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How the International Monetary Fund Continues to Shrink the Poorer Nations
From 9 to 15 October, the International Monetary Fund and the World Bank held their annual joint meeting in Marrakech (Morocco). The last time that these two Bretton Woods institutions met on African soil was in 1973, when the IMF-World Bank meeting was held in Nairobi (Kenya). Kenya’s then President Jomo Kenyatta (1897–1978) urged those […]
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Government Debt is Not the Problem
Polarization of the American public reflects the polarization of its political Parties, both of whom strive for ascendancy by demeaning, contradicting, and formulating proposals to wrong the other; each Party wrongs itself and the American public. The recent and periodic arguments concerning the proposed federal budget, an entrance for initiating threats to “close the government,” […]
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More Banks to Fail? Not in North Dakota
U.S. banks are again in the crosshairs. Standard and Poor’s has downgraded five new middle-tier banks and put three others on negative outlook. This follows sweeping downgrades earlier in August by Moody’s, which cut credit ratings on 10 banks and placed four of the 15 largest U.S. banks on review for possible downgrade. As with the banks going into […]
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Postmodern Tyranny: States of Deception from 9/11 to Covid-19
It’s been well over a year now since the health scare dubbed the Covid-19 pandemic has had any widespread impact upon the lives of the vast majority of humanity. Since the “fog of war” has lifted, so to speak, there has been very little introspection regarding the knee-jerk authoritarianism imposed upon humanity in the liberal […]
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The World Needs a New Development Theory That Does Not Trap the Poor in Poverty
The Akosombo Dam in the Volta River, inaugurated in 1965 during Kwame Nkrumah’s presidency. In June, the United Nations’ Sustainable Development Solutions Network published its Sustainable Development Report 2023, which tracks the progress of the 193 member states towards attaining the seventeen Sustainable Development Goals (SDGs). ‘From 2015 to 2019’, the network wrote, ‘the world […]
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The Federal Debt Trap: Issues and Possible Solutions
“Rather than collecting taxes from the wealthy,” wrote the New York Times Editorial Board in a July 7 opinion piece, “the government is paying the wealthy to borrow their money.” Titled “America Is Living on Borrowed Money,” the editorial observes that over the next decade, according to the Congressional Budget Office (CBO), annual federal budget […]
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Economic Conditions Continue To Worsen For Millions
While the monopoly-controlled media incessantly promotes disinformation, incoherence, and irrationalism about the U.S. economy, real people are experiencing harder economic conditions with each passing month. Below are 30 recent statistics that bear this out. ***** “More than half — 54% — of American millennials and Gen Z are still financially dependent on their parents, according […]
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Another Look at the Financial Transactions Tax
Photo by Mika Baumeister on Unsplash A small financial transactions tax could correct a number of maladies in our economic system, from the federal debt crisis to the widening wealth divide to the rampant financialization of the economy, while eliminating taxes on income and sales. The debt ceiling crisis has again brought into focus the […]
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Does China Have a Huge Problem Despite Impressive Economic Development?
The G7 has recently wound up its meeting in Hiroshima, and the participants joined to affirm their fear of the Threat of China. British media reported that prime minister Rishi Sunak said: “China poses the biggest challenge to global security and prosperity of our age with the ‘means and intent to reshape the world order’.” The […]
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