Modern Money Blog Number Twenty One - Responses Budget Deficits and Saving Responses to Comments on Blog Number Twenty One by L Randall Wray New Economic Perspectives (October 28 2011) Sorry this is late - there were a lot of comments and I am traveling. Before we begin, a note and plea: we are getting … Continue reading Modern Money Blog Number Twenty One – Responses →

Government Budget Deficits and the "Two Step" Process of Saving by L Randall Wray New Economic Perspectives (October 24 2011) In the previous two weeks we have shown that government budget deficits take the form of net credits to bank reserves at the central bank and as well to the deposit accounts of those who … Continue reading Modern Money Blog – Number Twenty One →

by David F Ruccio Real World Economic Review Blog (October 27 2011) If it wasn't clear before it should be now: the distribution of income in the United States has become increasingly unequal over the course of the past three decades. It is increasingly unequal based on "market incomes", and it is only slightly less … Continue reading The upward redistribution of income in the United States 1979 to 2007 →

by David F Ruccio Real World Economic Review Blog (October 26 2011) In the United States the average worker's pay was up last year but the situation of the average worker got worse. Huh? As David Cay Johnston explains {1}, There were fewer jobs and they paid less last year, except at the very top … Continue reading USA Going Down →

by David Ruccio rwer.wordpress.com (October 28 2011) The unequal distribution of global wealth by individuals (not countries) should give us pause. Even the Wall Street Journal is impressed: Here's another stat that the Occupy Wall Streeters can hoist on their placards: The world's millionaires and billionaires now control 38.5% of the world's wealth. How do … Continue reading The Global Wealth Pyramid →

by John Michael Greer The Archdruid Report (October 19 2011) Up to this point in our discussion of the intersection between peak oil and magic, we've mostly talked about what doesn't work. That couldn't be avoided, since the misunderstandings of magic that run barefoot through contemporary culture have to be dealt with before it's possible … Continue reading A Lesson in Practical Magic →

Time has come to abandon the disease era of medicine. We have to concentrate on the whole human organism for the future management of altered physiologies. by Professor B M Hegde The Hindu (October 22 2011) "There is no science of man", wrote Nobel Laureate Alexis Carrel in his celebrated book Man, the Unknown (1935). … Continue reading The way to get man back on his feet →

by Glenn Greenwald Salon (October 22 2011) (updated below) When President Obama announced the killing of Osama bin Laden on the evening of May 1, he said something which I found so striking at the time and still do: ... tonight, we are once again reminded that America can do whatever we set our mind … Continue reading A Remaining Realm of American Excellence →

The Mark-to-Market Fantasy by Andrew Cockburn CounterPunch (October 21-23 2011) "If the Occupiers start chanting 'Mark to Market'", an attorney highly conversant with the darker workings of the Wall Street-Washington complex told me, "we'll know they're serious".   Such a call would quickly presage the collapse of our "too big to fail" banks, for it would … Continue reading Banks on the Brink →

The Real Agenda Behind the Cain Tax Scheme by Mike Lofgren CounterPunch (October 21-23 2011) The tax plan of Republican candidate Herman Cain is the best current example of the real agenda of the GOP. It is a masterpiece of marketing, with its simple "9-9-9" label being reminiscent of a two-for-one pizza special. It would … Continue reading Nein! Nein! Nein! →