Articles/News

Why Capitalism Fails: Minsky, who saw the meltdown coming, had another troubling insight: it will happen again By Stephen Mihm

(comment: Although this is a reasonably good introduction to Minsky's insights it ignores some very important implications of Minsky's approach and body of work. Minsky's perspective is actually much richer than what has been presented here. One detail is that Mihm in choosing his title supposes that "Capitalism" is monolithic, Minsky rejects that assumption.

How the Federal Reserve Bought the Economics Profession by Ryan Grim From the Huffington Post http://www.huffingtonpost.com/200

Readers: This article pretty much peels back the veneer on the economics profession and professors relative to the US Federal Reserve. What it does not do is expose the long term investments by corporations including banks in promoting economists that favor their industry and excess profits. Thomas Malthus was for instance employed beginning in 1805 as an economics professor at Haileybury College as a solely owned educational institution to train employees of the British East Indies Company.

Judge Shira Scheindlin Procedural Decision In Case Against Ratings Agencies and Co-conspirators on Fraud.

 

READERS: This is a very important decision  against both corporate fraud as a form of free speech and against the fraudulent forms of securitization. As a decision it is likely to go to the US Supreme Court on an appeal. As it stands it is unlikely to be overturned, which means that Clients who lost based upon fraudulent ratings will be able to collect damages. This will put most of the current big five banks out of business.

Let's Create a Real Job Czar for the Jobless By L. Randal Wray Univ. of Missouri, Kansas City

For an example of what can be done, we can look to the recent experience of Argentina. As everyone knows, Argentina had been the darling of the Washington Consensus and of the IMF structural adjustment approach. It opened its economy, freed its markets, privatized government operations, downsized government, adopted fiscal and monetary austerity, and—importantly—adopted a currency board based on the dollar. It did everything “right”, but the IMF/Washington Consensus approach was fundamentally flawed and put Argentina into an inherently unsustainable situation.

The Specter of Debt Revolt Is Haunting Europe and the Kleptocrats

Readers: this article is important because it describes an effort to defend and re-establish the sovereignty(aka a commons) of democratic governance over the control of a national economy in the name of and in the interests of the people of that nation. This has potential implications for de-legitimating the US Owen Glass Bill of 1913 which privatized the control of the US economy in favor of private financialization and speculation. Toward the center of the issue for Iceland, Latvia, and others is who is responsible for loses run up by private banking interests.

“The Logic of Conformity: The Corruption of Economy” Tadit Anderson

   In the history of ideas in the U.S. within the social sciences, civic affairs, industrial psychology, management theory, social work, and related beach front property there was a span of time from about 1886 to 1928, when the major principles and practices took a turn toward conformity, rather than sustaining an open discourse. The majority of this shift is connected to investments by corporate interests to advance its own interests as political favors for pay and under the pretense of generosity, otherwise known as philanthropy.

Time to Do Something About "Too-Big-to-Fail" Banks

Wednesday 12 August 2009

by: Nomi Prins | Visit article original @ Newsday

Millions of Americans Pushed Into No-Law System by Colluding Banks By PAM MARTENS

in

 Janet Reno Moves From Justice to McJustice
Millions of Americans Pushed Into No-Law System by Colluding Banks

By PAM MARTENS

"Hunky Dory" by James Howard Kunstler

 ...get local, get finer, downscale, and get going on it right away...

 

" Invest Locally: Put Your Money Where Your Life Is" Michael Shuman

  
Americans want to invest locally: here’s how.
 
by Michael Shuman
posted Jun 05, 2009

 

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