Three-Ring Circuses
The irrelevance of both major parties is increasingly clear.
Understandably attention was diverted from this new reality by the historic contest in the 2008 Democratic primary. The November 2008 outcome was an anti-climax even with the Palins family providing comic relief.
The impotency of the major parties is now plain for all to see. And the "invisible-hand" is not what Adam Smith had in mind. The invisible hand is now, more than ever before possible, caught on 10s of millions of hand-held camera/phones, on Facebook and elsewhere.
Here we have the super rich living all around and no longer able to remain behind a massive wall or gate.
The game of Presidential politics is now Texas Hold 'em: and be sure, it is WINNER TAKE ALL.
Greedy 4 Money
Robust expressions of belonging to a community are critical to a full flowering of Democracy. Capitalism, on the other hand, promotes the virtues of individualism.
A working Democracy and an adherence to the practices of Capitalism are not sustainable and are, therefore, in practice, mutually exclusive pursuits.
Again and again, Smith warned of the collusive nature of business interests, which may form cabals or monopolies, fixing the highest price "which can be squeezed out of the buyers".
Smith also warned that a true laissez-faire economy would quickly become a conspiracy of businesses and industry against consumers, with the former scheming to influence politics and legislation.
Smith states that the interest of manufacturers and merchants "...in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public...
Economics 101 or where did we go so terribly wrong
A serious talk as told by little every man (EM) and Little Man (LM)
LM: Did U decide to take that econ course, U were thinking about?
EM: yes…and it is a huge mistake…
LM: oh
EM: I attended the 1st class meeting last night over at Rainbow Rock..
LM: Yeah…the CC across town…
EM: they offer a bunch of sample courses …
LM: I remember…like a an open door chips-n-dips party…
EM: well…forget that…if U didn’t have time 2 swing over 2 in-and-out, dinner would be dispensed … cheese-crackers the cuisine of dreamers and slackers…
LM: and the class?
EM: right…couldn’t get near the door…U no the drill
LM: even 4, excuse me 4 saying, a sleep inducing pill like econ 101...
EM: I couldn’t believe it either…
LM: I guess it is, ‘the economy stupid…’
EM: no kidding
LM: I wasn’t
EM: right, …so
LM: go on…
EM: so, they circulated a “waiting” list…which everyone seemed to sign…
LM: yes
EM: everyone knows that ¾ of them will not return 4 the next meeting…
LM: which is when…?
EM: this coming Thurs…
LM: U going back?
EM: I don’t know…what do U think
But LM was focusing on the Drifters’ song, Get-a-job…
and EM’s question floated away on heavy air…
And, so, it came 2 pass…
Greedy 4 Money ROUND TWO
Op-Ed Columnist
The Lesser Depression
By PAUL KRUGMAN
Published: July 21, 2011
here’s the thing:
Even if we manage to avoid immediate catastrophe, the deals being struck on both sides of the Atlantic are almost guaranteed to make the broader economic slump worse.
In fact, policy makers seem determined to perpetuate what I’ve taken to calling the Lesser Depression, the prolonged era of high unemployment that began with the Great Recession of 2007-2009 and continues to this day, more than two years after the recession supposedly ended.
Let’s talk for a moment about why our economies are (still) so depressed.
The great housing bubble of the last decade, which was both an American and a European phenomenon, was accompanied by a huge rise in household debt.
When the bubble burst, home construction plunged, and so did consumer spending as debt-burdened families cut back.
2 B continued ---
THE “TAKE-AWAY” :
Capitalism IS NOT an ECONOMIC System; not NOW, not EVER!
Capitalism IS a MORAL System; is NOW and Always has been!
