Almost everyday I read posts online that interest, infuriate, stimulate, inspire, or otherwise move me. Almost everyday I'll share three short snippets.
Ask me anything
July 28, 2014
"But even accounting for that, I’ve generally found the coverage of this story particularly irritating, with a handful of honorable exceptions. There’s an extra element here, which is making the reporting on this case much, much worse — and that’s the markets. In short, they’re doing the wrong thing."
"The case is extremely complicated, living in rarefied air where high finance meets international law. It’s safe to say that certain New York lawyers have made a stupendous amount of money litigating this case. Meanwhile, in the court of public opinion no one can quite figure out what is going on and most just assume that the Argentine government is to blame."
"The end game of American interventionism is a broad and automated global surveillance system with the ability to engage in precision strikes or utter devastation at a moment’s notice. The purpose of this system has nothing to do with preventing acts of “terrorism” or assuring Homeland Security. The American drone fleet is meant to regulate the active theaters of conflict as precisely as stocks or commodity reserves. Such fine-tuned control over death is necessary to maintain a planetary system of oligarchic wealth distribution. Militaries are reality builders and wealth creators. They are the means, medium, and mortar of empire."
"Facing an annual decline rate of 4 or even 4.5 percent, the world must discover and bring online the equivalent of a new Saudi Arabia—or one could equally say, a new United States, complete with shale boom—every four years, or perhaps every three, in order merely to maintain current rates of production."
"What Bowles is essentially saying is that sharing the wealth causes an increase in the amount of wealth in the economy, due to more economic activity and job creation. This creates a larger and more robust tax base and reduces the benefits bill. Surely policymakers should be not just investigating but piloting projects based on Bowles’ ideas."
"But suddenly, thanks to yesterday’s declarations by Boehner and Ryan, the charade’s most sacred lie has been exposed. In acknowledging that “we do not have an immediate debt crisis,” GOP leaders are admitting that there is, in fact, an alternative. They are also admitting that their longtime claims to the contrary were ends-justify-the-means tactics to manufacture an unnecessary panic — one that they hoped would scare America into abruptly accepting the kind of draconian policies polls show the public opposes."
"If debt means immediately making the economy subjective, then, Lazzarato writes, “a specific kind of subjective conversion,” a counter-ascesis that frees initiates from “debt morality and the discourse which holds it hostage” must be the aim. Not only must all existing debt be annulled, but debt itself must be exposed for what it is, namely, “not an economic problem but an apparatus of power designed not only to impoverish … but to bring about catastrophe,” and tossed into the dustbin of history."
"… Admittedly it takes some unpacking, but Debt‘s key themes are in close harmony with the main themes of heterodox economics work going back to Keynes; while the “economics” that Beggs opposes to him represents only the discipline’s more conservative wings. A review of Debt by an economist in a venue like Jacobin could be an important chance for interdisciplinary bridge-building; it’s a pity it turned into an exercise in moat-digging instead.”