Offshore Loot: The (Really) Big Picture
A trillion here, a trillion there… pretty soon you’re talking real money. The London Observer reports new estimates of the world’s offshore wealth:
A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.
Read more here.
Confidence Men & Fairytales
In “Capitalism Unmasked,” Econ4′s joint project with AlterNet, Paul Davidson tours a fairytale world:
Conservative economists and their friends like to trot out a mythical being whenever they want to make arguments that favor an economy built for the wealthy at the expense of ordinary people. This imaginary being, known as the Confidence Fairy, is only happy when capitalists are given free rein to do whatever they want even if it brings us to the brink of a global economic meltdown.
Read his essay here.
Musical Scalpel
In his ode to the “Free Market,” Dr. Doug Hendron sings:
Well, there’s something that makes me wanna jump and shout
It seems everybody’s always talking about
The free market, as if it’s just a fact
But you know it ain’t free if it destroys your habitat
Dr. Doug wields his musical scalpel here.
When Corporatism Masquerades as Liberty
In “Capitalism Unmasked,” Econ4′s joint project with AlterNet, Edward Harrison writes on the peril to democracy posed by out-of-control credit markets:
“Corporatism masquerading as Liberty” … is a sort of crony capitalism steeped in the language of liberty that some are using to remove the protections we have built up to uphold and safeguard our individual rights. The goal of this corporatism is to give corporations the sorts of liberties that permit them to use their size, influence and money to tilt the playing field to their advantage. Absent any kind of regulatory oversight, these behemoths can run roughshod over individuals, trampling their rights and liberties in the process.
Read his piece here.
Command and Control Meets the Market
In an essay for “Capitalism Unmasked,” Econ4′s joint project with AlterNet, Lynn Parramore writes on the new economic bondage:
This has been coming for some time. Ever since the Reagan era, from the factory to the office tower, the American workplace has been morphing for many into a tightly-managed torture chamber of exploitation and domination. Bosses strut about making stupid commands. Employees trapped by ridiculous bureaucratic procedures censor themselves for fear of getting a pink slip. Inefficiencies are everywhere. Bad management and draconian policies prop up the system of command and control where the boss is God and the workers are so many expendable units in the great capitalist machine. The iron handmaidens of high unemployment and economic inequality keep the show going.
Read her piece here.
Corporate Corruption: The Spreading Scourge
Speaking of bringing bad things to life, Eduardo Porter writes in the business section of The New York Times:
Company executives are paid to maximize profits, not to behave ethically. Evidence suggests that they behave as corruptly as they can, within whatever constraints are imposed by law and reputation….
And the furious rush of corporate cash into the political process — which differs from bribery in that companies pay politicians to change laws rather than bureaucrats to ignore them — is unlikely to foment ethical behavior.
Read the story here.
Bringing Bad Things to Life
In the second installment of “Capitalism Unmasked,” Econ4’s joint project with AlterNet, Doug Smith lays out the difference between profiting from market successes and profiting from market failures:
Capitalists can pick between two responses to markets that are failing. They can bet their capital on fixing them – on bringing more good things to life. Or, they can do everything possible to extract more and more profit by extending, expanding and exacerbating the failures.
Read more here.
How Paris Hilton’s Dogs Ended up Better off than You
Jerry Friedman recounts the gripping story of the greatest heist ever in the first installment of “Capitalism Unmasked,” Econ4’s joint project with AlterNet:
Elites say that we need inequality to encourage the rich to invest and the creative to invent. That’s working out well — for 1% pooches.
Read all about it here.
Too-big-to-fail banks: Heads they win, tails we lose
Yves Smith of Naked Capitalism and Matt Taibbi of Rolling Stone dissect the corrupt nexus between our financial system and our political system:
Source: http://billmoyers.com/segment/matt-taibbi-and-yves-smith-on-the-follies-of-big-banks-and-government/
Gar Alperovitz on the new economy movement
Just beneath the surface of traditional media attention, something vital has been gathering force and is about to explode into public consciousness.
Read about it here.
