graeber

Bernie Sanders got the GAO to study the life chances of millennials, and the report concludes that debt is "crushing their dreams"

Bernie Sanders commissioned the Government Accountability Office to study the consequences of the high degree of indebtedness borne by Millennials; the GAO's report concludes that Millennials dreams are being "crushed" by debts -- primarily student loans -- which have limited their abilities to seek good employment, good housing, and to save for retirement. Read the rest

MMT: when does government deficit spending improve debt-to-GDP ratios?

Modern Monetary Theory (MMT) (previously) is an alternative to neoclassical economics that holds that sovereign states that issue their own currency can't default on debts denominated in that currency (if you are the sole source of Canadian dollars and all your debts are in Canadian dollars, you can always pay those debts), and that deficit spending is normal (every dollar in circulation was "deficit spent," since the money to pay taxes enters the economy when the government spends it into existence), and that inflation isn't a mere function of government spending -- but rather, inflation occurs when governments and the private sector are bidding against each other for the same goods and services. Read the rest

Why are we still treating economics as if it were an empirical science that makes reliable predictions?

Robert Skidelsky is an eccentric British economist: trained at Oxford, author of a definitive three-volume biography of Keynes, a Lord who sat with the Tories as their economics critic during the Blair regime, who now sits as an independent who is aligned with Labour's left wing. Back in September, Yale University Press published Skidelsky's latest book, Money and Government: The Past and Future of Economics, a retelling of the history of economics as a discipline that seeks to uncover how economics' failings created the 2008 crisis and have only made things worse since. Read the rest

The poorest half of Americans have nothing left, so now the 1%'s growth comes from the upper middle class

The Fed's latest figures on American household wealth paint a rosy picture -- in the aggregate. US households now own a record-breaking $107T worth of assets! Read the rest

In Kansas's poor, sick places, hospitals and debt collectors send the ailing to debtor's prison

Kansas is a living laboratory for far-right experimentation with extreme economic cruelty: a state where Medicare expansions were thwarted, where xenophobia has penetrated the state bureaucracy, where a grifty, incompetent lawyer has apologized for slavery and driven women out of his own party, even as neighboring states thrive by tending to the needs of working people, rather than the super-rich. Read the rest

Even if you pay off your student loan, be prepared to spend decades trying to get bottom-feeding debt-buyers to acknowledge it

Kaja Robinson is 53 and has a daughter about to go off to college, but she is still embroiled in bizarre, kafkaesque disputes over the $17,000 student loan she took out in the 1980s: for decades, she has had to set aside whole days to call debt collectors and try to get them to acknowledge the payments she's made -- for which she has paperwork, but which the lenders lost track of, causing her loans to balloon to $49,000. Read the rest

Bernie Sanders promises to zero out all US medical debt and end medical bankruptcies

Bernie Sanders has pledged to eliminate the $81b in outstanding US medical debt if he is elected president in 2020. Read the rest

Canada's housing market is slowly but surely imploding, and Canadians are more exposed than the US was in 2008

After 20 years of unprecedented lows, Canada's central bank is gradually raising rates; this, combined with strict rules on new loans, empty house taxes in overheated cities like Vancouver, and mandatory ownership disclosures (which keep money launderers out of the market) are depressing the Canadian housing market, and the prognosis is not good. Read the rest

David Graeber's "Bullshit Jobs": why does the economy sustain jobs that no one values?

David Graeber defined a "bullshit job" in his viral 2013 essay as jobs that no one -- not even the people doing them -- valued, and he clearly struck a chord: in the years since, Graeber, an anthropologist, has collected stories from people whose bullshit jobs inspired them to get in touch with him, and now he has synthesized all that data into a beautifully written, outrageous and thought-provoking book called, simply, Bullshit Jobs.

Win a free copy of David Graeber's 'Bullshit Jobs'

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Is your job bullshit?

David Graeber, author of Bullshit Jobs: A Theory, analyzes the rise of the menial, hapless, unfulfilling jobs and their consequences.

There are millions of people—HR consultants, communication coordinators, telemarketing researchers, corporate lawyers—whose jobs are useless, and, tragically, they know it. These people are caught in bullshit jobs. Graeber explores one of society’s most vexing and deeply felt concerns, indicting among other villains a particular strain of finance capitalism that betrays ideals shared by thinkers ranging from Keynes to Lincoln. Bullshit Jobs gives individuals, corporations, and societies permission to undergo a shift in values, placing creative and caring work at the center of our culture. This book is for everyone who wants to turn their vocation back into an avocation.

Enter here to win a free copy of David Graeber's Bullshit Jobs! Read the rest

Quantifying the massive premium paid to people who work in "bullshit jobs"

It's been five years since David Graeber's original, groundbreaking essay on "bullshit jobs" (socially useless busywork that everyone -- including the holders of bullshit jobs -- knew to be a tremendous waste of time), and now he's got a whole book on the subject (if you're in LA, you can see me interviewing him about it on June 13). Read the rest

An excerpt from "Bullshit Jobs," David Graeber's forthcoming book about the rise of useless work

Anarchist anthropologist David Graeber made a landmark contribution to the debate about inequality, money, and wealth with his massive 2012 book Debt: The First 5,000 Years (a book that helped inspire my 2017 novel Walkaway). Read the rest

Modern Monetary Theory: the economic basis for expanded social spending and greater shared prosperity

The last 40 years has seen a steady rise of deficit-hawking, in which the world's postwar social safety nets are shredded because the state "can't afford" them -- think of all the times you've heard of national debt being money that "the taxpayers" will have to pay back, and misleading comparisons between sovereign governments (who print their own money) to households and businesses (who don't), as though sovereign state finance was just a scaled-up version of balancing the family check-book. Read the rest

Chinese economists say Big Data can replace markets in planned economies

In a paper in the World Review of Political Economy, economists from Sichuan University propose a model for an efficient planned economy that uses a hybrid of managed, two-sided "platform" markets (modeled on Ebay, Alibaba and various app stores) and central planning informed by machine learning and big data to fairly and efficiently regulate production in a system in which all substantial assets are owned by the state. Read the rest

Talking Walkaway with Reason Magazine

Of all the press-stops I did on my tour for my novel Walkaway, I was most excited about my discussion with Katherine Mangu-Ward, editor-in-chief of Reason Magazine, where I knew I would have a challenging and meaty conversation with someone who was fully conversant with the political, technological and social questions the book raised. Read the rest

Politics got weird because neoliberalism failed to deliver

Ian Welsh says that the USSR collapsed because its promises -- "a cornucopia and a withering away of the state" -- conspicuously failed to materialize; now, neoliberalism's promises ("If the rich have more money, they will create more jobs; Lower taxes will lead to more prosperity; Increases in housing and stock market prices will increase prosperity for everyone; Trade deals and globalization will make everyone better off") are likewise being shown to be lies, and so we're in crisis. Read the rest

A Field Guide to Redheads - an assortment of people, places and things all topped with red

For redheads, and people who love them, get past the slightly disturbing title and enjoy this collection of people, places, and things, all with red on top. The subjects are diverse, from movie stars to redheaded animals to L. Ron Hubbard to a recipe for carrot soup. The full-page, full-color, ink-wash illustrations are all charming and usually identifiable: Ron Howard is clearly nobody else, while Ginger Spice is less recognizable. Redheads of the White House, Thelma and Louise driving off a cliff, Mario Batali, and Malcolm X, all lovingly drawn here for your...your...well, it’s not clear what the point of the book is, but it’s enjoyable and odd, and isn’t that enough?

A Field Guide to Redheads: An Illustrated Celebration

by Elizabeth Graeber

Workman Publishing

2016, 160 pages, 5.1 x 0.7 x 7.1 inches (hardcover)

$13 Buy a copy on Amazon

See sample pages from this book at Wink. Read the rest

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