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Economics

The Rise Of US Dollar Imperialism, And Why It Failed

February 28, 2023 Radhika Desai and Michael Hudson, Geopolitical Economy. , , , ,
Today we are continuing our discussion of de-dollarization. As many of you know we have structured our discussion around some ten questions, and last time we dealt with the first five. What is money? What is the relation between money and debt? Is money a commodity? What is the theory of how the dollar serves as world money? And then because this theory so much relies on the sterling system we discussed the sterling system. What is it? What was this real basis not gold but actually empire etcetera. And then we decided that in this show we will discuss the next five questions which are, how did the sterling system end? What really happened between the world wars?

A Economist That Future Economists — And Societies — Will Dare Not Ignore

November 5, 2022 Sam Pizzigati, Inequality.org. , , ,
Great thinkers, down through the ages, have regularly had to watch the movers and shakers of their epochs shrug off their core insights. One of our contemporary great thinkers who suffered that fate — the 84-year-old economist Herman Daly — died just last week. Daly did not, to be sure, go totally unrecognized during his lifetime. In 1996, he won the “alternate Nobel Prize,” Sweden’s annual Right Livelihood Award. “Herman Daly redefined economics, forging a way forward that does not include the destruction of our environment for economic gain,” Ole von Uexkull, Right Livelihood’s executive director, noted after Daly passed. But Daly’s death has, by and large, gone unnoticed. No obit has so far appeared in the New York Times or Washington Post or any other major mass publication.

Putting A Face Onto The Corporation

February 6, 2020 Nick Buxton, Roarmag.org ,
Corporations account for 78 of the world’s 100 largest economies, yet they remain cloaked in mystery. TNI’s State of Power 2020 report takes a deep dive into capitalism’s preeminent institution. On November 5, 2015 a failure at the Germano iron ore mine’s tailings dam in Mariana, Minas Gerai state, Brazil caused hundreds of tons of toxic mud to sweep downstream, killing 19 people and contaminating the Doce River for many hundreds of kilometers.

The Push To Create Co-ops Is Energizing A New Generation Of Socialists

February 6, 2020 Richard D Wolff, Truthout.org , , ,
On the other hand, socialism was the name adopted by Western European — and especially Scandinavian — “welfare-state” governments, which aimed to regulate markets comprised still mostly of private capitalist firms. This led many people to associate socialism with robust public spending and government intervention in the marketplace.

The “Repo” Fiasco; The Fed’s Cash Injections Send Stocks Soaring

February 5, 2020 Mike Whitney, Informationclearinghouse.info , ,
A five-alarm fire has broken out in a little known, but critically important area of the financial system where high-quality bonds are swapped for cash. The “repo” market, which is short for repurchase agreements, is part of the nondeposit, shadow banking system that remains largely unregulated despite the fact that it was ground zero in the 2008 financial crisis.

Sustainability In A Small Place: The Spanish Basque Country As A 21st Century Model

January 9, 2020 Bruce Rich, Opendemocracy.net , ,
Things aren't working out the way many of us hoped. But we could learn something from this small entrepreneurial nation. The 21st Century is not working out the way many of us hoped: we witness the failure of nations and politicians to address the climate crisis, as well as social unrest in many countries over the failure of a neoliberal economic model that has neglected social equity and environmental sustainability. The Financial Times has even called for “a more sustainable and inclusive form of capitalism.”

Thirteen Charts That Clarify What Our Economic Priorities Need To Be In 2020

December 28, 2019 Staff, Epi.org
We’re in the longest economic expansion in U.S. history, but the top line numbers don’t tell the whole truth. Low unemployment is finally starting to produce some wage gains, but it is going to take much more to raise living standards for wide swaths of the workforce. Black unemployment and underemployment is still too high, black college graduates have seen their wages fall, inaction from federal policymakers on the minimum wage has dropped the wage floor from under workers at the low end of the wage ladder, and workers are still thwarted in their efforts to bargain collectively for better wages from their employers.

How The U.S. Military Undermines The American Economy

October 21, 2019 By David Rosen, Counterpunch.org ,
Eisenhower surly must be spinning in grave given how much influence the military industrial complex wields today.  In 1960, the military budget stood at $344 billion; today, the military complex, including the ever-growing intelligence apparatus, cost taxpayers over $1 trillion. Military spending for the period October 1, 2019, through September 30, 2020, is at $989 billion and covers the Dept. of Defense, veterans’ benefits, international military assistance, nuclear weapons spending and military intelligence.

Can An Economic Stat Help Narrow Our Grand Economic Divide?

October 19, 2019 By Sam Pizzigati, Inequality.org , ,
Why do so many Americans deeply distrust government? One part of the reason, two top economists suggested to a key congressional committee this week, just might be the most basic — and familiar — of the economic statistics the federal government produces. That stat — gross domestic product, or GDP — “measures the market value of the goods, services, and structures produced by the nation’s economy,” as calculated by the federal Bureau of Economic Analysis. The Bureau generates new GDP figures for every quarter of the year, and the release of these figures regularly makes headlines.

Economics Of Poverty, Or The Poverty Of Economics

October 18, 2019 Staff, Anticap.wordpress.com , ,
As every year, mainstream economists lined up to laud the choice. Dani Rodrik declared it “a richly deserved recognition.” Richard Thaler, who won the award in 2017 (here’s a link to my analysis), extended his congratulations to the Banerjee, Duflo, and Kremer and to the committee “for making a prize that seemed inevitable happen sooner rather than later.” While Paul Krugman, the 2008 Nobel laureate, refers to it as “a very heartening prize—evidence-based economics with a real social purpose.”

Recession On The Way, Global Trade & Currency War Has Begun

August 9, 2019 By Staff, Jackrasmus.com , , , ,
Over this weekend, China’s Yuan currency broke out of its band and devalued to more than 7 to $1. At the same time China announced it would not purchase more US agricultural goods. The Trump-US Neocon trade strategy has just imploded. As this writer has been predicting, the threshold has now been passed, from a tariff-trade war to a broader economic war between the US and China where other tactics and measures are now being implemented.Trump will no doubt declare that China is manipulating its currency. A devaluation of the Yuan has the effect of...

25% Of Americans Are “Worse Off” Than They Were Before The Great Recession

June 21, 2019 Mac Slavo, Shtfplan.com , ,
For many, the economic recovery being touted by the mainstream media has not yet affected them. About 25% of Americans say that a decade after the housing bust that caused the Great Recession, they are doing worse. Almost half of Americans are not doing any better at all too. If you believe the mainstream media, the economy is robust and the unemployment rateis at a 49-year-low. But not all Americans have recovered from the Great Recession.  According to a new survey from Bankrate of about 3,000 Americans, 23% of people who were adults when the recession started in December 2007 say they are now financially worse off than they were before the recession hit.

U.S. Stocks Have Fallen For 5 Weeks In A Row – That Is The Worst Stock Market Streak In Almost 8 Years

May 27, 2019 By Michael Snyder, Activistpost.com , , ,
We haven’t seen stock prices slide like this in a long time, and if this keeps up we could soon be looking at an avalanche.  Our rapidly escalating trade war with China and more bad U.S. economic numbers pushed stocks down once again this week, and at this point the Dow Industrial Average has now fallen for five weeks in a row.  We haven’t seen a losing streak this long since June 2011, and it is yet another indication that we have reached a major turning point.  Some positive comments about China from President Trump on Friday helped to lift stocks a little...

Sign Of Hope Or Worry? When The Dollar Store Comes To Town

April 17, 2019 By Patrik Jonsson, Csmonitor.com , ,
On a “mission to save my neighborhood,” Burnell Cotlon, an Army veteran, built his Lower 9th Ward Market literally by hand, shingle by shingle. Today, his counter wall features cameo shots with Mark Zuckerberg. The launderette out back was donated by Ellen DeGeneres. There are shiny apples and $4.50 pork chop plates. His grocery store is seen as an oasis. But Mr. Cotlon’s gambit to help revive a stagnant Lower 9th Ward faces a new challenge: the Dollar General down the street. A boom in dollar stores across the United States since the Great Recession – three open every day on average – has provided both hope and despair in communities struggling for economic footholds.

The 2018 Retail Apocalypse, In 6 Charts And A Map

January 14, 2019 David Montgomery, Citylab.com ,
One of the big trends of 2017 was the ongoing “retail apocalypse,” the apparent disaster of declining sales and store closures facing brick-and-mortar retailers. Well, 2018 was more of the same. One year after rounds of store closures by J.C. Penney and Macy’s, 2018 brought shutdowns by Sears and Toys “R” Us—not to mention Mattress Firm, Bon-Ton, Abercrombie & Fitch and more. But just how apocalyptic is this retail apocalypse? CityLab took a closer look at the data and found a much more ambiguous picture than the headlines might suggest.
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