Posts Tagged Economy

Richard Wolfe On The Solution To Capitalism

Watch this and think:  In this video economist Richard Wolfe discusses his very different look at capitalism – a socialistic perspective.  The video was produced in 2012, five years after the crash of 2007.  He suggests we must look at bold changes, if we are to actually help the majority.  He, along with “millions, see(s) a capitalist system no longer serving most Americans.”  He rejects the Adam Smith premise that if everyone takes care of himself and works hard we will all rise.  Interestingly, that theory has only worked for the very few.  Wolfe insists that “the system of rules we are all playing by is the problem and that system must change.” I agree with Wolfe that our infatuation with capitalism has run its’ course and it is time for bold, substantial change.  Watch the video and consider something different.


 

 

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Reaganomics, Constructing A Myth

Reaganomics (1)


Read this:  Ever wonder how Ronald Reagan could have had such an overwhelming effect on the U.S. and for that matter the world.  This article in in The Guardian by Dean Baker is a good brief overview.  People seem to need an idol to give an idea real power.  “Reagan helped to put a caricature of politics at the centre of the national debate and it remains there to this day.”  He has become godlike and proven to be enormously effective.  The differences in perceptions between right and left are pretty simple.  Basically “progressives trust the government to make key decisions on production and distribution, while conservatives trust the market.”  Amazingly, almost by default, the right has been able to effectively control the conversation as if it were gospel.  As Baker says here, the “right has no greater commitment to the market than the left” but incredibly “progressives are so foolish as to accept this framing.”  Progressives are either silent or go along with far to much of the right wing dialogue and in the process they have allowed the entire government to follow the false god of Reaganomics.  As Dean says, “it seems that progressives have taken a pledge to be the Washington Generals of national politics. The policies that have led to the most massive upward redistribution of income in the history of the world go largely unchallenged, while we argue endlessly over the Reagan-Bush tax breaks to the rich.”  Read the whole article below.


http://www.theguardian.com/commentisfree/cifamerica/2011/feb/07/ronald-reagan-republicans

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Big Banks Required To Be A Little More Responsible

  Dodd-Frank

A Small Step

 Read this:  This Mother Jones article, by Kevin Drum, explains some good news on the financial front, particularly regarding the big banks.  Basically, “the Fed has finally announced new capital requirements for large, systemically important banks that could devastate the financial system if they failed.”  Don’t get too excited because it is very modest and definitely not enough.  It will be fought every step of the way.  Additionally, if we look the other way for too long, members of congress will be creating shadowy ways to undue anything they can.  These modest changes simply require the big banks to “increase capital requirements” relative to the risks it is taking.  “It also applies only to ordinary banks, not to the shadow banking sector—which, in retrospect, appears to have been at least as big a contributor to the financial collapse as conventional banks.”


http://www.motherjones.com/kevin-drum/2015/07/big-banks-get-their-new-marching-orders-fed

 

 

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Corporatocracy & Economic Hit Men – Globalization Working Smoothly

 Corporations - Not Democracy  Watch this:  I read the book Confessions of An Economic Hitman by John Perkins several years ago and frequently think I need to incorporate it into a post.  Well today I stumbled onto the video of the same name below while browsing Thom Hartman’s web site so here it is.  After watching the video think about Greece and the other countries in economic crisis where external pressure for increased austerity abound.  I think maybe the Economic Hitmen have been very active.  Sadly we have all been and continue to be very oblivious.Many say the United States has become or at least acts like an empire throughout the world.  Ridiculous, we have no emperor, but we have allowed corporations (many multi national) to have massive unelected influence over U.S. policies and actions.  This corporatocracy “essentially acts as the emperor and operates under one assumption and that is that they ‘must maximize profits, regardless of the social or economic cost’.”  This is done by the use of “debt, bribery and political overthrow” better known as “globalization”.

The basic plan works as follows:

  • put a country in debt,
  • impose conditionalities or structural adjustment policies
    – currency devaluation,
    – large funding cuts for social programs,
  • privatization of the state owned enterprises,
  • trade liberalization or removing any trade restrictions,
  • creation of unnoticed and inhumane sweatshop factories,
  • environmental destruction becomes perpetual.

The World Bank is a key component in implementing the plan.  “A cursory glance at the record of the World Bank found that it has done nothing but increase poverty and the wealth gap while corporate profits soar.  And the World Bank is essentially a U.S. bank since the U.S. holds veto power as the largest investor (creating money out of thin air).  51 of the worlds top economies are corporations and 47 of those 51 are U.S. based.  A summation at the end says “there is no America, there is no democracy … only corporations … determines by the immutable bylaws of business”.


https://www.youtube.com/watch?v=RVsB07CcSNw&feature=youtu.be

 

 

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Starving The Beast

 Budget Cuts  Read this:  This older Daily KOS article by RETIII takes a look at the “real” problem concerning the US budget.  A policy that really came to life during the Reagan presidency.  The “prime reason why we have a budget deficit problem in this country is because Republicans almost universally believe in a nonsensical idea called starve the beast.”  The author describes his frustration when writing about the deficit that often forces him to “stop because none of it makes any sense whatsoever if you don’t acknowledge and discuss the larger Republican plan to ‘Starve the Beast’.”  The primary tool, cutting taxes – inevitably starves the beast.  But “let’s be clear, ‘Starve the Beast’ is not about cutting government spending; it is about starving government spending for social programs that Republicans don’t like.”  This policy has almost taken on a life of it’s own, but be assured, the conservative right and specifically the 1%, actively push this rigid agenda and “while it originally focused on tax cutting as a tool, it has mutated to the larger ‘hostage crisis’,” being used on almost any conservative issue.  The article concludes asking “if this was the Republicans’ openly acknowledged view, and it worked, so be it. But why the hell is it not reported, and why aren’t Republicans forced to defend it?”  Read more and observe as this policy is continually applied in our various levels of government, remembering that while we are “starving the beast”, that money is going somewhere else.


http://www.dailykos.com/story/2015/05/07/1374280/-Why-Will-No-One-Democrats-or-Media-Acknowledge-The-Republican-Starve-The-Beast-Plan

 

 

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The FED – What It Does and For Who

Watch this short video and sign the petition:  Ever wonder what the Federal Reserve really does?  The organization Brave New Films has created the short video below to help explain this.  They point out that the “Fed” has the ability to directly affect our economy and who wins and loses.  “Under pressure from big corporations and Wall Street, the Federal Reserve is moving in ways that will stop wage growth and raise interest rates. This is a terrible idea that will hurt millions of low wage workers and unemployed Americans.”  Once again, corporations (those special people) seem to get special / secret treatment.  Watch the video and get involved by signing the petition.

 

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