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A Matter of Interest: The RBA, Inflation and Corporate Profits
He is one of the least empathetic of beings, a cold fish, bothered and irritated. Captured by the cradle of numbers (he is an economist); obsessed by the spreadsheet of projections that may never result, there is not much to recommend the chief of the Reserve Bank of Australia, Philip Lowe. Come to think of […]
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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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Beware of Economic Textbooks
Protests by British university economic students against neo-classical economics highlight the notion that economic education is dominated by theories that defy practical applications and applications that cannot predict, prevent, and ameliorate periodic crises. Students learn economics from unverified and outdated theories, many contradicting one another, which leads to a confused understanding of the discipline and […]
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Peace Dollars: Putting Our Economic House In Order
The total federal deficit at $31+ trillion? Maybe it’s time for some creative thinking — a totally unique strategy that benefits all Americans, not just capitalist predators. Special use currency is not unprecedented. Abraham Lincoln used “greenbacks” — the paper currency shown above, backed by nothing more than confidence in the government — to finance the Civil War. He […]
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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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The True Meaning of Debt
In debating the validity of raising the debt limit, the United States Congress has not carefully analyzed the reasons for government debt and the meaning of all debt. The true meaning of debt has the modern capitalist system as a debt-driven system. All new money supply is debt and the money supply is the energy […]
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Steering the Titanic into the Iceberg
Patty Chayefsky’s film Network, an acid-laced spoof of capitalist media, reaches its climax when Chairman Arthur Jensen, leader of the fictional mega-corporation CAA, thunders his disapproval to the crazed but wildly popular anchorman, Howard Beale. Encouraging his viewers to protest CAA’s unpatriotic merger deal with Saudi Arabian capitalists, Jensen accuses Beal of having “meddled with […]
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Squeezed by the Shorts: Time to Ban Short Selling?
Short sellers have made a killing in the recent banking crisis, scalping $14.3 billion from bank stock owners just in March of this year. Short sellers “borrow” stock they don’t own and immediately sell it, driving the price down. Then they buy it back at the lower price, return the stock, and pocket the difference. […]
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A Certain Form of Thieving
It looks like 2008 all over again. Economic and financial mismanagement feature in scorching, consuming brilliance. The culpable, bungling banksters, have returned with their customary, venal incompetence. In the customary script, they habitually seek the role of the public purse to socialise their losses. Along the way, they will avoid richly deserved prison sentences, lie […]
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Sowing Seeds of Plunder
It’s a lose-lose situation for Ukrainians. While they are dying to defend their land, financial institutions are insidiously supporting the consolidation of farmland by oligarchs and Western financial interests. So says Frédéric Mousseau, Policy Director of the Oakland Institute, an independent think tank. Depending on which sources to believe, between 100,000 and 300,000 Ukrainian soldiers […]
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