ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism by Yves Smith
“Lost your job, lost your life savings, the country's going down the proverbial - want to know who did it? Yves Smith tells the tale of how bad economics created the foundations for the 'Madoff economy'.
Deutsch Bank have had a go at answering the Q.: how long does it take #interestrates changes to feed through in to the economy'?
There answer is not the months that most #economists seem to base discussion on but rather (as the chart suggests) show a cumulative impact that takes around four years to fully take effect.
If so, the impact of the BoE's current policy will still be negatively impacting the economy in 2026/7;
Capitalism functions seamlessly in exploiting individuals. The deliberate imposition of financial insecurity leaves people weary and preoccupied with the fear of poverty. This state of perpetual exhaustion and concern over income loss creates a vulnerable populace, making it convenient for those in power to exploit and underpay them. Relentless struggle for needs and fear of homelessness distracts the working class from challenging a system thriving on worker exhaustion.
@DEDGirl@Radical_EgoCom I don't think many people sit down in a room and plot out how best to perpetuate the accumulation of capital and worsening of inequality (except for #economists, who can ALL #logoff). These traits just arise from the organic actions of the system as its components each work to enrich themselves.
Half of recent US inflation due to high corporate profits, report finds
The report, compiled by the progressive Groundwork Collaborative thinktank, found corporate profits accounted for about 53% of inflation during last year’s second and third quarters. Profits drove just 11% of price growth in the 40 years prior to the pandemic, according to the report.
To understand inflation 2021-2023, read analysis by #economists, not a report created solely to support #politicians in an election year.
"Groundwork is led by Lindsay Owens, an economic sociologist who served as a senior economic policy advisor to Senator Elizabeth Warren and deputy chief of staff and legislative director to former Representative Keith Ellison and Progressive Caucus Chair Pramila Jayapal" https://en.wikipedia.org/wiki/Groundwork_Collaborative#History
The #CovidInquiry has paused for its seasonal break but already & unsurprisingly, many #Tories (and their fellow travellers) see it as a waste of money.
But, given the likely costs incurred its not an illegitimate Q. to raise.
So, to try & make sense of how we might respond to such clams that its a waste of money, I have applied (in an outline fashion) one of #economists favourite tools - the cost/benefit analysis, to at least map out an approach to answering this Q.
The #CovidInquiry has paused for the seasonal break but already & unsurprisingly, many #Tories (and their fellow travellers) see it as a waste of money.
However, given the likely costs incurred it seems a legitimate Q. to raise.
To try & make sense of how we might respond to such clams that its a waste of money, I have applied (in an outline fashion) one of #economists favourite tools - the cost/benefit analysis, to at least map out an approach to answering this Q.