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I may start reading the American Conservative more if they keep putting out such well thought out and researched articles as this one by Richard Unz: China’s Rise, America’s Fall. In it Unz takes the book from Acemglou and Robinson, Why Nations Fail, and applies it to the American Conservative’s cover theme of China’s Rise and Merica’s Decline. He points out: Against the . . . → Read More: China’s Rise, America’s Fall Mike Konczal has a good synopsis of a new paper by JW Mason and Arjun Jayadev that suggests: [T]he conservative theory explaining increased household borrowing in terms of shorter time horizons and a general lack of self-control, and the liberal theory explaining it in terms of efforts by those further down the income ladder to maintain consumption standards in the face of a . . . → Read More: Debt did not spiral upwards due to poor household decisions
In part it may be because they are being forced to pay outrageous sums to the banks: www.seiu.org/images/pdfs/Interest Rate Swap Report 03 22 2010.pdf. Mr. Schneiderman, I applaud your efforts to get to the bottom of the foreclosure mess in New York State and would ask you to keep your investigations separate from the proposed multi-state or Federal deal being pushed by the Administration in Washington. Maintain your independence. There are several reasons that I urge you to do so. There has been scant investigation by the . . . → Read More: Letter To Eric Schneiderman, Attorney General, New York State Bill Black has continually been on the watch for what he calls “control-frauds” which are just frauds by management of a company to hide illegal and/or greedy behavior. In a new article Anti-Employee Control Fraud in New Economic perspectives he departs from his usual target of banking to look at the recent news about Apple’s supply chain. Businesses that pursue anti-employee behavior in . . . → Read More: Anit-Employee Control Fraud Mostly the recipe for getting stability back in serious single country situations is repudiation of sovereign debt (i.e. default), revaluation of the currency (i.e. a new currency), recapitalising the banks in the new currency, forcing the citizens to use the new currency (i.e. repudiating private debts in old currency or restating them at a penalty rate in the new currency) and starting from zero again. How would that work in Europe, the USA and China in roughly a 5 year time frame? Would some global financial order come into place then? I am sure some would try to make that happen. . . . → Read More: Depression and inflation possible? Mike Konczal has been doing great work decoding the #OWS movement on his blog. His recent post on Occupy and General Strike Links reminds via Nietzsche and Michelle Ty that while creditors wager their money, debtors wager their bodies: Although the defense of public education may seem a remote or peripheral concern of the occupy movement, the connection between the two is indisputable. . . . → Read More: Bodily wagers Mike Konczal at Rortybomb has a new post out: Richard Fischer Chernyshevsky ; Kocherlakota, the Scrivener, on the ways in which the tactics of inflation targeting from Richard Fisher imitate one of Lenin’s advisors: Richard Fisher is a voting member on Federal Reserve monetary policy, and thus one of the crucial figures in determining how and when we come out of this recession. . . . → Read More: V.I. Lenin’s ghost at the Federal Reserve This reminds me of an old joke: http://www.reuters.com/article/2011/10/17/us-ge-immelt-idUSTRE79G2L220111017?feedType=RSS&feedName=topNews&rpc=71
After losing to IBM in a rowing race the top management of Digital Equipment convened a special meeting to find out what went wrong. They interviewed the rower for the event and he said: “They had eight guys rowing and one guy calling out “Stroke… Stroke…” We had only me rowing and 8 managers . . . → Read More: Immelt: Row Harder! Universites have become merely conduits for recruitment of suckers for a financial rent taking. Huff Post exposes in an article how Goldman Sachs has done this to EDMC. . . . → Read More: Huffpost exposes the Banker/University nexus |
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