The Daily Blog Open Mic – Tuesday – 13th October 2020

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Announce protest actions, general chit chat or give your opinion on issues we haven’t covered for the day.

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4 COMMENTS

  1. Debt Deflation and the Neofeudal Empire
    https://michael-hudson.com/2020/10/%e2%80%a8debt-deflation-and-the-neofeudal-empire/?fbclid=IwAR2zgYkBBwzuO0X-Qmlhgk3DPFNuJtbHrglAnWFCa9TohMjHdat-LC_R0TM

    There have to be a number of economic measures. There’s no one measure of growth. On the one hand, you can measure the economy’s flow of income. On the other hand, you can measure the economy’s growth in personal wealth. And on the other hand, you can have a separate set of accounts for – here are the externalities of growth. Here’s how much wealth we’re going to lose, and what it will cost us to clean up, or to build dykes like they have in Holland, to prevent the water level rising and just flooding the cities.
    You have to have a number of different accounts for different purposes. And if you keep trying to make one-size-fits-all, then it’s not going to work. But the 19th century, basically the classical economists, had it right. They divided income into productive and unproductive income, socially necessary income – wages and profits – and what was unnecessary – rent and interest. And essentially, that approach led them to promote democratic reform in order to get rid of the House of Lords and other Upper Houses of Parliament that were blocking land taxation and were blocking progressive reform.

    All of that was what economics is all about. The classical economists were reformers. They were revolutionists because they said industrial capitalism is revolutionary. Industrial capitalism is going to get rid of feudalism. And instead feudalism has made an upsurge, but the landlords sold out, put their money into finance, and now they’re the financial class, not the landlord class. So you have to teach people to look at the economy as a system, not as this sort of tunnel vision idea that they teach in economics courses today. You really need a new discipline. “

  2. Chris Hedges has been way out in front of this. I’m going to be dead before the worst of it. But my Mokopuna are going to have to face this nightmare their whole adult life.

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