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September 2008, Volume 60, Number 4 c o n t e n t s Just over a year since the beginning of the worst U.S. financial crisis since the Great Depression, and only six months after the federal bailout of Bear Stearns, the seizing up of credit markets continues. The failure of eight U.S. banks this year, including IndyMac, and the recent instability that struck the two government-sponsored mortgage giants, Fannie Mae and Freddie Mac, requiring a special government rescue operation, has had the entire financial world on edge. Mortgage-related losses by themselves “could cause a trillion dollars in credit to vaporize,” according to a special July 28, 2008, Business Week report. The downside effects of financial leveraging (the magnification of results associated with borrowed money) mean that each dollar lost by financial institutions could lead to reductions in lending of fifteen dollars or more, creating a shockwave so massive that it could reveal structural weaknesses throughout the economy. Already the economy is reeling, with faltering growth, a deep slump in housing, massive job losses, rapidly rising oil and consumer goods prices, and a falling dollar… | more |
Review of the Month: Beginning in March 2008 and extending through the last Democratic primaries of early June, the United States witnessed the most brazen demonization in its history of a person based on his race, his creed, and his ties to a presidential candidate. One major purpose behind these attacks was to use the demonized figure to discredit the politician. But participation in the attacks also fed the voracious, twenty-four-hour-aday media appetite, and quickly took on a life of its own. When we look back at the ugly spectacle then taking place, the evidence suggests that, despite much optimism about narrowing racial divides and an emerging “post-racial” consciousness, something much closer to the opposite had gripped America.
Humanitarian Imperialism: Jean Bricmont’s concept “humanitarian imperialism” succinctly captures a dilemma that has faced Western leaders and the Western intellectual community since the collapse of the Soviet Union. From the origins of the Cold War, there was a reflexive justification for every resort to force and terror, subversion and economic strangulation: the acts were undertaken in defense against what John F. Kennedy called “the monolithic and ruthless conspiracy” based in the Kremlin (or sometimes in Beijing), a force of unmitigated evil dedicated to extending its brutal sway over the entire world. The formula covered just about every imaginable case of intervention, no matter what the facts might be. But with the Soviet Union gone, either the policies would have to change, or new justifications would have to be devised. It became clear very quickly which course would be followed, casting new light on what had come before, and on the institutional basis of policy.
The U.S. Media Reform Movement All social scholarship ultimately is about understanding the world to change it, even if the change we want is to preserve that which we most treasure in the status quo. This is especially and immediately true for political economy of media as a field of study, where research has a direct and important relationship with policies and structures that shape media and communication and influence the course of society. Because of this, too, the political economy of communication has had a direct relationship with policy makers and citizens outside the academy. The work, more than most other areas, cannot survive if it is “academic.” That is why the burgeoning media reform movement in the United States is so important for the field. This is a movement, astonishingly, based almost directly upon core political economic research.
Poetry: Marge Piercy is the author of Pesach for the Rest of Us: Making the Passover Seder Your Own (Schocken, 2007). Her most recent novel is Sex Wars: A Novel of the Turbulent Post-Civil War Period (New York: William Morrow, 2005) and her newest book of poetry is The Crooked Inheritance (Knopf, 2006).
Review: Roxanne Dunbar-Ortiz, Roots of Resistance: A History of Land Tenure in New Mexico (Norman: University of Oklahoma Press, 2007), 239 pages, paperback, $19.95. Sometimes you can judge a book by its cover. The cover art of Roots of Resistance is powerful and angry. The stark geometric design, formed by swatches of blazing orange and slashes of smoldering earth tones all descending from cosmos into chaos, highlights abstract images of the suffering, enslavement, and death of the Acoma people at the hands of a Spanish punitive expedition in 1599: falling bodies, inverted crosses, dismembered feet—the punishment inflicted on all the male residents of the pueblo over the age of twenty-five. The original 2005 oil painting by Acoma Indian artist and activist Maurus Chino, titled Acoma 1599, Acoma, Beloved Acoma, Ancient of Days, contains more than enough raw energy to illuminate the history it recalls.
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