Charles Murray believes that the wealthiest person should be made President of the United States. “Who better to be president of the greatest of all capitalist nations than a man who got rich by being a brilliant capitalist?”
If the standard is wealth makes right, then the wealthier the person, the more appropriate that he should be made President. There is no need for elections or fixed terms of office under this standard of political governance. Whoever tops the Forbes list becomes President – that will create the appropriate competitive incentives. Wealth being the full measure of a man there is no need for that the wealthiest person to be a U.S. citizen. Under the Murray governance standard Mitt Romney’s problem is that he is not wealthy enough to be our ruler. Carlos Slim can run all of North America south of Canada.
Excellent piece up by Bill Mitchell on the Neoliberal “work for the dole” scheme (called the Community Action Programme). Neoliberals first throw millions of workers out of their jobs with fiscal austerity. (Note: the UK is monetarily sovereign, so this is a policy choice–there is no economic necessity to adopt austerity.) Next, they tell those who lost their jobs that if they want to collect the unemployment benefits to which they are entitled, they’ve got to work for the dole–for much less than the minimum wage.
The Wall Street Journalhas long led the struggle against freer more efficient markets. Whatever its rhetoric, its policies favor crony capitalism. The latest example is the July 23, 2012 article: by Francesco Guerrera entitled “Too Many Cops on the Bank Beat.”
Let’s end the debate about who was first to predict the Euro disaster: Nostradamus.
When I was in high school we discovered Nostradamus while goofing around in the library. Man, that guy was prescient! The book included commentary that showed he had foreseen Hueys dropping Napalm on villages in South Vietnam (an issue of the day). After leaving the library I found the book in my bag—and it became a running prank that Nostradamus would show up in lockers and cars, or on desks and occasionally even in mailboxes. I’m not sure where the book ended up—not with me, as I’d be checking it for his predictions on the Euro crisis. But I’m sure it is there in gory detail.
Re-reading Mr Draghi’s market-moving remarks last Thursday, one gains a sense that the European Central Bank chief recognizes that the ECB has a banking run on their hand. Most market participants have understandably focused on Mr Draghi’s pledge that the ECB was “ready to do whatever it takes” to preserve the single currency. “Believe me, it will be enough,” he told a conference in London.
I was already planning a piece responding to Applebaum’s Washington Post column about the consequences of European austerity published on July 25, 2012 (her birthday) and the contrast to a Wall Street Journal news story that same day announcing that austerity had, as we predicted, thrown Britain back into recession when I read Eskow’s column.
Matt Yglesias beats a dead monetarist horse – the same defunct nag whose flogged and forlorn carcass should have been cremated years ago – by again seeming to pin the chief responsibility for attacking unemployment on the Fed, and on its supposed control over inflation and inflation expectations. And yet as is often the case with Yglesias, the elected political leaders of the most economically powerful nation in the world rate no mention in his post, despite their scandalous and incompetent failure to address a national employment debacle.
Neil Barofsky, the former Special Inspector General for the Troubled Asset Relief Program (TARP) (SIGTARP), was one of the officials that made one proud of America. Naturally, Treasury Secretary Timothy Geithner detested him. Barofsky discusses Geithner’s antipathy for him in a newly published book: “Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.” The juicy parts that have been discussed in the media involve Geithner’s epic “f” word rant against Barofsky in fall 2009 in response to Barofsky’s recommendations for greater transparency about TARP. Continue reading →