SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Donald Trump announces a new development at City Hall in New York City in the 1970s. (Photo: Getty)
"Fear City" Explores How Donald Trump Exploited the New York Debt Crisis To Boost His Own Fortune
When I published "The Shock Doctrine" a decade ago, a few people told me that it was missing a key chapter in the evolution of the tactic I was reporting on. That tactic involved using periods of crisis to impose a radical pro-corporate agenda. They said that in the United States that story doesn't start with Reagan in the 1980s, as I had told it, but rather in New York City in the mid-1970s. That's when the city's very near brush with all-out bankruptcy was used to dramatically remake the metropolis. Massive and brutal austerity, sweetheart deals for the rich, privatizations.
Apr 23, 2017
When I published "The Shock Doctrine" a decade ago, a few people told me that it was missing a key chapter in the evolution of the tactic I was reporting on. That tactic involved using periods of crisis to impose a radical pro-corporate agenda. They said that in the United States that story doesn't start with Reagan in the 1980s, as I had told it, but rather in New York City in the mid-1970s. That's when the city's very near brush with all-out bankruptcy was used to dramatically remake the metropolis. Massive and brutal austerity, sweetheart deals for the rich, privatizations. In classic Shock Doctrine style, under cover of crisis, New York changed from being a place with some of the most generous public services in the country, engaged in some cutting-edge attempts at racial and economic integration, to the temple of nonstop commerce and gentrification that we all know and still love today.
New York's debt crisis is an incredibly important and little understood chapter in the evolution of what Nobel Prize-winning economist Joseph Stiglitz calls market fundamentalism, a process the Trump administration is in the process of rapidly accelerating, which is why I was so happy to receive Kim Phillips-Fein's remarkable new book "Fear City." In it, she meticulously documents how the remaking of New York City in the '70s was a prelude to what would become a global ideological tidal wave, one that has left the world brutally divided between the one percent and the rest. She helps us to understand many of the forces that Trump exploited to win the White House, from economic insecurity to crumbling public infrastructure to fear-mongering about black crime, all amidst previously unimaginable private wealth.
But one of the things that really stood out for me in the book is what it reveals about Trump himself. "Fear City" tells the story of how a brash 29-year-old real estate developer seized on the city's misfortune to boost his own fortune, extracting predatory terms from a community in crisis.
Reading this, it struck me how Trump's entire career has been shaped by the exploitation of crisis. And that's relevant stuff for what it tells us about what we can expect from his administration in the months and years to come.
Read the rest at The Intercept.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
© 2023 The Intercept
Naomi Klein
Naomi Klein is an award-winning journalist and New York Times, bestselling author. She is Senior Correspondent for The Intercept, a Puffin Writing Fellow at Type Media Center, from 2018-2021 she was the inaugural Gloria Steinem Endowed Chair at Rutgers University and the Honorary Professor of Media and Climate at Rutgers. In September 2021, she joined the University of British Columbia as UBC Professor of Climate Justice. Her books include: "No Is Not Enough: Resisting Trump's Shock Politics and Winning the World We Need" (2017), "This Changes Everything: Capitalism vs the Climate" (2015); "The Shock Doctrine: The Rise of Disaster Capitalism" (2008); and "No Logo: Taking Aim at the Brand Bullies" (2009). To read all her writing visit www.naomiklein.org.
When I published "The Shock Doctrine" a decade ago, a few people told me that it was missing a key chapter in the evolution of the tactic I was reporting on. That tactic involved using periods of crisis to impose a radical pro-corporate agenda. They said that in the United States that story doesn't start with Reagan in the 1980s, as I had told it, but rather in New York City in the mid-1970s. That's when the city's very near brush with all-out bankruptcy was used to dramatically remake the metropolis. Massive and brutal austerity, sweetheart deals for the rich, privatizations. In classic Shock Doctrine style, under cover of crisis, New York changed from being a place with some of the most generous public services in the country, engaged in some cutting-edge attempts at racial and economic integration, to the temple of nonstop commerce and gentrification that we all know and still love today.
New York's debt crisis is an incredibly important and little understood chapter in the evolution of what Nobel Prize-winning economist Joseph Stiglitz calls market fundamentalism, a process the Trump administration is in the process of rapidly accelerating, which is why I was so happy to receive Kim Phillips-Fein's remarkable new book "Fear City." In it, she meticulously documents how the remaking of New York City in the '70s was a prelude to what would become a global ideological tidal wave, one that has left the world brutally divided between the one percent and the rest. She helps us to understand many of the forces that Trump exploited to win the White House, from economic insecurity to crumbling public infrastructure to fear-mongering about black crime, all amidst previously unimaginable private wealth.
But one of the things that really stood out for me in the book is what it reveals about Trump himself. "Fear City" tells the story of how a brash 29-year-old real estate developer seized on the city's misfortune to boost his own fortune, extracting predatory terms from a community in crisis.
Reading this, it struck me how Trump's entire career has been shaped by the exploitation of crisis. And that's relevant stuff for what it tells us about what we can expect from his administration in the months and years to come.
Read the rest at The Intercept.
Naomi Klein
Naomi Klein is an award-winning journalist and New York Times, bestselling author. She is Senior Correspondent for The Intercept, a Puffin Writing Fellow at Type Media Center, from 2018-2021 she was the inaugural Gloria Steinem Endowed Chair at Rutgers University and the Honorary Professor of Media and Climate at Rutgers. In September 2021, she joined the University of British Columbia as UBC Professor of Climate Justice. Her books include: "No Is Not Enough: Resisting Trump's Shock Politics and Winning the World We Need" (2017), "This Changes Everything: Capitalism vs the Climate" (2015); "The Shock Doctrine: The Rise of Disaster Capitalism" (2008); and "No Logo: Taking Aim at the Brand Bullies" (2009). To read all her writing visit www.naomiklein.org.
When I published "The Shock Doctrine" a decade ago, a few people told me that it was missing a key chapter in the evolution of the tactic I was reporting on. That tactic involved using periods of crisis to impose a radical pro-corporate agenda. They said that in the United States that story doesn't start with Reagan in the 1980s, as I had told it, but rather in New York City in the mid-1970s. That's when the city's very near brush with all-out bankruptcy was used to dramatically remake the metropolis. Massive and brutal austerity, sweetheart deals for the rich, privatizations. In classic Shock Doctrine style, under cover of crisis, New York changed from being a place with some of the most generous public services in the country, engaged in some cutting-edge attempts at racial and economic integration, to the temple of nonstop commerce and gentrification that we all know and still love today.
New York's debt crisis is an incredibly important and little understood chapter in the evolution of what Nobel Prize-winning economist Joseph Stiglitz calls market fundamentalism, a process the Trump administration is in the process of rapidly accelerating, which is why I was so happy to receive Kim Phillips-Fein's remarkable new book "Fear City." In it, she meticulously documents how the remaking of New York City in the '70s was a prelude to what would become a global ideological tidal wave, one that has left the world brutally divided between the one percent and the rest. She helps us to understand many of the forces that Trump exploited to win the White House, from economic insecurity to crumbling public infrastructure to fear-mongering about black crime, all amidst previously unimaginable private wealth.
But one of the things that really stood out for me in the book is what it reveals about Trump himself. "Fear City" tells the story of how a brash 29-year-old real estate developer seized on the city's misfortune to boost his own fortune, extracting predatory terms from a community in crisis.
Reading this, it struck me how Trump's entire career has been shaped by the exploitation of crisis. And that's relevant stuff for what it tells us about what we can expect from his administration in the months and years to come.
Read the rest at The Intercept.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.