What if the federal deficit doesn’t actually matter much? Modern Monetary Theory explained

https://youtu.be/P6wjaygkfNk If the US government can print new money to bailout corporations and banks and financial markets, why can't it do so for programs which help the average American instead? Stephanie Kelton’s new book, ‘The Deficit Myth,’ argues the path to shared prosperity and achieving progressive goals means no longer asking how we will pay … Continue reading What if the federal deficit doesn’t actually matter much? Modern Monetary Theory explained

How the Federal Reserve Literally Just Makes Money

by William Luther edited by O Society June 17, 2020 Federal Reserve vowed to provide up to US$2.3 trillion in lending to support households, employers, financial markets, and state and local governments struggling as a result of the coronavirus and corresponding stay-at-home orders. Let that number sink in: $2,300,000,000,000. I have a Ph.D. in economics, direct the Sound … Continue reading How the Federal Reserve Literally Just Makes Money

Mammon Worship is America’s Own Religion

On Eugene McCarraher’s “The Enchantments of Mammon: How Capitalism Became the Religion of Modernity,” a fascinating study of the ways in which economics, despite its purported scientific rationality, is really a perverse kind of religion. by Daniel Walden edited by O Society June 12, 2020 One of the few things socialists and capitalists largely agree on … Continue reading Mammon Worship is America’s Own Religion

Agnotology: Inside Corporations’ War on Science

Sean Illing interviews David Michaels edited by O Society May 27, 2020 A new book explains how corporations create and spread a climate of doubt around science and expertise. Johnson & Johnson announced this week it will stop putting talc, a mineral linked to asbestos, in its baby powder products. The move comes after years of … Continue reading Agnotology: Inside Corporations’ War on Science

The science behind human irrationality just passed a huge test

5 Ways Behavioral Economics Changes the Way We Market Kahneman's foundational idea of behavioral economics stands up to replication test by Cathleen O'Grady edited by O Society May 24, 2020 If you won $100 tomorrow, you’d be pretty happy. And if you lost $100, you’d be less than thrilled. But those two feelings wouldn’t be the … Continue reading The science behind human irrationality just passed a huge test

The False Dichotomy

by Nathan Robinson edited by O Society May 22, 2020 He unemployment numbers are horrifying. The worst since the great depression. Tens of millions of people out of work. 9 million have lost their health insurance. It’s bad out there. The positive spin is much of this unemployment should be temporary, lasting only as long as … Continue reading The False Dichotomy

Can We Stop Monopolization in a Pandemic?

https://twitter.com/matthewstoller/status/1180594952046137345 by Matt Stoller edited by O Society May 20, 2020 Today I’m going to list four examples of how the pandemic is enabling consolidation, and then observe why control of corporate assets fundamentally is a question of whether we live in a democratic society or an authoritarian one. Competing Narratives Around Monopolization Today I … Continue reading Can We Stop Monopolization in a Pandemic?

The Limits to Growth: a 30 Year Update

https://youtu.be/WGzahJxZBoY This is part 5 of our series on the ideology of growth for the sake of growth is of cancer cells: Scientists: ‘Look, One-Third Of The Human Race Has To Die For Civilization To Be Sustainable, So How Do We Want To Do This?’ Ecofascism: Coronavirus Proves Thanos Did Nothing Wrong in Endgame How … Continue reading The Limits to Growth: a 30 Year Update

It’s time to reject the gods of commerce: America is a society of people, not an “economy”

America is about people, not profit margins. It must be, if our nation is to redeem itself in this crisis by David Masciotra edited by O Society May 13, 2020 The "economy" does not exist. Human beings exist. The economy is a social construct. What nearly everyone understands - except the same old politicians and economists … Continue reading It’s time to reject the gods of commerce: America is a society of people, not an “economy”

The storm coming we don’t see

We haven’t even begun to grasp how much damage the pandemic will do. Raven Rock: The Story of the U.S. Government’s Secret Plan to Save Itself—While the Rest of Us Die by Garrett Graff edited by O Society May 10, 2020 Listening to recent news conferences by the White House, certain governors and other state officials — … Continue reading The storm coming we don’t see