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The Last Gasps of “Late Degeneracy Capitalism”
The Last Gasps of “Late Degeneracy Capitalism” It was a mid-afternoon in 2006 in Cannes, where I joined Dr. Kurt Richebächer at his apartment to collaborate on a book project that, unfortunately, failed to come together before his death a year later. The old man grabbed his cane and moved to a comfy chair and […]
Our Wile E. Coyote Economy: Nothing But Financial Engineering
Our Wile E. Coyote Economy: Nothing But Financial Engineering Ours is a Wile E. Coyote economy, and now we’re hanging in mid-air, realizing there is nothing solid beneath our feet. The story we’re told about how our “capitalist” economy works is outdated. The story goes like this: companies produce goods and services for a competitive marketplace […]
There’s a Crisis in US Capitalism
There’s a Crisis in US Capitalism Capitalism has always had business cycles. The capitalist enterprises that produce goods and services are distinctively organized around the conflicted relationship of employer and employees and the competitive relationship of markets. These central relationships of capitalism together generate cyclical instability. Wherever capitalism became a society’s economic system over the […]
The Black Death Killed Feudalism. What Does COVID-19 Mean for Capitalism?
The Black Death Killed Feudalism. What Does COVID-19 Mean for Capitalism? How will the coronavirus transform the relationship between state and market? A look at oil, food, and finance. Shutterstock You pay little attention to the systems of your body — circulatory, digestive, pulmonary — unless something goes wrong. These automatic systems ordinarily go about […]
Weekly Commentary: Schumpeter’s Business Cycle Analysis
Weekly Commentary: Schumpeter’s Business Cycle Analysis The work of the great economist Joseph Schumpeter (1883-1950) has always resonated. When I ponder analytical frameworks pertinent to these extraordinary times, none are more germane than Schumpeter’s Business Cycle Analysis. Best known for “creative destruction,” Schumpeter’s seminal work materialized after experiencing the spectacular “Roaring Twenties” boom collapse into […]
Capitalism on Life Support… Time for a Cure
Capitalism on Life Support… Time for a Cure The Covid-19 pandemic is unleashing obscene bailouts of Western industries and companies, as well as lifelines for billionaire business magnates. It is grotesque that millions of workers are being laid off by corporations which are in turn receiving taxpayer funds. Many of these corporations have stashed trillions […]
The holiday of exchange value
The holiday of exchange value Many markets are on hold, as societies such as ours fight the pandemic. But how else might things be valued, and how much of that alternative could survive when economic normality returns? The primary economic fact about the coronavirus crisis is how it has brought existing class divisions into much […]
Weekly Commentary: The Solvency Problem
Weekly Commentary: The Solvency Problem Being an analyst of Credit and Bubbles over the past few decades has come with its share of challenges. Greater challenges await. I expect to dedicate the rest of my life to defending Capitalism. One of the great tragedies from the failure of this multi-decade monetary experiment will be the […]
All The Craziest Things About America Are Being Highlighted By This Virus
All The Craziest Things About America Are Being Highlighted By This Virus “Corona is a black light and America is a cum-stained hotel room,” comedian Megan Amram colorfully tweeted a couple of weeks ago. Her observation has only grown more accurate since. The corporate cronyism of America’s political system has been highlighted with a massive kleptocratic multitrillion-dollar corporate bailout of […]
I’ve seriously tried to believe capitalism and the planet can coexist, but I’ve lost faith
I’ve seriously tried to believe capitalism and the planet can coexist, but I’ve lost faith As the Productivity Commission confirmed this week, Australia’s economy has enjoyed uninterrupted growth for 28 years straight. Specifically, our output of goods and services last financial year grew by 2%. Economists obviously see the growth of a national economy as good news […]
Poetic Justice Coming For The 1%
Poetic Justice Coming For The 1% To understand just how grim the coming decade is likely to be for the world’s super-rich, let’s start with three premises: 1) Capitalist democracy — defined as free individuals managing their own property and periodically electing new leaders — is the only system of social organization that’s consistent with […]
China’s Growing Economic Miracle…(Collapse). Or… Everyone Pays the Piper!
China’s Growing Economic Miracle…(Collapse). Or… Everyone Pays the Piper! In emulating the American economic raison d’etre, China has attempted to develop its unique capitalist model while ignoring that it too will soon suffer the same fate for the same reason: Unsustainable debt. When examining the recent realities of Chinese banking and finance over the past year it […]
The Fed Detests Free Markets
The Fed Detests Free Markets To be completely honest, I wrote -most of- the second part of this a while ago, and then I was thinking this first part should be part of the second, if you can still follow me. But it doesn’t really, it’s fine. I wanted to write something to address how […]
We Can Only Choose One: Our National Economy or Globalization
We Can Only Choose One: Our National Economy or Globalization The servitude of society to a globalized economy is generating extremes of insecurity, powerlessness and inequality. Does our economy serve our society, or does our society serve our economy, and by extension, those few who extract most of the economic benefits? It’s a question worth asking, […]
