“China Unveils the World’s Fastest Super High-Speed Train” versus “America’s Top Ten Performing Banks.” If you can’t figure out, from this one picture, what’s wrong with this country, and where we’re headed on our present course, I really don’t think there’s anything that I could write that would enlighten you.
A screen shot taken about a half hour ago, which I found because I got in a little bit of a tiff earlier today with some joker on DailyKos parroting the banksters’ and conservatives’ line that all government spending has to be backed up by either tax revenues or borrowing. So I pointed out that it’s probably better to have new money created, by having the government of the United States simply crediting, out of thin air, the bank accounts of construction companies building new bridges and rail transit systems, rather than having JP Morgan Chase or Goldman Sachs create a few billion in "new money" as margin on credit default swaps, or oil futures contracts.
And I provided a number of links on studies of reforming or even replacing the international financial system. Some of those I had not read, including one from the Levy Economics Institute that reviews seven recent studies from the perspective of Hyman Minsky, the economist who studied financial crisis and developed the idea that periods of financial stability inevitably lead to a “letting down of your guard” which creates the basis for financial crisis.
So, I go back and read the introduction of the report, A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part I: Key Concepts and Main Points by Éric Tymoigne (warning: PDF file)
And I am delighted and excited at having found another economist who seems to “get it.” So I google Tymoigne to see what else he has written, and if this particular report has been blogged. On the site, Wall Street Pit, I find that Tymoigne wrote a critique of Fed Chairman Ben Bernanke’s reappointment. Well, me thinks, this is a website I should bookmark and look at once in a while. I wonder what’s on the home page now? And there it was.
Comments
yuppers
It's basically like all things that made America great have been or what's left still is being offshore outsourced to China and India and we're left with the poor and "super banks", funded by the poor.
Awesome.
Yup, China is investing heavily in all sorts of infrastructure....we get....PPIP and ABS, in particular toxic mortgages...
I think though Tony that our readers probably don't know what went on at dailykos and I doubt they care in a lot of ways.
Our readers are more an collection of economics, finance heads who also give a rats ass on the corruption and middle class issues vs. a partisan bunch or whatever.
I also had to reformat your image for it went past the blog width.
But I get the idea we get told why we cannot have that we know did make America strong and would again while we see the very countries where our manufacturing and job base just went to.....get new public works.
Good Premise
I like the idea of extending dollar leverage to manufacturers rather than Wall St because that would put people not bankers to work (are bankers really human?).
Now you need to force your way into Obama's inner circle and sell that to him.
An idea like that would need to be carried out while the dollar still has a stranglehold on the other world currencies.
And for the next stage....
And I just heard on the radio news (AP, I think) that China was awarded some contract or other for a direct, high speed rail line connecting Canada to Las Vegas.
What's wrong with this picture???????
Or maybe they'll be hiring some American gandy dancers?