Yves here. Readers seem to like Kervick’s storytelling format, and he seemed to take NC readers’ suggestion to heart regarding making it a bit more compact next time.
By Dan Kervick, who does research in decision theory and analytic metaphysics. Cross posted from New Economic Perspectives
Imagine a world and a society in which 500 people own everything – absolutely everything.
Read more...One of the troubling ideas that seems to have gained traction is that nations should not care overmuch about the needs of their citizens and should accept market outcomes.
Read more...It’s telling that the fact that hundreds of thousands of people in Quebec have been striking for over two months has gone virtually unreported in the US.
Read more...I live in Manhattan, where signs of the New Gilded Age scream from the windows of deluxe pet spas and boutiques hawking crystal-studded dog collars. The biggest emerging trend of all? That would be giving dead pets the star treatment.
Read more...By Les Leopold, the author of The Looting of America: How Wall Street’s Game of Fantasy Finance destroyed our Jobs, Pensions and Prosperity, and What We Can Do About It. Cross posted from Alternet
Gasoline prices have been falling in recent weeks, but they’re still close to their five-year high after climbing steeply for three years. For every penny increase at the pump, $1.4 billion per year leaves our collective pockets, creating a drag on the sluggish “recovery.” Where does it go and what caused the price explosion at the pump?
Read more...By David Graeber, a Reader in Social Anthropology at Goldsmiths, University of London, and an author and activist currently based in New York
A few weeks ago I was with a few companions from Occupy Wall Street in Union Square when an old friend — I’ll call her Eileen — passed through, her hand in a cast.
“What happened to you?” I asked.
Read more...Adam Davidson is moving up in the world. He has gone from fellating the 1% to the top 0.1%.
Read more...The Wall Street Journal has an entertaining account, if your taste runs to black humor, of how legal chicanery has reached such high levels that the SEC is toying with the idea of going after it directly.
Read more...It has become pretty routine for local police to engage in thuggery and run roughshod over Constitutional protections in the name of maintaining order, which increasingly means not annoying big companies.
Read more...One of the continuing and largely unrecognized aspects of the ongoing media coverage of Occupy Wall Street is that police brutality and lesser abuses have been airbrushed out.
Read more...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.
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?
Read more...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.
Read more...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.
Read more...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.
Read more...