
NZZ: Mr. Todd, you write that America is economically, militarily, and ideologically too weak to actually control the world. This would gladden many anti-Americans. But how is this anything but the wishful thinking of an intellectual who is the product of the French US critical tradition?
ET: This is neither wishful thinking nor anti-Americanism. Why would I have been so prominently criticised by the left? The French career anti-American paper "Le Monde diplomatique", was the only major paper that remained conspicuously silent on my book. The over-estimation of America is fundamental to these people. It is on this topic that they agree with the American ultra-conservatives: the former to demonize, the latter to aggrandize.

At its core, Thom Workman's thesis is simple: labour is a major cost for businesses of all kinds, and thus an impediment to profits. As such, "transnational capital" seeks constantly to lower the cost of labour; when they do this by breaking down "trade barriers" to gain access to cheap labour or invoke international competitiveness to roll back wages, the process is called globalization. In Social Torment, Thom Workman starts by outlining the history of this shift from the "class compromise" of the twentieth century to the newly invigorated attacks on unions and the working class. And then he does something interesting; rather than spinning together a series of anecdotes to support his case, Workman looks at the numbers.

Most Canadians don't need to be told that bank fees are rising, while interest rates paid on deposits--even in long term savings accounts--have diminished to the point of being inconsequential. Since the early nineties, the "big five" banks in Canada (Toronto Dominion, Royal Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Bank of Montreal) have been accelerating a collective move away from traditional retail banking, which is based on the premise that depositors lend their money to a bank and receive interest and certain services in return.Instead, the trend has been to charge increasing service fees while moving customers into areas more lucrative for banks such as credit cards, mutual funds, money market accounts, and stock market investments. Simply storing money in chequing and savings accounts is no longer a considered as a mutually beneficial arrangement; it is now a service to be paid for. The Dominion is a monthly paper published by an incipient network of independent journalists in Canada. It aims to provide accurate, critical coverage that is accountable to its readers and the subjects it tackles. Taking its name from Canada's official status as both a colony and a colonial force, the Dominion examines politics, culture and daily life with a view to understanding the exercise of power.