Uncommon Sense

September 29, 2021

Ian Welsh on the Elite Pigs at the Public Trough

Filed under: Business,Economics,Politics — Steve Ruis @ 8:12 am
Tags: , ,

And how China is wriggling off the capitalism  hook . . . successfully.

The Advantage of Permission & The Fall Of Oligarchies

April 2, 2019

And Forgive Us Our Debts

Michael Hudson is writing a series of books on the topic of debt forgiveness as a necessary component for capitalism to work. This topic evoked in me a memory of a conversation I had with my mother when I was a lad. She commented in church that the original version of the Lord’s Prayer included the phrase “… and forgive us our debts as we also have forgiven our debtors” but this was not approved of by the wealthy so it was transformed into “… and forgive us our trespasses as we also have forgiven our trespassers.” (By sixteenth century Anglicans?) There are a number of variations of these “translations,” but whatever was come up with (trespasses, sins, etc.), it was to get debt forgiveness (part of Mosaic law) out of that prayer.

A bit of this history is to be had at Naked Capitalism in the form of:

The Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson About His Forthcoming Book The Collapse of Antiquity (Part 1)

Highly recommended.

Some Enticing Teasers:
• “Rome was turned into an oligarchy, an autocracy of the senatorial families. Their “liberty” was an early example of Orwellian Doublethink. It was to destroy everybody else’s liberty so they could grab whatever they could, enslave the debtors and create the polarized society that Rome became.”
• “That’s why you don’t have any history of economic thought taught anymore in the United States. Because then you’d see that Adam Smith, John Stuart Mill and the “Ricardian socialists” and indeed most of the 19th century had a completely opposite idea of what constituted a free market … (o)pposite from the neoliberal idea that freedom means freedom for the wealthy to indebt and destroy the economy. Opposite from the liberty of Brutus to overthrow the Roman kings and establish an autocratic oligarchy.”

October 26, 2017

Capitalism—Good, Socialism—Bad … But Why?

In this country capitalism is the best economic system of them all! Capitalism and Free markets, rule, baby! Capitalism is No. 1. It is an essential element of democracy. Socialism (Boo, hiss.) is evil, the spawn of Satan and is a threat to democracy and all it stands for. (Q: “What do you think Mr. Spock?” A: Fascinating. “Yeah, me too.”)

I ask you to read the following before continuing:

The Mathematics of Inequality

“Seven years ago, the combined wealth of 388 billionaires equaled that of the poorest half of humanity, according to Oxfam International. This past January the equation was even more unbalanced: it took only eight billionaires, marking an unmistakable march toward increased concentration of wealth. Today that number has been reduced to five billionaires.

“Trying to understand such growing inequality is usually the purview of economists, but Bruce Boghosian, a professor of mathematics, thinks he has found another explanation—and a warning. Using a mathematical model devised to mimic a simplified version of the free market, he and colleagues are finding that, without redistribution, wealth becomes increasingly more concentrated, and inequality grows until almost all assets are held by an extremely small number of people.

“’Our work refutes the idea that free markets, by virtually leaving people up to their own devices, will be fair,’ he said. ‘Our model, which is able to explain the form of the actual wealth distribution with remarkable accuracy, also shows that free markets cannot be stable without redistribution mechanisms. The reality is precisely the opposite of what so-called “market fundamentalists” would have us believe.’

“While economists use math for their models, they seek to show that an economy governed by supply and demand will result in a steady state or equilibrium, while Boghosian’s efforts ‘don’t try to engineer a supply-demand equilibrium, and we don’t find one,’ he said. […] ‘The model tracks the data with remarkable accuracy,’ he said. He and his team will soon publish a paper on how it relates to U.S. wealth data from 1989 to 2013.

“‘We have also begun to apply it to wealth data from the ECB, and so far it seems to work very well for certain European countries as well,’ he said [..] It turns out that when agents do well in early transactions, the odds are so increasingly stacked in their favor that—without redistribution from taxes or other wealth-transfer mechanisms—they will get more money, and keep accruing wealth inevitably.

“’Without redistribution of wealth, our market economy would not be stable,’ said Boghosian. ‘One person would run away with all the wealth, and it would keep going until it came to complete oligarchy.’ And even if a society does redistribute wealth, if it’s too small an amount, ‘a partial oligarchy will result,’ Boghosian said.”

Now, of course, that is just the opinion of a few, but does that mesh with your current view of the world?

If so, I ask that you entertain a rephrasing of the title of this post into “Capitalism Good for the Elites, Socialism Bad for the Elites” and that is the truth behind our false beliefs.

So, why would we buy into propaganda fomented by the wealthy so that we believed the exact opposite? Maybe for the same reason we bought into propaganda fomented by rapacious corporations against labor unions, which we created to protect us from rapacious corporations? Maybe for the same reason we believe that people who are anti-abortion and pro-death penalty are pro life? Maybe for the reason we believe it is a good idea to deport parents of children born here because we are “pro family.” Maybe for the reason we still believe that if we give the wealthy even more money, it will trickle down” to us, some how, some way, maybe. (Who knew it could be so complicated?)

March 15, 2017

Apparently It Is Never Enough

The oligarchs running our government could just rest on their laurels as they have won on every front, but apparently that is not enough. If you think things could not get worse, read this “Right-Wing Billionaires Have a Project to Rewrite Our Constitution, and They Are Shockingly Close to Pulling It Off.”

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