Last week, reporting on the latest meeting of the US Federal Reserve Bank, NY Times reporter, Catherine Rampell, opened her story with this line: “No one knows what to do to fix the economy.” How frightening is that? The US and the rest of the world are being sucked into a vortex of political, economic […]
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HOW CAPITALISM IS LIKE A PONZI SCHEME
In the Ponzi and Madoff schemes, participants were promised a generous monetary return on their monetary investments. In the capitalist version, the investment is not money, but labor. As individuals invest their labor in the production and distribution of goods and services, they are paid wages that enable them to purchase and consume the goods […]
IT’S CAPITALISM, STUPID
The cause of the debt crisis is to be found in the essence of capitalism itself: competition, which – surprise! – produces losers as well as winners. The primary mechanism through which this contest is engaged is the corporation, which the US Supreme Court recently declared to be the legal equivalent of a person. Here […]