No Is Not Enough: Resisting Trump's Shock Politics and Winning the World We Need

by Naomi Klein

Since the 2008 financial crisis, the International Monetary Fund (IMF), the European Commission, and the European Central Bank (known as the “troika”) have forced country after country to accept “shock therapy”–style reforms in exchange for desperately needed bailout funds. To countries such as Greece, Italy, Portugal, and even France, they said: “Sure, we’ll bail you out, but only in exchange for your abject humiliation. Only in exchange for you giving up control over your economic affairs, only if you delegate all key decisions to us, only if you privatize large parts of your economy, including parts of your economy that are seen as central to your identity, like your mineral wealth. Only if you accept cuts to salaries and pensions and health care.” There is a bitter irony here, because the IMF was created after World War II with the express mandate of preventing the kinds of economic punishment that fueled so much resentment in Germany after World War I. And yet it was an active part of the process that helped create the conditions for neo-fascist parties to gain ground in Greece, Belgium, France, Hungary, Slovakia, and so many other countries. Our current financial system is spreading economic humiliation all over the world—and it’s having the precise effects that the economist and diplomat John Maynard Keynes warned of a century ago, when he wrote that if the world imposed punishing economic sanctions on Germany, “vengeance, I dare predict, will not limp.”