We need to stop making the irrational and unfounded, anti-empirical assumption that the corporate and financial elite are stupid – they are demonstrably sociopathic, but they are not stupid, as a class – and it would be stupid of them to not cooperate and coordinate, orchestrate, plan and carry out
Continue readingTag: banksters
Peace, order and good government, eh?: The Age of Austerity
The government of Ontario is pleased to announce that it’s improving the lot of those who rely on disability and social assistance benefits. Rates are being raised by 1%. Since that’s below the rate of inflation it’s really not an improvement at all. The poorest among us will fall further
Continue readingPolitics and Entertainment: why focus on inflation when there is little evidence of a inflationary trend while there are abundant statistics revealing just how bad things are for both the unemployed and the underemployed.
One of the official goals of central bank monetary policy is supposed to be low employment fostered through what is known as an expansionary policy by lowering interest rates with the hope that low credit rates will encourage businesses to expand their operations by way of capital investment in hard assets or
Continue readingPolitics and Entertainment: why focus on inflation when there is little evidence of a inflationary trend while there are abundant statistics revealing just how bad things are for both the unemployed and the underemployed.
One of the official goals of central bank monetary policy is supposed to be low employment fostered through what is known as an expansionary policy by lowering interest rates with the hope that low credit rates will encourage businesses to expand their operations by way of capital investment in hard assets or
Continue readingPolitics and Entertainment: why focus on inflation when there is little evidence of a inflationary trend while there are abundant statistics revealing just how bad things are for both the unemployed and the underemployed.
One of the official goals of central bank monetary policy is supposed to be low employment fostered through what is known as an expansionary policy by lowering interest rates with the hope that low credit rates will encourage businesses to expand their operations by way of capital investment in hard assets or capital expenditures of some sort and new hirings. We’ve had this policy in place for quite some time now, and yet employment really hasn’t improved one iota. If anything it’s merely gotten worse along with – because of the incentive of low interest rates – an astounding increase in personal debt to the unseemly tune of a 165% income to debt ratio.
** For example, “the number of temporary workers in Canada hit a record two million last year, according to Statistics Canada. That amounts to 13.6 per cent of the work force compared with 11.3 per cent in 1997, when such record-keeping began.

Politics and Entertainment: Why are governments addicted to neoliberal #austerity?
The key to deficit reduction is not austerity – reducing government spending by cutting programs and personnel – but good old-fashioned employment. Stanford’s argument is in the Krugman reformist, Keynesian tradition. He doesn’t seek a transformation, merely a technical economic readjustment, but, given our failure to transform capitalism so far – which can be brought about,
Continue readingPolitics and Entertainment: Why are governments addicted to neoliberal #austerity?
The key to deficit reduction is not austerity – reducing government spending by cutting programs and personnel – but good old-fashioned employment. Stanford’s argument is in the Krugman reformist, Keynesian tradition. He doesn’t seek a transformation, merely a technical economic readjustment, but, given our failure to transform capitalism so far – which can be brought about,
Continue readingPolitics and Entertainment: Why are governments addicted to neoliberal #austerity?
Left Over: Banks? Fuggetaboutit………
RBC replaces Canadian staff with foreign workers Axed employee blows whistle; federal government investigating By Kathy Tomlinson, CBC News Posted: Apr 6, 2013 5:31 PM PT This is going to sound like an unpaid ode to Credit Unions, so be it…in this case, because I know it best, VanCity…not only are
Continue readingPolitics and Entertainment: The issue is not #capitalism under new management, but the transformation of #capitalism itself. #neoliberalism #cdnecon
More and more I tend to agree with George Monbiot that it is not neoliberalism in and of itself as an ideology or economic theory that is the root cause of our economic/political/social woes, but the ruling oligarchy’s alibiing use of that model to further their own wealth no matter
Continue readingPolitics and Entertainment: The issue is not #capitalism under new management, but the transformation of #capitalism itself. #neoliberalism #cdnecon
More and more I tend to agree with George Monbiot that it is not neoliberalism in and of itself as an ideology or economic theory that is the root cause of our economic/political/social woes, but the ruling oligarchy’s alibiing use of that model to further their own wealth no matter
Continue readingPolitics and Entertainment: The issue is not #capitalism under new management, but the transformation of #capitalism itself. #neoliberalism #cdnecon
More and more I tend to agree with George Monbiot that it is not neoliberalism in and of itself as an ideology or economic theory that is the root cause of our economic/political/social woes, but the ruling oligarchy’s alibiing use of that model to further their own wealth no matter the harm that results from that quest. (Is it any wonder they’re called “the feral rich.”) The distinction is important because it shifts the strategic focus to the plutocratic investor class itself and in turn their banking, regulatory, and corporate institutions – their agents of destruction – which are served of course by compliant governments everywhere and nowhere more so than right here in Canada. Our banks are now “too big too fail.” This is, sad to say, the point to which the financialization of the Canadian economy has descended: 80% of financial assets are held in these institutions. Be prepared for the socializing of bank debt down the road now that the framework’s in place; that is, you’ll pay for any bailouts.
More and more too I find myself in agreement with both Greg Albo and Leo Panitch, who have argued persuasively that progressives groups here (including the Council of Canadians) and elsewhere are very big on tactics and “micro-politics” but woefully lacking in overall strategy and considerations of long-term consequences. I would add to their basic argument that the self-interest of the progressive groups each with its own agenda determined largely by their executives – as is the case with political parties – will no doubt continue to inhibit any collectivizing co-operative movement towards a larger, focused pragmatic goal of institutionalizing social democratic controls.
For a brief moment, there was a ray hope with the establishment of CommonCauses, but apparently all they wish to do is replicate the actions of other progressive groups and to replace the Harper Regime. The issue of course is much larger than that simplistic goal. The issue is not capitalism under new management, but the transformation of capitalism itself. Else all is lost.
Is it hopeless? Perhaps not. Perhaps all that is required is patience, As Richard Wolff has said, “As has happened often in human history, what provokes change is less any clear vision of where we go next and more the intolerability of where we are. Capitalism is no longer “delivering the goods” for most people. The circle of its beneficiaries grows smaller and richer and more out of touch with the mass of people than ever.”
Continue readingPolitics and Entertainment: To begin the process of democratizing the economy step 1 is to restore the banks to their status as public utilities
Politics and Entertainment: To begin the process of democratizing the economy step 1 is to restore the banks to their status as public utilities
More at The Real News This is Part 2 of a three part discussion with James K. Galbraith and Leo Panitch on whether any sort of New Deal is now possible in America. This segment crystallizes for me the difference between Keynesian reformers like Galbraith and Krugman, say, and revolutionaries like Panitch. Galbraith continues to have faith in
Continue readingPolitics and Entertainment: To begin the process of democratizing the economy step 1 is to restore the banks to their status as public utilities
More at The Real News This is Part 2 of a three part discussion with James K. Galbraith and Leo Panitch on whether any sort of New Deal is now possible in America. This segment crystallizes for me the difference between Keynesian reformers like Galbraith and Krugman, say, and revolutionaries like Panitch. Galbraith continues to have faith in
Continue readingPolitics and Entertainment: A 516.7 billion increase in personal debt and 140 billion in federal debt since Flaherty took over
#cdnecon An Appalling Performance from a Finance Minister. » Whatever economic movement we’ve had has been fuelled by essentially personal debt, an astonishing 516.7 billion increase since 2006, at a staggering 165% debt to disposable income ratio. Only #banksters and the investor class benefit from such a financialization of the economy. And we’re 140 billion deeper
Continue readingPolitics and Entertainment: A 516.7 billion increase in personal debt and 140 billion in federal debt since Flaherty took over
Where is the $14-billion from the GST rate cut now? #cdnpolisoa.li/MOQwOlB
— barrie mckenna (@barriemckenna) March 25, 2013
Politics and Entertainment: A 516.7 billion increase in personal debt and 140 billion in federal debt since Flaherty took over
#cdnecon An Appalling Performance from a Finance Minister. » Whatever economic movement we’ve had has been fuelled by essentially personal debt, an astonishing 516.7 billion increase since 2006, at a staggering 165% debt to disposable income ratio. Only #banksters and the investor class benefit from such a financialization of the economy. And we’re 140 billion deeper
Continue readingPolitics and Entertainment: This will be the Regime’s Primary Alibi followed by the EU crisis when the Canadian Economy Sinks into Recession
Canada faces near-recession if U.S. plunges over ‘cliff,’ Carney warns “Carney warns of risk from U.S. Bank of Canada Governor Mark Carney has warned that a failure by U.S. politicians to reach a new budget agreement before time runs out would push Canada close to another recession… the bank warned
Continue readingPolitics and Entertainment: This will be the Regime’s Primary Alibi followed by the EU crisis when the Canadian Economy Sinks into Recession
Canada faces near-recession if U.S. plunges over ‘cliff,’ Carney warns
Let us not forget, however, that the Canadian economy in and of itself has not been managed well by this extreme neoliberal government that has consistently placed investors, the financial sector, natural resource exports, and free trade before the real industrial domestic economy. wage fairness, and job creation for the middle and working classes. A 163% household debt/GDP ratio is also indeed worrisome as is the fact that whatever equity most Canadians have is inextricably bound to their still mortgaged houses. Get ready.