Making Money: The Ultimate Illusion of a Debt-Driven Economy

How is money made? Well, in conventional terms we work for it. But where does it come from? We know that the economy needs a sufficient “money supply” so we can exchange “goods and services” every day. Of course, it’s not that simple. After the “Great Recession” of 2008, the Federal Reserve injected hundreds of … More Making Money: The Ultimate Illusion of a Debt-Driven Economy

Two Kinds of Development

When we think of “development,” it is usually about economic development of the so-called “developing nations,” that is, nations whose economies have not caught up with the “advanced” industrial nations of North America and Europe. Without question, the most advanced technology and its application to the full range of industrial processes, from extraction to product … More Two Kinds of Development

The Real Cause of Unemployment: Automated and Outsourced Over-Production

In a growth economy, new jobs are created on a regular basis because new production expands the employment base. In a shrinking economy, just the opposite happens. The U.S. and most of the industrial world have enjoyed the benefits of expanded production and employment for many decades, minus the occasional downswings of the “business cycle,” … More The Real Cause of Unemployment: Automated and Outsourced Over-Production

Scapegoating for the Oligarchs, or Not

Ruling elites routinely distract their subject people by directing attention to individuals or ethnic groups as ‘the enemy,’ and it routinely works. As long as people are distracted by arguments over ethnic and individual culpability and conflict, the oligarchy wins. We could discuss the dominance of the English-American elite over the American economy and politics … More Scapegoating for the Oligarchs, or Not

What Donald Sterling and Cliven Bundy can Teach Us about Racism in America

Ignorant racism occasionally bursts onto the scene in the national media because the racists involved are unaware of the social and political impact of their blatantly racist talk. Sometimes ‘honest’ racists don’t even believe they are racists and are ignorant of the nature of their racist thinking. Cliven Bundy, the Nevada rancher who has refused … More What Donald Sterling and Cliven Bundy can Teach Us about Racism in America

Putin, Obama, and Carbon: Denial and Decline

As I watched the Ukraine/Crimea crisis unfold, the corporate media rendition of the scenario emerged as if pulled from an old cold-war script. Of course, Putin, the Soviet KGB-style dictator, is an obvious “bad guy.” And Obama is following the neo-conservative script of his “advisers,” or is it handlers? But the struggle over Ukraine is … More Putin, Obama, and Carbon: Denial and Decline