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hardnox
Advisor

That defunct economists

who you are enslaved to.

 

We're not being ruled by classical economics but rather by the neclassical/neoliberal form.

 

Adam Smith was a genius, too bad he's been appropriated by the parasites.

 

http://www.nakedcapitalism.com/2016/03/michael-hudson-and-chris-hedges-the-real-world-cost-of-turnin...

9 Replies
hardnox
Advisor

Re: That defunct economists

 

As to Adam Smith's comment that profits are often extremely high in countries before they collapse.

 

The primary enemy isn't da mexicans, mooslims or chinese, it is some defunct (and some still with us) economist who created a false religion. And the .01% who exploited that ideology to plunder the country.

 

Of course that is a toughie for "suck up, kick down" sorts of folks who earned their realtive pittance by "doing everything right" and more than anything covet a gold star for it.

 

The thing that ought to keep you up at night is the fact that a lot of those profits aren't even real- they've been manufactured through financial engineering and sometimes outright fraud.

 

As it began in the 80s, first the sociopaths went in and enriched themselves, then when people saw that they got rich and there were no consequences, everybody who could followed. And, fwiw, threw off a bit to fund think tanks, endowed chairs, PR efforts to spread the ideology as gospel.

hardnox
Advisor

Re: That defunct economists

Interesting, but not surprising, that the clearest economic thinking in the US emanates from a jerkwater regional campus- UMKC. Kelton, Wray, Hudson, Black.

 

Anyone who dares entertain such heterodox apostasies isn't going to get a tenure track position at an Ivy or Chicago.Or a serious position at The Fed.

 

One of the problems with the GOP is that they vigorously claim to reject all intellectual influences and on the other are entirely captive to the reigning neoliberal groupthink.

 

Stephanie Kelton is chair of economic advisors for the Sanders campaign.

 

 

wehav
Senior Contributor

Re: That defunct economists

" The primary enemy isn't da mexicans, mooslims or chinese, it is some defunct (and some still with us) economist who created a false religion. And the .01% who exploited that ideology to plunder the country."

 

Are you talking about people that say welfare is good for the economy?  That giving people other peoples money is good because those people buy Chinese junk and drugs thus boosting the economy.

 

I think the illegal people in this country are a significant portion of the low wage problem and the Chinese cheap junk is another portion.  But a significant problem is the willingness of our government to pay people to not work.

 

hardnox
Advisor

Re: That defunct economists

It's your funeral but you'll be able to wear your self awarded gold star all the way down.

 

Playing out on a small stage in Kansas and a few other states right now but the potential for havoc with a national government that contols the currency is orders of magnitude greater.

 

The Grand Experiment failed although the scary thing is that for true believers the only answer is to apply more leeches to the patient.

wehav
Senior Contributor

Re: That defunct economists

Your ramblings left me uniformed as to what exactly you want.

 

Are you supporting Bernie Sanders?  Do you believe a socialist is the answer?

 

I have no belief in fiat money.  But one undeniable fact is how much stuff so many people have with this fiat money and how many are living so much better than the rest of the world.

 

Many of them who have contributed nothing but more of their own kind.

 

 

r3020
Senior Advisor

Re: That defunct economists

Well Obama has certsainly been good to the health care industry. Billions spent with nothing in return. Good for corperate profits. Bad for the consumer. Great for Almighty Big Government. Job security.

 

snip-

Health insurance premiums have increased faster than wages and inflation in recent years, rising an average of 28 percent from 2009 to 2014 despite the enactment of Obamacare, according to a report from Freedom Partners.

President Obama signed the Affordable Care Act into law on March 23, 2010, and Wednesday is the law’s sixth anniversary.

The Obama administration expressed concern in 2009 about skyrocketing health care premiums in a report entitled, “The Burden of Health Insurance Premium Increases on American Families.” They were concerned that premiums had increased by 5.5 percent from 2008 to 2009.

However, from 2010 to 2011 in the first year after Obamacare was enacted, premiums increased by 9.4 percent.

“In 2009, when the [Executive Office of the President] issued its report, states had seen premiums increase on average by 30 percent between 2004 and 2009,” states the Freedom Partners report. “But since 2009, health insurance premiums have continued to grow faster than wages in nearly every state, averaging a 28 percent increase from 2009 to 2014, resulting in a greater amount of disposable income being consumed by rising premiums.”

According to the report, while premiums increased by 28 percent from 2009 to 2014, wages increased by only 7.8 percent. From 2004 to 2009 when premiums increased by 30 percent, wages increased by only 12.2 percent.

 

http://www.foxnews.com/politics/2016/03/24/health-insurance-premiums-rising-faster-than-wages.html

bruce MN
Advisor

Moments like this.....

...entertainment as good as can be found on the Internet.

bruce MN
Advisor

Re: That defunct economists

They hadn't been for years and if ACA wouldn't have been innacted they'd have been dropping since?  There's a bridge for sale somewhere that you might be interested in.

 

This bit is like a campaign ad for Bernie.  And shoots to hell the garbage about Obama being a socialist, or all that much of a liberal.  

 

The millions more who have coverage was what came of it....a good thing, BTW.  

OKdon
Senior Contributor

Re: That defunct economists

Bernie will strengthen the dollar not weaken it. There is a new experiment that will be tried. Rich folks and investors paying 5the same tax rates as the working poor do. Perhaps the donald and warren and Bill just may have to pay the same tax rate that you and I do. That is the difference btween us. You applaud the acheivement of the affluent who make high incomes and succeed in avoiding/evading taxes. All that while the low wage worker has to use his meanl ticket to pay for the last war and the nextone. Yes there will be the nextone because we will not be able to justify an increase in defense spending without engaging in war somewhere.

 

Somehow you think that giving affordable health care to our citizens is not necessary but killing them foreigners is. And just how much have we gined by foreign wars. Bernie will keep us out of war and use the money to make life better for our people instead of killing theirs.