Category Economics

Half the collective wealth of African-American families was stripped away during the Great Recession

Slate By the official end of the recession in 2009, median household net worth for blacks had fallen to $5,677—a generation’s worth of hard work and progress wiped out. (The number for whites, by comparison, was $113,149.) Overall, from 2007 to 2010, wealth for blacks declined by an average of 31 percent, home equity by an […]

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 […]

Before the Collapse, a Call to Action

by KEVIN ZEESE and MARGARET FLOWERS http://www.counterpunch.org Before we get to the impact of the Obama budget, let’s explode a critical myth: there is no recovery (at least for the 99%). Last month’s unemployment numbers revealed the fraud of the unemployment rate.  Even though the country produced less than 90,000 new jobs, when over 120,000 […]