A Couple of Gems

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One blog par­tic­i­pant brought a post by George Mon­biot to my atten­tion. I fre­quently com­ment that the finan­cial regime ini­ti­ated after WWII omit­ted key ideas that Keynes proposed–in par­tic­u­lar, a new cur­rency for inter­na­tional trade and con­trols on the behav­iour of sur­plus nations as well as those run­ning deficits. Mon­biot pro­vides the his­toric detail of these pro­pos­als and their defeat. It is well worth a read.

Debunking Economics eBook available

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Click here to buy the Debunking Economics eBook from Mobipocket

Click on the cover to buy the eBook

Debunk­ing Eco­nom­ics was first pub­lished in 2001 by Pluto Press (Aus­tralia) and Zed Books (UK). There has been renewed inter­est in it since I began warn­ing of the impend­ing finan­cial cri­sis, and I decided to release the book in elec­tronic for­mat to make it more acces­si­ble (the hard copy can still be pur­chased, if your book­shop will order it, from Zed Books UK, or online from Ama­zon).

The World’s Biggest Ponzi Scheme?

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Two days ago the FBI indicted Bernie Mad­off, prin­ci­pal of Bernard L. Mad­off Invest­ment Secu­ri­ties LLC, on secu­ri­ties fraud. Though the case has yet to run, in the indict­ment the FBI reported that Mad­off con­fessed that his was “basi­cally a giant Ponzi Scheme”  that may have lost some extremely high net worth indi­vid­u­als over US$50 billion.

How the ‘Experts’ Missed the Crash: Philosophical Flaws, No Sense of History

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Uni­ver­sity of Texas Eco­nom­ics Pro­fes­sor James Gal­braith is a son of the great US Insti­tu­tional econ­o­mist John Ken­neth Gal­braith, and a lead­ing non-orthodox econ­o­mist in his own right. He has devel­oped highly inno­v­a­tive meth­ods to mea­sure eco­nomic inequal­ity that are well doc­u­mented here; he is a stri­dent critic of con­ven­tional eco­nom­ics; and he has been as active in the USA as an ana­lyst of and com­men­ta­tor on this finan­cial cri­sis as I have in Aus­tralia. His many inter­views on the topic are linked from this site.

Ross Gittins finally comes aboard

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Ross Git­tins finally comes aboard the debt-deflation train, with an arti­cle in today’s (Decem­ber 8 2008) Syd­ney Morn­ing Her­ald enti­tled “It’s not infla­tion that did us in, it’s the bor­row­ing”. For non-Australian read­ers, Ross has been a reg­u­lar eco­nomic com­men­ta­tor for Sydney’s lead­ing news­pa­per for about forty years.