krebscycle

Category: Uncategorized

  • The Left inability to come to grips with the financial crisis or anything else

    Professor Michael Hudson provides this terribly misleading story about the financial crisis to a German interviewer – it’s a plausible, maybe even a compelling story but it’s profoundly wrong. Prof. Hudson: No, that’s the trick that they are playing. For instance, in the United States the largest bank is Citibank.…

  • Michael Hudson and Thermonuclear War

    I was going to go over some of the distorted lefty narrative in Michael Hudson’s interview about his new book, but I had a hard time getting past this: [Herman Kahn] was basically a military theorist who wrote a very good book on atomic warfare, saying that some people would…

  • Oil, economists and chartalism

    From Mike Beggs review of Graeber’s book on Debt (with my bold on the key passage): Joseph Schumpeter captures the basic reason for chartalism’s unpopularity in his discussion of the “tempest in a teacup” surrounding the original reception of Knapp’s famous book: Had Knapp merely asserted that the state may…

  • Timmeh gets the last laugh on the clueless “hippies” again UPDATED

    The results “Treasury has recouped $432.8B on all TARP investments… compared to $421.9B disbursed.”http://1.usa.gov/19x4G8B  Coupled with a $2.8 billion gain from the wind-down of Maiden Lane II – another portfolio of mortgage-related assets taken in from AIG – and the termination of a credit line to AIG in January 2011…

  • Matthew Stoller produces the biggest lie yet in campaign 2012

    You’re skeptical that Stoller, even with his history of shoddy writing, truthy conspiracy mongering and vitriolic attacks could break through the pack and produce a lie outstanding enough to put him in the lead? Well, sit down, put down that coffee cup, get ready: This is probably the least important…

  • Dear Liberal Economists: the economy is not a static system

    Construction employment in Jan 1999: 5,192,000 in August 6,912,000 Construction employment in Jan 2007:7,295,000 in August 8,045,000 Note how during the Bush/Greenspan “boom” 2 million jobs were created in construction. All those people spent money and of course their employers were buying durable goods, buying real-estate, buying things like wall…

  • Colonel Blimp and Niall Ferguson

    Colonel Blimp was a cartoon character drawn by David Low in the 1930s and 1940s of a ridiculous right wing British clown declaiming nonsense in the steam bath. [this book] will be read with pleasure by men of a certain age, class and education from Manhattan’s Upper East Side to…

  • Some deeply unpopular thoughts on Assange- revised

    Assange should go to Sweden to face rape charges, but he should be guaranteed no hooded departure to face espionage charges in the United States – as Ecuador has requested. I’m not a fan of WikiLeaks and think their publication of Bradley Manning’s leaks was irresponsible, but US law is…

  • Thurgood Marshall and the Civil War

    Pennsylvania’s Gouvernor Morris provides an example. He opposed slavery and the counting of slaves in determining the basis for representation in Congress. At the Convention he objected that “The inhabitant of Georgia [or] South Carolina who goes to the coast of Africa, and in defiance of the most sacred laws…

  • The dispossessed in late middle age

    There is nothing here but States and their weapons, the rich and their lies, the poor and their misery. There is no way to act rightly and with a clear heart. There is nothing you can do that profit does not enter into and fear of loss and the wish…