"But our collapse is more than an economic and political collapse.

It is a crisis of faith. The capitalist ideology of unlimited growth has failed. It did not take into account the massive depletion of the world's resources, from fossil fuels to clean water to fish stocks to soil erosion, as well as overpopulation, global warming, and climate change. It failed to understand that the huge, unregulated international flows of capital and assault on manufacturing would wreck the global financial system. An overvalued dollar (which could soon deflate); wild tech; stock and housing financial bubbles; unchecked greed; the decimation of our manufacturing sector; the empowerment of an oligarchic class; the corruption of our political elite; the impoverishment of workers; a bloated military and defense budget; and unrestrained credit binges are consequences of a failed ideology and conspire to bring us down. The financial crisis may soon become a currency crisis. This second shock will threaten our financial viability. We let the market rule. Now we are paying for it.

In his book The Great Transformation, written in 1944, Karl Polanyi laid out the devastating consequences - the depressions, wars, and totalitarianism - that grow out of a so-called self-regulated free market. He grasped that "fascism, like socialism, was rooted in a market society that refused to function." He warned that a financial system always devolved, without heavy government control, into a Mafia capitalism - and a Mafia political system - which is a good description of our power elite.

Polanyi, who fled fascist Europe in 1933 and eventually taught at Columbia University, wrote that a self-regulating market turned human beings and the natural environment into commodities, a situation that ensures the destruction of both society and the natural environment. He decried the free market's assumption that nature and human beings are objects whose worth is determined by the market. He reminded us that a society that no longer recognizes that nature and human life have a sacred dimension, an intrinsic worth beyond monetary value, ultimately commits collective suicide. Such societies cannibalize themselves until they die. Speculative excesses and growing inequality, he wrote, always destroy the foundation for a continued prosperity.

-Empire of Illusion: The End of Literacy and the Triumph of Spectacle by Chris Hedges, pg. 184-5