UFPPC (www.ufppc.org) Digging Deeper CLI: February 21, 2011, 7:00 p.m.

John Perkins, Hoodwinked: An Economic Hit Man Reveals Why the World Financial Markets Imploded—and What We Need to Do to Remake Them (New York: Broadway Books, November 2009.
[Thesis. A "mutant form of capitalism" has created an exploitative global empire instrumentalized by debt and governed by corporatocracy, but the system can be reformed by a popular movement.] Introduction. "We [economic hit men, or EHMs] were so successful in the Third World [in privatizing resources, empowering corporate executives, and encouraging debt (cf. 4)] that our bosses directed us to implement similar strategies in the United States and the rest of the planet" (1; cf. 20). Iceland (2-8). "Now we have entered a time not unlike that in which city-states were replaced by nations―except that today the nations have been usurped by giant corporations" (4). "The problem . . . was not capitalism. The problem was the abuse of capitalism" (4-5). With willful ignorance, we are living a lie; this book is an "overview of the root causes" and an exploration of the options before us (11; 8-11). PART I: THE PROBLEM Ch. 1: Not a Fluke. The economic crisis of 2006-2009 (15-18). Since WWII, a global empire has been founded through subterfuge and cunning by indebting resource-rich Third-World countries and using their inability to repay to effect neoliberal reforms; these techniques were then extended to the rest of the world, with most Americans complacently (indeed, immorally) accepting the false view that our system is "the best there is" (18-26). Ch. 2: Titans Clash: Keynes Versus Freedom. Keynesian economics accepted "the rights of the common man as a key to successful capitalism," but was vanquished by the Chicago-school monetary-cum-"free market" economics of Milton Friedman, leading to rampant inequality (27-34). Our system is based on values typical of immaturity: exploitation and competition (34-36). Ch. 9: The Regulation Scam. Deregulation theory derived from Ludwig von Mises and Friedrich von Hayek (93-94). Transportation and electricity were the first sectors deregulated in the 1970s (94-96). Media followed beginning in the 1980s (9798). In the 1990s it reached banking, finance, and insurance, overturning the Glass-Steagall Act of 1933 (98-101). Ch. 10: Fake Accounting. Politicians help corporations evade paying for externalities (102-06). A few corporations have embraced full cost accounting (FCA) (105-08). Ch. 11: Double Standards. Father Miguel d'Escoto Brockman of Nicaragua discusses over breakfast how the World Bank and IMF use economic crises to force "structural adjustment programs" while ignoring the principles of such programs in their own economies (109-14). Ch. 3: The First Economic Hit Man. "Claudine," seductress and tutor, initiated Perkins into working for the system of predatory capitalism (37-44). Ch. 4: Iran and the Swirling Clouds. Involvement in Iran (45-46). Robert Baer on Iran (46-47). That the corporatocracy rules is not a conspiracy theory (48-53). Ch. 5: Mercenaries. Corporations (54-60). Ch. 6: Enslaved by Debt. Ecuador (61-66; 70-71). The power of debt (66-70). Ch. 7: Modern Robber Barons. Dennis Kozlowski of Tyco as a typical modern tycoon (72-73). Predatory capitalists use philanthropy to legitimate their greed (7485) Ch. 8: The Coming Deregulation. Utility deregulation & Perkins' involvement as a utility company CEO in the 1980s (86-92).

Ch. 12: Militarized, Paper Economy. Decline in U.S. manufacturing in the era of globalization (115-24). PART II: THE SOLUTION Ch. 13: Changing Capitalism's Goal. Capitalism cannot be eliminated in the foreseeable future, but we can "fix the broken system" (132; 127-32). Ch. 14: China: A Lesson in Transformation. The recent history of China is testimony to the power and adaptability of capitalism; it "signals hope for all of us" (139; 133-41). Ch. 15: David Versus Goliath. Change depends on pressure from the people (14246). Ch. 16: The Burden of Melting Glaciers. The exhaustion of resources makes change imperative (147-50). Ch. 17: Terror and Other "isms." The causes of terrorism and piracy are ultimately economic (151-56). Ch. 18: The Dalai Lama: Prayer AND Action! A successful approach requires ideation and action, as the Dalai Lama explained to Perkins (157-61). Ch. 19: Accepting Consumer Responsibility. Consumers have to accept ethical responsibility for their acts, making more expensive purchases as investments in the future (162-70). Ch. 20: Creating a New Economy. Latin America has changed, rejecting "extreme materialism and militarism" (178; 171-78). Ch. 21: Green Markets. Optimism about companies that use sustainable business practices (179-81). Ch. 22: Good Stewardship, New Icons. In recent decades, American have embraced predatory capitalists (robber barons) as ideal types, spurning an earlier ethos that it is now time to return to (182-87). Ch. 23: New Rules for Business and Government. There must be public

pressure for new rules and regulations (18894). Ch. 24: Honoring Your Passion. Politicians have to be forced to action by people motivated by passionate convictions (195-203). Conclusion. A summer 2009 visit to Panama; we have been hoodwinked by predatory capitalists, but it is in the people's power to change: "The choice is our" (218; 205-18). Acknowledgments. Literary agent, editor, publicist, wife Winifred, son-in-law (web master). Notes. 11 pp. Index. 11 pp. About the Author. John Perkins worked as a business economist in the 1970s; his Confessions of an Economic Hit Man (2004) has been translated into "over thirty languages" (244). In the 1980s he worked as CEO of an alternative energy company. As a writer and lecturer he has devoted himself to various NGOs. Hoodwinked is his third book on economics and politics. He has also written or co-written five books on "indigenous cultures and personal and global transformation": The Stress-Free Habit (1989); The World Is as You Dream It (1994); Shapeshifting (1997); Psychonavigation (1999); Spirit of the Shuar (2001). [Additional information. John Perkins was born on July 28, 1945, in Hanover, NH. He attended the Tilton School and Boston University School of Management. Some details of his life described in Confessions of an Economic Hit Man have proved difficult to verify, and the U.S. government has denied that he was recruited by the NSA. Perkins is currently working with Lynn Roberts as part of Dream Change, which offers "Sacred Expeditions, Workshops & Apprentice Programs"—the next event scheduled is Mar. 4-6, 2011, in Vancouver, B.C. He lives in western Massachusetts (271).] [Critique. Hoodwinked recycles in Part I the story of Perkins's life that he first laid out in Confessions of an Economic Hit Man,

applying its basic concepts in a brief, summary way to the rest of the world and to American society. In Part II he appeals to Americans to recognize their own capacity to bring about social change. Perkins's analysis is simple, even simplistic, but that is no doubt the author's intent. — In Perkins's writing, every theory or fact is integrated into an anecdote: his maxim seems to be: make it personal. (In August 2006, at the Veterans For Peace conference in Seattle, Perkins said: "I can only speak from experience. I'm not a theorist, I'm not an academician, and I don't consider myself an intellectual at all. I only speak from experience, and my experience is that the corporations are running this [system].") — Perkins often uses narrative formulae, such

as one in which he is called to a meeting where an insider says something memorable while the author, humbly Candide-like, listens. Novelistic details are provided, e.g. (perhaps a pastiche of Joseph Conrad): "A cool breeze floated off the river, and an oil tanker passed by, a dark shadow among the lights, headed out to sea" (138). Later, he reads quotes from some article containing the gist of what Perkins wants to convey that reminds him of the memorable remark. In this way, Perkins personalizes what are to most people remote, abstract issues. — Many of Perkins's narrations appear to be devised to convey a moral; indeed, we suspect his life story as he tells it is such a narrative device.]

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