You are currently browsing the category archive for the ‘Economy’ category.

A thick meaty discussion of the western political economy and the checkered history that has led us to the current financial mess we happen to be in. Great viewing, get some popcorn!

Mark Blythe seems to have a very good grasp of the current political and economic situations we now face.  If you want a no bullshit update to the state of the world, watch this.

 

When people talk about how capitalism raises the tide for all boats my skepticism level begins to slowly creep upward.  One must be careful when it comes to describing capitalism as panacea for the world and the world’s poor.   from Counterpunch takes aim at a few of the more atrocious lies that the ardent defender of Capital put forth.

“Neoliberals love to quote the World Bank’s rosy statistics about capitalism lifting hundreds of millions out of poverty. Unfortunately, those statistics are skewed and manipulated to the point of outright prevarication, as Seth Donnelly demonstrates in his new book, “The Lie of Global Prosperity.” He quotes a breathless World Bank press release, “soon 90 percent of the world’s population will live on $1.90 a day or more.” No matter that translated into local currency at local prices, in many places that $1.90 per day purchases the equivalent of 30 cents a day or that $1.90 per day means the pauperization of billions – for as Donnelly shows, a truer metric of avoiding desperate poverty is over $5 per day. If that far more honest measure is applied, 80 percent of South Asians and sub-Saharan Africans are, Donnelly explains, horribly impoverished. Even more disturbing, achieving a 70-year life expectancy requires $7.40 a day, something the world’s cold and pampered capitalists will certainly not shell out or even allow for the billions of wretchedly poor.

Best exemplifying the World Bank’s ideologically biased poverty measures – biased to glorify capitalism – is how it uses statistics about China. “The free health care, education and food that people received in Mao’s China do not enter into the calculation. As a result, Chinese people, who achieved new levels of food security and saw their life expectancy double in this [Mao’s] period were found to be on the whole ‘extremely poor’…the Chinese only ceased to be ‘extremely poor’ once they lost their collective lands, food rations and medical care and began making iphones and other export goods under atrocious conditions.”

An unhappy view of what probably is to come as we come to terms with notion that the institutions in our societies can no longer adequately serve the needs of the people.

Here, then, is a very partial listing of some of the most important of those signals then readily available to anyone bothering to pay attention. On the eve of the Great Reckoning, however, they were generally treated as mere curiosities or matters of limited urgency — problems to be deferred to a later, more congenial moment.

Item: The reality of climate change was now indisputable. All that remained in question was how rapidly it would occur and the extent (and again rapidity) of the devastation that it would ultimately inflict.

Item: Despite everything that was then known about the dangers of further carbon emissions, the major atmospheric contributor to global warming, they only continued to increase, despite the myriad conferences and agreements intended to curb them. (U.S. carbon emissions, in particular, were still rising then, and global emissions were expected to rise by record or near-record amounts as 2019 began.)

Item: The polar icecap was disappearing, with scientists reporting that it had melted more in just 20 years than in the previous 10,000. This, in turn, meant that sea levels would continue to rise at record rates, posing an increasing threat to coastal cities.

Item:Deforestation and desertification were occurring at an alarming rate.

Item: Approximately eight million metric tons of plastic were seeping into the world’s oceans each year, from the ingestion of which vast numbers of seabirds, fish, and marine mammals were dying annually. Payback would come in the form of microplastics contained in seafood consumed by humans.

Item: With China and other Asian countries increasingly refusing to accept American recyclables, municipalities in the United States found themselves overwhelmed by accumulations of discarded glass, plastic, metal, cardboard, and paper. That year, the complete breakdown of the global recycling system already loomed as a possibility.

Item: Worldwide bird and insect populations were plummeting. In other words, the Sixth Mass Extinction had begun.

All of these fall into the category of what we recognize today as planetary issues of existential importance. But even in 2019 there were other matters of less than planetary significance that ought to have functioned as a wake-up call. Among them were:

Item: With the federal government demonstrably unable to secure U.S. borders, immigration authorities were seizing hundreds of thousands of migrants annually. By 2019, the Trump administration was confining significant numbers of those migrants, including small children, in what were, in effect, concentration camps.

Item: Cybercrime had become a major growth industry, on track to rake in $6 trillion annually by 2021. Hackers were already demonstrating the ability to hold large American cities hostage and the authorities proved incapable of catching up.

Item: With the three richest Americans — Jeff Bezos, Bill Gates, and Warren Buffet — controlling more wealth than the bottom 50% of the entire population, the United States had become a full-fledged oligarchy. While politicians occasionally expressed their dismay about this reality, prior to 2019 it was widely tolerated.

Item: As measured by roads, bridges, dams, or public transportation systems, the nation’s infrastructure was strikingly inferior to what it had been a half-century earlier. (By 2019, China, for instance, had built more than 19,000 miles of high-speed rail; the U.S., not one.) Agreement that this was a problem that needed fixing was universal; corrective action (and government financing), however, was not forthcoming.

Item: Military spending in constant dollars exceeded what it had been at the height of the Cold War when the country’s main adversary, the Soviet Union, had a large army with up-to-date equipment and an arsenal of nuclear weapons. In 2019, Iran, the country’s most likely adversary, had a modest army and no nuclear weapons.

Item: Incivility, rudeness, bullying, and general nastiness had become rampant, while the White House, once the site of solemn ceremony, deliberation, and decision, played host to politically divisive shouting matches and verbal brawls.

To say that Americans were oblivious to such matters would be inaccurate. Some were, for instance, considering a ban on plastic straws. Yet taken as a whole, the many indications of systemic and even planetary dysfunction received infinitely less popular attention than the pregnancies of British royals, the antics of the justifiably forgotten Kardashian clan, or fantasy football, a briefly popular early twenty-first century fad.

Of course, decades later, viewed with the benefit of hindsight, the implications of these various trends and data points seem painfully clear: the dominant ideological abstraction of late postmodernity — liberal democratic capitalism — was rapidly failing or had simply become irrelevant to the challenges facing the United States and the human species as a whole. To employ another then-popular phrase, liberal democratic capitalism had become an expression of “fake news,” a scam sold to the many for the benefit of the privileged few.

“Toward the end of an age,” historian John Lukacs (1924-2019) once observed, “more and more people lose faith in their institutions and finally they abandon their belief that these institutions might still be reformed from within.” Lukacs wrote those words in 1970, but they aptly described the situation that had come to exist in that turning-point year of 2019.”

Ouch.

 

 

writes in Counterpunch on the US Trade War:

“Those who have lived in Montana will well remember the hot controversy over the miles and miles of sidelined rail cars that appeared during the Great Recession a decade ago. They were stored by the thousands along unused rural tracks. It was so bad they drew a harsh rebuke from the public and elected officials when the ugly yellow cars adorned with urban gang graffiti were moved to the banks of the blue-ribbon section of Montana’s world famous Missouri River downstream from Wolf Creek. To say they were incongruous with Montana’s natural beauty would be a huge understatement and, once enough pressure was applied, they were moved to other areas.

Well, the flatbed cars used to transport the enormous number of containers that come in from China are once again appearing on miles and miles of Montana’s railroad sidetracks. If this canary could talk, it would tell you it’s because the imports from China have fallen so significantly that the railroads now have an oversupply of flatbed cars and have once again taken to storing them in the hinterlands of Montana.

Unfortunately, the news from the canary gets worse. As reported in the Washington Post last week, Montana’s family farm bankruptcies were 50% or higher in 2018 than in 2017. Montana is joined in the flood of family farm bankruptcies by Idaho, North Dakota, Utah, Minnesota, Kansas, Oklahoma, Michigan, Illinois, Alabama, South Caroline, North Carolina, West Virginia, Pennsylvania, Connecticut and New Hampshire. Given that agriculture has long been touted as the leading industry in Montana, that statistic should shiver the timbers of citizens and politicians alike.

In response to Trump’s move to slap on even more tariffs, the Chinese government announced it will now cease to buy American agricultural products. Mind you, that’s not “cut back” on purchases from U.S. farmers and ranchers, it’s “cease.”

The sidelined rail cars and family farm bankruptcies are impossible to see from penthouses atop Manhattan’s skyscrapers or down on the Wall Street where the traders play high-stakes poker with other peoples’ money — but they are certainly visible here in the hinterlands where the canaries are tipping over.

Trump told Americans “trade wars are easy to win.” But that’s coming from a guy who thinks a “trade war” means stiffing the contractors at his failed casinos — not fighting with the most populous nation on the planet and its enormous economy. The signals from the hinterland clearly show we are not winning. It’s past time to get rid of the “fool on the hill” and put our nation back on a sustainable path to a more sane future.”

Is the trade war hurting China?  Maybe?  But I think more damage is being done on this site of the pond.

 

Recycling isn’t really working.  But was it working in the first place?  When we in the Northern Hemisphere were shipping our garbage to China, they were just tossing most of it into a landfill or into the sea.  Seems like a less than optimal solution to me.  We kept the model because the ‘recycling’ was ‘gone’ and most definitely NIMBY.

No more though.  China has had quite enough of our garbage and now we are stuck with it.

“If we examine what we recycle, that is paper, glass, metal cans and plastic, the junk mail and other paper discarded is the most copious but plastic is close.  Almost all of it used to go to the developed world’s great recycling bin in the east … China.  It absorbed some 95 percent of EU recyclable waste and 70 percent from the US.  But China began to grow its own domestic garbage with the growth of its economy.  The consequences have not been unexpected.  China announced a new policy in 2018, named inexplicably National Sword, banning the import of most recyclables, particularly plastics and contaminated materials.

Since then China’s import of such recyclables has fallen 99 percent.  Needless to say, metals and glass are not as seriously affected.  For the American recycling industry, it has been a major earthquake.  First, about 25 percent of recyclables are contaminated and not recyclable.  Then there are plastic bags.  Not only are these, too, not recyclable but they tend to jam up sorting machinery.

The sorting of waste sent to China had been taken over by families in port side communities.  It became their livelihood, retrieving whatever fetched a price and dumping the rest.  Piling up in ad hoc landfills, it washed down waterways into the ocean.  They were not the only culprits.  Thus we have had the phenomenon of whales being washed up dead, starved because stomachs were full of plastic — 88 pounds densely packed in the stomach of one found in the Philippines and 50 pounds inside another in Sardinia.  China’s ban on waste imports has been followed by Malaysia and Vietnam.  In March of this year, India joined them.

As the outlets for their waste disappear and as most of the plastics are not recycled, self-reliance has been forced upon developed countries.  All to the good for the environment, because it will also curtail the use of plastics out of necessity.  The truth is only a fraction of plastic waste is recyclable, generally the white transparent bottles of which some are preferred.  Most ends up in landfills.  A 2017 study in  Science Advances determined that 90% of plastics ever produced are still in the environment.  Yet in the past six decades an estimated 8 billion tons have been produced.  Moreover, the usage trend is upwards and in 2014 some 311 million tons were produced worldwide.”

I think we should take the Swedish route and aggressively recycle what is actually recyclable and burn the rest.

Could this be a method to work within the system to change the system? This snippet from a Counterpunch article by Rob Urie is interesting because its hard to argue against the notion that sharing economic power *wouldn’t* be a benefit for a democratic society.  Push-back for lightyears from those who currently hold the levers of power, but what could they say directly to the notion?  The masses are too ignorant and don’t know what is good for them?  The current standard of living is so amazing right now that it would be foolish to address and change the current (im)balance of economic power?

This notion, I think, is a should be a genuine concern to the establishment parties in the US, because both parties are defenders of a system that is essentially “make the 1% greater even more, no matter what the economic and social cost”.  One can’t reasonably defend that notion.

I hope that AOC and her ‘squad’ continue to stay the course and force a new narrative into the poltical sphere in the US.  It is probably the only way America will go forward successfully in the future.

 

      “The subtext of these establishment machinations is that the American political system exists to provide cover for rule by capital. The posture of the political center as the locus of reason is belied by the willingness of establishment forces to risk killing everyone on the planet with nuclear weapons, environmental decline, genocidal wars and dysfunctional economics. It is this political center that is extreme, willing to risk everything to maintain control.

While it may be simplistic to posit a singularity of capitalist interests, is it also true that the manufacture of nuclear weapons is a business, that environmental decline is a by-product of capitalist production, that wars are undertaken both to control resources and to use up military inventory and that the level of economic dysfunction is proportional to the concentration of income and wealth amongst the oligarchs.

One could grant— improbably, that the collective ‘we’ were brought to this place in history honestly, that the world is complicated and that through genocide, slavery and wars too numerous to count, we did the best we could. But this wouldn’t have one iota of relevance to where we take it from here. In this sense, ‘the squad’ exists amongst the potential heroes of this moment.

Possibly of value here is Noam Chomsky’s functional definition of class as who it is that gets to decide. Capitalism has always been ‘authoritarian,’ with owners and bosses doing the deciding. Ironically, from the bourgeois perspective, politics finds these same authoritarians determining public policy through their surrogates in the political realm. Donald Trump’s existence is an argument against concentrated power, not who wields it.

An argument could be made that ‘the squad’ was elected on precisely this point. Policies that promote economic democracy are the best way to achieve political democracy. Conversely, the greatest threat to political democracy is concentrated economic power. The Federal government spent at least a few trillion dollars on gratuitous wars in recent years, and several trillion more on bailing out financial interests. The money has always been there to meet social needs.”

This Blog best viewed with Ad-Block and Firefox!

What is ad block? It is an application that, at your discretion blocks out advertising so you can browse the internet for content as opposed to ads. If you do not have it, get it here so you can enjoy my blog without the insidious advertising.

Like Privacy?

Change your Browser to Duck Duck Go.

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 945 other followers

Progressive Bloggers

Categories

December 2019
M T W T F S S
« Nov    
 1
2345678
9101112131415
16171819202122
23242526272829
3031  

Archives

Blogs I Follow

The DWR Community

one lonely feminist ⚢

words & woes from a radical feminist writer.

Unpolished XX

No product, no face paint. I am enough.

Volunteer petunia

Observations and analysis on survival, love and struggle

femlab

the feminist exhibition space at the university of alberta

Raising Orlando

About gender, identity, parenting and containing multitudes

REAL for women

Reflecting Equality in Australian Legislation for women

The Feminist Kitanu

Spreading the dangerous disease of radical feminism

Double Plus Good

The Evolution Will Not BeTelevised

la scapigliata

writer, doctor, wearer of many hats

Teach The Change

Teaching Artist/ Progressive Educator

Female Personhood

Identifying as female since the dawn of time.

Radfem Resources | Radical Feminist Literature

A virtual library for those interested in radical feminist literature and resources.

Not The News in Briefs

A blog by Helen Saxby

SOLIDARITY WITH HELEN STEEL

A blog in support of Helen Steel

thenationalsentinel.wordpress.com/

Blasting Left-wing BS with Right-wing truth bombs

BigBooButch

Memoirs of a Butch Lesbian

RadFemSpiraling

Radical Feminism Discourse

a sledge and crowbar

deconstructing identity and culture

The Radical Pen

Fighting For Female Liberation from Patriarchy

Emma

Politics, things that make you think, and recreational breaks

Easilyriled's Blog

cranky. joyful. radical. funny. feminist.

Nordic Model Now!

Movement for the Abolition of Prostitution

The WordPress C(h)ronicle

These are the best links shared by people working with WordPress

HANDS ACROSS THE AISLE

Gender is the Problem, Not the Solution

fmnst

Peak Trans and other feminist topics

There Are So Many Things Wrong With This

if you don't like the news, make some of your own

Gentle Curiosity

Musing over important things. More questions than answers.

violetwisp

short commentaries, pretty pictures and strong opinions

Revive the Second Wave

gender-critical sex-negative intersectional radical feminism

Trans Animal Farm

The Trans Trend is Orwellian

Princess Henry of Wales

Priestess Belisama

miss guts.

just a girl on a journey

writing by renee

Trigger warning: feminism, women's rights

RANCOM!

Happily Retired

freer lives

A socialist critique of gender ideology

Centering Women

A radical feminist page made for women only

radicalkitten

radical Elemental feminism

%d bloggers like this: