Category Archives: The dismal science

Danny Haiphong and Michael Hudson Discuss The Collapse of Antiquity, the Bank Panic,

Another tour de force by Michael Hudson on how debt dynamics create oligarcies, how the Fed stoked thebank crisis, and the multipolarity push.

Austerity for the Plebes, Bank Rescues for the Rich

The bank panic is proving to be an exercise in class warfare that may well wind up further strengthening the right.

Fed-Inflicted Bank Wobbles Persist as Investors Fret About Deutsche

Bank fundamentals do not look likely to get better any time soon, yet the Fed seems determined to make matters worse.

The Collapse of Antiquity: Greece and Rome as Civilization’s Oligarchic Turning Point

The media introduction to Michael Hudon’s newest book, The Collapse of Antiquity.

What’s Actually Behind the Banking Crisis? Why You Pay When They Play.

Law and economics expert Walker Todd explains how a financialized system creates havoc and why it’s time to rethink banking

Crash Landing? Part 1 – Bonfire of the Banks

Satyajit Das looks at how banks got themselves into so much trouble and what the recent bailouts portend.

How Monetary Policy Affects Bank Lending and Financial Stability: A ‘Credit Creation Theory of Banking’ Explanation

Another nail in “loanable funds”, which justfies austerity but does not explain how central banks produce credit and monetary growht.

Ayn Rand vs. Elinor Ostrom: The Fight for the Future of Social Media

Contrasting ideologies at play about the structure and role of social media mirror the conflicting ideologies in economics.

How Does JK Galbraith’s The New Industrial State Hold Up After 6 Decades?

How John Galbraith correctly called many developments that have had great political and economic significance, like the decline of unions

What If the World Cannot Save the World from Climate Change?

How climate change reveals a crisis of international governance.

New York Fed Identifies a New Way Dollar Hegemony Is Not Good for Emerging Economies and Other Growing Things

Another mechanism by which US does harm through our indifference to to the impact of our dollar/interest rate policies on other countries.

Can the Phillips Curve Explain Recent Wage Growth?

Contrary to what many have claimed, wage growth in the fourth quarter of 2022 was actually in line with what a standard Phillips curve model predicts.

An Inconvenient Apocalypse

Authors Jackson and Jensen argue that we need an acopalypse, as in a full recognition of conditions, to make radical envirnmental changes.