Great Leap Forward

Category Archive: Uncategorized

  • More on the Shock Doctrine

    More on the budget debate and shock doctrine: My interview with KPFK: And My op ed:

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  • The Budget Compromise: Congress Creates a Rube Goldberg Doomsday Machine

    Don’t you feel relieved? After weeks of threats, hostage-taking, and other forms of deficit terrorism, our two political parties have finally “compromised” on what was always a foregone conclusion. (As I write, we still await the Senate vote—but it looks like a done deal.) Washington got what it wanted—a down payment on destruction of the […]

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  • President Obama Weighs-In on the Debt Limit Debate

    Last night President Obama asked for Americans to help end the debt limit debate by contacting their representatives to plead for compromise. The final half of his speech was refreshingly eloquent, and showcased the President’s apparent preference for bi-partisanship. At least for the purposes of this blog, I am willing to take him at his […]

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  • Raise the Debt Limit or Abolish the Debt?

    I had wanted to move on to another topic. To be precise, I wanted to write about the continuing foreclosure scandal aided and abetted by robo-signing. And cooking of the books by the biggest banks, that are insolvent in spite of their cooked-book-profits announced today. And the continuing and massive go-to-jail fraud they are still […]

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  • Graphic for the Day

    I beg your patience again. With luck, a graph will appear, showing household debt and borrowing. Since the crisis, households have reduced borrowing and run down some debt. However, we’ve still got a long way to go to get back to pre-crisis trends. Yes, debt had been growing over the entire post-war period but it […]

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  • Progressives and the Debt Limit Debate

    Patience, please. This is my first attempt to actually post a blog without techie help. I did a longish interview yesterday at Benzinga Radio, focusing on the role Beltway progressives have played in (unwittingly?) fueling deficit hysteria. You can listen to it here:

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  • Shock Doctrine and the Debt Limit

    Naomi Klein’s book, Shock Doctrine: The Rise of Disaster Capitalism argued that crises are intentionally created to push the free market agenda. In the midst of a crisis, followers of Milton Friedman are able to destroy social protection and to install a virulent version of free market capitalism. Some years ago I made a similar […]

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  • Lessons We Should Have Learned from the Global Financial Crisis

    This is the first of my weekly blogs addressing economic issues from the perspective of what is commonly called “modern money theory”. (As the great philosopher Yogi Berra said, “you can look it up”—or Google it.) However, the subjects tackled will go far beyond the topic of monetary theory, hence, I will also draw on […]

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