Read the late novels of Dickens; the world he describes is as bad as or worse than the world you describe below, and yet in that world (a) the ruling elites were unconcerned and (b) the working classes were for the most part pacified.
It's not a crisis but a new normal, and hence no "solution" is needed, though I suppose it is ideolgocally convenient for those in charge to run around pretending they are trying to "solve" it. Perhaps the clock has run out on Luxemburg's either/or and barbarism is here for good. Carrol +++++ C:\ \0c Collect Old\9A OLD Docs\0 x\7 Lists\~2Saved2007\00 C & Y\Yoshie\0 Raw Saves\Posts 2001a.doc -----Original Message----- From: [email protected] [mailto:[email protected]. edu] On Behalf Of Mark Wain Sent: Thursday, February 25, 2016 4:28 PM To: [email protected] Subject: [Pen-l] Will the helicopter drops of money be able to prevent the economic crisis from looming large? A worker says: “Store manager watches sale every minute, with a worrying face. He said, I have a wife and 3 school ages children. We have hundred applicants applying job each day. I like to look around what others are doing; only newly hired workers show happy faces.” This is big news. The unemployed get bigger in number every day now. A reader commented on the recent article by economist Martin Wolf ：“No simple solutions for the global economic imbalances of today exist, only palliatives” (Financial Times) and the reader said, “It seems strange that demand is lacking when half the world appears to be living in poverty?” I wrote a reply by saying: “As capital controls the economy, labor power can only serve as hired slaves. Demand falls with over-production, poverty carries the day.” In the article the author writes in the beginning: “The world economy is slowing, both structurally and cyclically. How might policy respond? With desperate improvisations, no doubt. Negative interest rates have already moved from the unthinkable to reality (see charts). The next step is likely to include fiscal expansion. Indeed, this is what the OECD, long an enthusiast for fiscal austerity, recommends in its <Interim Economic Outlook <http://www.oecd.org/eco/outlook/economicoutlook.htm> >. But that is unlikely to be the end. With fiscal expansion might go direct monetary support, including the most radical policy of all: the< “helicopter drops” <http://willembuiter.com/helifinal.pdf> > of money recommended by the late Milton Friedman.” - he said: “Let us suppose now that one day a helicopter flies over this community and drops an additional $1000 in bills from the sky, .... Let us suppose further that everyone is convinced that this is a unique event which will never be repeated,” (Friedman 1969, pp 4-5). < http://www.ft.com/cms/s/2/9b3c71f8-d97f-11e5-a72f-1e7744c66818.html#ixzz41D8 yHsey > Nothing the corporate macroeconomists and state policy-makers have tried so far is working; will the helicopter drops of money be able to prevent the economic crisis from looming large? Mark _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
