petej + recession   738

An economic recovery based around high debt is really no recovery | Larry Elliott | Business | The Guardian
In truth, the idea that state profligacy caused the Great Recession has never been credible. What really happened was that the expansion of the global marketplace led to cheap goods flooding the west. Inflationary pressure abated and that persuaded central banks to cut interest rates. Financial deregulation meant the only remaining constraint on excessive borrowing – high interest rates – was removed – and so credit was cheap and readily available. The private sector loaded up on debt, which was fine so long as the assets on the other side of the balance sheet were going up in value. When the markets turned, things went pear-shaped very quickly.

Only at that point, did public sector debt become a problem because governments sought to ameliorate the impact of the recession by cutting taxes and increasing spending. The debts incurred by the private sector were, to an extent, nationalised.
economics  finance  debt  crisis  crash  recession  recovery  dctagged  dc:creator=ElliottLarry 
september 2018 by petej
The New World in Our Hearts – A Critical Engagement With Paul Mason’s PostCapitalism (Communism versus the Commanding Heights Part 2) | Self Certified
"But there is a shortcoming in Paul Mason’s analysis; The capitalist class will not just stand by and allow us to break it’s monopoly on intellectual property anymore than it will stand idly by as we reclaim buildings and public space. The new mode of production may grow within the old but it always requires force of some kind to cement it’s ascendency. The capitalist class thrived for a time under monarchies and coexisted with feudalism, but eventually it required revolutionary action when the old order of things held back it’s development. The wealthiest one percent and their subjects are engaging us in class war and if we don’t fight back, they will fence off our commons and make us pay to use it. The downfall of Napster, the constant attempts to shut down free television streaming sites and the rise of bill pay music and TV streaming services are illustrative."
economics  capitalism  recession  informationTechnology  crisis  Kondratiev  neoliberalism  financialisation  environment  climateChange  MasonPaul  post-capitalism  postCapitalism  state  Marx  Trotsky  LuxemburgRosa  class  communism 
march 2016 by petej
​The strange case of America’s ​disappearing middle class | Paul Mason | Opinion | The Guardian
"Trump’s aim is not just to amplify these insecurities, but to create a politics of spectacle and senselessness around them. Businesspeople in the US are quietly despairing not just about the overtness of the racism, but also about the underlying irrationality of the discourse."
USA  economics  politics  economy  recession  stagnation  middleClass  income  inequality  TrumpDonald  dctagged  dc:creator=MasonPaul 
december 2015 by petej
Richard Seymour · Bye Bye Labour · LRB 23 April 2015
"The Labour Party faces a dilemma in May. Defeat will be demoralising and will increase the possibility that the party will ultimately collapse. There is little evidence that any significant force, other than the Blairites, would be in a position to take advantage of Miliband’s loss, and certainly none that a Labour left with any influence would emerge from the ruins. Yet if it wins, Labour will be forced to implement an austerity agenda which, while not enough to satisfy Conservative voters, will turn its own remaining voters off in droves. That would be a defeat of a different order. For a vision of that future, one need only look across the Channel, at François Hollande sinking and sinking in the polls, and the Front National on the rise."
UK  politics  LabourParty  conservatism  austerity  authoritarianism  MilibandEd  recession  debt  crisis  postFordism  socialDemocracy  ge2015  generalElection  dctagged  dc:creator=SeymourRichard  LRB 
april 2015 by petej
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