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Cake day: June 28th, 2026

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  • it sure is an oligarchy today, i wonder how this happened? i just finished chapter 11 of The Shock Doctrine, i highly recommend it. in short, the embracing of rapid and violent privatization in russia was due to demands by the World Bank and IMF. the “hope” by jeffrey sachs was that after “democratizing” their economy to be free and open to foreign investment and businesses, large loans would be given from the IMF to help stabilize their financial crisis. instead, no aid came, furthering the crisis and enriching the new oligarchic class, buying up over 100,000+ state companies for bargain deals (think fewmillion for companies with hundreds of millions/billions in revenue). tldr; the only reason an oligarchic class was born in russia was because of neoliberal chicago boys influence “neoliberal-izing” their economy. of course, the people of russia suffered (and continues to) immensely. i like this section from the book:

    "… Sachs could not see the most glaring political reality confronting him in Russia: there was never going to be a Marshall Plan for Russia because there was only ever a Marshall Plan because of Russia.

    …

    This was the real tragedy of the promise made to the Poles and Russians that if they followed shock therapy they would suddenly wake up in a “normal European country.” Those normal European countries (with their strong social safety nets, workers’ protections, powerful trade unions and socialized health care) emerged as a compromise between Communism and capitalism [not sure why Klein only chose to capitalize communism, but whatever]. Now that there was no need for compromise [after the fall of the USSR], all those moderating social policies were under siege in Western Europe, just as they were under siege in Canada, Australia, and the US. Such policies were not about to be introduced in Russia, certainly not subsidized with Western funds."