The horizon is not so far as we can see, but as far as we can imagine

Author: Tony Wikrent Page 29 of 51

Week-end Wrap – Political Economy – June 19, 2022

by Tony Wikrent

Strategic Political Economy

From 2010: The Unvarnished Truth About the US

Ian Welsh, June 15, 2022

Twelve years ago I wrote this post. I don’t see anything since then has made it wrong and I think it’s worth reading still, especially for those who weren’t with me 12 years ago:

I’ve been meaning to write this post for some time and in light of yesterday’s Supreme Court decision allowing unlimited corporate money into the political system, I think it’s time.

Yesterday’s decision makes the US a soft fascist state. Roosevelt’s definition of fascism was control of government by corporate interests. Unlimited money means that private interests can dump billions into elections if they choose. Given that the government can, will, and has rewarded them with trillions, as in the bailouts, or is thinking about doing so in HCR, by forcing millions of Americans to buy their products the return on investment is so good that I would argue that corporations have a fiduciary duty to their shareholders to buy out government – after all if you pay a million to get a billion, or a billion to get a trillion, that’s far far better returns than are avaiable anywhere else….

Add to this the US’s complete inability to manage its economic affairs, and its refusal to fix its profound structural problems, whether in the financial system, the education system, the military, concrete infrastructure, technology or anything else and I cannot see a likely scenario where the US turns things around. The US’s problems in almost every area amount to “monied interests are making a killing on business as usual, and ologopolistic markets and will do anything they can to make sure the problem isn’t fixed”.

Even before they had the ability to dump unlimited money into the political system, they virtually controlled Washington. This will put their influence on steroids. Any congressperson who goes against their interests can be threatened by what amounts to unlimited money. And any one who does their bidding can be rewarded with so much money their reelection is virtually secure.

 

[Twitter, via Naked Capitalism 6-15-2022]

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Ryan Morgan [American Military News, via Mike Norman Economics 6-15-2022]

The West Doesn’t Want The World To Know That Russia Just Saved Brazil’s Crop This Year
Andrew Korybko [One World, via Mike Norman Economics 6-14-2022]

 

The epidemic

WTO Fails to Promote COVID Vaccines

Robert Kuttner, June 17, 2022 [The American Prospect]

… the U.S., despite Biden’s commitment to a waiver of drug company patent rights, sides with Pharma.

 

A new study claims Medicare-for-all could have saved more than 200,000 lives during the pandemic 

[Vox, via Naked Capitalism 6-17-2022]

Week-end Wrap – Political Economy – June 12, 2022

by Tony Wikrent

Oligarchs’ war on the experiment of republican self-government

The Money Trail to the January 6 Attack on the Capitol Is Ignored in Last Night’s Public Hearing

Pam Martens and Russ Martens, June 10, 2022 [Wall Street on Parade]

As we watched the two-hour public hearing on the critical facts uncovered by the House Select Committee on the attack on the U.S. Capitol on January 6, 2021, we kept waiting to hear a discussion of the money trail that facilitated this attack. That discussion never came. And yet, big expenses were involved: dozens of buses were rented; signs advertising “Stop the Steal” were on the sides of some of those buses; food and lodging had to be paid for, in or around expensive Washington, D.C.; and, now, lawyers have to be paid to represent those indicted for brutalizing police on January 6 or destroying and/or stealing government property….

But the question that any good investigator of an unsolved crime scene must ask is this: who benefits from this crime? And to understand who, besides Donald Trump, would be the chief beneficiaries of a coup that installed Trump for an illegitimate second term as President, one has to follow the money trail. That money trail leads to Charles Koch, the billionaire Chairman and CEO of Koch Industries, one of the largest private corporations in the world….

One of the Koch front groups that played a major role in the 2016 election that put Donald Trump in the White House in the first place was Freedom Partners. (It quietly shut down in 2019 after the press started reporting on its role.) When the group was still active in 2018, we had taken a hard look at its Board of Directors. We found that all but one of its Board Members was a current or former Koch company employee. According to the Center for Media and Democracy, Freedom Partners ended up with 12 of its former employees working in the Trump Administration….

To handle any legal pushback, Koch Industries’ law firm, Jones Day, sent 12 of its law partners to staff up key positions in the Trump administration on the very day Trump was inaugurated. Jones Day has since removed the press release it issued at the time but you can read the reporting on it at the American Bar Association Journal….

According to the TrumpMarch.com website, which was sponsored by Women for America First, its “Coalition Partners” for the January 6 event at the Capitol included the Rule of Law Defense Fund; the Tea Party Patriots; and Turning Point Action, among others. The TrumpMarch.com website has since been taken down but it was captured on January 2, 2021 (give the page a little time to load) by the Internet Archives’ Wayback Machine.

Rule of Law Defense Fund is the dark money arm of Republican Attorneys General Association (RAGA), a group that was raising millions of dollars from corporate felons in order to elect the highest law enforcement officers at the state level. (See our in-depth report of January 14, 2021.) According to IRS filings made by RAGA, it has received $511,400 from Koch Industries and a subsidiary since 2014….

Another of the Coalition Partners, Turning Point Action, Tweeted that it was “honored to help make this happen, sending 80+ buses full of patriots to DC to fight for this president.” The Tweet was first reported by DailyDot.com.

Turning Point Action is a dark money group that does not report its donors to the Federal Election Commission. However, according to the Center for Media and Democracy, its sister group, Turning Point USA, has received $610,000 from Donors Trust since 2017. Charles Koch’s footprints are all over Donors Trust, another dark money group, as we exclusively reported in 2010. (See Koch Footprints Lead to Secret Slush Fund to Keep Fear Alive.)

 

#1 charge: “Illegal parading

Lambert Strether [Naked Capitalism Water Cooler 6-9-2022]

“Here is the chart of the charges under which they were convicted (there’s no legend, but orange seems to sentenced, and grey not yet sentenced:”

Graph

“The charge: “Illegal parading.” Illegal parading?”

 

Did I experience aghastitude on “1/6″™? No.

Lambert Strether [Naked Capitalism Water Cooler 6-10-2022]

TW: I don’t agree with Strether’s argument that the events of January 6 2021 are not as terrible as Democrats, liberals, and the anti-Trumpers argue they are, but I think Strether is absolutely correct in his conclusion that what is driving these three groups of people is their sense of entitlement. 

Did I experience aghastitude on “1/6″™? No. The Winter Palace in 1917 this was not. And what if that guy, instead of being a right-winger in a Trump hat, had been a union guy with a giant inflatable rat? I would have been cheering him on! Finally somebody stood up! What’s really driving the liberal Democrats — and, I suppose, Never Trump Republicans — is that deep down they think Capitol Hill is their space, democracy is “our” democracy, norms are their their norms, and that they will be comfortable again when the “insurrectionists” are rooted out and purged. But it’s not, it’s not, they’re not, and they won’t be. They lost their minds in 2016 for the same reasons, and never did manage to find them again, party leadership and PMC base together.

Insurrection is a crime (18 U.S. Code § 2383). So how come Merrick Garland charged the vast majority of the “insurrectionists” with illegal parading?

TW: The assault on the Capitol and attempt to stop the certification of Biden was a serious, seditious assault on the rule of law, posing a dire threat to republican self government. But a serious investigation of this threat would focus, as Pam and Russ Martens assert, on the funders. But that would be a threat to the powers that have transformed USA from a republic to a plutocratic oligarchy, and which own both the Republican and Democratic parties. 

The Roots Of The January 6 Riot

Joel Warner, June 10, 2022 [The Lever]

“At its core, the January 6 insurrection was the weaponized manifestation of virulent anti-government sentiment in a putatively democratic country where a majority has not trusted its own government for two decades… The ideological crusade against government has always been a part of American politics. But it really began coalescing in modern form in the late 1970s when conservative demagogues, moguls, and business interests began building a movement to demonize public institutions…”

So as the horrors of January 6 become prime-time TV viewing, let’s not forget that the attempted coup wasn’t a political fluke whose danger has come and gone. The origins of the Capitol attack were a long time coming — and those who helped it along are still flush with corporate cash.

 

“Americans’ Views of Government: Decades of Distrust, Enduring Support for Its Role”

[Pew Research Center, via Naked Capitalism Water Cooler 6-9-2022]

“Americans remain deeply distrustful of and dissatisfied with their government. Just 20% say they trust the government in Washington to do the right thing just about always or most of the time – a sentiment that has changed very little since former President George W. Bush’s second term in office.”

Graph

 

“We’re Misunderstanding What Caused Jan. 6”

[FiveThirtyEight, via Naked Capitalism Water Cooler 6-10-2022]

Week-end Wrap – Political Economy – June 5, 2022

Week-end Wrap – Political Economy – June 5, 2022
by Tony Wikrent

Strategic Political Economy

[Twitter, via Naked Capitalism 6-1-2022]

https://twitter.com/RnaudBertrand/status/1531100068115144704?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1531100068115144704%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.nakedcapitalism.com%2F2022%2F06%2Flinks-6-1-2022.html

“Those who had to choose between material goods and France’s soul, the material goods made the choice for them. The wealthy are possessed by what they possess.”

[Twitter, May 29, 2022]

https://twitter.com/RnaudBertrand/status/1531100078160551936

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[Twitter, via Naked Capitalism Water Cooler 6-2-2022]

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Electric vehicles accelerate China’s looming dominance as a car exporter

[Financial Times, via Naked Capitalism 6-2-2022]

Week-end Wrap – Political Economy – May 29, 2022

by Tony Wikrent

 

Strategic Political Economy

Science or the academy?

[Twitter, via Naked Capitalism Water Cooler 5-24-2022]

https://twitter.com/JamesMelville/status/1528046141715230721?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1528046141715230721%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.nakedcapitalism.com%2F2022%2F05%2F200pm-water-cooler-5-24-2022.html

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[Twitter]

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They’re Worried About The Spread Of Information, Not Disinformation 

Caitlin Johnstone, via Naked Capitalism 5-24-2022]

 

[Twitter, via Naked Capitalism 5-25-2022]

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Liberalism, conservatism and the lack of discussion of civic republicanism

Week-end Wrap – Political Economy – May 22, 2022

by Tony Wikrent

Buffalo mass shooting

[Twitter, via Naked Capitalism Water Cooler 5-16-2022]

https://twitter.com/kenyonfarrow/status/1526171009052815360?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1526171009052815360%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.nakedcapitalism.com%2F2022%2F05%2F200pm-water-cooler-5-13-2022.html

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Real Scarcity Informed Buffalo Shooter’s Racist Conspiracy 

[Intercept, via Naked Capitalism 5-18-2022]

Addressing this violence, though, also requires considering the role of scarcity — not a conspiracy theory, but a very real system of extreme inequality and ecological destruction. It is a system in which the most wealthy and powerful continue to see their wealth and power grow — at the expense of the masses. Faced with actual strained resources and environmental calamity, some of these forsaken people are turning to dark fantasies like the “great replacement theory” to make sense of it all.

 

It’s Time To Talk About Capitalism — The shooting in Buffalo spotlights the taboo topic we must discuss: the link between hypercapitalism and racism.

Matthew Cunningham-Cook, May 16, 2022 [The Lever]

Particularly in the U.S. — where the socialist branch of the labor movement that brought us the eight-hour workday, the weekend, and Social Security was crushed in the McCarthy era and never recovered — we must start explaining the virtues of worker control over production and worker power in politics, and how it addresses the problem we face: The rich make every economic decision in society, while treating workers as subhuman.

“Call it democracy, or call it democratic socialism, but there must be a better distribution of wealth within this country for all God’s children,” King said.

The one percent — like Rupert Murdoch, the misanthropic owner of Fox News, and TV host Tucker Carlson — uses racism to get a portion of the white 99 percent to act against their own economic interests.

 

Strategic Political Economy

Who is leading the United States to war? 

[Monthly Review, via Mike Norman Economics 5-20-2022]

Week-end Wrap – Political Economy – May 15, 2022

by Tony Wikrent

 

Strategic Political Economy

Your health is in your hands? US CDC COVID-19 mask guidance reveals the moral foundations of public health 

[The Lancet, via Naked Capitalism 5-8-2022]

The US Centers for Disease Control and Prevention’s (CDC’s) May 28, 2021 guidance, which lifted masking recommendations for vaccinated people in most situations, exemplifies a troubling shift—away from public health objectives that center equity and toward a model of individual personal responsibility for health. CDC Director Rochelle Walensky emphasized that “your health is in your hands”, undermining the idea that fighting COVID is a “public” health responsibility that requires the support of institutions and communities. The social impacts of this scientific guidance, combined with the emergence of new variants, have exposed the fallacy of this approach, with most local mask restrictions lifted and infections rising dramatically among disadvantaged populations. Rapidly rising cases prompted the CDC on July 27th to recommend resuming indoor masking even for vaccinated people in “areas of substantial or high transmission” , but US policy continues to frame the pandemic largely as a matter of individual responsibility—to the detriment of public health. As public health professionals and advocates, we call for a renewed commitment to core public health principles of collective responsibility, health equity, and human rights.

Public health implicates government obligations to realize the health of populations, focusing on “what we, as a society, do collectively to assure the conditions for people to be healthy” . Securing public health does not merely reflect the health of many individual persons, rather a collective “public” good that is greater than the sum of its parts. Public health actions protect and promote the health of entire populations through multi-sectoral interventions to address underlying determinants of health.

 

TSA Covid Infections Have Jumped 50% Since The Mask Mandate Was Lifted 

[Forbes, via Naked Capitalism 5-9-2022]

 

Public Health Theory and Practice in the Constitutional Design (pdf)
Lawrence O. Gostin [11 Health Matrix: The Journal of Law—Medicine, 265 (2001)]

This article views public health through the lens of constitutional law by exploring government duty and authority, the division of powers under our federal system, and the limits on government power. Part I examines constitutional duties, if any, imposed on government. It observes that the Supreme Court sees the Constitution in negative, or defensive, terms and argues that this provides a sterile, uninspiring vision of government obligation. Part II examines governmental powers under the Constitution. While the Court sees few affirmative obligations, it does acknowledge a broad governmental authority to protect the health, safety, and welfare of the population. This Part reviews the emergence of “new federalism” in Supreme Court jurisprudence, altering the power between the federal government and the states. In particular, it inquires whether the Rehnquist Court, by restricting the scope of national authority, is seriously thwarting public health policy and practice.

 

The carnage of mainstream neoliberal economics

Despite the Despair, It Was Great Seeing You

Mark Blyth, May 7, 2022 [Youtube]

At 28:29: It’s absolutely clear that this is not a monetary phenomenon… There’s a thing called the Milton dictum: inflation is always… a monetary phenomena and it’s this case is proving that it’s really not, it’s simply the fracturing of global supply chains.

That’s what’s driving all this, and you could say the pandemic spending, but then you’ve got to say yeah but the pandemic spending wasn’t actually a stimulus it was income replacement because the economy had shut down… The last of those checks went out 12 months ago and were spent nine months ago…that’s not powering the the price of goods anymore….

It’s not the fact that the Fed’s spending all this money because you don’t spend central bank money, you spend money that you get issued through the commercial banking sector. The banking sector’s making money hand over fist because everybody’s buying a bunch of stuff but as inflation goes up that will slow down. So it’s really not clear to me that, you know, let’s raise interest rates, is going to actually do anything about the fact that you’ve got 500 ships parked off of Shanghai and you can’t get any stuff because the city’s in a lockdown.

These things seem to be totally disconnected but as usual we’ve managed to whip ourselves up into a narrative whereby, well it’s inflation, so it must be about money; the Fed must do something and they probably spent too much — look at all that pandemic money. Just ignore the facts of the supply chain stuff you know or mention it but then immediately you know pivot towards a monetary explanation for no reason….

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WP 01 Pavlina R. Tcherneva Three Lessons from Government Spending and the Post-Pandemic Recovery 

Pavlina R. Tcherneva [EDI Resources Database, via Mike Norman Economics 5-9-2022]

The central lesson of the COVID-19 fiscal response is that money is not scarce. Without delay, governments around the world appropriated budgets that dwarfed any other postwar crisis policy. In 2020, Japan passed a stimulus package equal to 54.8 percent of GDP, while in the U.S., it was equivalent to 26.9 percent and in Canada to 20.1 percent. Italy, France, and Germany spent 10.1, 10.4, and 10.7 percent of GDP, respectively (Dziedzicki et al. 2021).…

 

How There’s More to Economics Than the Science of Scarcity 

Nicholas Gruen [Evonomics, via Mike Norman Economics 5-8-2022]

Week-end Wrap – Political Economy – May 8, 2022

by Tony Wikrent

Tactics and techniques

“How the White Overalls Beat the Cops with Tactics of Radical Defense”

[Gentleman Bandit, via Naked Capitalism Water Cooler 5-5-2022]

From 2020, still germane. “You might have heard about The Yellow Vests (Gilets Jaunes) protesting hard in France for the past few years. There was a comparable movement in the late 90s and early 2000s, which focused on radical group tactics of defense in order to successfully stand up to riot police and other forms of crowd control. That is to say that, unlike the Yellow Vests who actively seek out fistfights and other physical battles with the cops; [the “White Overalls” (Tute Bianche) dreamed up an innovative and highly effective set of tactics to protect themselves from harm so that they could go where they wanted (such as smashing through the outer fence at the G8 Summit in Genoa) and stay there…. Put the whole thing together, and it looks something like this. One or more front lines set up with inner tubes and/or shields, front section backed up by mobile skirmishers, with additional shields and large crowds of people who either perform their own specialized roles or just push.” • With many photographs.

Strategic Political Economy

How London became the dirty money capital of the world | FT Film 

[YouTube, via Naked Capitalism 5-3-2022]

The Dollar System in a Multi-Polar World

James K. Galbraith [Brave New World, via Mike Norman Economics 5-5-2022]

The multipolar financial world is here. The United States can survive it – but only with major political and economic changes at home. It’s time to start thinking about what those need to be.…

But the Marshall-Lerner conditions did not hold, and trade balances did not return to equality of exports and imports. Instead, the US issued Treasury bonds, while Japan and Germany accumulated financial assets. And in the Third World, ex China and India, the balance depended largely on the presence or absence of oil. Demand for oil, it turned out, is notably invariant to price. So as prices went up, for producers it was the best of times. And so long as oil importers wished to grow, they were obliged to cover the bill with borrowings from commercial banks, on terms that the bankers controlled, and at rates governed in the final analysis by the policy of the Federal Reserve.

In this way the abolition of the Bretton Woods system set in motion the final defeat of New Deal banking law and of balanced international financial governance, in the end restoring the financiers to the center of American and world economic power. For forty years that genie had been bottled up, internally by regulation, deposit insurance, and the Glass-Steagall Act, so that in the 1940s, 1950s, and 1960s banks were largely adjuncts to the large industrial corporations and under the fairly-effective discipline of the state. There were, accordingly, no financial crises from 1934 to 1974, when Franklin National Bank failed, followed in 1975 by the “fiscal crisis” – really a bankers’ crisis – of the City of New York. On the international side, capital controls and the IMF had provided (in principle) a similar damper. After 1971 and especially 1973, the currency casinos were open again.

Roe v. Wade — Liberalism, conservatism and the lack of discussion of civic republicanism

[Twitter, via Naked Capitalism Water Cooler 5-3-2022]

https://twitter.com/emilylhauser/status/1521298175675576320?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1521298175675576320%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.nakedcapitalism.com%2F2022%2F05%2F200pm-water-cooler-5-03-2022.html

The Irrational, Misguided Discourse Surrounding Supreme Court Controversies Such as Roe v. Wade

Glenn Greenwald [via Naked Capitalism 5-4-2022]

Alito’s decision, if it becomes the Court’s ruling, would not itself ban abortions. It would instead lift the judicial prohibition on the ability of states to enact laws restricting or banning abortions. In other words, it would take this highly controversial question of abortion and remove it from the Court’s purview and restore it to federal and state legislatures to decide it. One cannot defend Roe by invoking the values of democracy or majoritarian will. Roe was the classic case of a Supreme Court ruling that denied the right of majorities to decide what laws should govern their lives and their society.

One can defend Roe only by explicitly defending anti-majoritarian and anti-democratic values: namely, that the abortion question should be decided by a panel of unelected judges, not by the people or their elected representatives.

TW: I’m not very surprised that Greenwald perhaps does more damage than good by not fully understanding and / or explaining the issue. Just reading Greenwald, one can be forgiven to think that the entire USA scheme of government ought be discarded, because ”The Founders wanted to establish a democracy that empowered majorities of citizens to choose their leaders, but also feared that majorities would be inclined to coalesce around unjust laws that would deprive basic rights, and thus sought to impose limits on the power of majorities as well.” And the discomfort becomes especially intense when Greenwald concludes that “If you want to rant about the supremacy and sanctity of democracy and the evils of “unelected judges,” then you will necessarily end up on the side of Justice Alito and the other four justices who appear ready to overrule Roe.”

Week-end Wrap – Political Economy – May 1, 2022

by Tony Wikrent

Strategic Political Economy

What is propelling the U.S. into increasing international military aggression?
John Ross [MR Online, via The Big Picture 4-24-2022]

Reduced to the most essential facts, the key forces that have driven this escalating U.S. policy of military aggression, which has now lasted over more than two decades, are clear. It is that the U.S. economy has permanently lost its overwhelming weight in world production, but that at the same time the U.S. still retains its preponderance in military power and spending. This, therefore, creates a very dangerous period for humanity during which the U.S. may attempt to compensate for its relative economic failure by use of military force.…

Summarising the trends above, the U.S. lead in productivity, technology and company size means that its economy overall is still stronger than China’s, but the gap between the U.S. and China is far narrower than the gap between the U.S. and the USSR. Furthermore, whatever is the exact judgement on the relative bilateral strengths of the U.S. and Chinese economies, it clear that the U.S. has already lost its global productive economic predominance. By 2021, in PPPs, the U.S. accounted for only 16% of the world economy—that is 84% of the world economy is outside the U.S. Purely economically the global era of multipolarity, instead of unipolar domination by the U.S., is not ahead it has already arrived….

The aim of the U.S. in Ukraine is precisely to attempt to bring about a fundamental change in policy and government in Russia so that a government is installed which no longer defends Russia’s national interests, which is hostile to China, and is subordinate to the U.S. If that were achieved then not only would China faced a greatly increased military threat from the U.S. but China’s enormously long northern border with Russia would become a strategic threat to China. China would be surrounded from the north.

But the conclusion which he U.S. policy derives from this, as will be analysed, is that it must therefore try to use military and political means to prevent this economic multipolarity from expressing itself.

2022 Strategic Investment Conference: Goodbye Normal

[The Big Picture 4-27-2022]

The highest inflation in 40 years, war in Europe, and economic shock waves….

Featuring an exclusive interview with the undead ghoul Henry Kissinger.

Russia / Ukraine

Why Europe cannot understand Russia 

Pepe Escoba [The Cradle, via Mike Norman Economics 4-30-2022]

Seven Decades of Nazi Collaboration: America’s Dirty Little Ukraine Secret 

[Foreign Policy in Focus, via Naked Capitalism 4-25-2022]

From 2014, still germane.

The carnage of mainstream neoliberal economics

Were The Stimulus Checks A Mistake? 

[FiveThirtyEight, via The Big Picture 4-29-2022]

Lawmakers passed a $2.2-trillion stimulus package in March 2020 (followed by two more in 2020 + 2021). In total, it added up to one of the most generous fiscal responses to the virus globally. As U.S. prices continue to rise by rates not seen in decades, it’s become clear that the stimulus came at a significant, unintended cost: inflation.

Opinion: There’s a big hole in the Fed’s theory of inflation—incomes are falling at a record 10.9% rate 

Rex Nutting [Market Watch, via The Big Picture 4-29-2022]

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