The More Things Change?

Discussion in 'Economy' started by georgephillip, Jan 1, 2011.

  1. georgephillip
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    georgephillip Gold Member Supporting Member

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    James Kwak @ The Baseline Scenario reprises one of his posts from last June, written while he was reading "a real book, on paper - The Worldly Philosophers, by Robert Heilbroner."

    Heilbroner's book looks more at the historical conditions "that helped give rise to some important economic ideas, and Kwak finds some passages that seem "oddly relevant today."

    Conventional economic wisdom of the early 19th century, for example:

    “'They lived in a world that was not only harsh and cruel but that rationalized its cruelty under the guise of economic law. . . .

    "'It was the world that was cruel, not the people in it.

    "'For the world was run by economic laws, and economic laws were nothing with which one could or should trifle; they were simply there, and to rail about whatever injustices might be tossed up as an unfortunate consequence of their working was as foolish as to lament the ebb and flow of the tides.'”

    Kwak also points out some conventional capitalistic wisdom from the Gilded Age of the late 19th century:

    "'Indeed, the world was so scrubbed as to be unrecognizable.

    "'One might read such leading texts as John Bates Clark’s Distribution of Wealth and never know that American was a land of millionaires; one might peruse F.H. Taussig’s Economics and never come across a rigged stock market.

    "'If one looked into Professor Laughlin’s articles in the Atlantic Monthly he would learn that "sacrifice, exertion, and skill" were responsible for the great fortunes.'”

    Thorstein Veblen, an American critic of capitalism at the time, looked at the captains of industry and saw "a parasitic class engaged in financial games to divert excessive profits to themselves."

    "The bold game of financial chicanery certainly served as much to disturb the flow of goods as to promote it."

    The More Things Change
     
  2. kyzr
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    kyzr Gold Member

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    The top 1% of incomes that own 90% of everything has always screwed-over the other 99% less fortunate. So what's your point?

    The most recent example is the wealthy moving 14,000 factories overseas. Now we have 10% unemployment and a growing underclass, all thanks to the DC whores who rake in lobbyist donations for their votes.
     
  3. Truthmatters
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    Truthmatters BANNED

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    All thanks to massive tax cuts for the wealthy and an underminning of entire society by republcan politicians helped by a few democrats.


    Lets remember which party apppointed the scotus members who sold us all out though.

    I telling you people the republican party leadership wants this country to belong to the corporations.

    They are dragging it down the hall as we speak
     
  4. editec
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    editec Mr. Forgot-it-All

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    Apologists for the masters tend to overlook things like that, don't they?

    Note how many people here told us that the current economic depression was the fault of people buying homes?

    Why people think that the powerfless are responsible for such events, and give the people making decisions a pass, I surely do not know.
     
  5. kyzr
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    kyzr Gold Member

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    "Lets remember which party appointed the SCOTUS members who sold us all out though." ????

    I don't remember what you're talking about. I seem to recall the Chinese calling the Clinton's "show me the money" style of bribery "money-bag-politics".

    So what USSC decision do you disagree with? Not the one Obama whined about, Alito called bullshit on?! that one.
     
  6. Skull Pilot
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    Skull Pilot Platinum Member

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    Such fucking whining about how the evil rich people screwed you over.

    Can anyone tell me how their life would be better if the fucking government took all the money those evil rich people have? Or are you really lamenting your own failure and seeking solace in blaming someone else for your fuck ups?

    I believe it's the latter.
     
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  7. georgephillip
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    georgephillip Gold Member Supporting Member

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    My point is it's likely to get worse, possibly much worse, (imagine if hyperinflation turned every $10 bill in your possession into a $5?) if US voters continue to limit their "choice" to Republican OR Democrat.

    Michael Hudson explains the political mechanics:

    "The political axiom at work is 'Big fish eat little fish.'

    "There’s not enough tax money to continue swelling the fortunes of the super-rich pretending to save enough to pay the pensions and related social support that North American and European employees have been promised.

    "Something must give – and the rich have shown themselves sufficiently foresighted to seize the initiative."

    The rich can not stop stealing other people's money for the same reason a shark can not stop swimming.

    They will die, and they know it.
     
  8. rdean
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    rdean rddean

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    Eventually, we'll all die.
     
  9. rdean
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    rdean rddean

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    So it's an "either/or"? Either the rich get ALL the money or ALL the money is taken away? No compromise? No investing in America? THEY can leave, you can't.
     
  10. uscitizen
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    uscitizen Senior Member

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    The earth would be a paradise without humans.
     

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