Public Notes


Recent Activity

  • FOTIS shared from THE BUBBLE AND BEYOND by Michael Hudson
    Instead of mobilizing savings to fund new means of production, today’s banking system merely is loading the economy’s assets down with debt. What seems to be occurring is functionally akin to the pre-industrial mode of lending. The difference is that pre-industrial usury was dominated by individual family lenders, but the new post-industrial debt system is occurring on a large, corporate scale. It has merged with industry primarily to the extent that the financial sector has gained control of the economy’s manufacturing companies, treating them like real estate to squeeze out as large a...
    Note: Ε ναι!
  • FOTIS shared from THE BUBBLE AND BEYOND by Michael Hudson
    The moral is that as aggregations of finance capital and the ability to extend credit grow larger, more concentrated and more closely linked to government and favored industrial customers, the banking system tends to become parasitic and even corrupt.
  • FOTIS shared from THE BUBBLE AND BEYOND by Michael Hudson
    It would seem at first glance that this desire to replace inherited wealth and position with a meritocracy would be shared by today’s market reformers, yet they have not pressed their reforms in this direction. Just the opposite. At their urging, taxes have been reduced since 1980 (and indeed, since World War II), above all on real estate and finance capital. (Outright abolition of the wealth tax was a central plank in the Republican 2000 U.S. presidential election campaign.) As seen from a 19th-century perspective, today’s “trickle-down” mode of progress and reform (one hesitates to call...
    Note: Unearned Income
  • FOTIS shared from THE BUBBLE AND BEYOND by Michael Hudson
    In the 1920s, Jacques Rueff in France and the Swedish-U.S. economist Bertil Ohlin denied that the debt service imposed by German reparations could cause serious financial disruption. A similar approach led to Frederick Hayek, Milton Friedman and subsequent Chicago School opponents of government activism, as well as to the IMF’s austerity programs that squeeze out short-term surpluses to finance foreign-debt service and capital flight rather than tangible capital formation.1 This approach does not recognize debt service as causing problems for the exchange rate or deflating output levels, or...
    Note: Η ιστορία επαναλαμβάνεται
  • FOTIS shared from THE BUBBLE AND BEYOND by Michael Hudson
    bank profits and speculative gains are extracted from the economy, not additions to real output. Indeed, with interest rates ranging up to 29% for credit cards and distress levels for European government debtors, where is there room for growth in a recovery in economies growing by only about 1% annually? The 99% are getting poorer and deeper in debt, while the 1% is getting richer. This polarization is the opposite of the more progressive distribution of income and wealth that was occurring throughout the 20th century prior to 1980.
    Note: Μετά το 1980
  • FOTIS shared from The Oxford History of Greece and the Hellenistic World by John Boardman, Jasper Griffin, Oswyn Murray
    that most important of all truths in history, that it is chance, not human skill, that rules human affairs.
  • FOTIS shared from What Money Can't Buy: The Moral Limits of Markets by Michael J. Sandel
    The rampant commercialization of schools is corrupting in two ways. First, most corporate-sponsored curricular material is ridden with bias, distortion, and superficial fare. A study by Consumers Union found, not surprisingly, that nearly 80 percent of sponsored educational materials are slanted toward the sponsor’s product or point of view. But even if corporate sponsors supplied objective teaching tools of impeccable quality, commercial advertising would still be a pernicious presence in the classroom, because it is at odds with the purpose of schools. Advertising encourages people to want...
  • FOTIS shared from What Money Can't Buy: The Moral Limits of Markets by Michael J. Sandel
    In 1983, U.S. companies spent $100 million advertising to children. In 2005, they spent $16.8 billion. Since children are in school most of the day, marketers work aggressively to reach them there. Meanwhile, inadequate funding for education has made public schools only too willing to welcome them.78
    Note: Advertising and Schools
  • FOTIS shared from Why Nations Fail: The Origins of Power, Prosperity, and Poverty by Daron Acemoglu, James Robinson
    In 1661 the emperor Kangxi ordered that all people living along the coast from Vietnam to Chekiang—essentially the entire southern coast, once the most commercially active part of China—should move seventeen miles inland. The coast was patrolled by troops to enforce the measure, and until 1693 there was a ban on shipping everywhere on the coast.
  • FOTIS shared from What Money Can't Buy: The Moral Limits of Markets by Michael J. Sandel
    Most of our political debates today are conducted in these terms—between those who favor unfettered markets and those who maintain that market choices are free only when they’re made on a level playing field, only when the basic terms of social cooperation are fair.