This is a piece from 2017, by TruthOut.org. Putting aside the kind of doomsday/beware: the robots are coming type scenario, I would like to direct readers to the impact and consequences discussed for wealth inequality, productivity and earnings in this new era, which in turn has significant consequences for debt;

http://www.truth-out.org/news/item/40495-the-robot-economy-ready-or-not-here-it-comes

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If he didn’t repeat himself yesterday, then I might not have known that he said the same thing back in 2015….

Bank of England governor trashes textbook theory and rips apart the workings and effects of the global financial superstructure, read the original speech here from three years ago

…and another blog which probably analyses it better than me here

Their world imagines self-interested, atomistic agents, coolly calculating odds over all future possible states of the world, writing and trading contracts with each other, all frictionlessly enforced, all achieving mutually beneficial – indeed socially optimal – outcomes.

Of course, markets only clear in textbooks. In fact people are irrational, economies are imperfect, and nature itself is unknowable.

When imperfections exist (which is always), adding markets can sometimes make things worse.

Mark Carney timeless quotes can be found throughout this speech

https://www.rt.com/shows/renegade-inc/379579-uk-finance-curse-suffer/

 

Is RT just a mouth piece for Russian imperialism….maybe, but doesn’t the great USA have mouth pieces and sensationalists such as Fox, and perhaps others media? Let us critically judge the content for what its worth.

From one of the Authors of ‘The Princes of the Yen’, view Professor Werner explain the workings of banking, but also justify some of the solutions to the issues it creates.

Many of these are scorned upon by neo liberals, often being rubbished by talk of the lack of competitiveness it would create, the lack of wealth for society as a whole….blah blah…haven’t we heard these arguments before, circulate again and again…but what haven’t we heard? How about the lack of manipulation, how about real democratic authority and accountability. What of fair pricing and transparency as opposed to superficial gains and over valued delusional self worth?

I must draw your attention to David Buik, ‘City Grandee’ of over 50 odd years experience of the city, frequently on mainstream business media, yet he didn’t even know how the City of London Corporation actually worked?? I would continue to question who these prominent experts are and what they actually know before we have them paraded in front of us as knowledgeable advisers and commentators

 

 

Note the historical parallel to contemporary Chinese and Middle Eastern dominance of US assets and currencies and their recycling of dollars back into the US dominated global economy….

An excellent history of the workings of global central banking, seen through the economic history of Japan. The Asian financial crisis, Long Term Capital Management and the recent Euro debt crises are also explored and together brought into contemplation….highly recommended

 

Too much Finance?

Posted: October 8, 2018 in Economics
Tags: ,

A worthwhile article found recently in the Independent

https://www.independent.co.uk/news/business/news/finance-curse-uk-economy-sector-city-of-london-loss-financial-services-a8571036.html

In the UK, the vast sums of money being created as banking, fund managers and other financial businesses boomed has created a brain drain that pulled people from other industries

Against perceived wisdom, this research under-covered here is a direct throwback to the free marketers who believe industrial policy should never be directed in any way by non market forces, and that deregulation should be embraced. If true, there are real consequences to following through with this logic……

https://topdocumentaryfilms.com/escape-cult-materialism/

An exploration of our pervasive culture of consumption.

I noted the following well made points illustrated in this piece;

• The materialist dream is not practically possible for all humanity, therefore this will always necessitate leaving large parts of the world behind, keeping them poor and chasing an impossible reality. This level of inequality is inbuilt, and intentional. It is the modus operandi of consumerism

• Violence and warfare are integral aspects of this cult. In order to secure power, competitive advantage and gain access to markets for supply and demand components, an active military is fundamental

• When attempting to find linkage between different facts and truths in order to uncover the greater truths, one part of this documentary was particularly appealing. View from 34:16;

“Wasteful inefficiency, broken social system, toxic pollution, drug addiction, perpetual violence, misery….”