Your car gets counted once when it is built, not when it is driven. Your clothes, your bicycle, your furniture, all get counted once when they are manufactured, and not again when they are worn, ridden, or sat on. But homes are counted twice in GDP, writes Dr Cameron Murray: Once when they are constructed, and again when they are occupied. If we are going to count housing in GDP, shouldn’t we count it just once?
There is no other way to describe economics in 2017 than wilful blindness, writes economist Professor Steven Keen. Nobel Laureates who claimed financial crises were now impossible also claimed the 2008 Global Financial Crisis could not have been predicted. This is all, of course, nonsense. The evidence was there all along. Those with the power to change the course of history simply chose to ignore it.
The public service has been made a mockery. Neoliberal ideology now competes with the laws of Parliament. The rule of law is compromised. Every part of the state has become subject to a totalitarian and nihilistic ideology, usurping even classical economics where work was an element of demand, to the extent there was respect for workers. Neoliberalism is a form of economism that strikes at every moment and every sector of our community. It is a form of extremism.
We are at a critical stage in the ‘end-game’ of a monetary system in desperate need of reform, but the government has neither the stomach nor the spine for the job. So instead Uncle Sam is coming after your taxes. Mark GB on why growth and progress is about to run off a cliff.
If this economic climate feels familiar to you, that’s because we have been here before. Bryan Kavanagh examines the historical red flags that preceded crises dating back to the Roman Empire.