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ARVE Error: No attachment with that IDAllied with landlords and monopolists, the finance sector is extracting economic rents from the economy that’s impoverishing US government, industry and labor says Michael Hudson discussing the chokehold of pro-finance, pro-rentier capitalism reaching into the present COVID-19 crisis.
Prabhat Patnaik reflects on the COVID-19 shock that has worsened the crisis triggered by globalized finance. Only two possibilities emerge: restructure capitalism by controlling finance, or let the tendencies towards very coercive forms of fascism grow.
The speech from the throne is only weeks away. Moments like these — pandemics, depressions, wars — are historical turning points, often marking a time period when fundamental change toward social and economic equality become possible. By Bruce Campbell.
After three postponed elections, a date is finally set after pressure from protests across the country. Why did Evo step down? How did the conditions for the coup develop? Carlos Orias and Tony Phillips join Paul Jay on theAnalysis.news podcast produced in cooperation with Other News.
Noam Chomsky, Alice Walker and Daniel Ellsberg oppose the extradition of Julian Assange to the US to face charges under the Espionage Act. The extradition hearing starts in London on Monday, Sept. 7th. With host Jimmy Dore.
For African countries, the potential effects of an economic crisis unfolding from the Covid-19 pandemic would be even more disastrous under the Pan-African project of a monetary union. For background on why, we feature a talk by Riaz K. Tayob
I suggest Mr Ferguson reread Mike Moore’s Stupid White Men on Bill Clinton being the best or worst republican POTUS America never voted for, before trying to alibi the duplicitous , absolutely corrupt , and perhaps senile Joe Biden as Americas white knight.
Voting is of little importance and has been since our defeat in Vietnam , when CIA and the the various deep state entities controlled by unelected elites decided that guys like Carter , Nixon , and Kennedy were unreliable and began openly fixing the results. These days the SCOTUS, and Electoral College are the primary tools , supplemented by electronic ballot rigging , voter suppression , and gerrymandering of districts . Whether Trump or Biden sit on the now mainly ceremonial POTUS throne is truly immaterial to the global elites that now rule most of the planet.
The characterization of today’s (since 2009) QEs as “Keynesian” stimulus is incorrect. If JM Keynes were alive today, he would be vociferously denouncing the Fed and the Treasury as irresponsible. Keynes, in his 1936 treatise, “The General Theory of Employment, Interest, and Money”, urge federal borrowing when there is growth stagnation and high unemployment. Its object was the stimulation of aggregate demand by putting people back to work. Keynes saw this as the singular responsibility of the federal government, because private investment in times of GDP stagnation is discouraged by the wide perception of unacceptable risk. Only the federal government can provide the needed employment stimulus . This is very different from increasing the reserves of the major banks so that they and their privileged borrowing corporations can help themselves in the stock market rather than invest and increase employment. That is not Keynesian stimulus.
I can think of no person who was and is still detested as much as FDR by his own capitalist class as was JM Keynes. If Keynes had been in charge at the Bretton Woods conference in place of Harry Dexter White, an agreement could have been made that might have avoided the domination of the postwar economy by the US and the ultimate breakdown of the gold standard (1971). If Keynes had been heard after WWI, the Versailles Treaty would not have set the stage for WWII. He was a profoundly far sighted political economist and one of the key intellectuals of the 20th century, as recognized and celebrated by Bertrand Russell in his “History of Western Philosophy”.
Great post I heartily agree.