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Of Economic Crises and Pandemics: Facebook as Fact, Government as Truth, Big Pharma as God

Of Economic Crises and Pandemics: Facebook as Fact, Government as Truth, Big Pharma as God

If events since March 2020 have shown us anything, it is that fear is a powerful weapon for securing hegemony. Any government can manipulate fear about certain things while conveniently ignoring real dangers that a population faces.

Author and researcher Robert J Burrowes says:

…if we were seriously concerned about our world, the gravest and longest-standing health crisis on the planet is the one that starves to death 100,000 people each day. No panic about that, of course.”

No panic because the controlling interests of the global food system have long profited from a ‘stuffed and starved’ strategy that ensures people unnecessarily go hungry when corporate profit rather than need dictates policies.

US social commentator Walter Lippmann once said that ‘responsible men’ make decisions and must be protected from the ‘bewildered herd’ – the public. He added that the public should be subdued, obedient and distracted from what is really happening. Screaming patriotic slogans and fearing for their lives, they should be admiring with awe leaders who save them from destruction.

During COVID, Prime Minister of New Zealand Jacinda Ardern urged citizens to trust the government and its agencies for all information and stated:

Otherwise, dismiss anything else. We will continue to be your single source of truth.”

In the US, Fauci presented himself as ‘the science’. In New Zealand, Ardern was ‘the truth’. It was similar in countries across the world – different figures but the same approach.

Like other political leaders, Ardern clamped down on civil liberties with the full force of state violence on hand to ensure compliance with ‘the truth’. Those who questioned the COVID narrative – including world-renowned scientists – were smeared, shut down and censored.

It was an internationally orchestrated campaign involving governments, the big tech companies, media and the WHO, among others.

…click on the above link to read the rest…

The Mother of all Economic Crises

The Mother of all Economic Crises

Nouriel Roubini, a former advisor to the International Monetary Fund and member of President Clinton’s Council of Economic Advisors, was one of the few “mainstream” economists to predict the collapse of the housing bubble. Now Roubini is warning that the staggering amounts of debt held by individuals, businesses, and the government will soon lead to the “mother of all economic crises.”

Roubini properly blames the creation of a debt-based economy on the near-or-at-zero interest rate and quantitative easing policies pursued by the Federal Reserve and other central banks. The inevitable result of the zero-interest and quantitative easing policies is price inflation wreaking havoc on the American people.

The Fed has been trying to eliminate price inflation with a series of interest rate increases. So far, these rate increases have not significantly reduced price inflation. This is because rates remain at historic lows. Yet the rate increases have had negative economic effects, including a decline in the demand for new homes. Increasing interest rates make it impossible for many middle- and working-class Americans to afford a monthly mortgage payment for even a relatively inexpensive home.

The main reason the Fed cannot raise rates to anywhere near what they would be in a free market is the effect it would have on the federal government’s ability to manage its debt. According to the Congressional Budget Office (CBO), interest on the national debt is already on track to consume 40 percent of the federal budget by 2052 and will surpass defense spending by 2029! A small interest rate increase can raise yearly federal debt interest rate payments by many billions of dollars, increasing the amount of the federal budget devoted solely to servicing the debt.

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Economic Crises and the Crisis of Economics

Economic Crises and the Crisis of Economics

LONDON – Is the economics profession “in crisis”? Many policymakers, such as Andy Haldane, the Bank of England’s chief economist, believe that it is. Indeed, a decade ago, economists failed to see a massive storm on the horizon, until it culminated in the most destructive global financial crisis in nearly 80 years. More recently, they misjudged the immediate impact that the United Kingdom’s Brexit vote would have on its economy.

Of course, the post-Brexit forecasts may not be entirely wrong, but only if we look at the long-term impact of the Brexit vote. True, some economists expected the UK economy to collapse during the post-referendum panic, whereas economic activity proved to be rather resilient, with GDP growth reaching some 2.1% in 2016. But now that British Prime Minister Theresa May has implied that she prefers a “hard” Brexit, a gloomy long-term prognosis is probably correct.

Unfortunately, economists’ responsibility for the 2008 global financial crisis and the subsequent recession extends beyond forecasting mistakes. Many lent intellectual support to the excesses that precipitated it, and to the policy mistakes – particularly insistence on fiscal austerity and disregard for widening inequalities – that followed it.

Some economists have been led astray by intellectual arrogance: the belief that they can always explain real-world complexity. Others have become entangled in methodological issues – “mistaking beauty for truth,” as Paul Krugman once observed – or have placed too much faith in human rationality and market efficiency.

Despite its aspiration to the certainty of the natural sciences, economics is, and will remain, a social science. Economists systematically study objects that are embedded in wider social and political structures. Their method is based on observations, from which they discern patterns and infer other patterns and behaviors; but they can never attain the predictive success of, say, chemistry or physics.

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The vicious spiral of economic inequality and financial crises

The vicious spiral of economic inequality and financial crises 

There is compelling evidence that economic inequality is both a result of, and contributor to, economic crises. A contribution to the openGlobalRights debate on economic inequality.

With global inequality at extremely high levels and still rising, there is an emerging consensus that the international community needs to tackle this growing problem. In September 2015, the Member States of the United Nations endorsed 17 sustainable development goals, including a particular goal to reduce inequality within and among nations. And yet, there is one particular facet of inequality that has been frequently neglected: the links between economic inequality, financial crises and human rights.

In the report I presented to the UN Human Rights Council in March 2016, I argue that economic inequality can trigger financial crises, which in turn can entrench inequalities further. I explore in my report three broad questions: 1) Does inequality lead to more financial instability? 2) Does financial instability lead to higher levels of inequality? 3) What are the impacts of increased inequality on respect for human rights?

Inequality is both a direct and indirect cause of sovereign debt increase and financial crises. As increased levels of inequality mean that the income tax base of the state concerned is rather small—at least if income taxation is not progressive—inequality can exert a considerable direct influence on the structure and the level of government revenues and spending.

Empirical evidence clearly suggests that inequality, income tax base and sovereign debt are all connected.This is far more than mere conjecture; the empirical evidence clearly suggests that inequality, income tax base and sovereign debt are all connected. For example, researchers have found a negative correlation between income inequality and the tax base and a positive correlation with sovereign debt. Increased inequality also contributes to the degeneration of sovereign debt into sovereign debt crises.

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