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Economics

Special Project | America's Financial Crisis: Week of July 7, 2013

  • “…it seems that our remedies are instinctively those which aggravate the sickness: the remedies are expressions of the sickness itself“. --Thomas Merton
  • 12  New Items including:
    • Obama should have listened to Paul Krugman
    • The Trans-Pacific Partnership is an Assault on Democracy That Will Undermine the Economy
    • The Capitalist's Case For A $15 Minimum Wage
    • Austerity is Dead
    • Paul Krugman | Debunked Reinhart-Rogoff Paper 'Did A Lot Of Damage'
    • 5 Ways That Raw, Unregulated Capitalism Is Acting Like a Cancer on American Society
    • The Gospel of Consumption
    • Paul Krugman’s right: Austerity kills
    • How America Became a Third World Country (2013-2023)
    • The Real Cost of Austerity
    • Bail-out is out, bail-in is in: time for some publicly-owned banks
    • Austerity debunked

David Culver, Ed., Evergreene Digest

Joep Bertrams

Obama should have listened to Paul Krugman, Walden Bello, Salon

The Trans-Pacific Partnership is an Assault on Democracy That Will Undermine the Economy, Kevin Zeese, Popular Resistance

Ron Kirk former US Trade Representative: making the text public would raise such opposition that it could make the deal impossible to sign.

The Capitalist's Case For A $15 Minimum Wage, Nick Hanauer, Bloomberg View

  • The current $7.25 minimum wage forces taxpayers to subsidize Wal-Mart Stores Inc. (WMT) and other large employers, effectively socializing their labor costs. This is great for Wal-Mart and its shareholders, but terrible for America. It is both unjust and inefficient.
  • One Walmart Store's Low Wages Could Cost Taxpayers $900,000 Per Year
  • Costco CEO: Raise The Minimum Wage To More Than $10 Per Hour

Austerity is Dead, Progress Report, ThinkProgress

  • It’s Time to Focus on Jobs & Growth
  • Paul Krugman | Debunked Reinhart-Rogoff Paper 'Did A Lot Of Damage' 

Paul Krugman | Debunked Reinhart-Rogoff Paper 'Did A Lot Of Damage' Huffington Post

  • “That paper of theirs did a lot of damage by giving people who didn’t want stimulus, who didn’t want any kind of expansionary policy, a way to scare their opponents.”
  • Paul Krugman’s right: Austerity kills
  • Austerity debunked

5 Ways That Raw, Unregulated Capitalism Is Acting Like a Cancer on American Society, Paul BuchheitAlterNet 

  • The predators on our society will scream about threats to "freedom" as soon as we start going after them, but it's just about trying to protect profits.
  • Attacking the Hungry
  • Suffocating the Students
  • Weakening the Children
  • Depleting the Taxpayers
  • Paralyzing the Voters

 

Christopher Weyant

The Gospel of Consumption, Jeffrey Kaplan, Orion magazine

And the better future we left behind

Paul Krugman’s right: Austerity kills, David Stuckler and Sanjay Basu, Salon

  • Austerity kills -- radical cuts destroy economies and lives, and the honest numbers and economics keep proving it.
  • Excerpted from "The Body Economic: Why Austerity Kills"
  • How America Became a Third World Country (2013-2023)
  • The Real Cost of Austerity

How America Became a Third World Country (2013-2023), Mattea Kramer and Jo Comerford‚ TomDispatch

  • Too few Americans -- with too little influence -- spoke up, and Washington didn’t listen. The rest of the story, as you well know, is history.
  • What a grim scene you have: a country investing in war in distant lands as it crumbles here at home.

The Real Cost of Austerity, Truthdig

  • It’s high time our elected officials started listening to the wisdom of economists like Nobel Prize winner Paul Krugman, who for months has been consistently warning us about the dangers of austerity. And once again, he’s been proved right.
  • Everything We Know About What’s Happened Under Sequestration

Bail-out is out, bail-in is in: time for some publicly-owned banks, Ellen Brown, Web of Debt / Nation of Change 

  • “[W]ith Cyprus . . . the game itself changed. By raiding the depositors’ accounts, a major central bank has gone where they would not previously have dared. The Rubicon has been crossed.”   —Eric Sprott, Shree Kargutkar, “Caveat Depositor
  • Everything Is Rigged: The Biggest Price-Fixing Scandal Ever

Austerity debunked, Aljazeera

  • As Europe struggles under widespread spending cuts, it seems that the theory behind austerity may, in fact, be flawed.
  • Earth to Washington: Repeal the Sequester

 

Section(s): 

Obama should have listened to Paul Krugman

Walden Bello, Salon 

This article is made possible with the generous contributions of all reader supported Evergreene Digest readers like you. Thank you!

Nobel Prize winning economist Paul Krugman gestures during his speech at a forum in Shanghai, China, May 12, 2009. (Imaginechina via AP Images) (Credit: Dycj - Imaginechina)

Friday, July 5, 2013 | The problem with us progressives at this time of crisis is not that we lack an alternative paradigm to pit against the discredited neoliberal paradigm. No, the elements of the alternative based on the values of democracy, justice, equality, and environmental sustainability are there and have been there for some time, the product of collective intellectual and activist work over the last few decades.

The key problem is the failure of progressives to translate their vision and values into a program that is convincing and connects with the people trapped in the terrible existential conditions created by the global financial crisis. This fluid process is preeminently political. It requires translating a strategic perspective into a tactical program that takes advantage of the opportunities, ambiguities, and contradictions of the present moment to construct a critical mass for progressive change from diverse class and social forces.

Full story…

Related:

Paul Krugman’s right: Austerity kills, David Stuckler and Sanjay Basu, Salon

  • Austerity kills -- radical cuts destroy economies and lives, and the honest numbers and economics keep proving it.
  • Excerpted from "The Body Economic: Why Austerity Kills"
  • How America Became a Third World Country (2013-2023)
  • The Real Cost of Austerity
Section(s): 

IMF | Sequester Hurting U.S. Economy, Delaying Recovery

  • The International Monetary Fund (IMF) estimates growth of just 1.9 percent this year, as Managing Director Christine Lagarde said "very significant" decreases in federal spending and higher taxes may have reduced growth by up to 1.75 percentage points.
  • Austerity is Dead

Shahien Nasiripour, Huffington Post

This article is made possible with the generous contributions of all reader supported Evergreene Digest readers like you. Thank you!

06/14/2013 | As much as half of U.S. economic growth this year has been slashed due to tax increases and indiscriminate federal spending cuts known as sequestration, according to a sobering new forecast by the International Monetary Fund, which urged lawmakers to repeal the cuts.

Risks to U.S. growth are "modestly tilted to the downside," the IMF said in its annual report on the nation's economy, as a reduction of $85 billion in government expenditures this year due to sequestration has dampened demand and investment, just as tax hikes have taken a big bite out of U.S. paychecks and reduced household spending.

Full story…

Related: 

Austerity is Dead, Progress Report, ThinkProgress 

  • It’s Time to Focus on Jobs & Growth
  • Paul Krugman | Debunked Reinhart-Rogoff Paper 'Did A Lot Of Damage' 

 

Section(s): 

Austerity is Dead

  • It’s Time to Focus on Jobs & Growth
  • Paul Krugman | Debunked Reinhart-Rogoff Paper 'Did A Lot Of Damage' 

Progress Report, ThinkProgress

If you like reading this article, consider contributing a cafe latte to all reader-supported Evergreene Digest--using the donation button above—so we can bring you more just like it. 

Jun 6, 2013|For the better part of three years Washington has been gripped by an obsession with the deficit, but a new paper out from the Center for American Progress today argues that it’s time to abandon austerity, ditch deficit hysteria, and instead focus on jobs and economic growth.

What’s changed since Washington caught deficit fever in 2010? A lot, as it turns out.

Full story…

Related:

Paul Krugman | Debunked Reinhart-Rogoff Paper 'Did A Lot Of Damage' Huffington Post

  • “That paper of theirs did a lot of damage by giving people who didn’t want stimulus, who didn’t want any kind of expansionary policy, a way to scare their opponents.”
  • Paul Krugman’s right: Austerity kills
  • Austerity debunked

 

 

Section(s): 

Paul Krugman | Debunked Reinhart-Rogoff Paper 'Did A Lot Of Damage'

  • “That paper of theirs did a lot of damage by giving people who didn’t want stimulus, who didn’t want any kind of expansionary policy, a way to scare their opponents.”
  • Paul Krugman’s right: Austerity kills
  • Austerity debunked

Huffington Post

This article is made possible with the generous contributions of all reader supported Evergreene Digest readers like you. Thank you!

Flickr/401(K) 2013

06/02/2013 | Having a public spat with your colleagues and former classmates over the best way to fix the global economy can be “very unpleasant,” according to Paul Krugman.

The Nobel Prize-winning economist and New York Times columnist told Fareed Zakaria that “the stakes are high” in his public debate with Carmen Reinhart and Ken Rogoff, over their research which found a close correlation between high levels of public debt and slow economic growth. Researchers recently debunked the two economists’ findings, which were widely cited by pro-austerity politicians to justify cutting governments spending.

Full story…

 

Related:

Paul Krugman’s right: Austerity kills, David Stuckler and Sanjay Basu, Salon

  • Austerity kills -- radical cuts destroy economies and lives, and the honest numbers and economics keep proving it.
  • Excerpted from "The Body Economic: Why Austerity Kills"
  • How America Became a Third World Country (2013-2023)
  • The Real Cost of Austerity

Austerity debunked, Aljazeera

 

Everything You Heard About the Deficit Falling Is Wrong

  • Most of the media bought the notion that somehow the deficit had magically halved. Let's look at the math.
  • The Housing Market Recovery Is ‘A Complete Hoax’ 

Nomi Prins, AlterNet

 

Photo Credit: Shutterstock.com/Paul Cotney

 

May 23, 2013  | If it’s too good to be true, it probably isn’t. Especially if it involves math, the Treasury Department, and two disparate political camps championing two different economic doctrines that came of age decades ago. 

 

So went the telling of the deficit story last week. Most of the media bought the notion that somehow the deficit had magically halved to $682 billion from around $1.1 trillion last year, based on not even examining the Treasury Department's own reports before promoting that gleeful and surreal conclusion.

 

Full story...

 

Related:

 

The Housing Market Recovery Is ‘A Complete Hoax’ Truthdig

  • Five Star Institute economist Mark Lieberman has shown that banks are keeping more than 7 million homes off the market in this manner in order to “reduce listings, create the illusion of ‘scarcity,’ and push up prices,” Whitney reports. The housing market recovery, then, is “a complete hoax.”

 

The Gospel of Consumption

And the better future we left behind

Jeffrey Kaplan, Orion magazine

May/June 2008 | Private cars were relatively scarce in 1919 and horse-drawn conveyances were still common. In residential districts, electric streetlights had not yet replaced many of the old gaslights. And within the home, electricity remained largely a luxury item for the wealthy.

Just ten years later things looked very different. Cars dominated the streets and most urban homes had electric lights, electric flat irons, and vacuum cleaners. In upper-middle-class houses, washing machines, refrigerators, toasters, curling irons, percolators, heating pads, and popcorn poppers were becoming commonplace. And although the first commercial radio station didn’t begin broadcasting until 1920, the American public, with an adult population of about 122 million people, bought 4,438,000 radios in the year 1929 alone.

Full story...

Paul Krugman’s right: Austerity kills

  • Austerity kills -- radical cuts destroy economies and lives, and the honest numbers and economics keep proving it.
  • Excerpted from "The Body Economic: Why Austerity Kills"
  • How America Became a Third World Country (2013-2023)
  • The Real Cost of Austerity

David Stuckler and Sanjay Basu, Salon 

This article is made possible with the generous contributions of all reader supported Evergreene Digest readers like you. Thank you!

Sunday, May 19, 2013 | “I will never forgive them,” wrote 13-year-old Kieran McArdle to the Daily Record, a national newspaper based in Glasgow. “I won’t be able to come to terms with my dad’s death until I get justice for him.”

Kieran’s father, 57-year-old Brian, had worked as a security guard in Lanarkshire, near Glasgow. The day after Christmas 2011, Brian had a stroke, which left him paralyzed on his left side, blind in one eye, and unable to speak. He could no longer continue working to support his family, so he signed up for disability income from the British government.

Full story…

Related:

How America Became a Third World Country (2013-2023), Mattea Kramer and Jo Comerford‚ TomDispatch

  • Too few Americans -- with too little influence -- spoke up, and Washington didn’t listen. The rest of the story, as you well know, is history.
  • What a grim scene you have: a country investing in war in distant lands as it crumbles here at home.

The Real Cost of Austerity, Truthdig

  • It’s high time our elected officials started listening to the wisdom of economists like Nobel Prize winner Paul Krugman, who for months has been consistently warning us about the dangers of austerity. And once again, he’s been proved right.
  • Austerity debunked, Aljazeera
  • Everything We Know About What’s Happened Under Sequestration

 

Section(s): 

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