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Quote by Amal El-Mohtar

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This Is How You Lose the Time War

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Amal El-Mohtar
Amal El-Mohtar

Amal El-Mohtar is a renowned author whose works span various literary genres, including novels, poetry, and plays. Her writing is acclaimed for its rich imagination and profound emotional expression. more

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“When crises hit the South, the masters of the international economy turn to the IMF solution. The costs are transferred to the public, which had nothing to do with the risky choices but is now compelled to pay the costs: the poor countries are instructed to raise interest rates, slow the economy, pay their debts (to the rich), privatize (so that the Western corporations can buy their assets), and suffer. The instructions for the rich are virtually the opposite: lower interest rates, stimulate the economy, forget about debts, consume, have the government take over (but don’t “nationalize”—the takeover is a temporary measure to hand it back to the owners in better shape). And the public has almost no voice in determining these outcomes, any more than poor peasants have a voice in being subjected to cruel structural adjustment programs.”

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“For the world, there are many very serious crises, such as the food crisis, already mentioned, or the environmental crisis, which threatens real catastrophe for everyone. But for the West in 2008–9, the phrase “the crisis” refers unambiguously to the financial crisis that has its deeper roots in inherent market inefficiencies, neoliberal doctrines about the alleged value of financial liberalization, dogmas about “efficient markets” and “rational expectations,” deregulation, exotic financial instruments that yielded profits beyond the dreams of avarice for a few—all brought to a head by an $8 trillion housing bubble that somehow regulators and economists did not perceive, portending ultimate disaster, as a few warned all along, notably economist Dean Baker.”

CapitalismFinancial CrisisNeoliberalismFree Market CapitalismFree Market IdeologyPredatory CapitalismDean Baker
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“After the bursting of the housing bubble in 2007, Fed chairman Alan Greenspan was criticized because he hadn’t followed through on his brief warning about “irrational exuberance” at the height of the late ’90s tech bubble. But that is the wrong criticism: it was quite rational exuberance, when the taxpayer is there to bail you out under the operative principles of state capitalism. The doctrine has been observed with precision by Obama and his advisers—selected from the leading figures who were largely responsible for creating the crisis, while excluding those, among them Nobel laureates, who had been issuing warnings about it. And the doctrine appears to have worked very well. The big financial institutions that were the immediate culprits have been making out like bandits, bigger than ever, reporting great profits and paying huge bonuses to the culprits, enjoying even a more lavish government insurance policy, and therefore encouraged to set the stage for the next and worse crisis. That is recognized, but the managers who play by the rules cannot really be criticized. These are institutional decisions. Managers either play the game, or someone else replaces them who will.”

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Book:Hopes and Prospects
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“In theory, inherent market inefficiencies and perverse incentives could be overcome by efficient regulation. But the same deep-seated tendencies that concentrate wealth and power in private tyrannies reduce the likelihood of such steps. In late 2009 there seemed to be one faint hope that Congress might institute some meaningful regulation: proposals by Senator Christopher Dodd, chair of the Senate Banking Committee. But Dodd succumbed to Wall Street pressure and abandoned his proposal in December 2009. One of its components was a new Consumer Financial Protection Agency intended to “crack down on abusive and risky lending practices that helped fuel last year’s financial crisis,” Michael Kranish commented in a rare press report. “Banks and other financial institutions have fought hard to kill the proposal,” he adds. And succeeded. He quotes Elizabeth Warren, the Harvard Law professor who originated the idea for the agency: “When all the dust settles, the real question for the history books will be whether Congress was able to create an independent consumer agency with the tools necessary to end abusive practices and to prevent future crises.” The answer appears to be a loud no, in our business-run democracy.”

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“When I look at him, I see that there are people who are born with something that I cannot find the words for, something that means that others respect them and hold them in the highest esteem. I don’t know what it is—is it posture, is it a head held high, a penetrating gaze, a way of walking? Or maybe some spirit hovering around him? An angel who keeps him company? He has only to enter any space, be it the most decrepit shed or the holiest chamber, and all eyes turn to him at once, pleasure and appreciation on everyone’s face, although he has not yet done or said a thing. ...But I also fear falling into blind love, exaggerated and unhealthy, like that Heshel, who, if he could, would lie down like a dog at his feet.”

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“Indigenous people from Brazil to Uganda are finding that some of the most aggressive land grabbing is being done by conservation organizations. A forest is suddenly rebranded a carbon offset and is put off-limits to its traditional inhabitants. As a result, the carbon offset market has created a whole new class of green human rights abuses, with farmers and Indigenous people being physically attacked by park rangers or private security when they try to access these lands.”

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