with economists and philosophers like Samir Amin and Alain Badiou, Debtocracy presents an unashamedly left-wing view of the economic crisis that has engulfed capitalism.
While its primary focus is Greece, it also touches on the cases of Argentina in 2001, Ecuador in 2005 and the other PIIGS today. It points the finger of blame for the Greek crisis at capitalist politicians, inept economic management, EU restrictions, the loss of financial sovereignty following the adoption of the Euro, and the crippling terms of the European Central Bank and IMF bailouts. Sound familiar?
Using the Ecuadorian example, Debtocracy suggests a way out of the crisis that should also interest us in Ireland. It advocates repudiating “odious debt”, i.e. money owed for projects and investments that benefit only an elite few and not the people (in Ireland’s case, the money tossed down the banking black hole) and investment in public projects and national industry of money generated by natural resources (we have €750 billion worth of offshore oil and gas). Watch this film online at www.debtocracy.gr
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