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Stagflation: Stagnation, Inflation, and Beyond
Since my prediction in April of 2007 of an impending economic crash, I’ve vowed not to risk my unblemished record with any further predictions. But a simple thing that I learned from the run-up to that catastrophe was when the “little people” — the “every man and every-woman” — found their way into stock market […]
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Fatal Decline of the Imperial Power
A previous article, “Challenging China,” described the mixed and managed economy that enables China (PRC) to overcome the economic pressures posed by an overly contentious America. More to it. China’s mixed and managed economy is designed to match its stage of development and is well managed. The U.S. non-managed economy has no design and does […]
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President Trump’s Proposal to Eliminate Income Taxes: Can It Be Done?
In February, President Trump said that tariffs would generate so much income that Americans would no longer need to pay income taxes. The latest plan, according to U.S. Commerce Secretary Howard Lutnick, is to abolish income taxes for people who earn less than $150,000 yearly. That move would affect roughly 75% of workers, according to U.S. Census Bureau data. On its […]
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Donald Trump and Depression Economics
Somewhere in the universe is a man known as Donald Trump. He has residences in New York, Palm Beach, Florida, and a white columned house at 1600 Pennsylvania Avenue, Washington, D.C. From these well-furnished bungalows, where supplicants meet to greet, monarch butterfly Trump governs his territory ─ planet earth. When the monarch desires a change […]
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Is There an Answer to Inflation?
Inflation is a scourge on those cursed with living under the capitalist order. It especially punishes those least able to weather the pain of constantly falling behind rising prices and expanding debt. Inflation harms nearly all working people whose income growth trails the rise in prices, including those with union contracts that bridge periods of […]
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Good News – Big Opportunities on the Horizon
In the midst of so much bad news in the media, it is always good to be alert to rays of sunlight that civic action can build upon. First, let’s start with the sun, which is receiving increased respect these days by Earthlings. Various forms of solar energy – thermal, photovoltaic, wind, and passive (architecture) […]
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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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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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The End of an Era
Why do the International Monetary Fund (IMF), the World Trade Organization (WTO) and the World Bank– three of the most highly regarded international economic organizations-project a bleak road ahead for the global economy? Ominously, the World Bank warns of the possibility of a coming “lost decade” for economic growth. In January of this year, the […]
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Playing with Financial Fire
Capitalism, Marx said, is unceasingly prone to crisis. His observation applies as much to financial capital as to industrial capital, as the recent collapse of Silicon Valley Bank and Signature Bank of New York attest. In their pursuit of profits, banks make loans that borrowers cannot repay or back the loans with assets that lose […]
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