I believe the original point was that without the bankruptcy of the financial oligarchy there can be no shake up and no way for the people to establish a power base within the government. This is completely true. It doesn’t mean we need 10 years, or even 5, of grinding depression. The irony of guys like Ben Bernanke is that they took the exact wrong lessons from the Great Depression: instead of saving the banksters, which he did, he should’ve saved the real economy and let the banksters collapse. The payments systems and other integral parts of our financial system should’ve been nationalized (frankly they shouldn’t be controlled by private companies in the first place because they are too important to all of us to entrust to companies that can go bankrupt), and the banksters left bankrupt in the dirt where they belong. Bernanke’s ilk see everything through the lens of the financial industry, as if the real economy is secondary to finance when its the reverse. So yes, we need a collapse where the banksters are allowed to fail, with the government providing fiscal stimulus and (gasp!) price controls and international transfer controls for a short time if necessary while there is a reorganization of the financial sector so it actually serves the real economy.
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