Finance and the Economy

The Decline Of The US Empire: Where Is It Taking Us All?

September 9, 2024 Richard D. Wolff, Counter Punch. Educate! Failed State, Finance and the Economy, US Empire, US Imperialism, Wars and Militarism

The evidence suggests that empires often react to periods of their own decline by over-extending their coping mechanisms. Military actions, infrastructure problems, and social welfare demands may then combine or clash, accumulating costs and backlash effects that the declining empire cannot manage. Policies aimed to strengthen empire—and that once did—now undermine it. Contemporary social changes inside and outside the empire can reinforce, slow, or reverse the decline. However, when decline leads leaders to deny its existence, it can become self-accelerating.

Low Wage Corporations Spent Half A Trillion Inflating CEO Pay

September 6, 2024 Sarah Anderson, Scheer Post. Educate! CEO Pay, Corporations, Finance and the Economy, Wages, Worker Rights and Jobs

Most of us believe in fair pay for honest work. So why aren’t low-wage workers better paid? After 30 years of research, I can tell you it’s not because employers don’t have the cash. It’s because profitable corporations spend that money on their stock prices and CEOs instead. Lowe’s, for example, spent $43 billion buying back its own stock over the past five years. With that sum, the chain could’ve given each of its 285,000 employees a $30,000 bonus every year. Instead, half of Lowe’s workers make less than $33,000. Meanwhile, CEO Marvin Ellison raked in $18 million in 2023. The company also plowed nearly five times as much cash into buybacks as it invested in long-term capital expenditures like store improvements and technology upgrades over the past five years.

Two Years And $300 Billion Into Biden’s Climate Plan, Emissions Are Higher

August 26, 2024 Peter Gelderloos, In These Times. Educate! Carbon emissions, climate crisis, Environment, Finance and the Economy, Inflation, Inflation Reduction Act, Joe Biden

August 16 marked the two-year anniversary of the Inflation Reduction Act (IRA), legislation that has funneled hundreds of billions of dollars into green energy and electric vehicles. While the Act made unprecedented investments in renewable energy, it also faced criticism for being too little, too late and for compromising on fossil fuel extraction. In response, Environmental Protection Agency Administrator Michael Regan acknowledged the bill’s shortcomings but explained the administration’s approach: “We’re using every tool in our toolbox to drive down climate pollution as much as possible, as quickly as possible.”

Introduction To DES: Solidarity Economy Districts

August 12, 2024 Tamat, Grassroots Economic Organizing. Create! Finance and the Economy, New Economy, Solidarity Economy, Transformation

In today's video, we bring you an in-depth interview with representatives from the Verona Solidarity Economy District (DES). We will discover how the movement started, its roots in the Lilliput network in Varese, and how it has grown over the years to become an established reality in the field of solidarity economy. Topics covered in the video: - The origins of the DES: The history of the movement, from its early steps taken over 20 years ago thanks to the Lilliput network, to the founding of the DES in Varese and Verona. - The Lilliput network and the G8: How awareness of global dynamics, such as those of the G8, the International Monetary Fund, and the World Bank, influenced the birth of the DES.

As Stock Market Crashes, Is US Facing New Financial Crisis?

August 8, 2024 Michael Hudson, Geopolitical Economy. Resistance Report Capitalism, China, Finance and the Economy, Gaza, Iran, Israel, Japan, Michael Hudson, Nasdaq, Neoliberalism, Palestine, Russia, Socialism, Stock Market, yen, Yuan

Is the United States on the verge of a potential new financial crisis? This is a question that financial analysts are asking after there was a market crash on August 5. It is being compared to the famous “Black Monday” crash in the stock market in 1987. They also both happened on a Monday. So is this another Black Monday? This was the biggest market plunge since the beginning of the pandemic in 2020, when many investors were selling off their holdings, fearing that there was going to be a big recession. In fact, as of the August 5th crisis, the volatility index, the VIX, which is a measurement of how rapidly stock prices move in the S&P 500 – which is the stock market index of the 500 biggest companies on U.S. stock exchanges – the volatility index is at the highest level since the beginning of the Covid-19 pandemic.

Recognizing The Economic Need For Undocumented Immigrants

August 5, 2024 Mark Kreidler, Scheer Post. Educate! California, Finance and the Economy, Immigration, Worker Rights

The conversation around undocumented immigrants in California is inherently political, tied up in dogma and imagery. And because the state has more undocumented people than any other, it often functions as a surrogate for the national debate. To some researchers studying it, that’s too bad — not because the human and political components of the discussion should be ignored, but because there’s a bigger picture at play in California: The state simply wouldn’t function without the work of undocumented immigrants. Quietly, in the spaces beyond rhetoric, a host of different industries understand that truth. Their profits depend on it.

How Unelected Regulators Unleashed The Derivatives Monster

August 4, 2024 Ellen Brown, Scheer Post. Create! Banking, Debt, Finance and the Economy, Regulation

While the world is absorbed in the U.S. election drama, the derivatives time bomb continues to tick menacingly backstage. No one knows the actual size of the derivatives market, since a major portion of it is traded over-the-counter, hidden in off-balance-sheet special purpose vehicles. However, when Warren Buffet famously labeled derivatives “financial weapons of mass destruction” in 2002, its “notional value” was estimated at $56 trillion. Twenty years later, the Bank for International Settlements estimated that value at $610 trillion. And financial commentators have put it as high as $2.3 quadrillion or even $3.7 quadrillion, far exceeding global GDP, which was about $100 trillion in 2022.

Why So Many Congestion Pricing Critics Change Their Tune

August 4, 2024 Akielly Hu, Next City. Create! Air Quality, climate crisis, Finance and the Economy, Fossil Fuels, New York City (NYC), Transportation, Urban Design

New York City’s plan to charge most vehicles $15 to enter downtown Manhattan would have eased traffic, cut pollution, and raised billions for mass transit. But Governor Kathy Hochul — in an 11th-hour reversal — placed congestion pricing on hold indefinitely, leaving a $15 billion gap in the city’s transit upgrade plans. Hochul, a Democrat, cited a slow economic recovery from the pandemic and the burden the tolls would place on low-income residents, but sources say she also feared upsetting swing district voters who could decide key elections this fall. Most people balk at the idea of paying more for anything, and congestion pricing plans are no exception.

There’s No Good Reason To Spend Nearly $1 Trillion On Our Military

July 20, 2024 Lindsay Koshgarian, In These Times. Educate! Finance and the Economy, Pentagon Budget, US Imperialism, Wars and Militarism

If you looked at the U.S. military budget without knowing otherwise, you’d probably guess we were in the midst of World War III. Our military spending is now the highest it’s been at any point since World War II — and Congress keeps adding more. The GOP-led House of Representatives just passed legislation that will increase military spending to $895 billion, while the Senate Armed Services Committee passed a bill that would total $923 billion. Those totals don’t even include the military aid to Ukraine and Israel that was included in the $95 billion war package Congress passed this spring. We’re teetering closer and closer to a $1 trillion military budget.

The World’s Richest Just Got Extraordinarily More Wealthy

July 13, 2024 Max B. Sawicky, In These Times. Educate! Class Struggle, Finance and the Economy, Taxes, wealth inequality

In every measurement of economic inequality, personal wealth is found to be more unequal than income. Naturally, this state of affairs invites attention and criticism, along with demands for a reduction of that inequality by various means, including to reduce the stubborn racial wealth gap. The latest World Wealth Report for 2024, published last month by The Capgemini Research Institute, brings this level of inequality into stark relief. We learn from the report that very high net-worth individuals (“HNWI,” defined as those with at least $1 million of investable assets) have been doing quite well, which is probably not a surprise.

Oil And Gas Leases On Federal Lands In Question

July 13, 2024 Sharon Kelly, DeSmog. Resist! Energy, ExxonMobil, Finance and the Economy, FTC, Oil and Gas Leases, Politics and Policy

A dozen Democratic lawmakers on the House Natural Resources Committee want to know if shale drillers could see their oil and gas leases and operations on federal lands suspended amid allegations that the companies may have colluded to drive oil prices up. “Such market manipulation would have enormous impacts on the price of gas paid by working families across the country,” the lawmakers wrote in a July 9 letter to the Department of the Interior. The lawmakers, who include Democratic representatives like Arizona’s Raul Grijalva and California’s Katie Porter, cited evidence that the Federal Trade Commission uncovered during its roughly six-month review of an ultimately successful merger between ExxonMobil and Permian shale giant Pioneer Natural Resources, and class action litigation alleging at least eight major shale producers engaged in antitrust violations.

The Presidential Debate That Wasn’t

July 5, 2024 Jack Rasmus, LA Progressive. Educate! Debates, Donald Trump, Elections, Finance and the Economy, Joe Biden, Wars and Militarism

In the days immediately following the first US presidential debate between Joe Biden and Donald Trump, countless analyses have appeared. Nearly all have focused on the candidates’ delivery, less on what they said, and almost nothing about what should have been but was not said. Trump was obviously coached by his team to tone down the personal insults, which he mostly did, and scored some policy points while making dozens of false or unverified statements in the process. Meanwhile, as the general media analysis has also gone, Biden’s delivery was a disaster. As one well known TV commentator called it: “a slow motion car accident”.

A Practical Prescription For Taxing Our World’s Richest

June 29, 2024 Sam Pizzigati, Inequality.org. Create! Class Struggle, Finance and the Economy, Tax the rich, Taxes, wealth inequality

Ever wonder why the divide between the world’s richest and everybody else keeps getting wider? Gabriel Zucman, one of the world’s finest young economists, has just produced a report that riffs on one key reason: Our super rich pay next to nothing in taxes. Just how close to nothing? This close: Over the past four decades, the world’s “ultra-high-net-worth individuals” have seen their fortunes increase, after taking inflation into account, an average 7.5 percent per year. How much annually have these rich paid in taxes? They’ve been paying, Zucman calculates, an effective tax rate “equivalent to 0.3% of their wealth.”

The Fed’s ‘Chicken Run’: Sticking With High Rates Will Crash The Economy

June 27, 2024 Thomas Ferguson and Servaas Storm, Scheer Post. Educate! Federal Reserve, Finance and the Economy, Inflation, Recession

On June 13th, financial markets discovered they had overestimated the likelihood that the Federal Reserve would soon be cutting interest rates. Federal Reserve Chair Jerome Powell’s remarks at his press conference and the Federal Open Market Committee’s freshly updated quarterly “Summary of Economic Projections” pointed forcibly to the conclusion that the Fed would likely cut rates only once before the end of 2024. In the midst of their own historic surge, US financial markets could mostly afford just to sigh. Reactions elsewhere were less sanguine: Some international commentators worried that higher for longer US rates would make repaying foreign dollar loans harder and accelerate a movement of capital out of the developing world.

The Impending Collapse Of US Empire

June 22, 2024 Chris Hedges, Consortium News. Educate! Finance and the Economy, US Empire, US Imperialism, Wars and Militarism

The public perception of the American empire, at least to those within the United States who have never seen the empire dominate and exploit the “wretched of the earth,” is radically different from reality. These manufactured illusions, ones Joseph Conrad wrote so presciently about, posit that the empire is a force for good. The empire, we are told, fosters democracy and liberty. It spreads the benefits of “Western civilization.” These are deceptions repeated ad nauseam by a compliant media and mouthed by politicians, academics and the powerful. But they are lies, as all of us who have spent years reporting overseas understand.

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