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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 Students learn economics from unverified and outdated theories, many contradicting one another, which leads to a confused understanding of the discipline and […]
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“Free Trade” as Revealed in the China-United States Paradigm
Free trade is much ballyhooed by the US and the capitalist world, but critics have been skeptical as to whether such trade freely takes place. Investopedia provides a useful definition of free trade: A free trade agreement is a pact between two or more nations to reduce barriers to imports and exports among them. Under […]
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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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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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Tossing Neoliberalism into the Dumpster
It’s official, according to a speech by National Security Advisor Jake Sullivan, the United States is jumping off the neoliberal globalization bandwagon (a root cause of domestic extremism) and it couldn’t come soon enough as institutions of government are sucking up more and more angry exhaust fumes from constituents, as well as encountering a world […]
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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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Standing Together: Resisting the New Normal
The US wanted Russia to attack Ukraine. So says Robert H Wade, professor of Global Political Economy at the London School of Economics. And then it brought in its wide-ranging sanctions regime in response. According to renowned investigative journalist Seymour Hersch, the US subsequently blew up the Nord Stream 2 gas pipeline. The result is that […]
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