Speaker 1: What's I mean, that's that's all I got today. Who's
Speaker 1: who's taken over? Come on? It's me? I guess it's me.
Speaker 1: All right, Well then, what what show is this? And
Speaker 1: what do we do? This is it could happen here
Speaker 1: we talk about things being bad and also what you
Speaker 1: can do about them, But this is a this is
Speaker 1: a things are bad episode, and not at what you
Speaker 1: can do about the episode specifically. This is part two
Speaker 1: of what I guess you could call our mini series
Speaker 1: on neoliberalism. And so you know, yesterday we talked a
Speaker 1: lot about who the original the liberals are. They have
Speaker 1: a bit of power in Germany in the fifties, but
Speaker 1: through fifties and sixties up to the seventies, they're kind
Speaker 1: of nobody's there. You know, they're they're there. They have
Speaker 1: a couple of think tanks, but they're kind of they're
Speaker 1: kind of just siloed off in the corner and they
Speaker 1: yell at people and people kind of northam and what
Speaker 1: they're waiting for, essentially is the right crisis, and in
Speaker 1: the nineteen seventies they finally find that crisis. Now, I
Speaker 1: think it's kind of hard to remember in a lot
Speaker 1: of ways because of how the eighties went. But in
Speaker 1: early nineteen seventies, things are not looking good for capitalism.
Speaker 1: I mean, you have so you know I and i
Speaker 1: end wins this election nineteen seventy We'll talk about what
Speaker 1: happened there in another episode. But you know it's it's
Speaker 1: not just that in nineteen nineteen seventy four. Well, so
Speaker 1: the whole early nineteen seventies, am called Carbrial is just
Speaker 1: absolutely annihilating the Portuguese army. And he, you know, he wins.
Speaker 1: He fights one of the like one of history's greatest
Speaker 1: grilla wars, and this basically destroys the entire Portuguese state
Speaker 1: and caused the Carnathan Carnation Revolution. The Portuguese colonies get free,
Speaker 1: the dirt takes part in me Theiopia and the ninteen
Speaker 1: seventy five the North Vietnam wins of the like the
Speaker 1: war in Vietnam. And now you know the product of
Speaker 1: this is that Compada falls, Loos falls. There's now there's
Speaker 1: five social estates in Eastern East Asia, in Southeast Asia,
Speaker 1: and you're also Uncle Lea, but nobody really cares about them.
Speaker 1: And as as all of this is happening, as these
Speaker 1: sort of as the anti colonial armies are sort of
Speaker 1: marching their way through the world. There's an enormous economic crisis,
Speaker 1: and yeah, I mean there's a lot of things happening
Speaker 1: at the same time. One of the ones I think
Speaker 1: is probably the thing, the thing that people remember the
Speaker 1: most is there's just unbelievable inflation, and you know, and
Speaker 1: and economic growth starts to slow down. Although something I
Speaker 1: think that we do need to keep in mind is
Speaker 1: that when I say economic growth slows, so economic growth
Speaker 1: from like sixty seven nine is um from two thousand
Speaker 1: to two thousand and seven, it was two point three
Speaker 1: percent in the US, And so you know, when when
Speaker 1: when I say there's an economic crisis going on here,
Speaker 1: like economic growth in the seventies is better than any
Speaker 1: decades sense, but it's still considered the crisis decade because
Speaker 1: there's much of the nation and you know, everyone has
Speaker 1: their own theory as to why this is happening. Because
Speaker 1: the sort of Keynesians who who have been in power,
Speaker 1: whose thing is, oh, well, we can you know, if
Speaker 1: there's every economic crisis, we can sort of we can
Speaker 1: spend money, and that you know, then the government spending
Speaker 1: money will drag everyone out of the crisis. But in
Speaker 1: Keynsian theory, like there's not supposed to be inflation if
Speaker 1: like if if unemployment is increasing and there's an economic crisis,
Speaker 1: there's not supposed to inflation, and suddenly there's both. So
Speaker 1: the Kensians have nothing and they're sort of just running
Speaker 1: around like just with basically like chickens to their head
Speaker 1: cut off, going oh god, we have no idea what's happening.
Speaker 1: We don't know what's happening. And so into this gap
Speaker 1: steps a bunch of weirdos. And so I'm just gonna
Speaker 1: I'm gonna go through a few of the theories as
Speaker 1: to why this crisis happened, because I don't know, and
Speaker 1: I think there's elements of truth in most of the
Speaker 1: stories ish kind of, but you know, it's this is
Speaker 1: extremely complicated and there's still no consensus on it. So
Speaker 1: I'm gonna start with the most crank, which is so
Speaker 1: so the run Paul people. The whole thing is, yeah,
Speaker 1: every everything went to ship has been shipped ever since
Speaker 1: because the US abandon the gold standard, and like they're
Speaker 1: right into the extent that this happens. So basically Nixon
Speaker 1: has been trying to pay for the Vietnam War, and
Speaker 1: he can't. And you know, the the US dollar has
Speaker 1: been pegged to a certain amount of gold, right, and
Speaker 1: you can do this thing where if you get it,
Speaker 1: you have an American dollar, you can exchange it for
Speaker 1: that amount of gold. And so travels the goal just's like, okay,
Speaker 1: we're just gonna we're gonna take all of this gold,
Speaker 1: and so he does in the US starts running out
Speaker 1: of gold and so bye bye bye. In the early seventies,
Speaker 1: Nixon is like, fuck this, you can't actually exchange dollars
Speaker 1: for gold anymore. And now every single libertarian starts every
Speaker 1: rant with fiat currency. But you know this, this this
Speaker 1: does have an effect on the economy, which we'll talk
Speaker 1: about more in the bit um. There's you know, there's
Speaker 1: there's there's a lot of other explanations for this um
Speaker 1: the modern monetary three people if you listen to them,
Speaker 1: and also Peter Thiel. Weirdly, I will argue, oh, it's
Speaker 1: all because of the oil shock, because oil prices increased,
Speaker 1: Neoliberals will spend neo liberal essentially they blame too much
Speaker 1: government spending welfare programs and then wages being too high,
Speaker 1: and also bad monetary policy. There's like an entire there's
Speaker 1: there's like seventeen different Marxist explanations for it, some of
Speaker 1: which are I'll talk about like one and a half
Speaker 1: of them, um that are more plausible. One of the
Speaker 1: explanations has to do with how essentially, so the other
Speaker 1: thing that's happening in the sixty seventies is that minorities
Speaker 1: and women are entering the workplace and are you know,
Speaker 1: actually demanding to be paid the wages that white men
Speaker 1: have been being paid, and corporation essentially just can't afford this,
Speaker 1: and so you know that they have two choices. It's
Speaker 1: either we pay these people actually ages or we just
Speaker 1: murder everyone. And they took the second one. So it's
Speaker 1: something that that has also been happening through this whole
Speaker 1: period is that profit rates and manufacturing just keep collapsing.
Speaker 1: And there there's there's a whole thing here about some
Speaker 1: Marxist theory stuff, But the thing that's important is that
Speaker 1: that and this this doesn't happen in the seventies. Eventually
Speaker 1: you hit a point where manufacturing growth becomes zero sum.
Speaker 1: And you know, so you can have manufacturing growth in
Speaker 1: one country, but you can't have it in another because
Speaker 1: at a certain point you're producing too much stuff and
Speaker 1: people start getting kicked out of the labor process. And
Speaker 1: this has a bunch of effects. One is that it
Speaker 1: means you get a bunch of people who are employed
Speaker 1: and too. It means that there's just a bunch of
Speaker 1: money floating around that nobody can actually invest in places.
Speaker 1: And this is you know, like all of the weird
Speaker 1: stuff the Saudias do is just basically from this this money.
Speaker 1: There's a whole there, the whole piles of oil money
Speaker 1: that are just sitting around that nobody can invest in
Speaker 1: any thing. And that's going to cause you know, that
Speaker 1: that that that that's that's that's going to cause a
Speaker 1: lot of stuff down the road. But for now, yeah,
Speaker 1: we'll talk about the dead crisis and causes sort of
Speaker 1: next episode. But for now, I'm going to try to
Speaker 1: pull all of these together and like have something, have
Speaker 1: a coherent thing that makes sense, which is essentially but
Speaker 1: by the end of the seventies, profit rate or declining,
Speaker 1: and then Nixon pulls, you know, Nick Nixon pulls the
Speaker 1: dollar off the gold standard, and this causes the value
Speaker 1: of the dollar is plunge and this this is the
Speaker 1: thing that sets off the nine oil crisis. So the
Speaker 1: nay said, the oil crisis is weird because it's not
Speaker 1: an oil crisis. Every everyone looks at the grill of
Speaker 1: crisis and it goes, oh, it's an oil crisis. The
Speaker 1: crisis because there wasn't enough oil, and it's it's not
Speaker 1: it's nothing to do with that is literally nothing to
Speaker 1: do a supply of oil at all. What actually happens
Speaker 1: is that so you have OPEC, right or PECK is
Speaker 1: this sort of is the Alliance of Oil Producing cartels
Speaker 1: um and they have this extremely complicated system where they
Speaker 1: they sell oil to oil companies and then the oil
Speaker 1: companies sell the oil, did they refine it and sell
Speaker 1: it to you, and they have this incredibly convoluted tax
Speaker 1: structured on it. And eventually, so the oil companies are
Speaker 1: having to like the price of oil starts to rise,
Speaker 1: and the oil companies are basically just taking it all off,
Speaker 1: the profit from this, and so OPEC goes, okay, you
Speaker 1: guys are gonna pay taxes, and the oil companies just refuse,
Speaker 1: and so OPEC just unilaterally just you know, OPEC just
Speaker 1: unilaterally is like, okay, you guys are gonna pay taxes,
Speaker 1: and we're gonna make you pay taxes by by just
Speaker 1: increasing the price that we sell you oil at. And
Speaker 1: this gets remembered as like OPEC increasing the price of oil,
Speaker 1: even though it was literally just them saying you're gonna
Speaker 1: pay taxes. Now, this is the part that's very weird,
Speaker 1: which is that, Okay, so if if you heard you
Speaker 1: two heard of the oil crisis, like the story, yeah, yeah,
Speaker 1: I mean I are the way it's always gone in textbooks,
Speaker 1: as you talk about like the stagflation of the seventies
Speaker 1: and the fucking you know, lines of cars at gas
Speaker 1: stations going back blocks because OPEC facory And yeah, that's
Speaker 1: how it's always framed, is that, like there's this big
Speaker 1: political crisis over OPEC that led the gas supply getting throttled,
Speaker 1: and it came at a time when the economy had
Speaker 1: already slowed down and everything got terrible. And then a
Speaker 1: few years later we got RoboCop. Yeah, well we did
Speaker 1: get a pop. But the important thing about the story
Speaker 1: is that every single thing about that story is wrong,
Speaker 1: every part of it. Well, I mean there were lines
Speaker 1: at gas station, yeah, I mean, there are lines of
Speaker 1: gas stations. But the lines at the gas stations have
Speaker 1: literally nothing to do with OPEC. It's just nothing. So
Speaker 1: on October six, the Arab members of of OPEC are like, fuckett,
Speaker 1: we're gonna make the oil companies pay more for oil.
Speaker 1: And then the rest of the rest of OPEC follows them.
Speaker 1: Now two days later, is it yeah? The next day
Speaker 1: there is a completely unrelated thing to all of this,
Speaker 1: which is that while while this is going on, the
Speaker 1: yan Kapoor War starts, and so Egypt and Syria attack Israel,
Speaker 1: um the basically attack the Israel occupation forces in their country,
Speaker 1: and the war is going really badly for them there.
Speaker 1: I mean it's it's I mean, it's not going it's
Speaker 1: not going as badly as like the previous wars had
Speaker 1: gone for the air powers, but it's not going great.
Speaker 1: And so on October six, Arab oil producing countries declare
Speaker 1: if they're they're cutting the amount of oil they export
Speaker 1: by five percent per month until Israel returns his territories.
Speaker 1: It occupies seven and they haven't embargo on the US.
Speaker 1: But and this is the very important part, this has
Speaker 1: nothing to do with OPEC. This is not OPAQ at all.
Speaker 1: It's not this, this is this is this is just
Speaker 1: a couple of random Arab countries are like, we're going
Speaker 1: to do this. And you know, and I think when
Speaker 1: I think it's interesting about Robert, we're talking about is
Speaker 1: OPEC factory. You know? Is how this gets remembered and
Speaker 1: this this is one of the things that that neoliberals
Speaker 1: used to sort of push their model of the world, right,
Speaker 1: which is that everything functions office supply and demands and
Speaker 1: oh look, hey the Arabs cut the supply of oil
Speaker 1: and that's why the prices rose. But it's just it's
Speaker 1: just wrong. It's empirically wrong. The price cut happens, I mean,
Speaker 1: the price increases happened the day before the the oil
Speaker 1: the price increases the day before the embargo, and the
Speaker 1: embargo and the oil price. People are different groups, they
Speaker 1: have nothing to do with each other. But you know,
Speaker 1: this this gets sort of system it like this this
Speaker 1: is this is how it's it's remembered and and you know,
Speaker 1: it's not even just how to remembered, like like the
Speaker 1: Encyclopedia Britannica has the dates and which all of this
Speaker 1: stuff happens wrong. They have the sequence of events wrong,
Speaker 1: like all of the most of the people who write
Speaker 1: about this remember this whole thing wrong, and and this
Speaker 1: is this is part of the sort of an enormous
Speaker 1: propaganda effort that and neo liberals are able to do
Speaker 1: at this moment, which is they convince everyone that, oh, yeah,
Speaker 1: the price increases and the gag. Typically the gas shortages
Speaker 1: are are are about opaque. But again also like the
Speaker 1: the US only imports like seven percent of its oil
Speaker 1: from from the countries who are doing the embargo at
Speaker 1: this point, So the actual thing that's going on has
Speaker 1: to do with price. It's it's a weird thing as
Speaker 1: with price controls and gas companies are hoarding gas because
Speaker 1: they don't want to sell at a price control levels
Speaker 1: and stuff like that. But you know, the oil price increases,
Speaker 1: you know, the yeah, like it is bad, Like the
Speaker 1: price of oil does go up and there are shortages,
Speaker 1: but it has nothing to do with like there's nothing
Speaker 1: to do with the embargo, has nothing to do with,
Speaker 1: you know, like the supply of oil going down. It's
Speaker 1: just companies didn't want to pay taxes and so they
Speaker 1: started hoarding the oil instead of selling it, and they
Speaker 1: passed the price the tax increase on. So the consumers
Speaker 1: instead of paying it. And as we talked about before,
Speaker 1: once this sort of like tax increase goes that opec
Speaker 1: well some of the open countries want to do, goes
Speaker 1: into place. The price of whale does increase, and this
Speaker 1: does funck the economy even more. But the economy had
Speaker 1: really even sort of a mess before this, and it
Speaker 1: has one other very important effect that you know this
Speaker 1: is you know, I guess, I guess. The theme of
Speaker 1: this episode is that the oil and bargo matters. But
Speaker 1: the oil and bargo matters because people think it matters,
Speaker 1: not because they did anything and the other. So it
Speaker 1: matters in the US because everyone thinks that, oh, the
Speaker 1: scary Arab nations are coming for us. But it matters
Speaker 1: in the rest of the world because everyone else looks
Speaker 1: at this and goes, wait, hold on, you can actually
Speaker 1: use commodities. Essentially, you can use commodity prices like countries
Speaker 1: that like have raw you know, commodities can use this
Speaker 1: control to actually go fight you know, to like to
Speaker 1: go fight the West, to go fight the capitalists and
Speaker 1: go like, you know, get money for themselves. And this
Speaker 1: leads us into something Robert Garrison, if you are you
Speaker 1: ever heard of the G seventies seven. Uh that like
Speaker 1: the seventies seven countries that have the most money. Well,
Speaker 1: that that's the that's the G seven. Well yeah, but
Speaker 1: I was I was seven might be just a longer list.
Speaker 1: So yeah. So so this is this is the other
Speaker 1: thing from this period that just is completely lost as
Speaker 1: almost completely lost to history, and seventy seven is actually
Speaker 1: still around. But what they are was so in the sixties,
Speaker 1: you know, you have all of these countries that have
Speaker 1: recently gained independence, and all these countries have getting deependence
Speaker 1: um from their sort of colonial overlords, and they start
Speaker 1: to band together into basically a voting block in the
Speaker 1: u N. And also this is the other the other
Speaker 1: weird part about the story is that so in the
Speaker 1: niteen seventies and sixties seventies particularly, the un actually matters
Speaker 1: like it's it's it's it's a thing that people there
Speaker 1: was that like twenties years after World War Two, where
Speaker 1: people were maybe I mean a good example of the
Speaker 1: degree to which the u N Act really used to
Speaker 1: be meaningful is watch the first Street Fighter movie, um,
Speaker 1: because the Good Guys and that are clearly based off
Speaker 1: the u N and nobody thinks it's ridiculous that the
Speaker 1: United Nations are actually doing something. Um, it's fine to
Speaker 1: have Jean Claude van dam And be the leader of
Speaker 1: the United Nations fist fighting a guy that that makes
Speaker 1: total sense in the nineteen nineties, and you know, and
Speaker 1: so and part of how about this war next episode?
Speaker 1: But basically, so, the reason the UN is a joke
Speaker 1: right now is because of what the US was doing
Speaker 1: to stop that G seventy seven from doing anything. I mean,
Speaker 1: I would argue that fail massive failures in Rwanda and
Speaker 1: uh Bosnia had a huge impact on that. A couple
Speaker 1: of genocides go down and people are like, well, what
Speaker 1: are these guys doing? But yeah, yeah, well this is
Speaker 1: this is this is how they got dysfunctional to the
Speaker 1: point where you can get that yeah, which is so
Speaker 1: so okay. So you have you know, and a bunch
Speaker 1: of coaches that call themselves, you know, the term they
Speaker 1: used for themselves is the third World, and they come
Speaker 1: together the form of this group and it's it's it's
Speaker 1: a really weird ideological mixed bag, like I mean, you
Speaker 1: have you know, you have you have like actual socialists
Speaker 1: like tensan years and Michael Borele and Jamaica. You've also
Speaker 1: got like Gaddaffi and the Bathists and like was a
Speaker 1: socialist come on Paradise ka Libya. You know, okay, my my,
Speaker 1: my my, My most contrarian hot take is that Salak
Speaker 1: Jaded was like actually kind of an mL who was
Speaker 1: that he was? He was briefly the Bathist in charge
Speaker 1: of Syria and then he got overthrown by But both
Speaker 1: of them, there's there's definite like actual like Marxist, you know, Linen,
Speaker 1: there's something like especially in the old school Bathists, like
Speaker 1: there were aspects of that. There was socialism kind of
Speaker 1: within it. It just it would be nonsense like for example,
Speaker 1: called Saddam Hussein's baths. Yeah yeah, and you know, and
Speaker 1: you can't red see like this is this is this
Speaker 1: is this is a real grab back and you have
Speaker 1: there's also just a bunch of random Latin American countries,
Speaker 1: like none of whom you can call socialist. And then
Speaker 1: there's also Saudi Arabia and Thailand or in this group.
Speaker 1: To get a sense of how fractus this is, India
Speaker 1: and Pakistan are also both part of this, and they
Speaker 1: fight too full scale wars while they're both in the
Speaker 1: G seventies seven. Actually that's not true. There's two full
Speaker 1: scale wars and then there's like another half war they
Speaker 1: fight in the nineties. This yeah, like all all of
Speaker 1: the people in this thing are fighting, are literally fighting
Speaker 1: wars against each other. It's kind of a mess, and
Speaker 1: you know, it's fun. It's fun. In in the mid
Speaker 1: sixties and until likeeen seventy four, it's kind of their
Speaker 1: Their whole thing is we have moral authority like where yeah,
Speaker 1: like where you know where We're like we we we
Speaker 1: we have the authority of all of these nations have
Speaker 1: colonized us for a long time, and we're going to
Speaker 1: use that. But in the seventies, you know that the
Speaker 1: oil embarko happens, and a lot like most i think
Speaker 1: all most of the OPEC states are are are are
Speaker 1: in um are are in the G and they look
Speaker 1: at they look at the oil embargo and they look
Speaker 1: at OPEC raising prices and they go, wait, we can
Speaker 1: do this too. And the OPEC states are like, oh, hey,
Speaker 1: we can use this to push the hood, you know,
Speaker 1: we can use like push the whole power of like
Speaker 1: of the Third world. And they they they're planned to do.
Speaker 1: This is something called the New International Economic Order, which
Speaker 1: is also something that no one has ever heard of
Speaker 1: that is extremely important that as just so, the spoilerler
Speaker 1: is that this this movement gets crushed so thoroughly that
Speaker 1: nobody knows what the new Economic order is and the
Speaker 1: Third World is now a slur. But you know, the
Speaker 1: thing that they're trying to do is create a new
Speaker 1: It calls the New International Economic Order a trade union
Speaker 1: of the poor. And so it's it's this thing they're
Speaker 1: trying to get passed through the u N that would
Speaker 1: you know, just designed to sort of ensure the economic
Speaker 1: sovereignty of these developing nations. Um and I'm gonna read
Speaker 1: a list of the stuff that's in here. Um So.
Speaker 1: A an absolute right of states to control the extraction
Speaker 1: and marketing of their domestic natural resources. Be the establishment
Speaker 1: and recognition of state man managed resource cartels to stabilize
Speaker 1: and raise commodity prices. See the regulation of transnational Corporations
Speaker 1: D no strings attached technology transfers from north to south. E.
Speaker 1: The granting of preferential trade preferences to countries in the south,
Speaker 1: and f forgiveness for for certain debts that states in
Speaker 1: the South, Oh to the north. So this is like
Speaker 1: the act, this thing, if the International Economic Order had
Speaker 1: ever been implemented at all, it would have completely reversed
Speaker 1: the basically completely reverse the balance of economic power, shifting
Speaker 1: it basically from countries like the US, like you know,
Speaker 1: Western Europe, like Japan that are these giant manufacturing powerhouses,
Speaker 1: two countries that produce you know, raw materials, and there
Speaker 1: would have you know, and the other thing that would
Speaker 1: have happened from this is you have these the no streams,
Speaker 1: you have a debt relief for the global South, and
Speaker 1: also these technology transfers. And the plan is basically to
Speaker 1: create a bunch of mini opex for just not even
Speaker 1: mini opus, create opex basically for every commodity. So you know,
Speaker 1: you have like an opaque, but it's for like box
Speaker 1: site or like copper, and you know they would use
Speaker 1: they would you know, you have all these opex and
Speaker 1: each one of them uses their power and they all
Speaker 1: cooperate to to to make sure that there's a stable
Speaker 1: price for for all of these commodities. And another part
Speaker 1: of this is that it's supposed to basically enshrine the
Speaker 1: right of countries to be able to just like nationalized
Speaker 1: resource companies, so you know, you have like a British
Speaker 1: oil company. I was like, well, we just take it
Speaker 1: out now it's ours. And the threat of this is
Speaker 1: great enough that if you read conservatives in the era,
Speaker 1: they will say things like the Soviet Union is no
Speaker 1: longer a threat. The greatest danger to the West today
Speaker 1: is the seventies seven. Yeah, yeah, this is this. Yeah,
Speaker 1: it's it's these these people are enormous. Yeah, no, no
Speaker 1: one even rivers this anymore. And and it's it's because
Speaker 1: largely it's because of how just unbelievably badly these guys
Speaker 1: got stopped. Um, you know. And one of the other
Speaker 1: things that happens out of the product of this is
Speaker 1: this is where the G seven comes from. And it's
Speaker 1: originally and I think there's another thing. Yeah, the other
Speaker 1: funny part arout this. So the G seven is originally
Speaker 1: a secret alliance, like through this whole through the whole seventies,
Speaker 1: nobody knows G seven exists. It's basically it starts as
Speaker 1: this like secret meeting of a bunch of finance ministers.
Speaker 1: Eventually they they add, uh, Canada and I think Japan too,
Speaker 1: and it goes up to seven members, and you know,
Speaker 1: and they have a couple of things they're trying to
Speaker 1: deal with. They're trying to deal with the economic collapse.
Speaker 1: But one of the big things, like one of the
Speaker 1: biggest things they're dealing with, is the G seventy seven
Speaker 1: and OPEK And this this the result of this is this,
Speaker 1: these enormous series of fights in uh implausibly the United
Speaker 1: Nations Conference on Trade in Development, which is I think
Speaker 1: this this is this is the last time ever that
Speaker 1: the fate of the entire world would be decided in
Speaker 1: a battle in like a subcommittee of the U N
Speaker 1: And there's there's years and years and years of negotiations
Speaker 1: between well, the the G seven hasn't like openly to
Speaker 1: cleared itself to G seven. It's sort of just it's
Speaker 1: basically the rich European countries. So it's Canada, France, Germany, Italy,
Speaker 1: the UK, the US and Japan like for form this
Speaker 1: alliance and are like locked in together in order to
Speaker 1: stop that G seven from seventy seven from doing anything.
Speaker 1: And this is this is the this is the other
Speaker 1: the other, the other crisis that the neoliberals are responding
Speaker 1: to is it's it's not just and in many ways
Speaker 1: this is the one that scares them more because you know,
Speaker 1: it's not just that there's an economic crisis. It's not
Speaker 1: just that like capitalists are afraid because of losing money.
Speaker 1: It's if this stuff goes through, the entire balance of
Speaker 1: power in the entire global economy is going to change,
Speaker 1: and it's going to swing into the favor of a
Speaker 1: bunch of non Western countries and probably more most importantly,
Speaker 1: from the liberals. They're going to enshrine the right of
Speaker 1: states to take things away from corporations and regulate them.
Speaker 1: And this is just absolutely completely unacceptable to both the
Speaker 1: neoliberals and just every single other organization that's even tangentially
Speaker 1: involved with sort of the Western nations. So the neoliberals,
Speaker 1: I talked about this a bit in in the last episodes,
Speaker 1: is that they've been working on a strategy in order
Speaker 1: to take power that doesn't rely on states. And so
Speaker 1: what they've been doing for about twenty years is essentially
Speaker 1: infiltrating and working their way up through it like takes
Speaker 1: basically basically taking over uh the International Monetary Fund in
Speaker 1: the World Bank who in this period, and this is
Speaker 1: everything I think it is very weird and hard to remember,
Speaker 1: which is that the I m F and the World Bank,
Speaker 1: like there was a time when they weren't completely evil,
Speaker 1: Like like the I m F was basically set up
Speaker 1: to make sure that countries wouldn't just run out of money, right,
Speaker 1: it was supposed to give people like yeah, and the
Speaker 1: World Bank, and it's it's turned into sort of this
Speaker 1: like international debt system for horror countries where they're always
Speaker 1: and being forced into austerity measures in the like yeah, yeah,
Speaker 1: and and that. But that that didn't used to be true.
Speaker 1: It used to be you know, the the I m
Speaker 1: F had a bunch of Keynsians in it and sit
Speaker 1: same with the World Bank, and both both the I
Speaker 1: m F and the World Bank's leadership for a lot
Speaker 1: of this period wanted to negotiate, and you know, and
Speaker 1: I think, this is this, this is this is this
Speaker 1: is where We're gonna leave it here with basically, the
Speaker 1: the the entire world is an imp apocal crisis. There
Speaker 1: is the all the economies are collapsing, the st the
Speaker 1: the armies of of the anti colonial like world or
Speaker 1: are moving and the G seventy seven looks like it's
Speaker 1: it's literally on the verge of of you know, completely
Speaker 1: restructuring the economic system in a way that actually would
Speaker 1: have been slightly more fair and just than but the
Speaker 1: system that existed then, which was also infinitely more just
Speaker 1: and fair, and the system that exist now. And next
Speaker 1: episode we're going to talk about how this all fell
Speaker 1: apart and how there was a choice in the seventies
Speaker 1: between either corporations can make money or people can have things.
Speaker 1: And the product of what the new Liberals are going
Speaker 1: to do in the next episode is that they're going
Speaker 1: to their solution to this problem is to tell the
Speaker 1: entire wretched of the earth to each it and die.
Speaker 1: And yeah, that's that's that's the episode. It's yeah history. Yeah,
Speaker 1: it's it's a time. Um, okay, well we got any
Speaker 1: we got any any plugables? What do we what do
Speaker 1: we do at the end of episodes? Sophie, where are we?
Speaker 1: Thank you? Are we? Thank you for listening. We'll be
Speaker 1: back on a day at a time. Maybe we're not
Speaker 1: hearing you, Sophie. I think you're muted. I'm not muted.
Speaker 1: I'm not muted. Oh, there we go. I'm not muted.
Speaker 1: I haven't remuted the whole time. We didn't hear you.
Speaker 1: That's so weird. I said, we'll be back on a
Speaker 1: day or a time, and yeah, at some point we'll
Speaker 1: be back. Find us then, uh, and find us tomorrow
Speaker 1: unless this comes out on Friday, in which case eat
Speaker 1: with your family. This is dropping on. Adopt a cat,
Speaker 1: Adopt two cats, maybe four four? Adopt four cats. Yeah,
Speaker 1: get a number of cats greater than the number you
Speaker 1: have and put them in your house. We'll see you
Speaker 1: one Monday. It could happen here as a production of
Speaker 1: cool Zone Media or more podcasts on cool Zone Media.
Speaker 1: Visit our website cool zone media dot com, or check
Speaker 1: us out on the I Heart Radio app, Apple Podcasts,
Speaker 1: or wherever you listen to podcasts. You can find sources
Speaker 1: for It could Happen here, updated monthly at cool zone
Speaker 1: media dot com slash sources. Thanks for listening.