by Summary:
Ok, I can't resist a title like that. What we are witnessing in the US and indeed throughout the western world is the total failure of capitalism. Capitalism is now merely a looting machine. The financial sector no longer supplies capital for production. What the financial sector does is to turn discretionary consumer income into interest and fee payments to banks. Aggregate demand can only grow through debt expansion, and the consumers reach a point where they cannot expand their debt.Capitalism, hiding behind “globalism,” which is misrepresented as a good thing when it is death itself, locates production where labor is cheapest, thus depriving First World labor of good wages and work opportunities and putting First World countries on the path to becoming Third World countries.
Topics:
Mike Norman considers the following as important: capitalism, Trump tax cuts
This could be interesting, too:
Ok, I can't resist a title like that. What we are witnessing in the US and indeed throughout the western world is the total failure of capitalism. Capitalism is now merely a looting machine. The financial sector no longer supplies capital for production. What the financial sector does is to turn discretionary consumer income into interest and fee payments to banks. Aggregate demand can only grow through debt expansion, and the consumers reach a point where they cannot expand their debt.Capitalism, hiding behind “globalism,” which is misrepresented as a good thing when it is death itself, locates production where labor is cheapest, thus depriving First World labor of good wages and work opportunities and putting First World countries on the path to becoming Third World countries.
Topics:
Mike Norman considers the following as important: capitalism, Trump tax cuts
This could be interesting, too:
Joel Eissenberg writes Capitalism prevails
Daniel Becker writes Our relationship of work, technology and life
Mike Norman writes My new podcast episode is out
Matias Vernengo writes On the Worldly Philosophy at Radio UNAL
Ok, I can't resist a title like that.
What we are witnessing in the US and indeed throughout the western world is the total failure of capitalism. Capitalism is now merely a looting machine. The financial sector no longer supplies capital for production. What the financial sector does is to turn discretionary consumer income into interest and fee payments to banks. Aggregate demand can only grow through debt expansion, and the consumers reach a point where they cannot expand their debt.Domestic colonization.
Capitalism, hiding behind “globalism,” which is misrepresented as a good thing when it is death itself, locates production where labor is cheapest, thus depriving First World labor of good wages and work opportunities and putting First World countries on the path to becoming Third World countries. Short-term profits and executive and board bonuses and stock options are maximized at the cost of the destruction of the domestic consumer market.
What we are witnessing is the complete looting of America and the entirety of the West. While the Western World collapses, the insouciant, submissive people sit there sucking their thumbs while they are being ruined.
Nothing is left of the West except looters at work.Plunder Capitalism
Paul Craig Roberts
Related
Salon
Gangster capitalism and nostalgic authoritarianism in Trump’s America
Henry A. Giroux | McMaster University Chair for Scholarship in the Public Interest in the English and Cultural Studies Department and Paulo Freire Distinguished Scholar in Critical Pedagogy