The money tree is not magic but real

We used to think, with good reason, that globalization had defanged national governments. Presidents cowered before the bond markets. Prime ministers ignored their country’s poor but never Standard & Poor’s. Finance ministers behaved like Goldman Sachs’s knaves and the International Monetary Fund’s satraps. So commences this excellent piece from Yanis Varousakis (well worth reading in… Read more

Michael Hudson at 80 – reflects on his remarkable life:

This is one hour and five minutes so I must indicate, not a quick listen. But nonetheless, given the connections and career of the economist and polymath, Michael Hudson, it is a very interesting verbal autobiography… He’s both been there and done that and also later researched something else… I think it was Steve Keen… Read more

High street decimation

Complacent ‘market will provide’ government, over-leveraged corporate retailers, and the greed of landlords, seem to have done for the high street. If helped along, but only helped along by covid lockdown. Which actually goes to prove that you have to invest in order to retail properly. A bit of theatre perhaps, but mostly that investment… Read more

‘Subverted by thuggery’ or are we living in revolutionary times?

How Johnson can realistically hold that chucking a statue of Edward Colston into the water is thuggery I really do not know – and he was, after all, supposed to know a bit about thuggery himself. If he’d pointed out that the South West England especially, had for centuries, been subject to kidnapping and slavery… Read more

Harvesting other people’s debts should not be a business model

Crises tend to reveal unacknowledged truths. In 2008, we learned that the majority of the financial wizards we had been taught to treat with awe for the previous two decades were, in fact, little more than scam artists — and rather clumsy ones, at that. The coronavirus, and resulting lockdowns, is teaching us an even… Read more