A discussion forum as well??

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It has been sug­gested to me that the num­ber (and breadth) of dis­cus­sions here has grown so much that this would be bet­ter served by estab­lish­ing a dis­cus­sion forum, as well as the blog.

Then dis­cus­sions on given top­ics could be main­tained on threads on the dis­cus­sion site, while com­ments to the blog would be specif­i­cally on the topic of a given posting.

Fabulous attack on neoclassical economics by Anatole Kaletsky

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Econ­o­mists are the for­got­ten guilty men

Aca­d­e­mics — and their mad the­o­ries — are to blame for the finan­cial cri­sis. They too deserve to be hauled into the dock”

So begins Ana­tole Kalet­sky’s essay in The Times for Feb­ru­ary 5 2009. He is spot on. Eco­nomic the­ory played a direct role in this cri­sis, by legit­imis­ing the dereg­u­la­tion of finance and encour­ag­ing the prof­li­gate lend­ing of finan­cial insti­tu­tions. There is much more that is wrong with the the­ory that dom­i­nates aca­d­e­mic economics–known as “neo­clas­si­cal economics”–enough to fill sev­eral books. My Debunk­ing Eco­nom­ics : the naked emperor of the social sci­ences was one such book; in it I tried to explain all the tech­ni­cal flaws in eco­nomic the­ory to a non-mathematical audience.

Steve Keen’s DebtWatch No 31 February 2009: “The Roving Cavaliers of Credit”

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Click on Marx’s image to down­load this post in PDF format

Talk about cen­tral­i­sa­tion! The credit sys­tem, which has its focus in the so-called national banks and the big money-lenders and usurers sur­round­ing them, con­sti­tutes enor­mous cen­tral­i­sa­tion, and gives this class of par­a­sites the fab­u­lous power, not only to peri­od­i­cally despoil indus­trial cap­i­tal­ists, but also to inter­fere in actual pro­duc­tion in a most dan­ger­ous man­ner— and this gang knows noth­ing about pro­duc­tion and has noth­ing to do with it.” [1]