HyperNormalisation

1

MUSIC:
The Vanishing American Family by Scuba Z

EXPLOSION:

We live in a strange time.

Extraordinary events keep happening

that undermine the stability of our world.

Suicide bombs, waves of refugees,

Donald Trump, Vladimir Putin,

even Brexit.

EXPLOSION:

Yet those in control seem

unable to deal with them,

and no-one has any vision

of a different or a better kind of future.

MUSIC:
Something I Can Never

Have by Nine Inch Nails

This film will tell the story of

how we got to this strange place.

It is about how, over the past 40 years,

politicians, financiers and

technological utopians,

rather than face up to the real

complexities of the world,

retreated.

Instead, they constructed a

simpler version of the world

in order to hang on to power.

And as this fake world grew,

all of us went along with it,

because the simplicity was reassuring.

Even those who thought they

were attacking the system -

the radicals, the artists, the musicians,

and our whole counterculture -

actually became part of the trickery,

because they, too, had retreated

into the make-believe world,

which is why their opposition has no effect

and nothing ever changes.

MUSIC:
The Vanishing American Family by Scuba Z

But this retreat into a dream world

allowed dark and destructive

forces to fester and grow outside.

Forces that are now returning

to pierce the fragile surface

of our carefully constructed fake world.

In dreams

I live...

The story begins in two cities

at the same moment in 1975.

One is New York.

The other is Damascus.

It was a moment when two ideas

about how it might be possible

to run the world without politics first took hold.

In 1975, New York City was

on the verge of collapse.

For 30 years, the politicians who ran the city

had borrowed more and more money from the banks

to pay for its growing services and welfare.

But in the early '70s, the middle

classes fled from the city

and the taxes they paid disappeared with them.

So, the banks lent the city even more.

But then, they began to get worried

about the size of the growing debt

and whether the city would

ever be able to pay it back.

And then one day in 1975,

the banks just stopped.

The city held its regular meeting to issue bonds

in return for the loans, overseen

by the city's financial controller.

Good morning, ladies and gentlemen.

Today, the city of New York is

offering for competitive bidding

the sale of 260 million tax anticipation notes,

of which 100 million will

mature on June 3rd, 1975.

The banks were supposed to turn up at 11am,

but it soon became clear that none

of them were going to appear.

The meeting was rescheduled for 2pm

and the banks promised they would turn up.

The announcement on behalf of the

controller is that the offer,

which we had expected to receive

and announce at two o'clock this afternoon,

is now expected at four o'clock.

Paul, does this mean that, so

far, nobody wants those bonds?

We will be making a further

announcement at four o'clock

and anything further that I could

say now I think would not advance

the interest of the sale,

which is now in progress.

Does this mean that you have not

been able to sell them so far today?

We will have a further

announcement at four o'clock.

What happened that day in New York

marked a radical shift in power.

The banks insisted that in

order to protect their loans

they should be allowed to

take control of the city.

The city appealed to the President,

but he refused to help,

so a new committee was set up

to manage the city's finances.

Out of nine members, eight of them were bankers.

It was the start of an extraordinary experiment

where the financial institutions

took power away from the politicians

and started to run society themselves.

The city had no other option.

The bankers enforced what was

called "austerity" on the city,

insisting that thousands of teachers, policemen

and firemen were sacked.

This was a new kind of politics.

The old politicians believed

that crises were solved

through negotiation and deals.

The bankers had a completely different view.

They were just the representatives

of something that couldn't be negotiated with -

the logic of the market.

To them, there was no alternative to this system.

It should run society.

Just by shifting paper around,

these slobs can make 60 million, 65

million in a single transaction.

That would take care of all

of the lay-offs in the city,

so it's reckless, it's cruel and it's a disgrace.

There would be a fair number

of bankers, of course,

who'd say it's the unions

who have been too greedy.

- What would your reaction be to that?

- I guess they're right in a way.

If you can make 60 million

on a single transaction,

and a worker makes 8,000, 9,000 a

year, I suppose they're correct,

and as they go back to their little

estates in Greenwich, Connecticut,

I want to wish them well, the slobs.

But the extraordinary thing was

no-one opposed the bankers.

The radicals and the left-wingers

who, ten years before,

had dreamt of changing America

through revolution did nothing.

They had retreated

and were living in the abandoned

buildings in Manhattan.

The singer Patti Smith later

described the mood of disillusion

that had come over them.

"I could not identify

"with the political movements

any longer," she said.

"All the manic activity in the streets.

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