Archive for the ‘Uncategorized’ Category
Tags: banks, Barclays, cartoon, Citigroup, commencement, Europe, immigration, JPMorganChase, LIBOR, profits, RBS, smugglers, student debt, UMS, Wall Street
Tags: cartoon, commencement, corruption, equality, FIFA, football, gay rights, Ireland, jobs, marriage, student debt, students, uncertainty
Tags: art, Marx, public art, Venice Biennale
Apparently, the British artist-film-maker Isaac Julien is directing a public reading of all three volumes of Marx’s Capital at the Venice Biennale [ht: sk]. (Julien is the director of a 2013 film Kapital, which is also being shown at the biennale.)
Perhaps it was too much to ask that the curator of the biennale’s central exhibition, Okwui Enwezor, actually understand his Marx (although the reporter, Charlotte Higgins, evidently does):
So what is the corollary of staging Das Kapital? I ask Enwezor. Did not Marx foresee the end of capitalism, inevitably brought down by its internal contradictions? “His programme was to use capitalism to achieve social equality,” says Enwezor. “I don’t think that Marx, had he lived, would have wanted capitalism to end.” I am slightly confused by this: I am no Marx expert, but I had gained the distinct impression that although Marx admired the energy and inventiveness of capitalism, he wanted it overthrown and replaced with a system that allowed people justice and dignity.
Tags: Baltimore, cartoon, crisis, Cuba, Europe, Greece, police, violence, Wall Street
Tags: conservatives, growth, inequality, OECD, poverty
Back when I was a kid, the country where kids-who-weren’t-me were starving was India, and my parents regularly told me to finish what was served to me at supper because somehow that would help those needy children. (I confess my smart-aleck answer to my parents was to tell them to send the uneaten food to India or wherever for the hungry kids. Problem solved.)
That was pretty much Tim Worstall’s response to the latest OECD report on inequality, In It Together: Why Less Inequality Benefits All. Poverty is the only thing that matters, and the poor in the United States aren’t really poor—not in comparison to the “really poor” elsewhere in the world. So, clean your plates and be thankful you’re not like “them.”
they’re worried that rich Americans have ten times the incomes of poor Americans, not that any and every American has an income many multiples of that of someone who is truly poor. For example, if you’re on the average amount of governmental help to aid you in beating poverty in the US (that’s around $9,400 a year) then your income, from that source alone, is some 25 to 30 times that of someone living in real, absolute, poverty.
Myself, I think that’s the only inequality that we should be worrying about: and absolute poverty the only sort of poverty we should be worrying about. As I then go on to insist that the absolute poverty is being beaten by globalisation, and the relative inequality in the OECD countries is also being caused by globalisation, then I say that this is all a very good idea indeed. Let rip with yet more globalisation and trade, the absolutely poor will continue to get richer and the in-country inequality can rise for all I care. And given the link between the two I even tend to applaud the rising in-country inequality as evidence that that absolute poverty continues to be beaten.
But it’s not just Worstall: that’s pretty much the usual response from conservatives these days (from a recent commentator on this blog through Bruce D. Meyer and James X. Sullivan to Deirdre McCloskey) when the issue of inequality comes up. Don’t worry about inequality and keep hoping that—someday, somehow—poverty in the world will be eliminated.
Except it hasn’t, and it isn’t. What the OECD report shows is:
1. Poverty within the OECD nations (no matter how measured) increased during the most recent economic crisis.
2. Inequality (in the distribution of both income and wealth) has also increased—and not just in terms of those at the very bottom, but especially with respect to the bottom 40 percent of the population.
3. The growth in poverty and inequality has negative effects on overall economic growth.
4. And, finally, redistributive measures do not have a negative effect on growth.
There is nothing in the clean-your-plate attempts to ignore the existence of already-grotesque and still-rising levels of poverty and inequality that can effectively counter or overturn those findings—much less respond to what I consider to be the key finding in the report:
The most efficient policy package will address inequalities at the point where they originate rather than trying to pick them up only at a later stage.
In other words, additional growth won’t solve or eliminate those inequalities. We need to tackle the point where they originate: by radically transforming the existing set of economic institutions.
Tags: banks, cartoon, CEOs, corruption, democracy, food stamps, layoffs, Republicans, TPP, Wall Street, workers
Tags: Carly Fiorina, election, Only in America, politics, United States
According to Reuters [ht: sm],
Twelve of about 30 people who worked on [Carly] Fiorina’s failed 2010 California Senate campaign, most speaking out for the first time, told Reuters they would not work for her again. Fiorina, once one of America’s most powerful businesswomen, is now campaigning for the Republican nomination in 2016.
The reason: for more than four years, Fiorina – who has an estimated net worth of up to $120 million – didn’t pay them, a review of Federal Election Commission records shows.
On the campaign trail, the former Hewlett-Packard (HPQ.N) CEO has portrayed herself as a battle-hardened business leader who possesses the best financial skills among fellow Republican presidential hopefuls. But some former staffers on her Senate campaign are now raising questions about that portrayal.
Federal campaign filings show that, until a few months before Fiorina announced her presidential bid on May 4, she still owed staffers, consultants, strategists, legal experts and vendors nearly half a million dollars.