austerity

How the Arab Spring and the Eurozone Crisis (and U.S. Joblessness) are All Precisely the Same

by on December 12, 2011

The incomparable Robert Fisk went there.  In an article remarkable for its takedown of every other reporter on the topic, he discovered an essential convergence between the corrupt, pseudo-democracies of the Middle East and the corrupt, pseudo-democracies of the West:

And that is the true parallel in the West. The protest movements are indeed against Big Business – a perfectly justified cause – and against “governments”. What they have


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Recession “Inescapable” According to Lakshman Achuthan

by on October 4, 2011

Lakshman Achuthan, co-founder of the Economic Cycle Research Institute and a man who has been very good at predicting downturns, told Bloomberg’s Tom Keene (and no, most Red Sox fans don’t wear bowties like this weenie) that a new recession is inevitable.  See below:

Several things to note.  This guy doesn’t care about the “confidence fairies” or “invisible bond vigilantes” or the hurt feelings of “job-creators.”  He works on econometic …
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Suskind’s The Con Men Reveals Obama’s Cluelessness on the Economy (and Mean-Spiritedness, too)

by on September 20, 2011

As both Romer and Summers knew, this was a classic demand-driven economic decline, an economic atavism with long fangs and shaggy mane striding into the modern world right out of the Depression-era. It was the return of the 19th century to the 21st century in a way that seemed impossible in the high-flying 1990s. Comments Off

P.S. Chatterbox 17-09-11

by on September 17, 2011

The P.S. Chatterbox, a new feature at this site, is a weekend news feed of recommended readings and viewings.

Ali Soufan ~ The Black Banners

Of the many interviews Ali Soufan did this week in support of his new book The Black Banners, the one for Countdown with Keith Olbermann was probably the most interesting.

Ali Soufan, a former FBI special agent and author of The Black Banners, details


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Neo-Hooverism Ascendant; To Hell not “Heck,” Mr. President. To Hell.

by on September 5, 2011

The jobs report for August was predictably dismal but seems to have shocked official Washington in ways that suggest we really are ruled by morons.  14 million unemployed and another 8.8 million desperately underemployed gives us a U3 of, drum roll please!, precisely the same as it has been stalled at for months at 9.1 per cent.  The long-term unemployed—those out of work from more than 27 weeks—made up …
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“There Will Be Riots”

by on August 12, 2011

Six days before their onset, Chavez Campbell predicted youth riots as a result of the wide-spread austerity-driven shutdown of youth centers and programs. Now in a second Guardian interview he surveys the damage and shares more of his thoughts.

The first interview, part of a profile on London’s bored, jobless, poor and idle youth, after the break. …
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The Paul Krugman Presidency

by on August 5, 2011

Krugman visits Olbermann on Current TV:

You can take speeches that Herbert Hoover gave in 1932 and speeches that Barak Obama has given in 2011 and they look awfully similar. It’s very depressing, I want Obama to succeed. I think he’s a good man, but somehow he’s turned into the second coming of Herbert Hoover.

Give it a name.…
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Olbermann ~ Hypocrisies Of The Debt Deal

by on August 2, 2011

Four Great Hypocrisies and the Entrenchment of the Grift

Having stood for almost nothing here, he [Obama] gave away almost nothing for which he stood. It would be comical if it were not tragic.

This deal is more than a tipping point in which the government goes from defending the safety net to gutting it – this is wrong! And while our government has now declared that it has given


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US June Jobs Report: Neo-Hooverism in Action

by on July 9, 2011

UPDATE (7/9): 
I forgot to include the excellent Calculated Risk graph that has been documenting this carnage since the recession started (see directly below).  A few very brief remarks:  Note, that the employment situation has flat-lined in the 2nd Q–this is the result of all the mini-Hoovers like Scott and Walker in the states and they’re cuts have not really bitten yet (they’ll show in the 3rd Q with …
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Bulshytt And Its Purveyors

by on July 7, 2011

Pursuant to the recent efforts of our own Matt Payne to isolate, decrypt and otherwise plumb the truthy bottom of bullshit as it is employed and practiced by Randroids, trickle-downers and economic voodoo doll-heads, I give you bulshytt as a term of art from the novel Anathem by Neal Stephenson.

As the story takes place in an isolated monastery on a far off planet in a time unknown, many of …
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Greece: To Fleece a Nation (or not)

by on July 4, 2011

Kanellos the Greek protest dog

Following political and economic matters in our media environment is always a two-fold task, especially if you aim, as I do, to comment or share information yourself on occasion. First, there is the dominant narrative to account for: the framing and selection of facts found in the mainstream media, which bounces around in the volleying chatter of talking heads, like a beach ball for all …
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Debtocracy: The Crisis in Greece

by on June 30, 2011

After Wednesday’s bloody street battles between civilians and police, and in the midst of a general strike, on Thursday the Greek parliament narrowly voted to implement the second stage of a devastating austerity plan demanded by its European creditors (for dramatic pictures of the street fighting head here or here).

How did Greece wind up with its odious debt? What was the role of the global financial meltdown …
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