(I have put a copy of the conclusion at the beginnning to give an immediate idea where this article is going at the outset. Tadit )

When a Nation gives up its sovereign currency it puts its sovereignty at risk. It becomes subject to the attacks of the bond vigilantes and can be forced into situations in which it can offer its young people so little opportunity that it forces many of its best and brightest to flee the Nation.

A mention of Istavan Meszaros in an honorific, deserves a bit more.

http://monthlyreview.org/2008/03/01/the-communal-system-and-the-principl...

Itsván Mészáros is author of Socialism or Barbarism: From the ‘American Century’ to the Crossroads (Monthly Review Press, 2001), Beyond Capital: Toward a Theory of Transition (Monthly Review Press, 1995), and The Challenge and Burden of Historical Time: Socialism in the Twenty-First Century (forthcoming, Monthly Review Press, 2008).

In his new book, Power Systems, Noam Chomsky raises the question: why has the present economic crisis not evoked the sort of massive protest from the working class in the United States of America that the Great Depression of the 1930s did? True, the scale of unemployment today is not as large as it had been during the 1930s. Nonetheless it is substantial; and the crisis has already lasted five years with no end in sight. And yet, America remains a ‘desert’ in terms of any militant working-class mobilization against it.

Hyperinflation! The Libertarian Fantasy That Never Occurs

/*By Philip Pilkington, a writer and research assistant at Kingston University in London. You can follow him on Twitter @pilkingtonphil*/

The Global Financial Crisis, the extreme inequality of wealth world-wide, the materialism of modern life and the dire state of the planet are not accidents, nor just unavoidable consequences of the nature of things. They are the result of the modern practice of economics, which makes elementary errors of accounting, evidence, perception and theory.

I've been distracted in sorting out computer related glitches which are not quite finished. I work in as much of an open source manner as possible, guided in part at least by functionality in the democratic interest. Capitalism as it is structured by the current money manager permutation, is not a product of equilibrium models based upon a whole range of entitlements. Working as intensely as I can toward a Kickstarter Proposal for Re-Imagining Economics and for moving the CRX into an open source community exchange utility.

Readers, this is a much needed takedown of the politics of Krugman's faux liberal economics. Krugman is really nothing more that a willing shill in the confidence games of the New York Times in favor the NYT's actual plutocratic riche. All window dressing and pretense. This article alongside of Steve Keen's points made in the recent "debate" with Krugman pretty much places Krugman for what he actually is a pretentious and well paid courtier to the neo-feudalists. Tadit Anderson

Readers, A later additional comment: this is actually an important article relative to defining a functional economic model, NOT the positivist sciencism variety at all. This defines the elements of functional economics. The principle seems to be this, labor costs could be reduced to a low level if much of the needs of the population are supported, relative to health, education, housing, transit and more. The need for personal income could be greatly reduced through fully embracing the commons as infrastructure in its full spectrum possibilities.

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Posted: 03:10 AM PST
Steve Keen is an Associate Professor in economics and finance at the University of Western Sydney. The second expanded edition of his popular book Debunking Economics is available now.

Interview conducted by Philip Pilkington, a journalist and writer based in Dublin, Ireland.

Readers, while I like this article, there is an aspect of it that has a bite to it, whicle is also positive. This is that the American people actually did believe the mythology of American exceptionalism, and it is has the elements of being flattered into abject poverty by sheer dint of chauvinism.