Exclusively in the new print issue of CounterPunch
MARX: A HERO FOR OUR TIME? — Suddenly, everyone from the Wall Street Journal to Rolling Stone seems to be talking about Karl Marx. Louis Proyect delves into this mysterious resurgence, giving a vivid assessment of Marx’s relevance in the era of globalized capitalism. THE MEANING OF MANDELA: Longtime civil rights organizer Kevin Alexander Gray gives in intimate portrait of Nelson Mandela and the global struggle of racial justice. FALLOUT OVER FUKUSHIMA: Peter Lee investigates the scandalous exposure of sailors on board the USS Reagan to radioactive fallout from Fukushima. SOUTHERN DISCOMFORT: Kim Nicolini charts the rise of Matthew McConaughey. PLUS: Mike Whitney on the coming crash of the housing market. JoAnn Wypijewski on slavery, torture and revolt. Chris Floyd on the stupidity of US policy in Ukraine. Kristin Kolb on musicians and health care. And Jeffrey St. Clair on life and death on the mean streets of an America in decline
Archives by Tag 'debt'
The Leveraged Buyout of America
ELLEN BROWN
Giant bank holding companies now own airports, toll roads, and ports; control power plants; and store and hoard vast quantities of commodities of all sorts. They are systematically buying up or gaining control of the essential lifelines of the economy. How have they pu...
The Mystery of S&P Debt Ratings
DEAN BAKER
S&P announced last week that it was upgrading its assessment of U.S. debt, shifting its outlook to neutral from negative, suggesting that it may restore its highest Aaa rating in the not-too-distant future. While we may all want to celebrate S&P’s vote of confid...
Deflation Smackdown
MIKE WHITNEY
“Under a fiat money system, a government… should always be able to generate increased nominal spending and inflation, even when the short-term nominal interest rate is at zero.” Ben S. Bernanke, “Deflation: Making...
What Deficit Reduction is Really About: Weakening Workers’ Bargaining Power
DEAN BAKER
Few academic papers have ever received as much attention or had as much influence on public policy as “...
Bernanke Drives Margin Debt to Pre-Crisis Highs
MIKE WHITNEY
Investors have boosted their borrowing to near-record levels to load up on stocks.   The last time that margin debt was this high was just before the bubble burst in 2007.  In January, New York Stock Exchange (NYSE) margin debt tipped $366 billion,  just shy of the 2...
Krugman vs. Stockman
MIKE WHITNEY
It was no Rumble in the Jungle, that’s for sure. There were no blindside blows to the ribs, no bone...
The BoJ’s Kuroda Wheels Out the Heavy Artillery
MIKE WHITNEY
“Almost the entire rich world is stuck in a zero interest rate liquidity trap situation, and I think everybody is haunted by the possibility that there’s no way out of it. If Japan shows a way out of that, it will be very encouraging.” – G...
Dow Sets Record On Fed’s QE
MIKE WHITNEY
The Dow Jones Industrial Average (DJIA) roared to an all-time high on Friday wrapping up a 4-day winning streak and shrugging off grim reports of government budget cuts that are expected to slow growth. The Dow rose 67 points on the day to close at 14,397 passing the prev...
The Effects of the ‘Fat Cat’ Vote
BINOY KAMPMARK
The soup is seldom eaten as hot as it is served. Swiss expression, quoted by Philip Mosimann, CEO of Bucher Industries AG, Mar 5, 2013 They surprise and stun wi...
Will Grillo Break the Euro?
MIKE WHITNEY
Italy’s elections could signal the end of the euro or they could mean nothing at all. It’s impossible to know just yet. But one thing is certain, Italians have “had it up to here” with austerity. Nearly 60 percent of the electorate voted for candid...
Socialize Costs, Privatize Profits
DAVID ROSEN
There’s a truism about the U.S. political-economy, one being shared by an increasing number of people from all walks of life and political persuasions: the game is rigged! There are two aspects to the rigged game.  One involves the privatization of public servic...
Warning: Stocks Likely to Crater from Here
CHRIS MARTENSON
I don’t relish the job of constantly pointing out the risks to the equity markets. But since few on Wall Street seem willing (or able) to do this, I’m “making the call” for a market correction, as enough variables have aligned to indicate a high li...
LIBOR: Viewing the Biggest Financial Crime in History
DARWIN BOND-GRAHAM
It’s been five years since a few academics and ...
The Greek Economy is Kaput
MIKE WHITNEY
“The Greek economy is finished. The Greek economy is in a great, great depression… There is no power, no force within the Greek economy, within Greek society that can avert it….Imagine if we were in Ohio in 1931 and we were to ask: What can Ohio poli...
Much Ado About Nothing in Budget Debate
DAVE LINDORFF
All the sturm and drang in Washington over the March 1 deadline for a budget deal is an act. Two acts really. The Republicans are pretending that if we don’t have budget cuts this year, the whole US economy will collapse because of the nation’s enormous indebte...
A Quest for New Jobs Where None Exists
JOHN WALSH
“Those jobs are not coming back.” The late Steve Jobs to Barack Obama. Hot on the heels of his State of the Union address with its emphasis on the moribund job market,...
Still Clueless About the Economy
DEAN BAKER
The latest fad in Washington economic policy debates is arguing over the level at which the government should stabilize the debt-to-GDP ratio. The doves are okay with a debt-to-GDP ratio of 73 percent or even 76 percent. The hawks want 60 percent or even less. This is the...
Fix the Debt’s Blind Spot
DEAN BAKER
At this point everyone knows about Fix the Debt. It is a collection of corporate CEOs put together by Peter Peterson, the Wall Street private equity mogul. Ostensibly they want to reduce budget deficits and the national debt, but for some reason their attention always see...
Obama and Europe’s Meltdown
CONN HALLINAN
Back in the 1960s, the U.S. peace movement came up with a catchy phrase: “What if the schools got all the money they needed and the Navy had to hold a bake sale to buy an aircraft carrier?”  Well, the Italian Navy has a line of clothing, and is taking a cut from a so...
Immigration and Debt
TOM BARRY
The Ixil Triangle –the rugged mountain home of the Ixil Maya in Guatemala’s Altiplano — was the center of the Guatemalan Army’s counterinsurgency campaign three decades ago. It was also a destination for progressive writers, researchers, and photographer...
Elite Optimism Amid Endless Crisis
BEN SCHREINER
An economic recovery has begun. - President Obama, Second Inaugural Address President Obama’s optimism — baseless as it may be — was s...
The Fed’s Plan B
MIKE WHITNEY
“How do you solve a problem when you’re running a 10% fiscal budget deficit? You are not going to get growth without private sector credit demand. The government’s idea right now is that we’re going to export our way out of this, and when I asked a...
The Trillion Dollar Cat Shit Coin
ROB URIE
Some fair proportion of readers are already aware of the proposal to have the U.S. Mint produce a $1 trillion face amount coin to be deposited at the Federal Reserve and credited to the account of the Treasury Department to pay Federal bills. The $1 trillion would render ...
Deficit, Debt and Decline
MICHAEL BRENNER
Washington’s foreign policy establishment is wringing its hands over the deficit. They voice fears that America’s dominant position in the world will be jeopardized by tight budgets and lingering austerity that lowers its influence on all manner of global economic mat...
The Fiscal Cliff and Other Distractions
DEAN BAKER
We have just passed into the new year, and the distractions created by the debate over the fiscal cliff appear to be behind us. Maybe. That debate has been part of a larger distraction — the concern over budget deficits at a time when by far the count...