Category Archives: Social values

Morgan Sandquist: Finance in Denial – Conclusion

This is the last part in a four-part essay by Morgan Sandquist, a member of the Occupy Wall Street Alternative Banking Group. The previous post are In Denial, The Addiction, and An Intervention. Cross posted from mathbabe

Still sitting in our breakfast nook, with the banking industry squinting grumpily back at us through the glare of the morning sun on the perfectly polished granite table top, we can sit back, rest our hands on the table, and rather than shouting what it expects to hear, playing our part in the script of codependency, we can speak, without pleading or rancor, the truths that are beyond the script.

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Morgan Sandquist: Finance in Denial – An Intervention

This is the third part in a four-part essay by Morgan Sandquist, a member of the Occupy Wall Street Alternative Banking Group. The previous post are In Denial and The Addiction. Cross posted from mathbabe

What are we to do with our banking industry, sitting there at the kitchen table in its underwear, drumming on the table with one hand and scratching its increasingly coarse chin with the other in an impossibly syncopated rhythm, letting fly a dizzying stream of assurances, justifications, and accusations, and generally spoiling for a fight that can only be avoided by complete and enthusiastic agreement with a narrative that can be very difficult to follow, let alone make sense of?

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Morgan Sandquist: Finance in Denial – The Addiction

By Morgan Sandquist, a member of the Occupy Wall Street Alternative Banking Group. Cross posted from mathbabe

Is it fair to say that because the quality of the denial surrounding the banking industry’s problems is so similar to that of the denial surrounding addiction, that addiction is therefore the root of those problems and our ongoing failure to adequately address them? Perhaps not, but others have come to describe money, debt, and banking as something very much like addiction for entirely different, and far better argued, reasons.

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Reining in Finance and the Effort to Silence a Critical UN Agency

This Real News Network segment gives a window into the efforts to squash criticism of the neoliberal orthodoxy in the world of international agencies. Even though the UN Conference on Trade and Development (UNCTAD) gets very little attention in the major media, its well researched and often prescient reports are enough of a threat to the orthodoxy to produce efforts by the advanced economy block in the UN to try to clip the wings of the agency. The start of this interview may seem like a bit of inside baseball, but it shortly gets to issues that are critically important.

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Mirabile Dictu! Goldman CEO Lloyd Blankfein Makes Case for Breaking Up Big Banks

Goldman seems to be making a renewed effort at PR in the wake of the letter by derivatives staffer Greg Smith accusing the firm of caring only about profits and treating customers as stuffees (“muppets” was revealed to be the new term of art). That observation probably came as no surprise to anyone save Goldman staffers, most of whom probably thought they had conned their clients into believing otherwise, and a few like Smith who believed the party line.

The Goldman CEO, Lloyd Blankfein, had an interview today with a very friendly outlet, Bloomberg News. The chat served to remind viewers of how inward looking and self referential the financial services industry has become.

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Jamie Galbraith on Changes in Finance as the Driver of Inequality

I’m working my way around to the INET talks that I missed, and this one by Jamie Galbraith is very much worth viewing. It takes a while to build up steam, so be patient.

Galbraith has marshaled a great deal of cross country data over time, and shows how changes in equality happened in a very large number of economies in parallel. He explains, persuasively, that the most plausible culprit is changes in the financial regime.

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Randy Wray: The Job Guarantee and Real World Experience

By Randy Wray, Professor of Economics at the University of Missouri-Kansas City

There have been many job creation programs implemented around the world, some of which were narrowly targeted while others were broad-based. The American New Deal included several moderately inclusive programs such as the Civilian Conservation Corp and the Works Progress Administration. Sweden developed broad based employment programs that virtually guaranteed access to jobs.

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Michael Hudson: Productivity, The Miracle of Compound Interest, and Poverty

Suppose you were alive back in 1945 and were told about all the new technology that would be invented between then and now: the computers and internet, mobile phones and other consumer electronics, faster and cheaper air travel, super trains and even outer space exploration, higher gas mileage on the ground, plastics, medical breakthroughs and science in general. You would have imagined what nearly all futurists expected: that we would be living in a life of leisure society by this time. Rising productivity would raise wages and living standards, enabling people to work shorter hours under more relaxed and less pressured workplace conditions.

Why hasn’t this occurred in recent years?

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From Financial Crisis to Stagnation: An Interview with Thomas Palley

Thomas Palley is has served as the chief economist for the US – China Economic and Security Review Commission. He is currently Schwartz Economic Growth Fellow at the New America Foundation. His latest book From Financial Crisis to Stagnation is available at a 20% discount here [Select country location (top right hand corner) & enter code “palley2012” at checkout]

Interview conducted by Philip Pilkington

Philip Pilkington: At the beginning of your book From Financial Crisis to Stagnation you refer to the 2008 crisis as a ‘crisis of bad ideas’. Could you please briefly explain why you refer to the crisis in this way?

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Philip Pilkington: Econ for Pirates – Rescuing Art from the Clutches of the Megacorporations

By Philip Pilkington, a writer and journalist based in Dublin, Ireland. You can follow him on Twitter at @pilkingtonphil

I seen a lot of rappers turn soft, I turn my TV off (uh)
And thugs got commercials (yea) thugs in commercials (uh)
And everybody’s chick turned gladiator and shit
No pimps, no hustlers, yo where’s your whips
No Maybachs, no Lambos on the field
Towncar, ridin Music Express
You the best example, yo the industry is whack yo
Now you can bet your label and your Phantom on that
– Kool Keith ‘Bamboozled’

Daily, megacorporations shovel crap into our eyes and ears. There is no worse indictment for the so-called ‘free market’ – which is really just a few giant bureaucratic institutions – than the suppression of creativity in favour of the commoditised effluent of the corporate culture industry.

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Yasha Levine: Recovered Economic History – “Everyone But an Idiot Knows That The Lower Classes Must Be Kept Poor, or They Will Never Be Industrious”

Yves here. This post by Yasha Levine ran last week, but it is sufficiently important that I thought it was worth featuring on NC. The conventional thinking on the so-called “lower orders” usually depicts them as deserving their fate (either due to lack of self-discipline and motivation, or in other ages, as genetically inferior), or as victims of circumstance. But Levine, citing a recent book by economic historian Michael Perelmen, points to another strain of thought: that self-sufficient peasants were indolent, and it would be better for them to reduce their income so as to force them to work harder. God forbid that anyone other that the aristocrats have the luxury of a lot of leisure time!

By Yasha Levine, an editor of The eXiled. You can reach him at levine [at] exiledonline.com.. Cross posted from The eXiled

…everyone but an idiot knows that the lower classes must be kept poor, or they will never be industrious.

—Arthur Young; 1771

By Yasha Levine, an editor of The eXiled. You can reach him at levine [at] exiledonline.com.. Cross posted from The eXiled

…everyone but an idiot knows that the lower classes must be kept poor, or they will never be industrious.

—Arthur Young; 1771

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