Lockdown, USA: The Boston marathon manhunt

by Henry A. Giroux A tragedy of errors: nobody knows any more who is who. The smoke of the explosions forms part of the much larger curtain of smoke that prevents all of us from seeing clearly. From revenge to revenge, terrorism obliges us to walk to our graves. I saw a photo, recently published, of graffiti on a wall in NYC: ‘An eye for an eye makes the whole world blind’. — Eduardo Galeano[1] The American public rightfully expressed a collective sigh of relief and a demonstration of prodigious gratitude towards law enforcement authorities when the unprecedented manhunt for … Continue reading Lockdown, USA: The Boston marathon manhunt

Taking notes 22: The need for a debt strike

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

The Politics of debt in America: From debtor’s prison to debtor nation

by Steve Fraser Shakespeare’s Polonius offered this classic advice to his son: “neither a borrower nor a lender be.”  Many of our nation’s Founding Fathers emphatically saw it otherwise.  They often lived by the maxim: always a borrower, never a lender be.  As tobacco and rice planters, slave traders, and merchants, as well as land and currency speculators, they depended upon long lines of credit to finance their livelihoods and splendid ways of life.  So, too, in those days, did shopkeepers, tradesmen, artisans, and farmers, as well as casual laborers and sailors.  Without debt, the seedlings of a commercial economy … Continue reading The Politics of debt in America: From debtor’s prison to debtor nation