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January 25, 2022 by jackrasmus
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Jack’s Weekly Radio Show, ALTERNATIVE VISIONS
NEW BOOK
While the capitalist system has undergone numerous restructurings throughout its history, capitalist elites purpose in restructuring has remained the same: to restore and/or extend their hegemony. The current restructuring, operative since 1978, is called Neoliberalism. The book examines Neoliberalism as both an Idea and an historical practice composed of a particular mix of fiscal-monetary-trade-industrial policies that began with the latest US capitalist restructuring in the late 1970s, continuing to evolve to this day. The book further explains the deeper material forces giving rise to - as well as now undermining - the Neoliberal policy regime, with special focus given to the crisis of Neoliberalism in the wake of the 2008-09 global crash, Obama's failure to resurrect it, and Trump's current doomed effort to restore it in a new, more aggressive form. Evidence why Neoliberalism is destroying US Democracy concludes the book's analysis.
NEW BOOK
Describes how US federal governments, often in cooperation with the largest US private banks, introduced and expanded central banking functions from 1781 through the creation of the Federal Reserve Act of 1913. Based on an analysis of the evolution of the US banking system - from pre-1781, through the 1787 US Constitutional Convention, Congressional debates on Hamilton's reports to Congress, the rise and fall of the 1st and 2nd Banks of the United States, and through the long period of the National Banking System form 1862-1913, the book shows how central banking in the US evolved out of the private banking system, and how following the financial crash of 1907 big New York banks pushed through Congress the Federal Reserve Act of 1913, creating a central bank which they then managed for their interests.
BOOK
(Click on image) CENTRAL BANKERS is a comprehensive critique of central banks’ policies in the 21st century, explaining why the massive injections of free money to the banking system since the 1970s enabled the creation of excess corporate debt that has led to financial bubbles and repeated crises. The book addresses the growing contradictions of central banking, why they are failing in their functions, targets and tools, and proposes a radical democratization and restructuring to transform them to serve the public interest and not the private banks.
Book:
(Click on image) LOOTING GREECE, A New Financial Imperialism Emerges. This book - Reveals clearly who calls the shots in the Eurozone—the hardliners, not the remnants and political residue of what was once European social democracy, - Follows the negotiations in their excruciating detail as the Troika tightens the screws from 2009 to the present, - Shows how Europe’s financial elite enriches itself on Greek debt, privatizations and financial manipulations, turning Greece into an Economic Protectorate.
Book:
(Click on image): This book offers a new approach to explaining why mainstream economic analyses have repeatedly failed and why fiscal and monetary policies have been incapable of producing a sustained recovery. It explains why the global economy is slowing long term and becoming more unstable, why policies to date have largely failed the trend, and why the next crisis may therefore prove even worse than that of 2008-09.
Book plus DVD and Powerpoint slideshow
(Click on image) Obama's Economy: Recovery for the Few, explains how the weakest and most lopsided economic recovery since 1947 has been the direct outcome of failed economic policies of the Obama administration and US Federal Reserve bank since February 2009. Includes a detailed 'alternative program' in the final chapter. Includes the book, a video DVD presentation, and 66-slide PPT slideshow.
Book
(Click on image) Obama's Economy: Recovery for the Few, explains how the weakest and most lopsided economic recovery since 1947 has been the direct outcome of failed economic policies of the Obama administration and US Federal Reserve bank since February 2009. Includes a detailed 'alternative program' in the final chapter.
Book
(Click on image) A theoretical analysis, with historical case examples, of origins, causes and future evolution of the recent--and continuing--economic crisis in the U.S. and global economy. Includes predictions in 2009 of the inevitable failure of Obama policies and more serious crisis to come, 2013-15.
Book
(Click on image) Seven specific reasons why economic recovery under Obama since 2009 has failed for all but the wealthiest few and largest corporations. The book spells out eight specific areas as an Alternative Economic Recovery Program.
Book
(Click on image) The War At Home: The Corporate Offensive From Ronald Reagan to George W. Bush, is a 534 page, extensively researched, nonfiction book that describes the evolution of corporate-government policies from 1980 to 2005 that have shifted more than a $1 trillion dollars a year, every year, from 90 million American middle and working class households to the wealthiest 10% and corporations.
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Jack, you do not believe that The Fed will hike the federal funds rate five times. How many times will The Fed hike rates in your opinion, and will The Fed lower the federal funds rate since it cannot raise it too much?
How many times the Fed raises rates depends on a number of variables: how fast the rates come, how high are they (0.25 or more?), and what happens to the real economy in the interim. Once raised, the Fed won’t lower them in the foreseeable future. It will leave them at a level it raised and then stop. I don’t see the Fed able to raise rates much higher than the 10 yr. Treasury yield (rate) of 3%, without provoking significant instability in financial asset markets. We’re already seeing a lot of volatility and churn (at the top) of the stock market. Muni and high yield corporate bond markets are gushing withdrawals and prices deflating. Higher rates will mean higher US dollar, which will mean collapse of emerging market currencies, and worse recessions there. Declining EME currencies mean US multinational corporations in those countries will book much lower profits to repatriate to the US. In short, the Fed just can’t raise rates very much or high anyone. (see my book 2017, ‘Central Bankers at the End of Their Ropes’ why the Fed can’t do much anymore when it comes to using rate policy to move the economy). Especially when the inflation excuse to raise rates is really about supply problems and monopolistic corporations’ price gouging. The Fed acts by affect Demand. It’s not a Demand issue; it’s a Supply problem. Fed rate action is a ‘cover’ so politicians don’t have to confront corporations price gouging us.
Thanks, Jack, for the explanation.
This broadcast was a tour de force. Some comments may be in order. First, it would be nice to know why 200,000 nurses and other health care workers left their positions during a major pandemic. My guess is that the reasons are similar to the general strike of some 5 million unorganized workers. Second, another way to measure the botched response to Covid is lowered life expectancy for Americans. In 2020, Covid reduced life expectancy for white Americans by a year for people of color between four and five years. Finally, at some point, the economic impact of climate change has to be considered. World wide the losses for the global insurance industry is said to be $5 Trillion in 2021 and according to the chief economist for a Swiss reinsurance group, Jerome Haegeli, climate change is now the number one risk for insurers. In the US weather related losses for 2021 total $100 billion. Not chump change.
Only one correction, David. The number for nurses is 500,000 fewer today compared to pre-Covid. And 200,000 health care, presumably other non-nursing occupations. (see January Employment Situation Report, BLS, Dept. of Labor tables. And yes, Capitalism may find climate change its ‘achilles hill’. If it can’t solve it by mid-century, it’s in deep trouble. Especially if the other major threats to the system coincide: that’s tens of millions of workers displaced by Artificial Intelligence tech as it wipes out simple decision making jobs; proxy wars that may get out of hand (Ukraine, Taiwan, etc.) as US empire comes under greater pressure and US elites miscalculate; as income and wealth inequality continue to accelerate; and as limited US democracy disappears as the two political parties continue their decay and inability to contain the problems. The convergence and intensification of these multiple crises may prove too much for the decayed quality of capitalist political elites to handle. And as they say, revolutions only occur when the elites prove unable and incapable of resolving the problems and crises confronting the system. I give it 30 more years at the most, but more likely closer to 30 than 20.
lol that’s ‘achilles heel’ not ‘hill’