The 9.9% – The New American Aristocracy

From The Atlantic, June 2018 issue: Let’s talk first about money—even if money is only one part of what makes the new aristocrats special. There is a familiar story about rising inequality in the United States, and its stock characters are well known. The villains are the fossil-fueled plutocrat, the Wall Street fat cat, the …

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Milton Friedman on the Social Responsibility of Business – To Increase its Profits!

Hi, Recently, I wrote an article titled Examples of the Inherent Corrupt Nature of Corporations quoting Bakan's conclusion that corporations are inherently corrupt because they are legally bound to place profit over everything, even the public good and provided relevant and timely examples in support. I've also written a few articles criticizing corporate hegemony: Under Oath, …

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Politicizing Hunger: Roots of the Cuban Embargo

By March 1960, just barely over a year after the Cuban Revolution, the U.S. decided that it was time to punish the Cuban people for allowing Castro to take power in Cuba. As explained in the Memorandum of Discussion at the 436th Meeting of the National Security Council, Washington, March 10, 1960: Mr. Dillon [Under …

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Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”

In October 16, 2005, Citigroup came out with a brochure for investors called “Plutonomy: Buying Luxury, Explaining Global Imbalances” urging investors to put money into a “Plutonomy Basket" Here are my favorite excerpts: The World is dividing into two blocs - the Plutonomy and the rest. The U.S., UK, and Canada are the key Plutonomies - economies …

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Supra-Governments – “The Most Powerful Force on Earth”

Who needs conspiracy theories? Just read the Financial Times. Roger Altman is an American investment banker and a former Democratic politician. He served as Assistant Secretary of the Treasury in the Carter administration from January 1977 until January 1981 and as Deputy Secretary of the Treasury in the Clinton administration from January 1993 until he …

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The Economic Theory Based Entirely on Sentimental Hope – Smith vs. Ricardo

Is it strange that classical English economists Adam Smith and David Ricardo based a lot of their economic theory on sentimental hope? That the capitalists of their time would make economic decisions based on their sense of patriotism? Adam Smith considered the possibility that the merchants and manufacturers in England might decide to do their …

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The Minsky Moment and the Inherent Flaws of a Free Market Economy

Hyman Minsky was an American economist and a professor of economics at Washington University in St. Louis. Minsky spent his life on the margins of economics but his ideas gained currency with the 2007-08 financial crisis. To many, it seemed to offer one of the most plausible accounts of why it had happened. Minsky wrote …

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