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SYNOPSIS: These extraordinary times –unprecedented in modern history– are marked by a worldwide depression and regional wars involving all the major imperial powers. This book exposes the roots of the crisis in the unsustainability of the United States’ military-driven empire building based on a volatile speculative economy, and influenced by Zionist policy makers committed to the colonialist state of Israel.
It offers a critical study of the collapse of the empire and a profound indictment of the respectable and prestigious personalities either responsible for the debacle, or for its continuance. Petras provides clear insight into how the ramifications of the world depression and regional wars that originated in Washington and on Wall Street are extending throughout the world, provoking popular challenges especially in Latin America, while reinforcing the belligerency and increasingly fascistic nature of the state of Israel. He demonstrates how unending wars and a deepening capitalist depression have demolished the ideology of free market neo-liberalism and forced to the forefront the need for structural changes. He points out how the collapse of the capitalist free market and the need for large-scale, long-term interventions by the state have once again raised the question of whose interests states are presently promoting, and whose interests in actuality they should serve. Both in the United States and Latin America, center-left regimes are proposing economic reforms to try to save the capitalist system. However the deepening crisis is raising the prospect of mass support for 21st Century socialism, which focuses on public investment, ownership and control.