"Don’t Let Him Get Away With It, The Politics of Deception" By Michael Hudson, UMKC Distinguished Professor
(Cross-posted from Counterpunch)
NEP url http://neweconomicperspectives.blogspot.com/2011/10/dont-let-him-get-awa...
Friends, this is a very well done bit of satire, in the manner of Prarie Home Companion's/Garrison Kiellor's "Guy Noir." The embedded buttons function on the original posted page. http://neweconomicperspectives.blogspot.com/2011/10/how-i-tracked-down-m... Diversifying the presentation of MMT/FF is extremely important in part to appeal to new audiences. This media diversification describes the CRX modeling of the MMT/FF model as a micro economy. To put into Adolph Lowe's framing it becomes an educational strategy to promote "spontaneous conformity" within a structured process.
The US' biggest economic problem is unemployment, yet the government's approach is to focus on deficits instead. Many Americans are angry about unemployment rates, but public debate has mostly revolved around deficits.The United States' most significant economic problem is mass unemployment, not its current deficit or its long-term debt. This is something that both mainstream economists and the general public overwhelmingly agree upon. And yet, for more than a year now, talk about deficits has dominated our politics.
Since Roosevelt's era, infrastructure, manufacturing and the viability of our ecosystem have declined dramatically. Because the US government, media and political class spent the past year obsessing over the deficit and ignoring unemployment, the economic situation has grown significantly worse - along with the framework of background political assumptions.
" What the Country Needs Is a New New Deal" By L. Randall Wray and Stephanie Kelton, UMKC, New Economic Perspectives
The cost of the 2011 cutbacks in federal spending will fall most directly on consumers and retirees by scaling back Social Security, Medicare, Medicaid and social spending programs. The population also will suffer indirectly, by lower federal revenue sharing with U.S. states and cities. The following chart from the National Income and Product Accounts (NIPA, Table 3.3) shows how federal financial aid has helped cities shift the tax burden off real estate, although the main shift has been off property taxes onto income taxes and onto consumption (sales) taxes.
ARE WE APPROACHING THE ENDGAME FOR THE EURO? By Marshall Auerback New Economic Perspectives Thursday, Aug. 18, 2011
Forget about the S&P downgrade, which has had ZERO impact on the global equity markets. The downgrade was supposed to mean that it would be more likely that the US government would not be able to pay its debt than previously assumed. IF the markets took this warning seriously, then they would have attached a higher risk premium to US government bonds. Of course, the opposite occurred. US bonds soared in price. In other words, investors, both here and abroad, voted with money as loudly as possible that they view the US government debt as a very safe haven in a time of financial turmoil
"Krugman Taken to the Modern Money Cleaners" L. Randal Wray. UMKC, Posted at the Huff corporate blog, 8/14/11
Readers, There hasn't been a lot that I've seen that has been worth posting or that hasn't been stated previously. This also hinges on how much time I have not had recently, due to various local and personal projects. Currently, aside from working to establish local alternatives, I have finally received "Dhow Cultures of the Indian Ocean" and have started to read it. I expect that this combined with other archeo-economics insights will end up fortifying what I have synthesized regarding the Asia Minor-Silk Road terminus and its effects upon the region.
"Commerce Sells, but Who's Buying?" By Mitch Green, New Economic Perspectives from Kansas City, Sunday, July 31, 2011
Reader, Mitch Green does an excellent job of translating the horror of the massive political economic dys-information campaign to apply principles which are in no way in any democratic sense of functional fiscal policies. Tadit Anderson
You have to wonder if the president ever hears from his commerce secretary these days. Friday's GDP revisions by the Bureau of Economic Analysis should send a pretty strong signal that the economy is far from recovering, making clear that job killing spending cuts should be last thing on his mind:
"The Debt Ceiling and America's Stockholm Syndrome," By Pavlina R. Tcherneva, UMKC, Friday, July 29, 2011
Pavlina R. Tcherneva is in my opinion a gifted economist who is also a good communicator. The Stockholm Sydrome is a near perfect metaphor for this current panic and fraud. for now, Tadit Anderson