Category Economics

The Despotic Dozen

For the first time in history, the 12 richest individuals in the United States collectively hold over $1 trillion in wealth. […] “This despotic dozen has tremendous power and wealth related to their control of the technological platforms and digital commons that we all depend on.” Jeff Bezos ($189.4 billion) Bill Gates ($114 billion) Mark […]

How We Got Here: the Global Economy’s 75-Year Stumble to the Precipice — Strategic Culture Foundation

Charles Hugh SMITH Not only will there not be a recovery, but there can’t be a recovery, as those brittle extremes have been lost for good. How did the global economy end up teetering on a precarious financial precipice? To formulate a cogent answer, let’s take a whirlwind tour of the history of the global economy […]

Free Market Capitalism: The Greatest Lie Every Told — The Most Revolutionary Act

The Entrepreneurial State: Debunking Public vs Private Sector Myths By Mariana Mazzucato Anthem Press (2013) Book Review This book totally shatters the lie that the free market makes the US the world’s greatest economic power. Mazzucato leaves the reader with absolutely no doubt the exact opposite is true […] As Mazzucato’s research ably demonstrates, capitalism […]

Word: Socialism and capitalism — UNDERNEWS

Via Curtis Ison Thecase via Word: Socialism and capitalism — UNDERNEWS

EUGENICS: ‘SNAP’, Western Capitalism & “Useless Eaters” – By Caleb Maupin — RIELPOLITIK

Source – journal-neo.org – “…Western capitalism has entered a stage where it views the population not as an asset, but as a burden. Instead of seeing each citizen as capable of creating a contribution to society, and making the country better, the population is viewed as a problematic horde that must be carefully managed … […]

Paul Volcker’s Long Shadow — Truthdig RSS

Former Federal Reserve Chairman Alan Greenspan called Paul Volcker “the most effective chairman in the history of the Federal Reserve.” But while Volcker, who passed away Dec. 8 at age 92, probably did have the greatest historical impact of any Fed chairman, his legacy is, at best, controversial. “He restored credibility to the Federal Reserve… […] […]

The true legacy of US central banker Paul Volcker (1927–2019) — World Socialist Web Site (en)

A full accounting would reveal that his policies, imposed on behalf of the American capitalist class, resulted in untold social misery and the premature death of millions of people, not only in the US but around the world. via The true legacy of US central banker Paul Volcker (1927–2019) — World Socialist Web Site (en)

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 […]