Category: Economics

Jordan Flaherty: Six Years After Katrina, The Battle for New Orleans Continues

As this weekend’s storm has reminded us, hurricanes can be a threat to U.S. cities on the East Coast as well the Gulf. But the vast changes that have taken place in New Orleans since Katrina have had little to do with weather, and everything to do with political struggles. Six years after the federal Read more…

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Jack Rasmus: “No, Dean Baker, Double Dip Recession is Quite Likely”

In a Z Net article from yesterday, August 28, liberal economist Dean Baker argued that ‘Double-Dip Recession is Unlikely’. In his piece Baker maintains that everyone who is now predicting double-dip are the same ‘forecasters’ who, back in 2007, were erroneously predicting there would be no economic crisis or recession in 2008. Baker then makes Read more…

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Dean Baker: The Morality of the Other Side in the Class War

The Washington Post and Robert Samuelson did their part in publicly passing along the marching orders from the rich and powerful to Ben Bernanke and the Federal Reserve Board. The word from these folks is "No Inflation!" If that means millions more people will suffer unemployment for a few more years, that's a price that the Post and Samuelson are Read more…

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Boris Kagarlitsky: The Soviet Collapse vs. an EU Collapse

At the same time that Russia is marking the 20th anniversary of the collapse of the Soviet Union, the West is beginning to talk seriously about the possibility of the collapse of the European Union. As with the Soviet collapse, the more politicians try to save the EU, the less viable it becomes. The EU Read more…

Nick Dearden: Behind the Bankers’ Mask

The economic crisis has led activists in countries such as Greece and Ireland to look to developing countries for models of how to fight an all-powerful, self-serving financial system that forces ordinary people to pay the price for its failures. From Dublin to Harare, the call for ‘debt audits’ is being taken up as a Read more…

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Jérôme Roos: Are the Rich Starting to Get Scared?

It was a week of opposites. As stock markets around the world continued to nosedive into financial meltdown, the world’s third wealthiest man told US Congress to stop coddling the super-rich; Forbes, the ultimate magazine of the rich and famous, warned about the “coming global class war“; and Nouriel Roubini, one of the world’s leading economists, told the Wall Read more…

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Ron Daniels: Implanting a “Black Footprint” on an Economic Renaissance for Haiti

August is a momentous month in the history of the African world. August 17th marked the birthday of the Honorable Marcus Mosiah Garvey, arguably the greatest mass organizer in the history of the Pan African movement. August 14th was the anniversary of Bwa Kayiman, the gathering in northern Haiti convened by the spiritual leader Boukman in Read more…

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Dean Baker: Shorter Weeks, Longer Vacations

The United States is suffering the enduring effects of a collapsed housing bubble, not a financial crisis. This is an important distinction, because it points to the necessity of relying on shorter workweeks and longer vacations to return to full employment. The financial crisis is largely irrelevant to the economy's current weakness. The problem is Read more…

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Richard D. Wolff: Deficits, Debts, and Deepening Crisis

Standard and Poor's downgrades US debt, stock markets gyrate around the world, Sarkozy and Merkel perform yet another empty summit, the Chinese and Japanese economies look worrisome. Serious commentators worry about global recession, another global banking collapse, eurozone dissolution, and austerity programs that only make matters worse. Nouriel Roubini, famed Professor at NYU's Stern School Read more…

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Mark Weisbrot: The “Debt Crisis” Myth

The prevailing understanding of economic troubles in the U.S. and Europe, the world's two largest economies, is mistaken in a number of ways. First: Imagine that you are driving a car down a road packed with snow and ice and you are worried about an accident. At the same time you are ignoring the fact Read more…

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