A look back makes the outlook easier: A speculative boom in 1929 leads to a stock market crash and recession, the budget deficit increases, the austerity policies drive the economy into a depression. Tensions within and between countries increase, scapegoats are sought, anti-Semitism and protectionism are spreading.
The indispensable opponent (tags)
The West's hostility towards China has increased since China's engine began to stutter. At the same time, the US government is pumping massive amounts of money into the economy and has thus been able to prevent an impending recession for the time being, but is far from regaining its former role as a global engine of growth.
When Wealth Destroys Wealth: Inverse Capitalism and its Limits (tags)
Ever-increasing real estate prices was an illusion. The boom that the US stock markets have experienced in recent years deserves the name fracking boom. Fictitious capital put the US economy back on the growth track.
Low Oil Prices: Boom or Bust? (tags)
oil
Responding to financial crisis: are austerity and suffering inevitable? (tags)
Austerity in a recession is counter-productive. Lower taxes and lower wages mean lower demand, lower GDP, lower state revenue and higher unemployment.
Novelist Anne Enright Speaks in San Diego (tags)
Irish novelist Anne Enright came to the San Diego Public Library October 10 to present "The Forgotten Waltz," her first book since her previous novel "The Gathering" won the prestigious Man Booker Prize in 2007. Enright talked about the pressures of sudden fame, how she combines writing with being a stay-at-home mom, and the roller-coaster ride of the Irish economy from boom in 2002 to bust in 2007. Though "The Forgotten Waltz" is not literally a political allegory, Enright says she meant it largely as a metaphoric portrayal of Ireland during its boom and bust years.
Horrific treatment of Amazon Indians exposed 100 years ago today (tags)
30,000 Amazon Indians were enslaved, tortured, raped and starved in just 12 years during the rubber boom, according to a historic report submitted by Irish investigator Roger Casement, 100 years ago today.
the Deeper Origins of the Economic Crisis (tags)
For all the horror the global economic crisis has caused for so many people, one progressive consequence has emerged: many of these people are becoming politically conscious — searching for information to better understand their political and economic system. They want to know how things got the way they did and what can be done about it. Unfortunately, much of the resulting analysis has focused too little on actual causes, and too much on abstract financial details and other consequences of deeper economic problems. Therefore, the typical explanation of the economic crisis goes as follows: depression-era financial regulations were tossed aside, and banks were allowed to merge into new institutions that then invented ways to transform debts into assets, which were gambled away on the stock exchange to the tunes of trillions of dollars. All of which is true. What’s missing, however, is why.
Leading Economist Decries Power of Wall Street "Oligarchs" (tags)
n a fascinating piece in the latest issue of The Atlantic, Simon Johnson, former chief economist at the International Monetary Fund, outlines what he sees as the alarming influence of Wall Street firms over the American economy. He expounds on his thesis in our interview, making several points:
As the revered godlike head of the Federal Reserve, Greenspan pursued a policy of cheap money. Whenever the financial markets began to correct their own madness, he opened the floodgates for more money..The world stares so intensely at growth that it forgets distribution.
The Asian Crisis of 1997-1998: Deregulation (tags)
Enormous capital streamed in short-term monetary investments that could dissolve at any time, not in lasting direct investments. Higher stock prices and home prices fueled the credit boom. Deregulated finance markets are everything but efficient.
The Coupon Clippers Get A History Lesson From One Of Their Own (tags)
Bourgeois theoreticians take measures to assure their class that the present crisis will pass. "Do not panic" is the message. Good times will return and the robbery can go on. Time for a history lesson.
"For the richestg 1%, the Reagan tax cuts were pure elixer.. Reagan's budgets slashed social spending. Domestic discretionary spending was the special target.. Hardest hit were programs for low-income Americans.."
The Essential Guide To Reggae Murder-Music (tags)
Capleton, booked at House of Blues LA for October 4, is one of 8 Jamaican "kill gays" Reggae singers touring the US and other nations. Take action to make "murder music" unprofitable.
below is a short poem i came up with hope you guys enjoy it. it links the psychedelic culture with reality thought people here might find it entertaining cheers
Yes, indeed — the Bush boom has begun at last. (tags)
This week's report of a barnburner 7.2 percent rise in gross domestic product is very significant. It informs us of the likelihood of a true recovery boom — call it the Bush boom — in the months and quarters ahead.
Tax Cuts and Class Warfare (tags)
An argument against the beneficial results of tax cuts for the wealthy and trickle-down economics.
Make MTV play BOOM now!! show America what the whole world thinks.