Ian Welsh writes on Naked Capitalism with 21 dismal and compelling "basics" about the economy and the so-called "recovery."
7) Europe, ex. Germany, is in recession.
8 ) the developed world is in depression, it never left depression. During depressions there are recoveries (such as they are) and recessions, but the overall economy is in depression.
9) China’s economy is slowing down. Since China is the main engine of the world economy, followed by the US, this is really bad. If it goes into an actual recession, bend over and kiss your butt goodbye.
10) Austerity is a means by which the rich can buy up assets which are not normally on the market for cheap.
11) the wealth of the rich and major corporations has recovered and in many countries exceeded its prior highs. They are doing fine. Austerity is not hurting them. They control your politicians. The depression will not end until it is in their interest for it to do so, or their wealth and power is broken.
12) The US play is as follows: frack. Frack some more. Frack even more. They are trying the Reagan play, temporize while new supplies of hydrocarbons come on line. Their bet is that they’ll get another boom out of that. If they’re right, it’ll be a lousy boom. If they’re wrong (and the Saudis think they are, and the Saudis have been eating their lunch since 2001) then you won’t even get that. Either way, though, they’ll devastate the environment, by which I mean the water you drink and grow crops with.
13) For people earning less than about 80K, the economy never really recovered.
Read more at http://www.nakedcapitalism.com/2012/09/some-basics-on-the-economy.html#0PPQV6PGXuqWiWc9.99
Ian Welsh: Some basics on the economy
I’m at Institute for the Future in Palo Alto, CA today (I’m on staff) at the Positive Platform Design Jam, where we had Cornell historian Louis Hyman give a presentation called “Unnatural Capitalism: How the New Deal Reinvented Capitalism and Why We Need to Do It Again.” You can watch a video recording of his […]
UC Irvine economist Peter Navarro, a hand-picked Trump economic advisor: “Navarro has never met Trump in person. And as for speaking with him by phone, he acknowledges, ‘I have never had the pleasure.'”
California governor Jerry Brown today approved a mandatory minimum wage of $15 an hour by 2022. The bill’s enactment came within hours of a similar bill signing in New York by governor Andrew Cuomo.
The Boing Boing Store’s Gift Guide is full of ideas for pretty much anyone in your life like hipster ice cub trays, Xbox controllers, Halo Boards, and even diamond necklaces. As always, all products in the Boing Boing Store come at great discounts, too. Shop by price bucket starting at under $20. Under $20:Bloxx Jumbo Ice Trays […]
Unlike traditional lighters, the SaberLight features an electronic plasma beam that’s both rechargeable and butane-free. This sleek lighter is even approved by TSA, so you’ll never be stuck buying lighters you’ll just have to throw away partially used. For some people, like me, this is a pretty big game-changer. The SaberLight’s beam is actually both hotter and cleaner […]
Holiday shopping is in full swing, and the Striiv Touch is one of the best gift ideas I’ve landed on. Its simple design works for females and males, and its wide range of features makes it suitable for even the non-fitness enthusiasts in your life.Unlike traditional fitness trackers, the Striiv Touch also acts as a smartwatch. It […]