Economic Articles from 2016
How Economists Duped Us into Attacking Capitalism Instead of Parasitic Rent-Seeking
By Dustin Mineau
Posted December 3, 2016
Have you ever heard of the term “economic rent”? No? That’s probably because of the greatest political coup in the history of our republic. In politics, true power comes – not from your argument – but from the ability to steer the conversation to what you want to talk about and away from what you don’t want to talk about. The true elites in our society have continued “winning” the political debate by removing a very important concept from the political conversation.
However, for anyone who actually read Adam Smith, you would note that the “invisible hand” was not his only observation of the inner workings of capitalism. Adam Smith recognized that many in the economy were making gobs of money, but weren’t contributing anything. He was referring to what was eventually called “economic rent”. More…
To Really ‘Make America Great Again,’ End the Fed!
By Ron Paul
Posted December 1, 2016
Former Dallas Federal Reserve Bank President Richard Fisher recently gave a speech identifying the Federal Reserve’s easy money/low interest rate policies as a source of the public anger that propelled Donald Trump into the White House. Mr. Fisher is certainly correct that the Fed’s policies have “skewered” the middle class. However, the problem is not specific Fed policies, but the very system of fiat currency managed by a secretive central bank.
Federal Reserve-generated increases in money supply cause economic inequality. This is because, when the Fed acts to increase the money supply, well-to-do investors and other crony capitalists are the first recipients of the new money. These economic elites enjoy an increase in purchasing power before the Fed’s inflationary policies lead to mass price increases. This gives them a boost in their standard of living. More…
A Living Wealth Money System
by David Korten
Posted November 29, 2016
Money, a relatively recent invention, is one of the most useful and beneficial of human technologies. And though it impacts on every aspect of modern life, it is so familiar and its existence so much taken for granted, we rarely step back to reflect on its real nature and significance. See Money Is…
As with any powerful technology, it can also be used that are harmful. The illusions and distortions of our current human relationship to money actively threatens our very survival as a species. More…
What Does It Take to Survive Where You Live?
By Richard Eskow
Posted November 23, 2016
How much does it take to get by where you live? A new report concludes that current federal minimum wage of $7.25 per hour doesn’t come close, anywhere in the United States. It takes more than $15 per hour to earn a living wage in most states. When you throw in the rising cost of student debt, low-income Americans are even further underwater.
The report, “Waiting for the Payoff: How Low Wages and Student Debt Keep Prosperity Out of Reach (pdf),” was issued this week by the People’s Action Institute. What does it take to get by where you live? A dollars-and-cents answer can be found in this chart, which lays out the living wage in every state. More…
From Higher Education to Water Treatment, Financialization Is Harming Our Economy
By Carrie Sloan
Posted November 22, 2016
One of the standout features of our increasingly financialized economy is a systemic disinvestment in public goods such as infrastructure and education. As the finance sector hoards the wealth our economy produces, wages stagnate, corporations and the wealthy avoid contributing their rightful share in taxes, and money and power coalesces at the top, revenues at all levels of government have declined.
Correspondingly, we have witnessed a turn to austerity measures including big cuts to the budgets of the entities that provide vital public goods, from water to public education. This is no accident — it’s a feature of a rigged economic system in which austerity is the price most of us pay for the wealthiest to get even wealthier. More…
Half Of The Population Of The World Is Dirt Poor – And The Global Elite Want To Keep It That Way
By Michael Snyder
Posted November 28, 2016
Could you survive on just $2.50 a day? According to Compassion International, approximately half of the population of the entire planet currently lives on $2.50 a day or less. Meanwhile, those hoarding wealth at the very top of the global pyramid are rapidly becoming a lot wealthier.
Don’t get me wrong – I am a very big believer in working hard and contributing something of value to society, and those that work the hardest and contribute the most should be able to reap the rewards. In this article I am in no way, shape or form criticizing true capitalism, because if true capitalism were actually being practiced all over the planet we would have far, far less poverty today. Instead, our planet is dominated by a heavily socialized debt-based central banking system that systematically transfers wealth from hard working ordinary citizens to the global elite. Those at the very top of the pyramid know that they are impoverishing everyone else, and they very much intend to keep it that way. More…
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