I’m a bit late to get to an article in the New York Times that ran on one of the slowest news days of the year, last Saturday, Warren Mosler, a Deficit Lover With a Following. Since Bill Black has since issued a good kneecapping, I’ll soon turn the mike over to him, but I wanted to add some points about the approach used in this heavy-handed exercise propaganda.
Read more...By Andrew Dittmer, who recently finished his PhD in mathematics at Harvard and is currently continuing work on his thesis topic. He also taught mathematics at a local elementary school. Andrew enjoys explaining the recent history of the financial sector to a popular audience
Although the incident occurred several days ago, the responses among French readers were so extraordinary that they merit further attention. For many, the incident represented an unmistakable turning point:
There is a certain concept of the world that is disappearing definitively.
And so I have selected a representative sample of these responses, both from Le Figaro (center right) and Le Monde (center left), and formed them into a conversation:
Read more...So this week I got an education in the mentality of “official” Washington.
Last week I was asked by a DC-based publication to give a comment on Corker-Warner, the flavor-of-the-month proposal to abolish Fannie and Freddie and reform mortgage finance. I basically take the same position as Yves on this issue: all of these GSE 2.0 plans assume a private label MBS market the way the proverbial economist on a desert island assumes a can opener.
Read more...If you think Independence Day came to be a national holiday as an organic expression of pride in our successful rebellion against England, you need to think twice.
Read more...Yves here. Steve Keen sent this note along with his post:
The journalist David Hirst was both one of the few to warn of the crisis, and someone who became a good friend. He died last week, as a long term consequence of internal injuries sustained about ten years ago in the USA, when he tried to stop a woman being bashed.
His spouse asked me to see if I could get the attached published on NC, which was one of his favourite sites.
If you know David’s writing, you’ll understand what a loss this is. And if you missed his prescient and incisive commentary before and during the crisis, I hope you’ll sample his work below and get a sense of what a talent he was. Either way, I trust you’ll join me in sending condolences to David’s widow and his family, as well as to Steve.
Read more...For those of us who grew up in the Greece of the neo-fascist colonels, nothing can stir up painful memories like a modern act of totalitarianism. When the television screen froze last night, an hour before midnight, as if some sinister power from beyond had pressed a hideous pause button, I was suddenly transported to the 60s and early 70s when a disruption in television or radio output was a sure sign that another coup d’ etat was in the offing. The only difference was that last night the screen just froze; with journalists still appearing tantalisingly close to finishing their sentence. At least the colonels had the good sense of pasting a picture of the Greek flag, accompanied by military tunes…
Read more...The Grey Lady roused itself to profile Glenn Greenwald after his blockbuster stories of the last two days: the first on a secret court order now in effect for Verizon to provide the NSA on all telephone records in its systems, the second on the PRISM program, which has given the NSA direct access to servers of information giants including Google, Facebook, and Microsoft, since 2007. But the piece is mean-spirited, underplaying Greenwald’s credentials and coming too close for comfort to character sniping.
Read more...“In a newspaper like El País it is no longer possible to criticize the main Spanish banks. And you have to be very careful when talking about the Government, in case it gets angry: its benevolence is needed in order to avoid bankruptcy.”
The above words are from Enríc González, one of Spain’s most respected journalists. With more and more media groups struggling to make ends meet in this new age of Internet journalism and plummeting advertising revenues, one can’t help but wonder just how many other newspapers will soon fall into the clutches of the big banks and corporations.
Read more...If you haven’t read “Manufacturing Consent” by Noam Chomsky and Edward S. Herman, you really should. That book plus Walter Lippmann’s “Public Opinion” and Alex Carey’s “Taking the Risk Out of Democracy” are three essential reads on propaganda in the US.
This Edward Herman interview on the Real News Network gives a sense of the book’s thesis and impact.
Read more...George Soros, along with being the man who broke the pound in 1992, has the interesting privilege of being able to read his own obituary. This is something money can’t buy. Reuters launched the report of the hedge fund pioneer/philanthropist’s demise a tad prematurely.
Ed Harrison snagged the text:
Read more...By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Cross posed from New Economic Perspectives
Some lies will not die.
Read more...Paul Krugman, in a post earlier today, Cyprus: The Sum of All FUBAR, acts as if he has figured out what is the real problem with Cyprus. The only problem is his math is all wrong, and a better analysis undermines his major assertions.
Read more...By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Jointly posted with New Economic Perspectives
MSNBC persists in running a pro-austerity line by falsely presenting Paul Krugman as a isolated opponent of economic malpractice.
Read more...By David Dayen, a lapsed blogger, now a freelance writer based in Los Angeles, CA. Follow him on Twitter @ddayen
Greetings, NC readers! Yves has been nice enough to open up her Internet home to me, and I intend to grab the opportunity from time to time. This offer turned fortuitous after I wrote a little piece from Salon on the “anniversary” of the securitization fraud task force, announced at last year’s State of the Union address. Well, Katrina vanden Heuvel, editor and publisher of The Nation, got very upset at my characterization of the task force
Read more...There are times I feel sorry for the business reporters at the New York Times.
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