Yearly Archives: 2012

Bill Black: Jobs Now – Make Obama’s Priority Reality and Expose the Lie of Lazy Laborers

By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City

President Obama gave a major speech today on his legislative agenda. He said that the overriding national priority had to be jobs. We agree.

The problem is that Republicans and Democrats are pushing a “Grand Bargain” that would reduce jobs.

Sign Petition Opposing Co-Chairman of the Catfood Commission, Erskine Bowles, as Treasury Secretary

The word is that Erskine Bowles, who most recently headed the so-called “National Commission on Fiscal Responsibility and Reform” which might more accurately be called the “National Commission to Increase Unemployment and Make Old People Die Faster” is the top pick on the short list of candidates for the next Treasury Secretary.

This is a very bad idea. Please sign this petition and make your objections known.

How to Rob Africa: A Look into How the West Facilitates Moving Dirty Money

Anyone who has heard of, or better yet, read Nicholas Shaxson’s book Treasure Islands knows how large and powerful the world of “offshore” finance is. The public tends to think of banks in the Switzerland or the Caymans or the Isle of Man, but these are merely the outposts of larger networks. Shaxson contends that the UK was the historical top dog in the murky world of tax avoidance but the US is now the leader.

This Aljazeera show gives a small window into the nitty gritty of how this industry helps corrupt African leaders loot their countries. The journalists show how trivial it is to find facilitators and to set up the companies that allow money to be moved across borders with the identity of the instigator well hidden.

Michael Hudson: My Take on Obama’s Big Win

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College,. His latest book is “The Bubble and Beyond.”

The Democrats could not have won so handily without the Citizens United ruling. That is what enabled the Koch Brothers to spend their billions to support right-wing candidates that barked and growled like sheep dogs to give voters little civilized option but to vote for “the lesser evil.”

Links 11/9/12

Questioning Health Care Cost/Budget Fearmongering: Consumer Revolt Against Prescription Drug Costs Already Underway

As we discussed last weekend, two Federal Reserve Board economists shot gaping holes the CBO’s health care cost increase assumptions in CBO’s long term fiscal forecasts. As technical as this sounds, these long-term cost increase assumptions are the big driver of the much ballyhooed deficit explosion. And as the Fed economists’ paper discussed in considerable detail, the CBO’s assumptions on the rate of increase look indefensibly aggressive, which in turn means the hysteria about entitlements eating the economy deserves far more scrutiny than it is getting.

Some evidence on the pressures against health care cost trees growing to the sky comes in a new post by Wolf Richter.

From Argentina to Greece: A Global Roller-Coaster

By Diana Tussie, founding director of the Latin American Trade Network. Cross posted from Triple Crisis

Looking back at the Argentine case, the behavior of the private creditors indeed accurately predicts the Greek case….

High Risk Investing – The New Trend in Energy

Yves here. I’m giving this interview from OilPrice more of an intro than usual because I find it surreal.

Links 11/8/12

Continuing Sandy Aftermath, New Nor’Easter Underscore Complex System Fragility

Here we are, a mere nine days after Sandy, and what would ordinarily be a mere “sorta bad” winter storm is doing disproportionate harm by virtue of coming so close on the heels of the hurricane.

Mr. Market Makes His Displeasure Known, and Wall Street Says it Needs Its Pony

Now even though, as Ben Walsh contends, market moves are often just noise, a downshift of over 2% in the S&P on the day after a Presidential election is being ascribed meaning by market touts, and therefore, by golly, it does mean something.

Links 11/7/12