Credit Where Credit is Due The Toll Booth Economy America's poor are its most generous givers: The generosity of poor people isn't so much rare as rarely noticed, however. In fact, America's poor donate more, in percentage terms, than higher-income groups do
By Mike Whitney
Do people realize that the reason their home equity is vanishing, their 401ks have been slashed in half and their jobs are at risk is because Wall Street was gaming the system with leverage and financial innovation? The current downturn is not really a recession at all; it's more like a self-inflicted wound perpetrated by avaricious speculators who put a gun to the economy's head and blew its brains out. Continue
By Michael Hudson
China’s central bank is now the largest holder of U.S. government and other dollar securities, it has become the main subsidizer of the U.S. payments deficit – and also the domestic U.S. federal budget deficit. Half of the federal budget’s discretionary spending is military in character. This places China in the uncomfortable position of being the largest financier of U.S. military adventurism. Continue
Thursday, 21 May 2009
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