The Global Economy Is a Time Bomb Waiting to Explode

Discussion in 'Politics' started by Angelo, Mar 16, 2019.

  1. Angelo
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    Angelo Gold Member

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    ...Rather than reconstructing a new foundation out of the wreckage, we simply restored the status quo ante, and left the world’s elite financial engineers with a relatively free hand to create a wide range of new destructive financial instruments...
    3/11/19
    The Global Economy Is a Time Bomb Waiting to Explode

    From September, 2018...
    BIS warns global economy risks crisis 'relapse'

    Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method. Redistribution of wealth. Thom Hartmann Asks Professor Richard Wolff if these methods can be applied to the United States or if the billionaire class will let us stop the crashes before it is too late ?


    "The White House has become a country club hangout for Wall Street executives."
    Sherrod Brown ( on Seth Myers last night )
     
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    Last edited: Mar 16, 2019
  2. Blackrook
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    Blackrook Gold Member

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    Redistribution of wealth seems to be the answer to any question you may ask, like:

    "How do we stop global warming?"

    OR

    "How do we deal with it when robots replace human workers?"

    OR

    "How do we end white privilege?"
     
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  3. Mac1958
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    Mac1958 Diamond Member

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    As a Marxist - a real live Marxist, he's a professor in it and does lectures advocating it - he's no doubt hopeful for the worst.
     
  4. Golfing Gator
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    Golfing Gator Platinum Member

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    OR

    "how do we keep the farmers voting for the GOP"
     
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  5. georgephillip
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    georgephillip Gold Member Supporting Member

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    Hyman Minsky saw 'it' coming in the wake of WWII:

    http://www.levyinstitute.org/pubs/wp_659.pdf

    "Stability is destabilizing.

    "These three words concisely capture the insight that underlies Hyman Minsky’s analysis of the economy’s transformation over the entire postwar period.

    "The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by institutional ceilings and floors.

    "However, to the extent that these constraints achieve some semblance of stability, they will change behavior in such a way that the ceiling will be breached in an unsustainable speculative boom.

    "If the inevitable crash is 'cushioned' by the institutional floors, the risky behavior that caused the boom will be rewarded. Another boom will build, and the crash that follows will again test the safety net.

    "Over time, the crises become increasingly frequent and severe, until finally 'it' (a great depression with a debt deflation) becomes possible."

    Minsky's insights had been largely forgotten by 2008. Even today, advocates of neoliberal economics continue to spread the lie that "free markets" are self-regulating in spite of an extensive shadow banking system of non-bank financial intermediaries functioning outside normal banking regulations.
    [​IMG]
     
  6. Norman
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    Norman Gold Member

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    Yes, of course the crisis is nearing. Capitalism may be destabilizing, but let us look at the country that is at the top of today's bubble. Well damn, it's the communist China. Our stock market comes only second...

    There is no such thing as a perfect system. Minsky having Marxists influence somehow managed to forget that and only criticized capitalism and corporatism. I have to say I am quite amused at how these Marxist use the word capitalism to refer to almost anything and everything. They still got many things right... for example neoclassical economists such as Krugman always being wrong, every time. However, such trivialities are obvious for anyone with a brain.
     
    Last edited: Mar 16, 2019
  7. Golfing Gator
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    Golfing Gator Platinum Member

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    hmmm....when have we seen something like that happen with another word...like the word "socialism"...which is used to refer to almost anything and everything by a select group of people in this country.

    it is a damn shame you cannot see the irony of you of all people making that post
     
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  8. Golfing Gator
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  9. Norman
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    Norman Gold Member

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    Actually it's being used as a code word for anti-American. This was built as the land of the free, if that doesn't satisfy, you can always embrace the Venezuelan paradise.

    But the Marxists are correct that the bankers should have been shipped behind bars after their royal fuck up.
     
  10. danielpalos
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    danielpalos Diamond Member

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    solving simple poverty and raising the minimum wage could cure capitalism's boom and bust cycles.
     

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