I call myself a Democrat because that's how I've been registered all of my voting life. In fact, the older I get, the more disconnected I feel from that label. I don't want to register as an independent because, Bernie Sanders notwithstanding, I can't get over the prejudice that American independents are all right-wing at heart. Was it George Wallace's…
4. Government may not redistribute private wealth or grant special privileges to any individual or group.
Continuing my gradual critique of Ron Paul's Ten Principles, the next in line is relevant to what I've been talking a lot about these past few weeks, the great impetus behind #OccupyWallStreet: income inequality.
It's significant that the godfather of the Tea Party movement (the original form of it, anyway) includes wealth redistribution in his principles of liberty.
This video interview with David Graeber of Occupy Wall Street by Italian activist, comedian and blogger Beppe Grillo covers a range of subjects this blog has also covered, focusing on debt, political power and direct democracy. The questions appear in written Italian, but most should be fairly clear to anyone with high school-level familiarity with the romance languages, and those that aren’t Graeber answers very straightforwardly and clearly. (One thing he discusses that I’m not familiar with is the Italian 5 Star movement, of which Grillo is a leader.)
Graeber’s view of the American system is essentially captured by the quote which is the title of this post. I think it’s an accurate view. What do you think? I also greatly appreciate his proposed antidote to the poison in the US system, which is for the people to act as though they are free and have power. That is what Occupy Wall Street is all about.
I’m going to take a contrarian position from the Twittersphere in its reaction to news that New York City Mayor Michael Bloomberg (who, I tend to agree, is an annoying nudge who has overstayed his welcome) intends to ban supersizes of sugary softdrinks from certain purveyors Read the rest of this entry »
James R. Otteson of the Manhattan Institute begins his article “An Audacious Promise: The Moral Case for Capitalism” with a shameless distortion of a quote from President Obama:
“The market will take care of everything,” they tell us…. But here’s the problem: it doesn’t work. It has never worked. It didn’t work when it was tried in the decade before the Great Depression. It’s not what led to the incredible postwar booms of the ’50s and ’60s. And it didn’t work when we tried it during the last decade. I mean, understand, it’s not as if we haven’t tried this theory.
—President Barack Obama, Osawatomie, Kansas, December 6, 2011
Clearly, Otteson wants you to think Obama attacked capitalism and the free market, but, of course, Obama did not. Here’s what Otteson elided between “they tell us” and “But here’s the problem”:
If we just cut more regulations and cut more taxes — especially for the wealthy — our economy will grow stronger. Sure, they say, there will be winners and losers. But if the winners do really well, then jobs and prosperity will eventually trickle down to everybody else. And, they argue, even if prosperity doesn’t trickle down, well, that’s the price of liberty. Now, it’s a simple theory. And we have to admit, it’s one that speaks to our rugged individualism and our healthy skepticism of too much government. That’s in America’s DNA. And that theory fits well on a bumper sticker.
In fact, Obama’s words make clear that he was criticizing Reaganite supply-side economics, which, as a professor of philosophy (Chair of the department at Yeshiva University, according to his bio!) should know, is not identical with “capitalism.” As a professor of economics, Otteson should also know that, at the very least, Obama’s case against trickle-down has some strong evidence to back him up. It should occur to anyone arguing in favor of supply-side to pause for a second and compare 30 years of predominating Reaganism with 30 years of Rooseveltian-Keynesian economics to consider which was more successful at resource distribution and scarcity management in the long run. I wouldn’t want to be on the Reaganist side of that debate if I wanted an easy win. Read the rest of this entry »
Like the estate tax , “lean, finely textured beef”has a marketing problem. The tax’s enemies have successfully hung the popular term “death tax” on it; similarly LFTB, as the meat product is referred to in the industry, has assumed the unappetizing moniker its enemies have given it: pink slime. Unlike “death tax,” which is actually assessed on the windfall some very much living heirs gross after an especially well-off loved one dies, “pink slime,” coined by a microbiologist and critic of the product, is an apt label. The stuff is pink and before being mixed into ground beef as a cheap filler to reduce its fat content and cost per pound, it is slimy.
But is it bad for you?
In an interview with David Johnson of Boston Review, anarchist/activist/anthropologist and author of Debt: The First 5,000 Years David Graeber makes a key point about the “morality” behind austerity movements that is destined to be missed by all influential economists, bankers, presidential candidates and media pundits, but which no one interested in ethics , politics, or economics should miss (my emphasis):
David Johnson: What inspired you to write the book?
David Graeber: It came out of the strange moral power that debt has over people. So many times you’re talking to people about the depredations of the International Monetary Fund in the third world, telling these horrible stories about the thousands of babies dying of preventable diseases because people aren’t allowed to maintain malaria-eradication campaigns or basic health services due to austerity measures and debt servicing, and people respond, “Well, yeah, but you can’t say they don’t owe the money. People have got to pay their debts, come on!” That common-sensical notion not only that it’s moral to pay one’s debt, but also that morality essentially is a matter of paying one’s debts can bring people to justify things that they would never think to justify in any other circumstance. For the most part, decent people tend not to think killing lots of babies is justifiable under any circumstances. But debt somehow changes all that. Why is that?
Let’s try to really pay attention to that question, because as citizens of the modern democratic-capitalist world, we are very well-educated to gloss over it. Read the rest of this entry »
Louis CK, the comedian and star of the FX comedy series Louis (which, I confess, I haven’t gotten around to actually ever seeing), just conducted an amazing, radical experiment in do-it-yourself capitalism that has paid off beautifully for him. Read the rest of this entry »
Here’s an interesting video from a Texas-based libertarian, John Barksdale (my spelling may be incorrect), who calls himself order9066. I’m impressed with the research he put into this subject, and I take his point very well that it was not just Republicans who were responsible for throwing out the Glass-Steagall Act of 1933, which prohibited financial holding companies insured by the FDIC from owning other companies engaged in financial speculation such as Wall Street investment firms or insurance companies, with the Gramm-Leach Bliley Act of 1999.
While this video does serve as a corrective for the idea that Democrats share little or no blame in the gutting of New Deal protections that set-up the disaster of 2008, it goes overboard in pushing Republicans into the background of the blame picture. After all, the three authors and main sponsors of the bill were all Republicans, and both houses of Congress were, in fact, controlled by the GOP. But it does highlight two main points: The fingerprints of “Third Way” Democrats in Clinton’s White House (including Clinton himself, of course) are as much in evidence on the financial deregulation of the late 1990s as the Republicans’ are; and Congressional Democrats were ineffective, at best, in preventing (and, at worst, complicit in bringing on) Glass-Steagall’s demise. Read the rest of this entry »