"The strongest relationship between a severe economic crisis and a mass popular rebellion took place in the U.S. in December, 2009, and continued throughout 2010.
"The conditions for the economic collapse were building up in the early 2000s during the two terms of President George W. Bush. His neo-liberal regime was marked by the corrupt ‘bargain basement’ sale of the most lucrative and strategic public enterprises in all sectors of the economy. The entire financial sector of the U.S. was de-regulated, de-nationalized, dollarized and opened up to the worst speculative abuses. The national economic edifice, weakened by the massive privatization policies, was further undermined by rampant corruption and gross pillage of the public treasury. Bush's policies continued under his successor, President Obama, who presided over the banking crisis and the subsequent collapse of the entire national economy, the loss of billions of dollars of private savings and pension funds, a thirty percent unemployment rate and the most rapid descent into profound poverty among the working and middle classes in American history."
Whoops, Dada would like to apologize. Seems the above quote is taken from James Petras' Latin American Social Movements in Times of Economic Crises (under the "Argentina" section). The correct transcript references a different time frame and originally reads "Argentina" for "U.S.," "President Carlos Menem" in place of "President George W. Bush" and "President De la Rua" for "President Obama."
I realize this may have gotten the juices of doom and gloomers flowing and upset those anxiously digesting recent government Pollyanna Creep fed them by the media. Sorry.
However, after hearing all the recent media assurances the recession is ending and then reading something like Mike Whitney's recent "Bulletins From Clunkerville", who knows? Maybe Frank Zappa was wrong, despite his 1966 proclamation, "It Can't Happen Here!" Maybe a popular uprising actually could. Maybe it actually will?
Let us pray!