the anarchy of overproduction

World drowning in a rising sea of information Neil McIntosh Saturday November 1, 2003 The Guardian Academics in California have confirmed what every office worker in the land has known for years: we are drowning in a rising sea of information. Researchers at the University of California, Berkele

pensions and Putnam

More Pensions Yank Billions from Putnam Reuters Friday, October 31, 2003; 10:54 PM By Greg Frost BOSTON (Reuters) - The parade of public pension funds pulling billions of dollars from Putnam Investments grew longer on Friday as the fifth-biggest U.S. mutual fund firm continued to hemorrhage busine

Re: Query

Some useful introductions to Marx's economic ideas are: Ben Fine (1989) "Marx's Capital", Macmillan, 3rd Edition (the briefest) Duncan Foley (1986) "Understanding Capital: Marx's Economic Theory", Harvard University Press. Geoffrey Kay (1979), The Economic Theory of the Working Class, Macmillan/P

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

- Original Message - From: "Yoshie Furuhashi" <[EMAIL PROTECTED]> > The "broader progressive movement" is lacking in political clarity > when it comes to the FTAA and free trade, because it is a very > politically mixed bag, a dominant component of which in the USA has > been protectionist

Query

Can anybody suggest a non-ideological, as well as an ideoligcally Marxist primary economics text for me? Benjamin

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

I think the problem with the Krugman phenomenon is not so much Krugman but the broader progressive movement. Because Krugman has written columns critical of the Bush administration he gets raised to the status of intellectual leader of the progressive movement--by progresives. Krugman came throug

The secret of China's competitiveness

The average Chinese worker currently gets paid about US$900-US$1000 (per capita GDP is estimated at US$791, total GDP is $991 billion; operating surplus averages about 22 percent, which UBS Warburg thinks too low, it's lower than the USA), but the average output per worker is about US$6800 (this is

Re: In defence of Krugman and against Alexander Cockburn: choice oftargets

Carl, I smoked a pipe for several decades before quitting -- and I would be afraid to add up how many thousands of dollars (not covered by insurance) I have spent on repairing (partly) the damage it did to my teeth. Right now, I've got a large gap in the front of my mouth (upper) which has cost me

Re: In defence of Krugman and against Alexander Cockburn: choice oftargets

Carl Remick wrote: > > > > No, as a pipe smoker I must say you're serving a worthy cause. In fact, I > think you should be serving in a pro bono capacity ;-) > Carl, I smoked a pipe for several decades before quitting -- and I would be afraid to add up how many thousands of dollars (not covered b

China policy question

The Wall St. Journal today discussed John Taylor saying that dollarization is fine for small economies. Why is it bad for China? -- Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901

Re: Paul Krugman on GDP surge - additional comment

Thanks. > An odd feature of the U.S. housing boom is that the rental index > hasn't gone up all that much - $46b gain between 2000 and 2001 > (latest available). The annual GDP tables have data on imputations - > specifically 8.21, at >

EU on US' China policy

Europe rejects hardline US policy on China's currency Jonathan Watts in Beijing Saturday November 1, 2003 The Guardian The European Union distanced itself from the United States' hardline policy on Chinese exports yesterday when its top trade official rejected claims that the weak Chinese currenc

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

From: andie nachgeborenen <[EMAIL PROTECTED]> I make my living in part defending tobacco companies, and I make a lot of money too -- not as much as Dees, but I'm getting there, if I stay here, I will someday. I must be a real scumbag. No, as a pipe smoker I must say you're serving a worthy cause.

Re: PK on GDP surge - what could a socialist say ?

No, in fact, rental prices in the Bay area are dropping. To get an apt in the building in which I live, you practically had to inherit it. For the last nine months we've had three vacancies, and they're not renting because the prices are too high. Joanna Doug Henwood wrote: Jurriaan Bendien wrote

Re: PK on GDP surge - what could a socialist say ?

Jurriaan Bendien wrote: Presumably, they would do that only if for example they were sure that they had job security, or if they gained a rise in pay, and so on. And that cuts out a lot of people already, because we know there is a lot of job insecurity. No. It's not a rational thing. Until very

Re: PK on GDP surge - what could a socialist say ?

Jurriaan Bendien wrote: Same in Holland, same in Australasia, same in many European countries. In the 1990s you had the hot air bubble and now they're breeding. But now you have to explain why people would do that, under what conditions they would borrow against inflated property values. Presumabl

Re: PK on GDP surge - what could a socialist say ?

Okay Doug, > A major prop to consumption in the U.S. over the last 2-3 years has > been home equity withdrawals - borrowing against the appreciated > value of owner-occupied housing. Since 68% of U.S. households own > their dwellings, your definition of "propertied" would have to be > rather broad

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

That is what I meant, but clearer than what I wrote. On Fri, Oct 31, 2003 at 01:08:20PM -0800, Devine, James wrote: > Michael Perelman writes: > >Stiglitz seems a bit different. He is much more of a pure academic who > was offended by the political hacks -- Doug would know better than I, but > t

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Michael Perelman writes: >Stiglitz seems a bit different. He is much more of a pure academic who was offended by the political hacks -- Doug would know better than I, but this is my impression. I also do not have the impression that he is someone who craves attention, although he does not shy awa

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Marty's note and many others are right on target. Krugman does not pretend to be a lefty. During the Clinton years, people attacked him here, and for good reason. Barkeley Rosser criticized his professional behavior -- quasi-plagiarism. Krugman attacks anyone who disagrees with him, on the left

Re: PK on GDP surge - what could a socialist say ?

something like that. If the housing prices fall a lot, some homeowners will be stuck with negative equity (debts exceeding house value) and will be driven into bankruptcy. This would put big pressure on the banks, while spending falls will encourage the second dip of the Dubya recession, which w

Re: PK on GDP surge - what could a socialist say ?

Devine, James wrote: it's based on the expected future market value of the house, which is mostly based on its current market value. And you can borrow against your equity! It's a money machine.

Re: PK on GDP surge - what could a socialist say ?

That's what I suspected...but, just to make sure, doesn't this mean that folks are borrowing against "inflated" values? Now I totally understand that it's only "inflated" if the bubble bursts; but, let's suppose, housing prices drop 20%? And there are additional job losses...say in hi-tech...and pe

Re: PK on GDP surge - what could a socialist say ?

it's based on the expected future market value of the house, which is mostly based on its current market value. Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine > -Original Message- > From: joanna bujes [mailto:[EMAIL PROTECTED] > Sent: Frida

Re: PK on GDP surge - what could a socialist say ?

Here's what I'm curious about: I buy a house for 300,000. Within five years, the house is valued at 500,000 (not unusual in the Bay area); now I re-finance. Is my "collateral" based on the portion of the 300,000 I have paid off? Or is it based on the revised market value of the house? Joanna Doug

Re: In defence of Krugman and against Alexander Cockburn: choice oftargets

> > ravi: > > > michael moore when asked about his multi-million dollar new york > > > apartment responded that his blue-collar ex-neighbours (in clint > > > michigan) would be proud and happy for him. perhaps. me: > > On the Left, it used to be said that "nothing is too good > for the working c

Re: Bloody Jump-Ups

> > On the Left, it used to be said that "nothing is too good for the working class." This applied to folks > > who had escaped that class, too. Absent an immediate revolution, who wouldn't want to escape? > > > Yes and no. There was a phrase among british workers, "bloody jump-ups." Where I came

Re: PK on GDP surge - what could a socialist say ?

Jurriaan Bendien wrote: This is very a similar story to New Zealand and many other developed capitalist countries. No wonder that we are dealing with jobless growth !! But a socialist would need to ask: who is actually doing the spending ? Which social classes are buying houses and durables ? How

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Wait a sec Justin. If you're making big bucks defending tabbacco, well that's understandable. Big tabbacco makes big bucks that they use to pay you. But if some guy is making big bucks from poor black people who think that he will defend them in discrimination/criminal suits and then spending all

Re: In defence of Krugman and against Alexander Cockburn: choice oftargets

"Devine, James" wrote: > > ravi: > > michael moore when asked about his multi-million dollar new york > > apartment responded that his blue-collar ex-neighbours (in clint > > michigan) would be proud and happy for him. perhaps. > > On the Left, it used to be said that "nothing is too good for the w

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

andie nachgeborenen wrote: > My First Amendment prof was David Goldberger, who was > the ACLU lawyer in the Skokie-Nazi case. Sorry, youw > on;t find me condemning the Illinois ACLU for > defending the right of the Nazis to speak. I can ask > Colleen Connell (the Exec Dir of the Ill ACLU, anda > fr

The political business cycle

What I forgot to mention is that the Kaleckian "political business cycle" concept links Jim's comment about " the rightward shift of the middle" to the consumer spending boom that mainly account for the big quarterly GDP increase. So then you have a materialist explanation for the political drift.

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

From: Louis Proyect <[EMAIL PROTECTED]> Jurriaan Bendien wrote: The question that needs to be asked is what we achieve by polemically writing off Krugman and calling him nasty names. Krugman is a very learned left-liberal economist capable of very good critical inquiry into the US economy and sugg

Re: In defence of Krugman and against Alexander Cockburn: choice of t...

Brian McKenna wrote: You have taught me so much -- via LBO and your radio show which I love to tune in via the net (I even once met you at the Socialist Scholars Conference in NY in the 80s. . .I believe on a panel w/ Kovel). . .but so as Cockburn taught me much. . . that's all a way of saying tha

Re: PK on GDP surge - what could a socialist say ?

Okay, so Krugman explains where the spectacular GDP growth mainly came from: - final demand excluding the increase in stocks actually grew faster than GDP. - housing grew at a 20 percent rate - spending on consumer durables rose at a 27 percent rate last quarter. - consumers take advantage of

Re: In defence of Krugman and against Alexander Cockburn: choice of t...

Doug, You have taught me so much -- via LBO and your radio show which I love to tune in via the net (I even once met you at the Socialist Scholars Conference in NY in the 80s. . .I believe on a panel w/ Kovel). . .but so as Cockburn taught me much. . . that's all a way of saying that I respect yo

Re: In defence of Krugman and against Alexander Cockburn: choice of t...

Brian McKenna wrote: I love Silverstein's work too. . .wanted to know more about your "shoot before aiming" remark, I assume about AC. . Yup, AC. Doug

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

andie nachgeborenen wrote: How terrible, Dees makes soo much money, how dare he. People who work for good causesa re supposed to be POOR. You wanna guess how much Tigar makes? Or Kunstler made? I bet it wasa lot more than Dees. I wouldn't mind Dees getting big bucks if he was doing something usefu

Re: In defence of Krugman and against Alexander Cockburn: choice of t...

Doug, I love Silverstein's work too. . .wanted to know more about your "shoot before aiming" remark, I assume about AC. . . Brian McKenna

Re: Surprise-surprise, imperialism still exists...

[Federal Register: October 31, 2003 (Volume 68, Number 211)] [Notices] [Page 62158-62159] >From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr31oc03-120] ===

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

How terrible, Dees makes soo much money, how dare he. People who work for good causesa re supposed to be POOR. You wanna guess how much Tigar makes? Or Kunstler made? I bet it wasa lot more than Dees. Hey, Louis, I'm a corporate lawyer at a big law firm; I make my living in part defending tobacc

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

JKS writes:>I'd be proud to defend the First Amendment ina NAzi case too.< if the gov't cracks down on the Nazis, they crack down on the Left, too, most often in a bigger way. A first amendment defense of the Nazis is indirectly defending the Left. Jim

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

I invite pen-l'ers to look at the IRS forms for SPLC that are online at: http://www.splcenter.org/pdf/static/SPLC_IRS_990_2001.pdf It has total assets of $134 million! Dees makes $258,000 per year. The 3 people in charge of fundraising make a total of $300,000 per year. This is a big-time operati

PK on GDP surge

October 31, 2003/New York TIMES A Big Quarter By PAUL KRUGMAN The Commerce Department announces very good growth during the previous quarter. Many observers declare the economy's troubles over. And the administration's supporters claim that the economy's turnaround validates its policies. That's

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

My First Amendment prof was David Goldberger, who was the ACLU lawyer in the Skokie-Nazi case. Sorry, youw on;t find me condemning the Illinois ACLU for defending the right of the Nazis to speak. I can ask Colleen Connell (the Exec Dir of the Ill ACLU, anda friend) for your capitivating quote. I am

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

andie nachgeborenen wrote: > the ACLU and Amnbesty doesn't find that it's a > loser for fundraising purposes. > and to complete the circle: this is the same ACLU whose illinois chapter president was hanging out at a neo-nazi type gathering (captivating quotes on why the ACLU must truck with the ex

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

andie nachgeborenen wrote: Silverstein might bother to learn something about the law before he starts to mouth off at lawyers who aren't doing what he thinks they ought. Postconviction capital defense is noble, but totally gruelling, emotionally exhausting, and extremely expensive. Ken knows what

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Silverstein might bother to learn something about the law before he starts to mouth off at lawyers who aren't doing what he thinks they ought. Postconviction capital defense is noble, but totally gruelling, emotionally exhausting, and extremely expensive. To give you an idea, in a non-capital cas

Re: In defence of Krugman ...

Jim wrote: >Now PK attacks only the right -- because there isn't much of a Left left. This is a sign of the rightward shift of the middle. That is exactly it, couldn't have said it better and I am not even an American. Question I am raising is, what is the response to that. J.

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Marty wrote: The danger > comes of course because [Krugman] is not advancing any kind of radical vision > of change. What bloody danger, for heaven's sake ? Who is creating the danger ? When two million humans die in Iraq because of the total effects of war destruction and economic chaos in two d

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

ravi: > michael moore when asked about his multi-million dollar new york > apartment responded that his blue-collar ex-neighbours (in clint > michigan) would be proud and happy for him. perhaps. On the Left, it used to be said that "nothing is too good for the working class." This applied to folk

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

andie nachgeborenen wrote: > Like I said, he attacked one of the US's most > effective civil liberties lawyers, who has put real > hurt on violent hate groups that have (pardon me for > getting personal here) killed and injured my friends > and their family, because he's not an ascetic and > doesn'

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Louis Proyect wrote: > andie nachgeborenen wrote: > >>Attacking left liberals has been Cockburn's forte. >>He's run a long time smear job on Morris Dees of the >>Southern Poverty Law Center, a man who has done more >>to put the Klan and the Ayran Nations literally out of >>business than anyone else

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Michael P. wrote me privately stating that he thought Cockburn had attacked Dees as well. Since I couldn't find anything in the Nation archives or Lexis-Nexis, I just assumed that Ken Silverstein was the only critic of Dees. I have just found a Cockburn attack on Dees. It is a pip! The Dees Money M

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

andie nachgeborenen wrote: Dees doesn't -- but maybe they don't like up to Kenny Boy's high standards. Ken's beef with Dees is that the SPLC has accumulated a large fortune which it hardly spends on anything but doing more direct mail and adding to the fortune. It refuses to take on capital punish

The Indisepensable IMF

The New York Times May 15, 1998, Friday, Late Edition - Final The Indispensable I.M.F. By Paul Krugman, CAMBRIDGE, Mass.; Paul Krugman is a professor of economics at M.I.T. Suppose a group of prominent experts declared that the Federal Reserve should no longer be allowed to lend money during bank

Re: In defence of Krugman ...

I didn't get to finish my e-mail. Now it's finished. > Doug writes: > >No, he's [PK's] not a radical, or a Marxist, or social > democrat even. But he > >doesn't pretend otherwise. ... > > Bill writes: >... The fact that "he doesn't > pretend otherwise" applies equally well to George Bush --- so

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Like I said, he attacked one of the US's most effective civil liberties lawyers, who has put real hurt on violent hate groups that have (pardon me for getting personal here) killed and injured my friends and their family, because he's not an ascetic and doesn't expect the young ;lawyers whow ork fo

Re: In defence of Krugman ...

Doug writes: >No, he's [PK's] not a radical, or a Marxist, or social democrat even. But he >doesn't pretend otherwise. ... Bill writes: >... The fact that "he doesn't pretend otherwise" applies equally well to George Bush --- so what?< Bush pretended to be a "compassionate conservative" and all t

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

I think the problem with the Krugman phenomenon is not so much Krugman but the broader progressive movement. Because Krugman has written columns critical of the Bush administration he gets raised to the status of intellectual leader of the progressive movement--by progresives. Krugman came throug

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

andie nachgeborenen wrote: Attacking left liberals has been Cockburn's forte. He's run a long time smear job on Morris Dees of the Southern Poverty Law Center, a man who has done more to put the Klan and the Ayran Nations literally out of business than anyone else, because Dees doesn't live a life

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

> Krugman is not "left-liberal". He is a neo-liberal, appearing in > sharp distinction to the hard-core right-wingers that dominate public > policy presently. His critical inquiry is pretty shallow, consisting > mostly of currently calling Bush and his gang on their blatant > falsehoods. When Cl

Re: Engels's use of the term "Marxist" - reply to Justin

andie nachgeborenen wrote: > > > I would not be surprised if Engels occasionally > adopted the usage that Kautsky popularized in late > mid-late 1880s; you won't find it in his work before > then, I'ld bet. And, as I said, it's not a common > trope. B. Ollman says somewhere that Engels as well as

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Jurriaan Bendien wrote: The question that needs to be asked is what we achieve by polemically writing off Krugman and calling him nasty names. Krugman is a very learned left-liberal economist capable of very good critical inquiry into the US economy and suggesting positive alternatives. I personall

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Attacking left liberals has been Cockburn's forte. He's run a long time smear job on Morris Dees of the Southern Poverty Law Center, a man who has done more to put the Klan and the Ayran Nations literally out of business than anyone else, because Dees doesn't live a life of ascetic poverty, unlike,

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

On Friday, October 31, 2003 at 10:33:27 (-0500) Doug Henwood writes: >Krugman is very good at what he does. He's a sharp polemicist, writes >very clearly about economics, and annoys the hell out of the right. All true, for which he should be (and is, by me at least) applauded. >No, he's not a rad

The economic arguments: what are American socialists saying about them ?

1. Tax cuts are responsible for economic growth, says Bush ``The tax relief we passed is working,'' Mr. Bush claimed in Columbus, Ohio on October 30 to whoops of approval from "several hundred workers" during a speech at an aluminium processing plant here (NYT, Oct. 31). The news that real GDP had

Negri defends invasion of Iraq

Yes, Lou, it was the download. Now I've got it in full. Recent beauties on Toni Negri: On a hard trodden interview that he gave to _Clarín_, he defended the invasion to Iraq as an enlargement of democracy. Thus, the murderer of Aldo Moro sides with the murderer of the Iraqi people. As a final

Re: Engels's use of the term "Marxist" - reply to Justin

J, this is too long for me; just a few quickies: --- Jurriaan Bendien <[EMAIL PROTECTED]> wrote: > Hi Justin, > > > Thanks, I'd missed that. But one really has to > look > > for it, right? > > Yes, although when I studied Engels's writings > (published and unpublished) > in the early 1980s, I fou

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

Krugman is very good at what he does. He's a sharp polemicist, writes very clearly about economics, and annoys the hell out of the right. No, he's not a radical, or a Marxist, or social democrat even. But he doesn't pretend otherwise. He's kind of like Anthony Lewis, only he writes better. I don't

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

I fully agree with the following view about Krugman and what to expect from him, politically and otherwise. Ahmet Tonak > > Krugman is not "left-liberal". He is a neo-liberal, appearing in > sharp distinction to the hard-core right-wingers that dominate public > policy presently. His critical i

Correction

I wrote: But I know what you are talking about, because in 1991 my landlord caught me reading Marx and said to be "Yeah, I knew a Marxist once and he was constantly drunk and unhappy". "1991" should be 1981 - typo. J

Re: In defence of Krugman and against Alexander Cockburn: choice of targets

On Friday, October 31, 2003 at 04:07:09 (+0100) Jurriaan Bendien writes: >Alexander Cockburn, whom I traditionally respect and admire, now writes: > >"Krugman is a press agent, a busker, for Clintonomics. For him as for so >many others on the liberal side, the world only went bad in January, 2001.

Surprise-surprise, imperialism still exists...

UN says war in Congo is fuelled by foreign firms By David Usborne in New York The Independent, 31 October 2003 A panel of experts renewed its warning to the United Nations yesterday that the illegal exploitation of precious minerals in the Democratic Republic of Congo (DRC) is continuing to fuel co