Capitalism in the dock
By Manuel E. Yepe
Despite relatively scant publicity in the major media, a great stir was caused by the new movie by U.S. filmmaker Michael Moore, “Capitalism: A love story,” which opened on Oct. 2.
The new film, which took 16 months to produce, was seen for the first time on Sept. 6 at the prestigious Venice Film Festival, the world’s oldest. Previews were also shown in New York and Los Angeles on Sept. 23.
A review by the Reuters news agency after the pre-screening in Venice described the movie thus: “Blending his trademark humor with tragic individual stories, archive footage and publicity stunts, the 55-year-old [Moore] launches an all out attack on the capitalist system, arguing that it benefits the rich and condemns millions to poverty.”
After that presentation at the Venice Festival, Moore was invited to the CNN program hosted by star interviewer Larry King, something that probably has been the strongest publicity push the movie has had. Summarizing the reason that compelled him to make the movie, Moore told King that we need to know if capitalism is the key to the American Dream or to an American nightmare.
Following the premiere in his country, Moore has made some very daring statements that have won him support and sympathy, while simultaneously earning him criticism and antipathy from the most powerful circles.
Moore criticizes the disturbing and close relationship between the banks, the politicians and the U.S. Treasury. He explains why, in his opinion, the existing economic system is merely legalized greed and calls Wall Street a crime syndicate wearing suits. He says his purpose is to reveal who is truly responsible for the calamity the U.S. is living through.
In the film, Moore interviewed priests who affirm that capitalism is anti-Christian because it compels to greed and does not protect the poor.
Recently, capitalism has proven it has failed, Moore says. “All the basic tenets of what we’ve talked about – the free market, free enterprise and competition – just completely fell apart. As soon as [the bankers] lost, essentially, our money, they came running to the federal government for a bailout, for welfare, for socialism.”
According to the filmmaker, “these people down on Wall Street […] created this invisible virtual casino with people’s money, with people’s pension funds, people’s 401(k)s. They took this money and they made bets. And then they made bets on the bets. And then they took out insurance policies on the bets. And then they took out insurance against the insurance – the credit default swaps.”
In the interview with Larry King, Moore said that “there is no democracy in our economy,” “whoever has the money has the power.” And right now, in the United States, “the richest 1 percent have more financial wealth than the bottom 95 percent combined.”
In his new production, the filmmaker states that, by encouraging Americans to take loans to pay for their homes, businessmen created the conditions that led to the financial crisis, leaving thousands without homes and jobless.
In his regular e-mails to his supporters, Moore quotes Thomas Jefferson, third President of the United States (1801-1809) and principal author of the Declaration of Independence of that nation (1776), in a cautioning letter sent in 1802 to then-Treasury Secretary Albert Gallatin.
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, […] the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.”
When evaluating as grandiose the flood of people that filled the many theaters where his movie is shown, Moore wrote to his followers on Oct. 4 that such attendance constitutes a referendum. “It will put all the bosses on notice that the vast Obama-voting majority has awoken from its silence and are out in full force.”
“I’m sick and tired of the truth not being told to the American people – and I am willing to suffer whatever the consequences come my way because I showed it to you,” he stated.
Exactly 20 years ago, Moore made his first movie of social denunciation, “Roger and me,” with General Motors as the target of his allegations. Since then, he has sent several other big corporations to the defendant’s dock. Now, he places all of them – the leaders of the U.S. and world capitalist system – on that dock. His valor is worthy of respect and sympathy.
Manuel E. Yepe Menéndez is a lawyer, economist and journalist. He teaches at the Superior Institute of International Relations in Havana.
