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Three New Deals: Why the Nazis and Fascists Loved FDR
Three New Deals: Why the Nazis and Fascists Loved FDR [Three New Deals: Reflections on Roosevelt’s America, Mussolini’s Italy, and Hitler’s Germany, 1933-1939. By Wolfgang Schivelbusch. Metropolitan Books, 2006. 242 pgs.] Critics of Roosevelt’s New Deal often liken it to fascism. Roosevelt’s numerous defenders dismiss this charge as reactionary propaganda; but as Wolfgang Schivelbusch makes […]
President Franklin D. Roosevelt: Architect of Monetary Madness and a U.S. Debt Default
President Franklin D. Roosevelt: Architect of Monetary Madness and a U.S. Debt Default Every schoolchild is dutifully taught that President Franklin D. Roosevelt (FDR) was America’s savior. They are repeatedly told that FDR and his New Deal policies pulled the U.S. out of the Great Depression. What nonsense. In fact, FDR was the architect of […]
State Property
State Property Franklin D. Roosevelt’s New Deal wrung from the trauma of the 1930s a lasting legacy of economic and social reform, including the Social Security Act, new banking and financial laws, regulatory legislation, and new opportunities for organized labor. Taken together, these reforms gave a measure of security to millions of Americans who had […]
The Biggest Short
THE BIGGEST SHORT Some reversals of financial trends prove so momentous they define the generation in which they occur. The stock market crash in 1929 kicked off the Great Depression, which ushered in the welfare and then the warfare state and redefined the relationship between government and citizens. Bonds and stocks began their bull market […]
‘Democratic Socialism’ Means the Loss of Liberty
“DEMOCRATIC SOCIALISM” MEANS THE LOSS OF LIBERTY Democratic Party hopeful, Bernie Sanders, recently outlined what it means for him to be a “democratic socialist.” The problem is that the same label might be applied to most of the other candidates running in both the Democratic and Republican parties running to be the nominee for presidency […]
Fourth Turning: Crisis of Trust
Fourth Turning: Crisis of Trust “Imagine some national (and probably global) volcanic eruption, initially flowing along channels of distress that were created during the Unraveling era and further widened by the catalyst. Trying to foresee where the eruption will go once it bursts free of the channels is like trying to predict the exact fault […]
Ex-Im Bank is Welfare for the One Percent
Ex-Im Bank is Welfare for the One Percent This month Congress will consider whether to renew the charter of the Export-Import Bank (Ex-Im Bank). Ex-Im Bank is a New Deal-era federal program that uses taxpayer funds to subsidize the exports of American businesses. Foreign businesses, including state-owned corporations, also benefit from Ex-Im Bank. One country […]
One Last Look At The Real Economy Before It Implodes – Part 3
One Last Look At The Real Economy Before It Implodes – Part 3 In the previous installments of this series, we discussed the hidden and often unspoken crisis brewing within the employment market, as well as in personal debt. The primary consequence being a collapse in overall consumer demand, something which we are at this […]
Try Everything by J. Bradford DeLong – Project Syndicate
Try Everything by J. Bradford DeLong – Project Syndicate. BERKELEY – When it became clear in late 2008 that the global economy was headed toward a crash at least as dangerous as the one that had initiated the Great Depression, I was alarmed, but also hopeful. We had, after all, seen this before. And we […]
