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Scoop.it!
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Have you wondered why politicians aren't what they used to be, why governments seem unable to solve real problems?
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Scoop.it!
In the last few weeks, global stock and bond markets have been rallying after a period of sharp falls. The reason is clear. The US Federal Reserve monetary policy chiefs have been talking down the...
Scoop.it!
Mainstream economists failed to anticipate the great financial crash of 2007-8. In this talk, Professor Steve Keen shares his view on the bigger picture – including recent ...
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Joseph Stiglitz, Nobel Laureate in Economics and Columbia University professor, talks about where he sees flaws in the economic and financial system.
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In the second half, Max interviews David Graeber about his new book, The Utopia of Rules: On Technology, Stupidity and the Secret Joys of Bureaucracy. They talk about the Sovietization of capitalis...
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In this Keiser Report, Max Keiser and Stacy Herbert discuss removing the document to remove the men who rule our bureaucratic world - from their mountains of...
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Latest “Lux Leaks” files obtained by ICIJ disclose secret tax structures sought by “Big 4” accounting giants for brand name international companies.
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Assistant Professor of Economics Mathieu Dufour has a new article published in the Review of Radical Political Economy (link): "Capitalism, Crisis, and Class The United States Economy after the 200...
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Graeber wrote the magisterial Debt: The First 5,000 Years; Piketty, of course, wrote the essential Capital in the 21st Century -- in a must-read dialog, they discuss their differences and similarities and offer views on whether capitalism will collapse.
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Six years after the Lehman disaster, the industrialized world is suffering from Japan Syndrome. Growth is minimal, another crash may be brewing and the gulf between rich and poor continues to widen. Can the global economy reinvent itself?
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From
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2013 was the year where the threat of removing the QE punchbowl provoked market panic, while the EU was instrumental in sinister programs of theft above and beyond even the rapacious 'Central Bankers’ party'...
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Hyman P. Minsky said he thought there were as many forms of capitalism as Heinz had pickles. The same can be said about the different types of banking within the financial system. The system has undergone a dramatic transformation over the development of the capitalist economy, and Minsky spent a large amount of time studying this transformation. Many economists feel the same way as Minsky did, that the results achieved by a capitalist economy can be viewed from two fundamentally different perspectives: the Smithian way and the Keynes way. The Smithian way assumes the presence of an “invisible hand”, and therefore “intervention or regulation can only do mischief.” (Minsky 1991, 5) In contrast, the Keynes way assumes that the economy is naturally unstable, and “… regulation and intervention can be beneficial.” (Minsky 1991, 5) When designing economic policies, government leaders must choose between these two perspectives. This is exactly what policy makers have done over the evolution of the capitalist economy, and their decisions have transformed the banking system in many ways.
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The 2010 English-language edition of Christian Marazzi’s The Violence of Financial Capitalism made a groundbreaking work on the global financial crisis available to an expanded readership. This new edition has been updated to reflect recent events, up to and including the G20 summit in July 2010 and the broad consensus to reduce government spending that emerged from it. Marazzi, a leading figure in the European postfordist movement, argues that the processes of financialization are not simply irregularities between the traditional categories of wages, rent, and profit, but rather a new type of accumulation adapted to the processes of social and cognitive production today. The financial crisis, he contends, is a fundamental component of contemporary accumulation and not a classic lack of economic growth.
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Most post-World War II recessions have lasted less than a year; this crisis has been going on for five. The preferred cure of austerity seems to be making it worse. To understand where it came from, why it hasn’t gone away, and what might work to end it, you have to understand the dynamics of private debt. Steve Keen’s models, inspired by Hyman Minsky’s ‘Financial Instability Hypothesis’, anticipated the crisis and explain why it won’t go away until private debt levels are drastically reduced. Steve Keen was one of the handful of economists to realize that a serious economic crisis was imminent, and to publicly warn of it from as early as December 2005.
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We had a fascinating and enlightening conversation recently with Sanjay Sanghoee about Wall Street, where he once worked for a major hedge fund. He's a novelist now (Merge, Killing Wall Street) and a fellow blogger here at The Huffington Post. We wanted to hear his thoughts on Good vs. Evil in the financial world and in the larger world of American business, and he was eager to speak his mind. He pointed out, as I did in The Constant Choice, that evil can be hard to discern in business. It doesn't look evil. It's largely invisible, in daily choices that stem from oneself first at the expense of others and thinking about short-term gratification and success while ignoring the consequences. In that regard, we've got an epidemic on our hands.
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Regulators, bankers, and rating agencies bear much of the blame for the 2008 crisis.
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
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