I am a fan of economist Michael Hudson, who is a fantastic economic historian. So I was reading "Finance is Not the Economy." The article says, "We live in 'two economies.' The "real" economy is where goods and services are produced" and "The rentier network of financial and property claims." The paper is saying that one economy is devouring the other. You know which is winning!
Marx predicted this! Yet, I had not heard of a modern economist saying the same, but now I have.
(Quote from Michael Hudson)
Minsky (1986) described financial systems as tending to develop into Ponzi schemes if UNCHECKED (my emphasis). Echoing Marx ([1887] 2016), he focused on the exponential overgrowth and instability inherent in the "miracle of compound interest," underlying such schemes and indeed financialized economies. For the economy at large, such growth sucks revenue and wealth from the broad base to the narrow top, impoverishing the many to enrich the few.
(Snip)
This is the age-old pattern of classical debt crises. It occurred in Babylonia, Israel, and Rome. Yet, despite its relevance to the United States and Europe today, this experience is virtually unknown in today's academic and policy circles. There is no perspective forum in which to ask in what forms debt growth may hurt the economy today.
(End quote)
The point: Not regulating capitalism is a big mistake!!!
PS: The US has a $19 trillion economy. Yet, without knowing, I would bet we only have a $10 trillion "real" economy. In America today, banking fraud adds to GDP. If we enforced our laws, our economy would immediately shrink as much of the finance economy would disappear. Then the real economy would boom as individuals found the financiers had stopped appropriating a big chunk of their income.
EasTexSteveI'm not arguing climate change does/doesn't exist. I never have. What I'm arguing is what I have ALWAYS argued. That is, that climate alarmists DO NOT know all the variables, and therefore, DO NOT know when, how much, or what when it comes to "man made" global warming. And, this discovery only bolsters my argument.
The scientific community has a good idea what climate change alone will do, and we need to act. Not acting will cost us dearly!
Plus, it is no argument at all to bolster the "do nothing argument" with a poorly understood issue that will do nothing but make things worse. I mean, if ETS could argue that the volcanoes would reverse climate change, he might have something worth posting.
Bob R/CAHooray! Time to hang a "mission Accomplished" banner, what what? "And so, having re-re-redisposed of the monster, exit our hero... stage right..."
Trump initially failed to condemn the white nationalists, essentially saying it was just a matter of conflicting ideas.
Tow days and 48 hours of intensely critical news coverage and criticism from across the political spectrum, he finally, begrudgingly, made a second announcement, attempting to correct the perception he had no concern over the violent hate movement or its victims. But it was so stiff he actually looked physically distorted, as he read the teleprompter, like it was a hostage video.
And he failed to mention the murder victim by name. He insisted that this was just a restatement ("As I said before..."). And his statement began with a commercial for his campaign, bragging about the economy and jobs. After he finished speaking, a reporter asked him to condemn the movement, and he indignantly said, "They have been condemned. They have been condemned." As if he had "checked the box" and he had done all that needed to be done.
What do you think a true leader would have done differently, besides coming out earlier and making the right statements, striking the right empathy? Trump stated the justice department would be investigating punishing the killing as a federal matter. But to me that still felt as if it was simply checking a box, and done strictly because his advisors knew something more was required to address the criticism.
I think if Obama was president, a true leader would have responded something like this:
* a complete denunciation of the white nationalists, stating unequivocally their movement was un-American, and violated everything this country stood for.
* a call for the anti-nationalists to disband - to ignore the bait, that the voices of hate relied on their audience to amplify and recruit, and throw blame for the carnage in their wake.
* that the federal government would investigate these hate groups under federal statutes, as terrorists who planned and organized across state lines to spread violence and violate civil rights
* put together a council designed to study the problem of these modern hate groups, their utilization of tools like the Internet, and the problem of these divisive symbols of the rebellion and racism, and their place in the public square.
What else could and should be done? The white nationalists are supercharged right now, and view this weekend as a huge victory.
http://www.washingtontimes.c...See MoreHillary Clinton's presidential campaign has received more than $20,000 in donations contributed by members of the Ku Klux Klan, a prominent member of the hate group said Monday.
"For the KKK, Clinton is our choice," said Will Quigg, California Grand Dragon for the Loyal White Knights, Vocativ reported.
The ghost...See MoreI think the reason Trump can't bring himself to condemn the racists is because he cherishes (or fears) the specter of his daddy. Fred Trump had a police record for rioting with the Klan, and I'm sure growing up Trump could not have escaped the constant exposure to this ideology. Like so many of Trump's hangups, this is Freudian.
The ghost of Trump's father seems to be one nemesis he will never confront, let alone slay.
LuluBTW, I recommend not clicking on links to the Daily Stormer website. I did and I regret it. It will be a long time before I'm able to get the heinous, hateful garbage said there out of my brain. An example is their headline about Heather Heyer, the woman killed by the speeding car whom they refer to as a "fat, childless slut". :-(
EasTexSteve"Dealing honestly with the past" requires one to see the WHOLE story, and not just what they want to see. That's why the Confederate flag and the Confederacy itself is important.
Bob R/CA"defending a US territory"? I haven't seen a US territory get attacked. So far, all I see is Trump, ironically *threatening* to start a nuclear war, if he gets threatened. Yeah, that's not the behavior of a sober leader.
"I'm currently traveling in the Balkans, where the long, violent history of ethnic supremacism still stalks the land and is a reminder of how unique America is. White supremacists who claim to 'take America back' only betray their own ignorance of what makes America so special: our country's founding recognition of the natural rights of all mankind and commitment to the defense of the rights of all Americans. These contemptible little men do not speak for what is just, noble, and best about America. They ought to face what they would deny their fellow citizens: the full extent of the law."