Financial Boom and Bust … In Cartoons!
I want to share with everyone a new CAW resource that was produced for our Constitutional Convention (which took place last month in Quebec City).
It’s a 4-page cartoon book explaining the core dynamics of financial cycles, that was illustrated and deesigned by Tony Biddle — the awesome Toronto political cartoonist who also illustrated Economics for Everyone.
The cartoon book is called How to Make a Financial Souffle, and here’s the URL link:
There is also a French language version of the cartoon book, which will be posted shortly (along with our other 2009 Constitutional Convention documents) at the web site of our Quebec division:
Anyone is welcome to download and share the resource.Â It argues that while every financial crisis has its specific causes and timing, there are 3 key ingredients in each one:
- The desire of welath-owners to speculate
- Injections of easy credit from a financial sector eager to share in the profits of speculation
- Lack of oversight by government regulators
Our goal with the cartoon book is to provide a more accessible way of educating union members and other folk about how financial cycles work.Â If our people have a better understanding about what exactly caused the financial meltdown, they’ll be less vulnerable to being tricked into subsidizing it (by tightening our own belts, as demanded by employers and governments alike).
The crisis was not a random, bad thing that just happened one day.Â It was the predictable and preventable result of a financial and economic system that operates in a particular way, following a particular set of interests.Â Change the rules, and we can avoid future crises.Â If we don’t change the rules, but merely try to “weather” the crisis (suffering lost jobs, lost incomes, lost homes, and lost pensions in the process), then the reward we will get for our sacrifices is another crisis some years down the road when the whole cycle repeates itself.Â That should be ample reason for our members to stand up and say, “Enough is enough.”
Tony Biddle does awesome work, and can be reached at firstname.lastname@example.orgÂ for any other organizations who want to use his ample talents!