Bond-buying programs by the world’s central banks have already driven the total amount of debt with yields below zero to a record of $13 trillion. RT’s latest Keiser Report looks at how far the situation could go below that point.
This episode is close to 100% sense, and almost no nonsense. The hollowing out of USA industry is something I observed throughout my career. It really started to pick up toward the end, just before I retired.
If there were a fraud proof way for an employer to verify the work status of a potential immigrant hire, then we could hold employers responsible for only hiring legal immigrants. There could be stiff penalties on the employer for hiring illegal immigrants.
The Grayzone’s Max Blumenthal sits down with Venezuelan President Nicolás Maduro in Caracas. We discuss the plots to kill him, US sanctions on food distribution, corruption allegations, and the corporate media’s industrial grade demonization campaign against him and his elected government.
We cannot let the oligarchs’ news media keep silent about Venezuela while the USA government formulates more attacks on Venezuela. After they are done covering the mass murders in the USA, the media will refocus on some country we are attacking. I fear for when it is Venezuela’s turn again to be in the spotlight for being the brunt of our latest war effort.
It is much harder to articulate the case for a mixed economy than the case for free markets, precisely because the mixed economy is mixed. The rebuttal takes several paragraphs. The more complex story holds that markets are substantially efficient in some realms but far from efficient in others, because of positive and negative externalities, the tendency of financial markets to create cycles of boom and bust, the intersection of self-interest and corruption, the asymmetry of information between company and consumer, the asymmetry of power between corporation and employee, the power of the powerful to rig the rules, and the fact that there are realms of human life (the right to vote, human liberty, security of one’s person) that should not be marketized.
The political reversal of neoliberalism can only come through practical politics and policies that demonstrate how government often can serve citizens more equitably and efficiently than markets. Revision of theory will take care of itself. There is no shortage of dissenting theorists and empirical policy researchers whose scholarly work has been vindicated by events. What they need is not more theory but more influence, both in the academy and in the corridors of power. They are available to advise a new progressive administration, ifthat administration can get elected and if it refrains from hiring neoliberal advisers.
This is a more detailed defense of mixed economies than the brief defense I have been stating. I have just said that profit-driven, free market systems are not good at delivering some of what society needs. This article goes into a lot of the details that explain why my observation is true and relevant.
“Biden is taking credit for doing something constructive to stop the migration crisis and blaming the concentration camps [on the US-Mexico border] on Trump. But it’s Biden’s policies that are driving more people out of Central America and making human rights defenders lives more precarious by defending entities that have no interest in human rights,” explained Adrienne Pine, a professor of anthropology at American University and leading researcher of the social crisis in Honduras, in an interview with The Grayzone.
The defense of Palestinian rights has become more acceptable and accusations of anti-Semitism have become more sparing in the mainstream media, despite the House’s recent resolution against the Boycott, Divestment, and Sanctions movement, says IPS’s Phyllis Bennis
Bennis enumerates some of the lies in the House Resolution. The presence of these lies is why I believe Tulsi Gabbard should not have voted for this resolution no matter what her opinion of BDS or Palestinian rights. If the House is going to vote for a resolution, the least we should require is that it presents the issues honestly.
It occurs to me that the BDS movement could say “In light of the fact that Israeli actions have made the two state solution impossible, the only way we can accept a one state solution is for the Palestinians to have the right of return to their lands that were illegally confiscated.”
Israel would then be faced with the choices of reversing what it has done to make the two state solution impossible, or accepting true democracy for all people in Israel, and risk being voted out of existence as an exclusively Jewish state.
Debts that can’t be paid, won’t be. That point inevitably arrives on the liabilities side of the economy’s balance sheet.
But what of the asset side? One person’s debt is a creditor’s claim for payment. This is defined as “savings,” even though banks simply create credit endogenously on their own computers without needing any prior savings. When debts can’t be paid and debtors default, what happens to these creditors?
I am a follower of Michael Hudson. I have read part of his book “… and forgive them their debts“. This might be from the part I haven’t read yet. I understood the write-down of debts, but somehow the write-down of savings as a necessity had escaped me.
The windows in my house are just not suitable for a window air conditioner. Several years ago, I bought a roll-around air conditioner shown in the picture below.
If you have one of these, you know that it vents the hot air out through a duct that goes from the back of the unit to a nearby window. One problem with this arrangement is that the duct gets fairly hot. I have always felt that the air conditioner can barely keep up with the heat it is generating itself and putting into the room because of the hot duct.
After about 5 years of ownership of this unit, I finally had a bright idea. Today is the first day it has been hot enough outside to see if my idea works. It does.
This gives away the surprise of the air conditioning solution
The duct measured 5 ½ inches in diameter. I bought duct insulation for a 6 inch duct. Now the duct is room temperature, and the air conditioner does not have to fight itself. The insulation cost me all of about $8. The insulation is too bulky for the air conditioner manufacturer to have packaged this cheap solution with the unit. They could at least have mentioned it in the user manual. It has made me go from a rather unhappy owner of such a unit, to a completely satisfied one. I may just buy another unit like this one for upstairs now that I know how to make it work.
Zachary Karabell talked about his book Peace Be upon You: The Story of Muslim, Christian, and Jewish Coexistence, published by Knopf. Mr. Karabell traces the historical instances of peaceful coexistence between Muslim, Christian, and Jewish people. The author contended that throughout the past fourteen centuries the different faiths have found common ground; from peaceful debate amongst scholars in the courts of the caliphs in Baghdad to medieval Spain where Jewish sages, Muslim philosophers, and Christian monks translated the meaning of God together. The author argued that the current state of religious tensions are solvable if one studies the past. Mr. Karabell responded to questions from the audience.