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A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
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 Economics Archive / ClassicsMost Recent
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Last week at its regular policy-setting meeting, the Federal Reserve announced it would double down on the policies that have failed to produce anything but a stagnant economy. It was a disappointing, but not surprising, move. The Fed affirmed that it is prepared to increase its monthly purchases of Treasuries and mortgage-backed securities if things... Read More
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ABC's Epic Steel-cage Smackdown
It was no Rumble in the Jungle, that's for sure. There were no blindside blows to the ribs, no bone-crushing roundhouse punches, and no blood-spattered warriors sprawled out on the canvas for the mandatory 10-count. But by the time ABC's 15-round bareknuckle extravaganza was over, just one man was left standing, David Stockman, TKO champ... Read More
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Housing Up, Home Ownership Down
The rebound in housing is now in full swing. Housing starts are up, existing home sales are gaining pace, inventory is down, and prices are on the rise. According to a recent report by Corelogic "House prices are up 6.3% year-over-year in October, the largest increase since 2006 and the eighth consecutive increase in home... Read More
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Harvard's academic mission is dwarfed by its $30 billion endowment.
From its 1636 foundation Harvard had always ranked as America’s oldest and most prestigious college, even as it gradually grew in size and academic quality during the first three centuries of its existence. The widespread destruction brought about by the Second World War laid low its traditional European rivals, and not long after celebrating its... Read More
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A simple remedy for income stagnation
With Americans still trapped in the fifth year of our Great Recession, and median personal income having been essentially stagnant for forty years, perhaps we should finally admit that decades of economic policies have largely failed. The last two years of our supposed recovery have seen American growth rates averaging well under 2 percent.[1] Although... Read More
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Which superpower is more threatened by its “extractive elites”?
The rise of China surely ranks among the most important world developments of the last 100 years. With America still trapped in its fifth year of economic hardship, and the Chinese economy poised to surpass our own before the end of this decade, China looms very large on the horizon. We are living in the... Read More
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The sources of America’s immigration problems—and a possible solution
Will mass immigration destroy the GOP? Can our middle-class society survive high immigration levels? Is there any political solution to our current immigration difficulties? Last June the U.S. Census disclosed that non-white births in America were on the verge of surpassing the white total and might do so as early as the end of this... Read More
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Who Wins and Who Loses
Assets bubbles require massive amounts of leverage. But too much leverage can destabilize the system, so it needs to be regulated. But Wall Street doesn't like restrictions on leverage because it can make more money by borrowing like crazy, inflating a ginormous bubble, skimming off the profits, and cashing in before the crash. So, the... Read More
America’s once vibrant Republic has morphed into an imperial oligarchy. The regime has weaved a new dogma preached faithfully by pundits and politicians of both parties. As that dogma crumbles in the face an impending economic collapse, the vast majority of citizens will be left in an ideological vacuum. Palin or Obama, Fox or CNN,... Read More
You know that screeching sound a balloon makes as it's about to burst? The world economy is the balloon and the slew of trillion dollar bailouts over the last two years were of the last bursts of air from a set of exhausted, dollar denominated lungs. BUBBLES When did this bubble begin? Some would reach... Read More
If Murphy’s Law ever met 2010, it could literally mean the end of an era that began in the industrial revolution, what will one day be called the industrial age. An age that will be marked by three phenomena: consumption, extreme violence (against humans and the environment), and innovation. The beginning of the 19th Century... Read More
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An Interview with Economist Michael Hudson
Michael Hudson is a former Wall Street economist specializing in the balance of payments and real estate at the Chase Manhattan Bank (now JP Morgan Chase & Co.), Arthur Anderson, and later at the Hudson Institute (no relation). In 1990 he helped established the world’s first sovereign debt fund for Scudder Stevens & Clark. Dr.... Read More
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An Interview with Michael Hudson
MIKE WHITNEY: Before John Kennedy took office, anyone making an income of over $200,000 was taxed at a rate of 93 per cent. Corporations also paid a much higher percentage of the total tax burden than they do today. The higher tax rates on the wealthy never hurt Gross Domestic Product (GDP) which was consistently... Read More
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Manufacturing And Technology News February 6, 2007 Volume 14, No. 3 At a Washington, D.C., press conference last November, Harvard University economics professor Michael Porter claimed that globalism was bringing benefits to Americans (Manufacturing & Technology News, Nov. 30, 2006). Porter was introducing the latest report, “Competitiveness Index: Where America Stands” [PDF]of which he is... Read More
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Alan Greenspan, Homewrecker
Give me 5 minutes and I'll convince you that you should sell your house immediately and invest your life-savings in gold or a Swiss bank-account. Okay? For some time now we've been hearing about the so-called housing bubble and what effect it could have on your net worth and future. Well, the numbers are finally... Read More
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Published in the print edition of Counterpunch, July 2006 For decades Democrats seemed to have a monopoly on class war with demagogy of “the rich.” Today it is the rich who are instigating class war with attacks on middle class jobs. The ladders of upward mobility are being dismantled. America, the land of opportunity, is... Read More
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Which Is Our Real Enemy?
Immigration has recently become a lightning rod for America's deepest fears of social chaos and national decline. Millions worry that immigration is rapidly transforming America into a third-world country, with crowded, violent cities, under-educated and low-skilled labor, and an ethnic spoils system replacing America's tradition of constitutionalism and individual rights. Concerns are rising that immigrants... Read More
Category Classics
Which superpower is more threatened by its “extractive elites”?
The sources of America’s immigration problems—and a possible solution
ABC's Epic Steel-cage Smackdown