It’s all ideology, all the way down

Here’s something I didn’t know about the father of currency zones, Robert Mundell:

“It puts monetary policy out of the reach of politicians,” he said. “[And] without fiscal policy, the only way nations can keep jobs is by the competitive reduction of rules on business.”

It’s never enough for some people.

A currency zone – which could be a huge boon for certain areas of the world like Europe – is instead viewed as a way to impose a dictatorship of deregulation.

 

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Expert in business development, product development, and direct marketing. Developed strategic sales plans, product innovations, and business plans for multiple companies. Conceived the patent pending Spot Equivalent Futures (SEF) mechanism, which allows true replication of spot and swap like products in the futures space.

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beowulf
4 years 9 months ago

“This may sound like the New World Order conspiracy theory but it is the opposite.”
Most of the conspiracy guys (Alex Jones, et al) take the point that left vs right partisanship is just a slightly more sophisticated version of keeping the rubes busy rooting for their favorite sports team or American Idol contestant instead of paying attention to reality.

Also Tom, your employment and productivity piece had a fascinating link-through..
“There is another viewpoint. One might call it the Old Keynesian view, held by just a handful of economists in the late 20th century, including Nicholas Kaldor of Cambridge, Robert Eisner of Northwestern, and the present reviewer. We never accepted either the Phillips Curve or the NAIRU. Instead, we believed that full employment was not inherently inflationary; in fact, we saw the greater inflation risk in stagnation itself. In a slowdown, we believe, monopolistic enterprises raise prices in order to try to recover their fixed costs. While on the other hand, full employment production foments ample competition in product markets, high rates of technical change, and declining costs, as businesses seek ways to save on scarce and expensive labor. In othe words, productivity growth accelerates because of full employment itself.”
http://www.washingtonmonthly.com/features/2004/0407.galbraith.html

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Tom Hickey
4 years 9 months ago

One doesn’t need to be paying attention to notice that productivity increases typically do not result in the distributed prosperity and leisure they make possible but rather gains are channeled toward increased income and wealth that gets increasingly concentrated at the top, creating yet another privileged “aristocracy” historically. This is purportedly due to meritocracy, reward for risk-taking, and natural forces of the market economy. Really?

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Tom Hickey
4 years 9 months ago

Apropos post by Tao Jonesing, “All States Are Oligarchies; Everything Else Is a Fig Leaf”
http://taojonesing.blogspot.com/2012/06/all-states-are-oligarchies-everything.html

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Tom Hickey
4 years 9 months ago

Mike, I have been warning for some time ‚ decades, that the neoliberal thrust is for an international economic system that transcends governments and is controlled by the global elite. They don’t mind disasters occurring, since they never let crisis go to waste and even use crisis as a tool to advance their agenda.

The EZ-EMU is a brazen step in that direction, specifically designed for that purpose. Which is why the elite is resistant to any solution that does not move their agenda forward. While the breakdown of the EZ is “unthinkable” it will happen if elites find that they cannot control the process any longer. They will just shift course and organize the rubble.

This may sound like the New World Order conspiracy theory but it is the opposite. The NWO conspiracy theory is aimed against world socialism and the UN as a world government that will deprive the US of national sovereignty.

This nwo is designed to make sovereignty irrelevant wrt multinational interests under the control of the global elite that controls “capital.’ National sovereignty remains in place legally but it doesn’t affect elite interests, since elites can manipulate govts through capture and just go above them in terms of economic-financial global infrastructure.

This is the opposite of “socialism” and the logical outcome of “capitalism” as monopoly capital.

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