Words of Wisdom for the Apocalypse Once again, the European Union is spiraling toward oblivion. Not only are Greece’s re-elections a week away, but Spain is now in need of another bailout and Italy is beginning to sputter again. As the dangers involve swing once again from “quagmire” to “clusterfuck”, even the Toronto Stock Exchange is feeling the brunt of it. […]
Capitalism versus Socialism in the USA… Capitalism versus Socialism in the USA is nothing new, really. The argument has waged for years in Congress, at the neighborhood bar, and around family dinner tables. I have always felt that the concept of liberalism and socialism is well intentioned… it’s just not reality. We do have Utopian thoughts when we’re young and inexperienced. [...]
The Failure of Austerity Behind the ugly numbers lies a raging debate about economic theory and policy. On one side, the followers of John Maynard Keynes, such as Paul Krugman, lead economist of the NYT. On the other, the beliefs of Hayek, Mises and the "Austrian School". Keynes is renowned for his role in ending the first Great Depression through New Deal style spending, whereas Hayek prescribes what has come to be known as austerity - cuts, privatization and tax relief for the wealthy. Both of these sides are winning in their own way - Krugman is pretty blatantly winning the argument, while most of the world's governments are still pushing austerity measures.
2012: Which fork in the road will Americans choose? As 2011 departs, and 2012 moves center-stage, Americans voters confront a momentous choice that will determine the well-being of their children and their children’s children for many years to come. November 2012 will be a moment of decision comparable in significance to that fateful election of 1860 when a struggling nation was simply ripped apart. The electoral choice […]
The Rich Get Richer… In case you've been wondering about your paycheque lately, no, it isn't your imagination.
According to the latest data from the St. Louis Fed., two important (and related) trends are continuing to set records. As a percentage of the total economy (GDP), corporate profits just hit an all-time high while wages, again, sunk to new lows
When Microcredit Kills In the past decade "microcredit" and "microfinance" have taken the world by storm. Particularly since the Nobel Prize was granted to Muhammed Yunus, founder of the Gramean Bank, they have blossomed into a global financial industry. These "micro" lenders now offer small loans to very poor people in all over the planet. At first, this was marketed as a scheme to help lift poor women out of poverty by helping them start microbusinesses and afford necessary items. Quickly, though, the practice took a turn toward loan-sharking, and we're now beginning to see some truly ugly results emerge.
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