Daily Links courtesy of Sticky Feet: Revolutionary peasants man the barricades, hyperinflation, learning from the Soviets, the Looting of America, and Thomas Friedman is now a bobblehead.
The Peasants are Storming the Gate: Let them eat cake? This is a post I’ve wanted to write for awhile – about the massive shift wealth and income towards the top 1% richest, which was only heightened by the massive transfer of wealth from taxpayers to the financial sector. Many others have written along similar lines (you can find links within the article), and this post is part if the pushback against the usual bobbleheads who are coming out on TV telling anyone who will listen that there have to be massive cuts to government benefits that benefit the average Joe. There is a better way. The bobbleheads don’t have the answers.
The Possibility of Hyperinflation is a Lot Greater than You Imagine. How it could turn financial assets into worthless paper. by me again….good read…talks about the worst case Peak Oil scenario and offers up a description using data from the collapse of the Soviet Union and Cuba in the early 1990s.
Description of a Post Peak Oil World following along the lines of the post directly above, but significantly more detail on post collapse conditions Russia and Cuba and how both adapted, plus discussion of the advantages Soviets had over present day US/Canada/Europe in facing the challenge of an oil collapse.
El-Erian on a critical weekend for Europe and the economy Mohamed El-Erian is CEO of PIMCO, one of the most respected bond managers around. He comments on the European rescue plan over the weekend…”if the rescue attempt does not work there will be a material acceleration in the process of change to Europe’s economic, financial and institutional landscape; and the reality of the debt explosion in developed countries will become even more of a destabilizing factor for the world economy”. at FT Alphaville.
European Groups Write of Eur 300 billion in debts Richard Milne at FT Alphaville about the scale of the debt problem faced by small companies in Europe, where small business comprises a greater share of economic activity – not good news.
What’s the “We” Jazz, Thomas Friedman? at Beat the Press. I love this blog….itrips apart lazy journalism and commentary on a daily basis. I don’t agree with all the policies of the writer, but I’m glad it ripped apart Friedman, who long ago became a non-sensical bobblehead – I think that happened right after he published his first book. Since then he’s been writing about the world through anecdotes of his world travels, continuously making the mistake of broadening his little anecdotes into rules for the world.
Slouching Towards Neo-Feudalism at the Economic Populist, about how the average citizen does not realize just how similar his situation is to the bondage that characterized feudalism.
For This Ring I Thee Sue Casey Greenfield at Slate. If a bride calls off an engagement can she keep the ring?
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Filed under: Economy, Links, Political Economy Tagged: | cuba, debt, economic growth, economics, Euro, europe, european union, financial crisis, global financial crisis, hyperinflation, inflation, laissez faire, leverage, liberalism, Mohamed El-Erian, neo-liberal, oil, peak oil, Soviet Union, tax cuts, tax cuts for the rich, taxes, Thomas Friedman