Thursday, October 23, 2014
Yves here. Unfortunately, correcting Paul Krugman continues to be a staple at Naked Capitalism because he keeps asking for it.
Yves here. This post by Michael Hudson is one entry from an issue of a journal critiquing Thomas Piketty’s Capital in the 21st Century. Hudson argues that even though Piketty’s findings about wealth accumulation over the centuries are useful, he nevertheless has done a great disservice by treating “wealth” as an undifferentiated lump. By contrast, classical economists differential between rentier behavior (such earning income from economically unproductive activities such as land ownership), financialization, and leveraged speculation on asset prices. Hudson argues that Piketty’s failure to probe the types of wealth and the impact of income-generation strategies for various types of wealth, as well as his failure to incorporate legal and political arrangements means his book tacitly supports the status quo. Inequality for him is a state of nature, not a function of how our economy is organized.
Readers have made an amazing response to our final appeal, for $16,000 to fund more original reporting. Since our last update, a mere few hours ago, we went from being 34 shy of meeting our donor goal of 1200 to a mere three donors short. And we were then $560 below our $16,000 goal but have now exceeded it by $1250!
Only three hours remain in the Naked Capitalism fundraiser. Show your support of critical thinking, merciless evisceration of lame punditry, deep diving into turbid financial waters, and cute animal pictures.
Every dollar you give now goes to support more original reporting.
Posted by Yves Smith at 12:40 am |
We’ve had an amazing response in the last few hours of our fundraiser. Since our last appeal, donations spiked, with 34 more of you giving, bringing our donor total to 1173, just within striking distance of our new goal of 1200 donors. And as a result of these generous contributions, we closed the gap of meeting our final goal, that of $16,000 to fund more original reporting, from $2200 to only $560 dollars!
I’ve gotten many heartfelt notes from readers, and quite a few come from people within the financial services industry, including senior regulators, who recognize that banking has become a business increasingly dedicated to extraction and looting. They are dismayed at the changes they’ve seen in the industry over the course of their career. Some of their remarks:
Topics: Guest Post
Posted by Yves Smith at 10:45 pm |
The Naked Capitalism community has spoken loudly and clearly. You’ve said you want this site to continue to improve. You’ve been willing to provide tangible backing for your desire to have us demystify finance, call out chicanery in high places, parse propaganda, and in our small way, help promote the creation of a more just society.
We set an initial target of 1000 donors. You met that yesterday. We set a new target of 1100. You blew past that today. We are now at 1139 donors. This is 30% more donors than we got all day yesterday, and each day this week we’ve had more people contribute to the fundraiser than the day before.
But even with this great support, we are still short by $2200 of our final goal of $16,000 for more original reporting. Let’s see if we can get to 1200 donors and hit our last monetary target before the close of this effort, midnight PST.
Posted by Yves Smith at 6:20 pm |
Today’s Water Cooler: Hong Kong and Jimmy Lai, MH370, Democrats reviving the grand bargain, and Bill Gates and his manure problem.
As discussion, if not outright panic, about Ebola infections increases in the US, it is still hard to figure out what heath care professionals and the health care system need to do to protect patients and the public in a very changed world.
Thanks to the generosity of many loyal readers, we’ve beaten our goal of having 1000 donors participate in our fundraiser. We are now at 1044 and have raised our target to 1100. We are still short by $8,510 of our goal of $16,000 for more original reporting. Let’s see if we can meet both targets in this final day of our fundraiser!
Posted by Yves Smith at 6:40 am |
Here Michael Klare argues that the use of energy as a weapon has become even more central in US foreign policy under Obama.
Yves here. Michael Perelman gave a wide-ranging talk in Ankara called the Anarchy of Globalization which focused on the local impact of globalization. The presentation was wideranging and included a discussion of the evolution of usage and theoretical concerns.
We’ve extracted a section below, on the role of “free trade” agreements and one of their not-widely-recognized side effects, that of weakening food security. The case study is Mexico.
Today’s Water Cooler: Hong Kong, Jobless Claims, Cuomo’s owners, ladies of negotiable affection, and Google’s stingy bounties.
If you acknowledge the economic and resource implications of demography, you need to favor no or few child policies. But that remains a third rail in politics and economics.