Category Economics

The Political Economy of Obama/Trump

The Political Economy of Obama/Trump by Richard D. Wolff US capitalism is again careening down blind alleys. Earlier it had crashed into the Great Depression from 1929 to 1933 before lurching into the New Deal. After 1945 it concentrated on rolling back the New Deal until it turned sharply to neoliberalism and “globalism” in the […]

“We’re operating under a false perception and that perception really happened in 1976”

‘The only business of business is to maximize short term gain regardless of social  or environmental cost.’

GOING OFF THE GOLD STANDARD CAUSED INEQUALITY TO SOAR

Why Inequality Started Soaring in 1971  by WashingtonsBlog Going Off the Gold Standard Encouraged a Financialized Economy … Which Caused Inequality to Soar The New York Sun notes that inequality started soaring in 1971 … the same year that Nixon took the U.S. off of the gold standard.  The Sun shows the following chart from Thomas Piketty’s new […]

BANKS CREATE MONEY OUT OF THIN AIR, AND THEN CHARGE INTEREST ON IT

The Biggest Secret About Banking Has Just Gone Mainstream  by WashingtonsBlog Banks Create Money Out of Thin Air … Conferring Enormous Windfall Profits At the Expense of the People We’ve pointed out for 4 1/2 years that banks create money out of thin air. Specifically, it has now been conclusively proven that loans come first … and then deposits FOLLOW. […]

Massive Inequality Didn’t Just Happen—It Was Engineered by Conservative Government Policies

AlterNet / By Dean Baker Inequality in America is the result of a whole range of policies intended to redistribute income upward.   In his speech on inequality earlier this month, President Obama proclaimed that the government could not be a bystander in the effort to reduce inequality, which he described as the defining moral issue of our […]

President Pivot prepares to screw old and infirm

                    Whatever Happened to ‘No negotiations’ with Debt Ceiling ‘Hostage Takers’?        by: Dave Lindorff   President Obama ran for president promising change. What his backers didn’t realize was that he wasn’t talking about changing America for the better. He was talking about changing his position whenever he found himself in a confrontation with Republicans. There’s […]

One Nation, Under Sesquestration

Is horse trading the answer? (Well, it might be better than the alternative …) from Hullabaloo by digby Who could have guessed? Sequestration exemptions are shaping up to be Washington’s newest version of earmarks. Agencies, companies and other groups are on the hunt for Capitol Hill allies with the juice to save their pet issues from the […]