Category Archives: Economics

Capital Contradictions

A brilliant animation set to a brief lecture by Professor David Harvey on the roots of the global economic crisis. Animation provided by RSA Animate. Theoretical foundations provided by Karl Marx.

The Coming American Austerity

The G20 Summit in Toronto concluded with a declaration that the “advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016.” The non-binding agreement follows shortly after the Greek debt crisis, which in turn has sparked a crisis of confidence regarding […]

Unemployed? Get a job!

Have you been unemployed since the crash of 2008? Are you on Medicaid or Medicare? If so, your situation is gonna get a lot worse: Democratic leaders in the Senate have apparently failed to win enough support to overcome a Republican filibuster of a bill to help the poor, the old and the jobless, despite […]

All signs point to doing more

While the debt crisis in Greece threatens Europe and markets all over the world, many Americans want to draw parallels between the United States and Greece. The story goes like this: The Greeks borrowed too much, Americans are doing the same and the only way out is to cut back spending. Sharply. But as Paul […]

Yesterday’s market craziness and a solution

Yesterday, U.S. markets took a substantial plunge. In a 16 minute span, the Dow fell under 10,000 then rebounded to about 10,500. On Wednesday it had been in the 10,900 range. We’re talking about big money disappearing very quickly. Apparently it happened because of a mistaken trade which set off a bunch of computer automated […]

Crap.

Thanks Greece: As demonstrators took to the streets in Greece to protest the government’s austerity plan, traders, worried that the Greek debt crisis would spread, sent indexes into disarray for a second day on Wednesday. Indexes on Wall Street, which started the day sharply lower, had regained most of that ground by midday. The euro, […]

Quote of the Week: Financial Oligarchy Edition

Chris Hayes dropping truth bombs on MSNBC: “The culture of Washington is totally and completely corrupt and that the country is ruled and I know this sounds radical, but true—by a very intense financial oligarchy that basically has purchased on both parties. I mean, what you see here—and I don‘t want to downplay the import […]

The Financial Regulation story thus far

Congressional Democrats are working on regulations that should help reduce the chance of another financial collapse like we went through in 2008. One of the ideas on the table will setup a fund paid for by banks that will be ready in case the regulations fail and banks need future bailouts. The current FDIC Chairwoman, […]

Debt silver lining

According to the NY Times, our national credit rating is close to dropping down a notch. If we become less credit-worthy as a nation, further borrowing will be increasingly expensive. Just like if you personally have a bad credit rating from borrowing too much or missing payments, you’ll have to suffer higher interest on future […]

Exported Justice

It’s good to see that Goldman Sachs isn’t content with just destroying the American financial system. They’ve got global ambitions, baby! As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in a decade-long effort to skirt European debt limits. One deal created by Goldman Sachs […]