Wounds of Class By Mark Fisher

7 November 2013 — Wounds of Class

[This is an interesting and evocative essay which in some respects, parallels my own life. Fisher is also the author of the book, ‘Capitalist Realism:Is there no alternative?‘. WB]

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 I have just come back to London from the North West of England, from my hometown, Barrow-in-Furness. My father died a few months ago, at the start of the summer, a week after I returned from Japan, where I had lived on and off for the previous three years. Now, my mum is on her own. Because of this I have decided to stay in the UK. Not entirely because of my mum’s situation, but also because I felt guilty about being abroad, that I should be back home, back here, doing something. Nor was it really a decision in the full, free sense. Luckily, a job came up at the last minute in the school I return to work in during the summer and I took it.

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Enemies of the People: Georgina Rinehart By Branford Perry

8 August 2013 — Hipokrisy Monitor

Get to know your ruling class!

In the huge barrel of plutocratic arrogance rotten apples don’t come much bigger than Gina Rinehart, the cantankerous, cheap, and mean-spirited Australian mining heiress for whom Randian hyper individualism and the law of the jungle come as naturally as breathing.

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“Let us glory in our inequality.” By Michael Hudson

8 April, 2013 —

Failed Privatizations – the Thatcher Legacy

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “The Bubble and Beyond”.

This is from my book on privatization, written some 15 years ago, never published.

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Democracy, Disillusion and The Political Process By Caoimhghin Ó Croidheáin

7 March, 2013Global Research

A new nationwide opinion poll in Ireland has shown that people are becoming more and more disillusioned with the political process leading one to wonder if democracy (people rule) has simply become demopsefia (people vote). This type of disillusionment is becoming widespread across Europe in general. While no one is naive enough to believe all the promises of politicians, in recent years the desires of the electorate seem to be ever more blatantly subsumed to the financial interests/problems of recent governments.

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Austerity Can’t Solve Crises of Capitalism By Gene Clancy

8 February, 2013 IACenter.org

Millions of workers across the United States received a rude and unpleasant jolt this January when they discovered that their take-home pay had just shrunk by 2 percent. The Social Security payroll tax cut of 2009 was restored, costing workers an average amount of $850 a year, a significant wage decrease for workers on the edge of financial ruin.

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America’s Deceptive 2012 Fiscal Cliff By Michael Hudson

28 December 2012 — Michael Hudson

How today’s fiscal austerity is reminiscent of World War I’s economic misunderstandings

When World War I broke out in August 1914, economists on both sides forecast that hostilities could not last more than about six months. Wars had grown so expensive that governments quickly would run out of money. It seemed that if Germany could not defeat France by springtime, the Allied and Central Powers would run out of savings and reach what today is called a fiscal cliff and be forced to negotiate a peace agreement.

But the Great War dragged on for four destructive years. European governments did what the United States had done after the Civil War broke out in 1861 when the Treasury printed greenbacks. They paid for more fighting simply by printing their own money. Their economies did not buckle and there was no major inflation. That would happen only after the war ended, as a result of Germany trying to pay reparations in foreign currency. This is what caused its exchange rate to plunge, raising import prices and hence domestic prices. The culprit was not government spending on the war itself (much less on social programs).

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Obama's Second Term: Following Angela Merkel in the Oval Office? By Ingo Schmidt

29 November 2012 — The Bullet • A Socialist Project e-bulletin …. No. 737

A debt crisis in Europe, an electoral campaign in the United States, and Canada watching from the sidelines; this is how the trans-Atlantic world was depicted in the media over the past months. Though the votes had not yet been counted, warnings suddenly emerged about a fiscal cliff. In order to keep discussions of budget policy out of the campaign, the Republicans and the Democrats agreed on a pact earlier this year, which increased the debt ceiling of the federal government to the point that drastic spending cuts or tax increases could be postponed until after the election. If, however, the parties in Congress cannot agree on another budget by year’s end, expenditures throughout all departments will be automatically cut and the tax reductions provided by Bush and Obama in previous years will be revoked. Continue reading