Tag: debt slavery

2 Comments

Taking notes 26: Revolution-in-waiting

sanjay perera

Are we destined for history, for philosophy, for the world, have we been sent, probably from further afield than from our individuality, to wage a war in their name? — Anti-Badiou, Laruelle With a good conscience our only sure reward, with history the final judge of our deeds, let us go forth to lead the land we love, asking His blessing and His help, but knowing that here on earth God’s work must truly be our own. — John F. Kennedy The US of A is on the brink again. It is on the verge of running out of cash … Continue reading Taking notes 26: Revolution-in-waiting

2 Comments

A critique of Capital (3): Toward a moral economy

sanjay perera

by Sanjay Perera
We return to the idea of general equilibrium and the transcendent nature of it espoused by economists and the problems ensuing from this. Another normative aspect to this for economists, in terms of what good a state of equilibrium can produce is highlighted by the so-called Pareto criterion. Continue reading A critique of Capital (3): Toward a moral economy

1 Comment

Student loans: The financialized economy of indentured servitude

sanjay perera

by Danny Weil Get ready students: your college student loans are due to double on July 2013!  The cost of higher education is spiraling and with it the cost of student loans, one of the biggest Wall Street rackets currently in existence.  Both the Obama administration and the Republicans are seeking “market solutions” they say will staunch the bleeding [1]. Do not be fooled: it is ‘market solutions’ that caused the crisis and with the financialization of education, students are seen as little more than commodities to be bought, sold and monetized for profit. Education is now nothing more than a pernicious, … Continue reading Student loans: The financialized economy of indentured servitude

A critique of Capital (1): The problem with economics

sanjay perera

by Sanjay Perera
In the introductory lines of a textbook on economics are these words: “Are Marxists correct in arguing that only vast expenditure on arms saves the capitalist countries from a return of mass unemployment? Or have we now learned…how to avoid forever such devastating situations? Why, then, in the late 1970s, did unemployment in Britain, the United States and several other countries reach the highest levels ever attained since the Great Depression of the 1930s?” Continue reading A critique of Capital (1): The problem with economics

Taking notes 22: The need for a debt strike

sanjay perera

by Richard H. Robbins The disclosure of critical flaws in a study used by economists to justify austerity budgets in Europe and the United States once again puts a focus on the role of debt in our economy. The study, Growth in the Time of Debt, by Carmen M. Reinhart and Kenneth S. Rogoff, purported to show that when national debt approaches ninety percent of GDP, economic growth will slow. A new paper, by Thomas Herndon, Michael Ash, and Robert Pollin claims that the process that Reinhart and Rogoff used to select their growth data was skewed to support their conclusion and … Continue reading Taking notes 22: The need for a debt strike