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 & the Disenchantment of the World

by Eugene McCarraher edited by O Society October 22, 2019 Perhaps the grandest tale of capitalist modernity is entitled ‘The Disenchantment of the World’. Crystallised in the work of Max Weber but eloquently anticipated by Karl Marx, the story goes something like this: before the advent of capitalism, people believed that the world was enchanted, pervaded by … Continue reading Mammon & the Disenchantment of the World

Rooting for a Recession Is Dangerous—Especially Under Trump

Unless Democrats offer real alternatives, an economic downturn will only lead to more misery and social strife. by Jeet Heer edited by O Society August 18, 2019 Over the last few months, comedian Bill Maher repeatedly rooted for an economic crash, seeing it as one sure method to defeat Donald Trump next year. “I feel … Continue reading Rooting for a Recession Is Dangerous—Especially Under Trump

Share Buybacks and the Contradictions of “Shareholder Capitalism”

by Julius Krein  American Affairs Dec 13, 2019 In the jargon of finance, America is suffering from a capital allocation problem. The country seems incapable of making the necessary investments to fuel future productivity and growth, or to ensure widespread prosperity. At the government level, public spending on basic research and development as well as … Continue reading Share Buybacks and the Contradictions of “Shareholder Capitalism”