Articles/News

SOCIAL SECURITY CANNOT GO INSOLVENT by L. RANDALL WRAY UMKC

Ok, here is the dumbest headline the NYTimes has run in recent days: Social Security Payouts to Exceed Revenue This Year

By MARY WILLIAMS WALSH
The system is expected to pay out more in benefits this
year than it receives in payroll taxes, a tipping point
toward insolvency.

http://www.nytimes.com/2010/03/25/business/economy/25social.html?th&emc=th

Truth Has Fallen and Has Taken Liberty With It Good-bye By Paul Craig Roberts

During times of universal deceit, telling the truth becomes a revolutionary act. George Orwell
There was a time when the pen was mightier than the sword. That was a time when people believed in truth and regarded truth as an independent power and not as an auxiliary for government, class, race, ideological, personal, or financial interest.
Today Americans are ruled by propaganda. Americans have little regard for truth, little access to it, and little ability to recognize it.

WORKERS DISLIKE MANAGER INCOMPETENCE EVEN MORE THAN ABUSE, STUDY SUGGESTS by Randy Hodson

COLUMBUS, Ohio - Employees may dislike abusive bosses, but they dislike incompetent, disorganized managers even more. A new study suggests that mismanagement may be the biggest threat to working with dignity.

In a new book, a sociology professor at Ohio State University analyzed more than 100 studies of contemporary workplaces to discover how employees found (or failed to find) dignity - a sense of meaning and fulfillment in their work.

Spitzer/Rosner: “Lehman Scandal: Where’s the Follow Up?” From New Deal 2.0

By Eliot Spitzer, former governor of New York who blogs for Slate.com and guest posts on New Deal 2.0, and Josh Rosner, the managing director of an independent financial services research firm

Geithner and Greenspan do Standup by William K. Black UMKC

By William K. Black

My friends have to put up with my complaints that Brits think Americans are incapable of irony when, in reality, we are world class. Further proof of our preeminence in the irony department comes in the last five days from Geithner and Greenspan. The G2 are locked in a competition for droll humor. Today, in prepared remarks – he didn’t make some impromptu slip – he told Americans that when it comes to financial regulatory reform:

Tell the IMF, the Euro Commision, and the Ratings Agencies to Take a Hike by By L. Randall Wray and Yeva Nersisyan UMKC

ADVICE TO PRESIDENT OBAMA AND PRIME MINISTER BROWN:
In recent days, articles in Der Speigel, the NYTimes, and the AP have all highlighted Neoliberal commentary warning of the dangers of growing budget deficits in the wealthiest nations—specifically in the US and the UK.

Strikes Paralyze France : Sarkozy forging ahead with "austerity" reforms by Elaine Ganley, The Associated Press, Paris

Readers, in effect this is a typical attempt to maintain a certain set of political and of economic assumptions. This sort of agenda is totally without an informed fiscal literacy. This pattern of provocation and socializing private profit is very likely to be repeated multiple times. It is not even a rational response to the collapse of the current economic conventions, because there is no substantive reform of banking or of the sovereign nature of money under the ECU. To a large degree this is an 1848 moment.

"The Hyperinflation Hyperventalists" By Rob Parenteau** from New Deal 2.0

After a two day blogging slugfest on fiscal deficits, I find that the question of hyperinflation now demands an answer. And here it is: fiscal deficit spending may be a necessary condition of hyperinflation, but it is hardly a sufficient condition.

Think this is yet another rant against the “deficit errorists?” Think again. Paul Krugman treated this question in his March 18th New York Times column:

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