Search Results for: redistribution

A Different War-Is-Good-For-Us Argument

It seems like we just got through dealing with the argument that war is good for us because it brings peace. And along comes a very different twist, combined with some interesting insights. Here’s a blog post by Joshua Holland … Continue reading

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Could Obama’s Legacy Be Destroyed by His Ukraine Policy? What to Do About It –

Eric Zuesse The Ukrainian Government that the Obama Administration installed after Obama’s successful coup d’etat in Ukraine is now crashing and burning in the process of the newly installed Government’s ethnic-cleansing program to get rid of the people in Ukraine’s southeast, the area of Ukraine that had voted … Continue reading

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Standard & Poor’s: Runaway Inequality Dampens GDP Growth, Leads to Boom/Bust Cycles and Discourages Trade, Investment and Hiring

Inequality Also Dampens Social Mobility, Increases Political Pressure and Produces a Less Competitive Workforce Standard & Poor’s released a report on inequality today, concluding: Higher levels of income inequality increase political pressures, discouraging trade, investment, and hiring. Keynes first showed that … Continue reading

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Almost 3 Times As Many People DROPPED OUT of Labor Force As Joined It

“Rarely Does A Monthly Report On The United States Job Market Look So Terrific On The Surface While Being So Disappointing Underneath” The New York Times’ Neil Irwin gives a balanced view of the new jobs numbers: Rarely does a … Continue reading

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Piketty Is Rickety On Government Complicity

Bad Government and Central Bank Policy Are the MAIN CAUSE of Runaway Inequality French economist Thomas Piketty’s book on inequality – Capital in the Twenty-First Century – has gone completely viral. Mainstream economists like Paul Krugman and Joseph Stiglitz endorse … Continue reading

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Bank of England Admits that Loans Come FIRST … and Deposits FOLLOW

The Bank of England Corrects a Widespread Myth The above is from a new official video released by the Bank of England. The Bank of England notes in a new article: Broad money is a measure of the total amount … Continue reading

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No, Millions of Americans Have NOT Dropped Out of the Labor Force Just Because They’re Retiring Baby Boomers

Despite the Happy Talk,  Unemployment Is Still High Zero Hedge notes that the number of Americans in the labor force has dropped to 1978 levels: The civilian labor force … dropped from 155.3 million to 154.9 million, which means the … Continue reading

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Global Debt Exceeds $100 Trillion

The Whole World Has Gone Into Debt Bloomberg reports: The amount of debt globally has soared more than 40 percent to $100 trillion since the first signs of the financial crisis as governments borrowed to pull their economies out of … Continue reading

Posted in Energy / Environment, Politics / World News | 13 Comments

It’s Now Mainstream Economics that Runaway Inequality Hurts the Economy … But Corrupt Government Policy Is Still Pouring Gasoline On the Fire and Dramatically INCREASING Inequality

Who’s Who of Prominent Economists Agree: Inequality Harms Economic Growth A who’s who of prominent liberal and conservative economists in government and academia have now said that runaway inequality harms economic growth, including: Current Fed chair Janet Yellen Former Fed … Continue reading

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In a Few Short Years, Mainstream Economists Have Gone From Assuming Runaway Inequality Is Harmless to Understanding that It Cripples the Economy

But Bad Government Policies Are Making Inequality Worse By the Day AP reported last December: Economists appear to be increasingly concerned about the effects of inequality on growth. Brown, the Raymond James economist, says that marks a shift from a … Continue reading

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Democrats Have Just Handed Republicans a Huge Win: Stopping NSA Spying Now a Republican Platform

Democrats Refused to Stop Worst Bush Policies, and Have Made Things Even Worse … So Republicans Make Hay Against Sell-Out Democrats Obama, Feinstein and other high-level Democrats have supported NSA spying, even though the American people hate it. True progressives … Continue reading

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54% of Republicans Say We’ve Got Too Much Inequality

6 Conservative Reasons – Based Upon Conservative Values – For Making Sure Inequality Doesn’t Spiral Out of Control Even More We’ve noted for years that it’s a myth that conservatives accept runaway inequality. Conservatives are very concerned about the stunning … Continue reading

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Have Americans Lost ALL of Our Constitutional Rights?

Painting by Anthony Freda: www.AnthonyFreda.com How Many Constitutional Freedoms Have We Lost? This post explains the liberties guaranteed in the Bill of Rights – the first 10 amendments to the United States Constitution – and provides a scorecard on the … Continue reading

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Mainstream Economists Finally Admit that Runaway Inequality Is Hurting the Economy

But Bad Government Policies Are Making Inequality Worse By the Day AP reported Tuesday: The growing gap between the richest Americans and everyone else isn’t bad just for individuals. It’s hurting the U.S. economy. *** “What you want is a … Continue reading

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American Dream: R.I.P.

Two Thirds of All Americans Think the American Dream Is Dead We noted in 2010 that the American Dream had moved abroad …  since social mobility between generations is dramatically lower in the U.S. than in many other developed countries. … Continue reading

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High-Level Fed Official: QE Is “The Greatest Backdoor Wall Street Bailout of All Time”

QE Is Greatest Wealth Transfer in History Many economists have said that quantitative easing (QE) quantitative easing benefits the rich, and hurts the little guy. It’s been known for some time that quantitative easing quantitative easing increases inequality (and see … Continue reading

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What the Bible REALLY Teaches Us About Money

What Scripture Teaches Us About Debt and Poverty Preface: If you are an atheist and believe that religion is crazy, please remember that some 85% of the American population identifies itself as Christian and millions more identify themselves as Jewish.  … Continue reading

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Americans Have Lost VIRTUALLY ALL of Our Constitutional Rights

Painting by Anthony Freda: www.AnthonyFreda.com How Many Constitutional Freedoms Have We Lost? This post explains the liberties guaranteed in the Bill of Rights – the first 10 amendments to the United States Constitution – and provides a scorecard on the … Continue reading

Posted in Politics / World News | 81 Comments

Forget Partisan Rhetoric … The Threatened Government Shutdown Is Caused By Bad Policy By BOTH PARTIES

The Real Cause of the Crisis Preface: Remember what the Founding Fathers said about partisan soap operas. While partisans focus on specific things the other side is doing – “Obamacare” and the “debt ceiling” are the buzzwords of the day … Continue reading

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The Stunning Truth About Inequality In America

Cheat Sheet on Inequality Talk about inequality has been in the news recently, but you won’t believe what’s really happening in America today: Inequality in America today is twice as bad as in ancient Rome, worse than it was in … Continue reading

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Bad Government Policy Has Created the Worst Inequality On Record … And It’s Destroying Our Economy

It’s Not an Accident … It’s Policy America is experiencing unprecedented inequality. And a who’s who of prominent economists (and investors) say that inequality is hurting the economy. Defenders of the status quo pretend that this inequality is something outside … Continue reading

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Detroit: Government Chooses Big Banks Over the American People Once Again

Government Sides with the Big Banks Every Time Ellen Brown noted recently that Detroit is yet another example of the government choosing big banks over the American people: The argument for the super-priority of derivative claims [background] is that nonpayment on … Continue reading

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4 Out of 5 Americans Face Joblessness, Poverty

Rampant Inequality – Which Destroys Economies – Skyrockets to the Highest Levels In History Associated Press reports that around 80 percent of all Americans deal with joblessness, near poverty, or reliance on welfare at some point in their lives. AP … Continue reading

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Why Is the Fed Bailing Out the World … On Our Dime?

Fed Pours Huge Sums Into Foreign Bank Coffers We noted even before the TARP bailout law was signed into law that bailout moneys could flow to foreign banks. We were right. A large percentage of the bailouts went to foreign … Continue reading

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Everyone’s Missing the Bigger Picture in the Reinhart-Rogoff Debate

The “Excel Spreadsheet Error” In Context You’ve heard that an incredibly influential economic paper by Reinhart and Rogoff (RR) – widely used to justify austerity – has been “busted” for “excel spreadsheet errors” and other flaws. As Google Trends shows, … Continue reading

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Inequality – Both Economic and In Access to Liberty And Justice – Skyrockets to Historic Levels

Poverty Spikes In America … While the Government Throws Money at the Super-Elite AP reports that the U.S. is seeing the highest spike in poverty since the 1960s, and notes: According to a report by the non-partisan Congressional Research Service … Continue reading

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Even Democratic Party Loyalists Starting to Wake Up to the Fact that Obama Is As Bad As Bush … Or Worse

Obama Is Worse than Bush In Favoring the Super-Elite, Bailing Out the Big Banks, Protecting Financial Criminals, Targeting Whistleblowers, Keeping Government Secrets, Trampling Our Liberties and Starting Military Conflicts In New Countries Glenn Greenwald notes that even Democratic party loyalists … Continue reading

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Viral Video: Wealth Inequality In Pictures

Bill Moyers explains: Over the weekend, a YouTube video breaking down income inequality in America went viral. *** The video, posted by user politizane and relying on data from a popular Mother Jones post, focuses on the difference between the … Continue reading

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Americans – Like Nazi Germans – Don’t Notice that All of Our Rights Are Slipping Away

Image by William Banzai Americans Are Acting Like Slowly Boiling Frogs In the classic history of Nazi Germany, They Thought They Were Free, Milton Mayer writes: “What happened here was the gradual habituation of the people, little by little, to … Continue reading

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The Sequestration Debate Misses the REAL Issue

Waste and Fraud Are the Real Causes of the Deficit With sequestration set to go into effect in a few days, everyone is talking about it (via Google trends): Sequestration means across-the-board cuts in government spending, split 50%-50% between the … Continue reading

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Insane Levels of Inequality – Which Hurt the Economy – Are Skyrocketing

  Preface: All capitalist systems have some inequality.  We don’t want to prevent all inequality … just economy-wrecking levels: Lawrence Katz, a Harvard economist, adds that some inequality is necessary to create incentives in a capitalist economy but that “too … Continue reading

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Virtually ALL of the Big Banks’ Profits Come from Taxpayer Bailouts and Subsidies

The Big Banks “Would Just About Break Even In the Absence of Corporate Welfare” The government has propped up the big banks for years through massive, never-ending bailouts and subsidies. Bloomberg noted last year that 77% of JP Morgan’s net … Continue reading

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Scorecard: How Many Rights Have Americans REALLY Lost?

Painting by Anthony Freda: www.AnthonyFreda.com How Many Constitutional Freedoms Do We Still Have? Preface: While a lot of people talk about the loss of our Constitutional liberties, people usually speak in a vague, generalized manner … or focus on only … Continue reading

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Bush Was a Total Disaster … Obama Is WORSE

Preface: I voted for Obama in 2008.  But I was so disgusted with Obama that I voted for Gary Johnson in 2012. More Redistribution of Wealth to the Richest Sure, Bush made the rich richer. But Obama has actually redistributed … Continue reading

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It’s Not a “Fiscal Cliff” … It’s the Descent Into Lawlessness

It’s Not a Tax or Spending Problem … It’s a Devolution Into Lawlessness The “fiscal cliff” is a myth. Instead, what we are facing is a descent into lawlessness. Wikipedia notes: In many situations, austerity programs are imposed on countries … Continue reading

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Are Banks Raiding “Allocated” Gold Accounts?

Beware: “Allocated” Gold May Not Really Be There In 2007, Morgan Stanley paid out $4.4 million to settle a class-action lawsuit by its clients after Morgan Stanley charged them to buy and “store” precious metals for them,  but neither bought … Continue reading

Posted in Business / Economics | 16 Comments

The Biggest Myth Preventing an Economic Recovery

  The Widespread Economic Myths Destroying the Economy There are many widespread myths preventing an economic recovery, including the following myths: Military spending stimulates the economy The banks are acting more conservatively now than before the financial crisis We’ve got … Continue reading

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Unrestrained Stimulus and Draconian Austerity: Two Sides of the Same Coin

The Elite Financial Players Are Manipulating the Game So that They Get the Stimulus … and the Little Guy Gets the Austerity Liberal economists and financial wonks say that we need to learn the lesson from the 1930s and stimulate … Continue reading

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THE FRAUD & THEFT WILL CONTINUE UNTIL MORALE IMPROVES

The BEA reported the latest figures for personal income, personal consumption expenditures and the savings rate last week. The government mouthpieces in the mainstream media obediently reported that personal income and expenditures reached an all-time high in March. The chart … Continue reading

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Does Quantitative Easing Benefit the 99% or the 1%?

Forget Competing Theories … What Do the Facts Say about Quantitative Easing? Paul Krugman says that QE, expansive monetary policy and inflation help the little guy (the 99%) and hurt the big banks (the 1%). Of course, followers of the … Continue reading

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H.L. MENCKEN WAS RIGHT

“I believe that it is better to tell the truth than a lie. I believe it is better to be free than to be a slave. And I believe it is better to know than to be ignorant.” – H.L. … Continue reading

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We’re Overweight Because We’re Not Eating ENOUGH Food … of the Right Kind

Our Bodies Are Starving For More Nutrients 68% of all Americans are overweight, and obesity has almost doubled in the last couple of decades worldwide. While everyone assumes that overweight people eat too much, we will demonstrate that the real … Continue reading

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Why the Radical Left and Mainstream Republican Leaders Are Both Wrong About Inequality

A Little Inequality is Good … Too Much Destroys the Economy Preface: Don’t stop reading when you see tme criticizing your “team” … I will demolish the other “side” further down in the post. I have written as much as … Continue reading

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Bill Gross: “Class Warfare By The 99%? Of Course, They’re Fighting Back After 30 Years Of Being Shot At”

Richest Capitalists Decry Class Warfare … By the Wealthy Against the Poor Pimco boss Bill Gross – one of the 1% – tweeted today: Class warfare by the 99%? Of course, they’re fighting back after 30 years of being shot … Continue reading

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Conservatives Worry That Runaway Inequality Will Destroy The Economy and Society

Conservatives and Liberals Agree: Unparalleled Levels of Inequality Is Killing Our Economy and Society Leading economists agree that rampant inequality leads to unstable economies and depressions, and makes the middle and lower classes poorer. While the stereotype is that liberals … Continue reading

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“During Great Inflations, Societies Turn On Themselves” And Prosecute Minorities … And We’ve Got A LOT Of Hidden Inflation

Inflation Is A Tax The father of the theory that government stimulus is the way to fight severe downturns – John Maynard Keynes – famously said about inflation: By this means government may secretly and unobserved, confiscate the wealth of … Continue reading

Posted in Business / Economics | 15 Comments

Can We Build Our Own Economy From the Ground Up?

The Economy Is Stuck In a Depression … For Most Americans The mainstream economy is stuck in depression. See this, this and this. More accurately, there are two economies: In one economy, the top .1% are being made richer and … Continue reading

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Labor Day Has Been Rendered Completely Meaningless (Happy Serf Day)

Labor Day … Or Serf Day? As I noted in 2008: A highly-regarded economist (Michael Hudson, Distinguished Research Professor at the University of Missouri, Kansas City, who has advised the U.S., Canadian, Mexican and Latvian governments as well as the … Continue reading

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Free Market Economist Nouriel Roubini: “Karl Marx Had It Right. At Some Point, Capitalism Can Destroy Itself. You Cannot Keep On Shifting Income From Labor To Capital Without Having An Excess Capacity And A Lack Of Aggregate Demand”

Communism Sucks … But the Type of Capitalism We Have Now – Socialist Upward Redistribution for the Rich – Isn’t Great, Either As several people have previously noted, everything the communists said about their system was false; unfortunately, some of … Continue reading

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The World’s Money Is Draining Away … Where’s It Going?

Spiegel asks: “Is The World Going Bankrupt?” That is an odd question. If some people are losing money, others must be gaining money, right? But where is all the money going? Bloomberg’s Jonathan Weil hints at the answer in a … Continue reading

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Tax Cuts for the Middle Class and Poor STIMULATE The Economy, But Tax Cuts for the Wealthy HURT The Economy

Preface: There is an argument for repealing all taxes. I have a strong libertarian streak, and there are arguments that government is wasting our tax money on imperial wars which weaken our national security and other shenanigans. There are also … Continue reading

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Economics Professor: “[We’ll Have] a Never-Ending Depression Unless We Repudiate the Debt, Which Never Should Have Been Extended In The First Place”

  Preface: Regular debts which are knowingly and honestly incurred should be repaid. This essay focuses solely on debts which are involuntarily incurred by politicians at the expense of the American people – and which do not benefit the public, … Continue reading

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Raging Inequality May Cause Unrest and Violence In America and the Rest of Western World

  Preface: While conservatives are against redistribution of wealth and liberals want to tax the affluent, conservatives and liberals, the affluent and the less well-heeled should all agree that we have to stop the surge in inequality from rising further: … Continue reading

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The Big Banks Are Waging Warfare Against the People of the World

  Michael Hudson is a highly-regarded economist. He is a Distinguished Research Professor at the University of Missouri, Kansas City, who has advised the U.S., Canadian, Mexican and Latvian governments as well as the United Nations Institute for Training and … Continue reading

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The Economy Cannot Recover As Long As Inequality Continues to Skyrocket … But Government Policy Is INCREASING Inequality

  The Economist noted in January: Hu Jintao, David Cameron, Warren Buffett and Dominique Strauss-Kahn … have all worried, loudly and publicly, about the dangers of a rising gap between the rich and the rest. *** A new survey by … Continue reading

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Are Our Leaders Really Incompetent … Or Just Pretending?

People want to assume that when someone in power messes up – especially someone who appears incompetent – it was just a mistake. For example, folks can’t believe that an incompetent president could carry out scoundrelly deeds. But as I … Continue reading

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How Dangerous is the Plutonium from the Japanese Nuclear Plant?

MSNBC reports that plutonium has been found in soil around the Fukushima plant: The Tokyo Electric Power Co., which operates the plant, said it found three radioactive isotopes of plutonium — plutonium 238, 239 and 240 — in five locations … Continue reading

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Don’t Let Wisconsin Divide Us … Conservatives and Liberals AGREE About the Important Things

Don’t let Wisconsin divide us. Conservatives and liberals actually agree about the most important things. In fact, most Americans – conservatives and liberals – are fed up with both of the mainstream republican and democratic parties, because it has become … Continue reading

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It’s a Myth that Conservatives Accept Rampant Inequality

Renowned behavioral economist Dan Ariely (Duke University) and Michael I. Norton (Harvard Business School) recently demonstrated that everyone – including conservatives – thinks there should be more equality. Their study found: Respondents constructed ideal wealth distributions that were far more … Continue reading

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Inequality In America Is Worse Than In Egypt, Tunisia Or Yemen

Egyptian, Tunisian and Yemeni protesters all say that inequality is one of the main reasons they’re protesting. However, the U.S. actually has much greater inequality than in any of those countries. Specifically, the “Gini Coefficient” – the figure economists use … Continue reading

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Government Says No to Helping States and Main Street, While Continuing to Throw Trillions at the Giant Banks

The Wall Street Journal noted last week: Federal Reserve Chairman Ben Bernanke on Friday ruled out a central bank bailout of state and local governments strapped with big municipal debt burdens, saying the Fed had limited legal authority to help … Continue reading

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It’s Not the “Great Recession”. It’s the Great BANK ROBBERY

In case it’s not crystal clear, this isn’t the “Great Recession”. It’s really the Great Bank Robbery. First, there was the threat of martial law if the $700 Billion Tarp bailout wasn’t passed. Specifically, Treasury Secretary Hank Paulson warned Congress … Continue reading

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IMF Calls for Huge New Round of Bank Bailouts

The IMF is calling for a huge new round of bank bailouts. As the Telegraph noted yesterday: Lenders across Europe and the US are facing a $4 trillion refinancing hurdle in the coming 24 months and many still need to … Continue reading

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Is America Under Attack … Or Are the Barbarians Inside the Gates?

Painting by Anthony Freda: www.AnthonyFreda.com. China Congress and American economists are blaming China for America’s economic woes. But as I’ve previously pointed out, while China’s weak Yuan policy is hurting the U.S. to some extent, America’s economic problems are largely … Continue reading

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Summers Skews the Playing Field for the Big Boys, then Blames Skyrocketing Inequality on a “Ruthless Economy”

Dan Froomkin notes: Asked about new Census data showing that the income gap between the richest and poorest Americans grew last year to its widest amount on record, Summers said one factor is that “we have a more ruthless economy. … Continue reading

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Government Economic Leaders Surprised that Real World Isn’t Responding to their Magic Pixie Dust

Fed chief Ben Bernanke told the financial crisis inquiry commission today: If the crisis has a single lesson, it is that the too-big-to-fail problem must be solved *** Too-big-to-fail financial institutions were both a source … of the crisis and … Continue reading

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Mainstream Economists: “Mission Accomplished”

Numerous current stories show how disconnected mainstream policy-makers are from reality. For example, Ryan Grim points out that there is an “unbelievable disconnect” between the American people (who are people are against the Afghanistan war) and Congress and the political … Continue reading

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The Bailout of Big American Banks Has Cost Trillions More Than We’ve Been Told

Granted, the $700 billion dollar TARP bailout was a massive bait-and-switch. The government said it was doing it to soak up toxic assets, and then switched to saying it was needed to free up lending. It didn’t do that either. … Continue reading

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“Only 21% Say U.S. Government Has Consent of the Governed … Those with the Lowest Incomes are the Most Skeptical”

A new Rasmussen poll finds: The founding document of the United States, the Declaration of Independence, states that governments derive “their just powers from the consent of the governed.” Today, however, just 21% of voters nationwide believe that the federal … Continue reading

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Refuse to Pay Government Debt Incurred for Unlawful and Oppressive Purposes … It Is the Personal Debt of Those Who Ordered It to Be Incurred

There is an established legal principle that people should not have to repay their government’s debt to the extent that it is incurred to launch aggressive wars or to oppress the people. These “odious debts” are considered to be the … Continue reading

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Capitalism, Socialism or Fascism?

What is the current American economy: capitalism, socialism or fascism? Socialism Many people call the Bush and Obama administration’s approach to the economic crisis “socialism”. Are they right? Well, Nouriel Roubini writes in a recent essay: This is a crisis … Continue reading

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Government Created the Mega-Banks

As Simon Johnson has previously pointed out, the White House has pretty much admitted that the government created the mega-giants, and they are not the product of free market competition. Now Treasury has made pretty much the same point: “The … Continue reading

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Time Magazine’s Justin Fox: “Some Financial Market Conspiracies Are Real”

Nobel prize winning economist Joseph Stiglitz says that Goldman Sachs may have engaged in frontrunning. Ask a Goldman spokesman, and he or she will undoubtedly say that is a conspiracy theory. Indeed, when Matt Taibbi claimed that Goldman created every … Continue reading

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Roubini and Taleb: Government’s Socialization of Losses Is Destroying the Real Economy

In an essay last month, Nouriel Roubini wrote: This is a crisis of solvency, not just liquidity, but true deleveraging has not begun yet because the losses of financial institutions have been socialised and put on government balance sheets. This … Continue reading

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While Talking About Keynesian Stimulus, Feds Are Really Just Giving Money to the Big Boys

Keynesians like Paul Krugman say that fiscal stimulus will get us out of this economic crash. Austrian economists say that the Keynesians are wrong, and that they erroneously think that stimulus spending is a “free lunch”. But – whether you … Continue reading

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What a “Jobless Recovery” Really Means: A Massive Redistribution of Wealth from the Little Guy to the Big Boys

Everyone from the Fed bank of San Francisco to Kiplinger’s is saying that we may have a “jobless recovery”. The meaning of the phrase jobless recovery itself is simple: A jobless recovery or jobless growth is a phrase used by … Continue reading

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Bailout Money – Instead of Being Used to Stabilize the Economy or Even the Bailed-Out Companies – is Just Going to Line the Pockets of the Wealthy

The bailout money is just going to line the pockets of the wealthy, instead of helping to stabilize the economy or even the companies receiving the bailouts: Bailout money is being used to subsidize companies run by horrible business men, … Continue reading

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Leading Economist Says True Purpose of Bank Rescue Plans is “A Massive Redistribution of Wealth to the Bank Shareholders and Their Top Executives”

Leading PhD economist Dean Baker minces no words in slamming the bailouts, the “bad bank” proposal, and the mainstream media’s dishonest reporting on the financial crisis. As Baker says in a new article: Mr. Geithner wants to use taxpayer dollars … Continue reading

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