CASS SUNSTEIN ~ GOING TO EXTREMES ~ 2009

~ WPFTIGOL-MT-TAELTMT-E-TITPKA-GP ~ When People Find Themselves In Groups Of Like-Minded Types – They Are Especially Likely To Move To – Extremes – This Is The Phenomenon Known As – Group Polarization

~ ITBL-GP-HBSIARWROC ~ In The Behavioural Laboratory – Group Polarization – Has Been Shown In A Remarkably Wide Range Of Contexts

~ SNCOAPMBTHTCATAPAV ~ Social Networks Can Operate As Polarization Machines Because They Help To Confirm And Thus Amplify People’s Antecedent Views

~ MOTT-PDNSTHALAASO-TPASOTGIWTFT ~ Much Of The Time – People Do Not Seem To Have Anything Like An Adequate Sense Of – The Partiality And Skew Of The Groups In Which They Find Themselves

~ OPIG-PSASSTGG ~ Once Placed In Groups – People Show A Significant Shift Toward Greater Generosity

~ POIPCE ~ People Often Ignore Powerful Contrary Evidence

~ CB-TIIMIPFPTDAKO-DM-OTTAOTTL-MALVOTOV ~ Cyberbalkanization – The Internet Is Making It Possible For People To Design A Kind Of – Daily Me – Only The Topics And Opinions That They Like – More And Louder Versions Of Their Own Views

~ FMOWTBTK-HB-LPODI-TMROWOPT ~ For Most Of What They Believe They Know – Human Beings – Lack Personal Or Direct Information – They Must Rely On What Other People Think

~ PAMTAATFTWPC ~ People Are Motivate To Accept Accounts That Fit With Their Preexisting Convictions

MICHAEL HUDSON ~ J IS FOR JUNK ECONOMICS ~ 2017

~ TEOJEIANCO-‘TE’-ITOO-‘TM’- WMM-TSQ-TREME-T-P/E/L-R-O-D-ITRE ~ The Essence Of Junk Economics Is A Narrow Conceptualization Of – “The Economy” – In Terms Only Of – “The Market” – Which Merely Means – The Status Quo – The Resulting Economic Models Exclude – The Political / Environmental / Legal – Ramifications – Of – Debt – In Today’s Rentier Economies

~ FME-HTTA-AS-ATM-SAHCOGAM-TDHAAPSODALPT ~ Free Market Economist – Have Tried To Appropriate – Adam Smith – As Their Mascot – Stripping Away His Critique Of Groundrent And Monopolies – To Depict Him As A Patron Saint Of Deregulation And Lower Property Taxes

~ A-NANP-TGCI-P-WA-TGCTOMAMW-A-S-WBTO ~ Affluenza – Not A New Phenomenon – The Greeks Called It – Pleonexia – Wealth Addiction – The Greedy Compulsion To Obtain More And More Wealth – And – Specifically – What Belongs To Others

~ A-TAITSQAHTSFL-W- ‘F’-MOTBE-ECTPFDS-APLTESAEDDD ~ Austerity – The Assumption Is That Squeezing Out A High Tax Surplus From Labor – Will “Free” More Output To Be Exported – Enabling Countries To Pay Foreign Debt Service – Austerity Programs Lead To Economic Shrinkage And Even Deeper Debt Dependency

~ B-ATOWTC-BUSCAPE-R-B/UC/S-TSTFL-PECITHOTFS ~ Bailout A Transfer Of Wealth To Creditors – Bailouts Usually Save Creditors At Public Expense – Reimbursing Bankers / Uninsured Creditors / Speculators To Save Them From Loss Preserves Economic Control In The Hands Of The Financial Sector

~ B-TB-SIOAF-FM-FFR ~ Banksterism The Bankster-Subsidized Ideology Of A Financial – Free Market – Free From Regulation

~ AAHHNFA-‘BS’-I-BAITBSOF ~ Anthropologists And Historians Have Not Found Any – “Barter Stage” – Instead – Barter Appears In The Breakdown Stage Of Financialization

~ RHFBBWTITROI ~ Rentiers Have Fought Back By Wrapping Themselves In The Rhetoric Of Individualism

~ TRQI:WGWB-DOO ~ The Real Question Is: Whether Government Will Be Democratic Or Oligarchic

~ BE-AETTGRAPPSBFE-ABEPCAD ~ Bubble Economy An Economy Trying To Get Rich And Pay Pensions Simply By Financial Engineering A Bubble Economy Polarizes Creditors And Debtors

~ C-UTDTSSBOPICA-N-RMT-FC-A-WCVREASS ~ Capitalism Used To Describe The Social System Based On Promoting Industrial Capital Accumulation Now – Referring Mainly To – Finance Capitalism – And – Wealth Creation Via Rent Extraction And Asset-Stripping

~ CC-F-BO-FE-RT-IE-NTIIIIBTSFSWROFRTO ~ Casino Capitalism Finance – Based On Financial Engineering Rather Than Industrial Engineering – No Tangible Investment Is Involved In Betting That Some Financial Securities Will Rise Or Fall Relative To Others

~ CB-ASIABTLCBTOOTB ~ Central Bank A Semipublic Institution Administered By The Largest Commercial Banks To Operate On Their Behalf

~ C-TITEIFTCTEF-AEF-BTVFNBSA ~ Choice The Idea That Everyone Is Free To Choose Their Economic Fate A Euphemism For Blaming The Victim For Not Being Sufficiently Affluent

~ CS-DF-OARPIBASAB-TADSATSSFBTABTLAPLTC ~ Clean Slate Debt Forgiveness Originally A Royal Practice In Bronze Age Sumer And Babylonia To Annul Debts So As To Save Society From Being Torn Apart By Transferring Land And Personal Liberty To Creditors

~ C-PA-L/W/MR/A/OPI-ANP-TABAISL-TI-V-G-OA-C-NMBRATUTOOFC ~ Commons Public Assets Land / Water / Mineral Rights / Airwaves / Other Public Infrastructure – As Natural Monopolies They Are Best Administered In Society’s Long-Term Interest Via Government Or A Community Not Monopolized By Rentiers As The Ultimate Takeover Objective Of Finance Capital

~ ADCIIBOTIMOCI-AIIWDBBLOTBTBEWMUO-OBWDBLA-CS ~ A Debt Crisis Is Inevitable Because Of The Inherent Mathematics Of Compound Interest – At Issue Is Whether Debts Will Be Left On The Books To Burden Economies With Mathematically Untenable Overhead – Or Be Written Down By Legislating A – Clean Slate

~ ADAINATPWTEBSO-ITNIAEDU ~ A Debt Amnesty Is Necessary At The Point Where The Economy Becomes So Over-Indebted That New Investment And Employment Dry Up

~ MCAOTBDMTS ~ Most Consumers Are Obliged To Be Debtors Merely To Survive

~ ACBLAMS-IBFAD-VARWPAP ~ As Crime Becomes Larger And More Successful It Becomes Financialized And Decriminalized – Victims And Reformers Who Protest Are Prosecuted

~ DD-P-DS-DSAF-CG-A-NBI ~ Debt Deflation Paying Debt Service Diverts Spending Away From Consumer Goods And New Business Investment

~ DP-TOODTPTOL-A/O-TOFM-TC-TCTDAIIC ~ Debt Peonage The Obligation Of Debtors To Provide Their Own Labor And/Or That Of Family Members To Creditors To Carry The Debt And Its Interest Charges

~ DP-TBUODSEG-ESMCUTDAWD ~ Debt Pollution The Build Up Of Debt Stifles Economic Growth Economic Shrinkage Must Continue Until The Debts Are Written Down

~ D-TP-DROP-ITDTCTTCC-HBOALRI ~ Demagogy The Post-Democratic Role Of Politicians Is To Deliver Their Constituencies To Their Campaign Contributors Headed By Oligarchs And Local Rentier Interests

~ D-RTAASP-EDM ~ Denial Reluctance To Acknowledge A Systemic Problem – Evidence Doesn’t Matter

~ D-TEITEITSPTFM-WRITTLIDA-MRASAFAOPB ~ Deregulation The Effect In Today’s Economies Is To Shift Planning To Financial Managers While Rentier Interests Take The Lead In Dismantling Anti-Monopoly Rules And Safeguards Against Fraud And Other Predatory Behavior

~ D-OOFI-EA-‘RM’ ~ Derivatives – Often Opaque Financial Instruments Euphemized As “Risk Management”

~ ER-TAOMPOIC(V) ~ Economic Rent The Excess Of Market Price Over Intrinsic Cost (Value)

~ EMH-AT-VV-TWIBASIFMRROEC-TPAI-TFTEFGR-TPEI-TLTESB-B/MAOR-ITV-CAAU ~ Efficient Market Hypothesis – A Tunnel-Visioned View – That What Is Bought And Sold In Financial Markets Realistically Reflects Overall Economic Conditions – The Political Aim Is – To Free The Economy From Government Regulation The Practical Effect Is – To Leave The Economy Steered By – Banks / Monopolists / And Other Rentiers In This View – Crashes Are Always Unexpected

~ RIIBO-‘TM’-NO-VI-PEOOB ~ Rising Inequality Is Blamed On “The Market” Not On Vested Interests Pushing Economies Out Of Balance

~ WTES-RL-B-L-FBPTM ~ When The Economy Shrinks Rentier Lobbyists Blame Labor For Being Paid Too Much

~ F-AITRPO-ROWIITON ~ Factoid An Idea That Reflects Popular Opinion Regardless Of Whether It Is True Or Not

~ FC-DCAPP-‘R’-THNRCOP-V-EFPTLAP ~ Fictitious Capital Debt Claims And Property Privileges “Rights” That Have No Real Cost Of Production Value Except For Payments To Lawyers And Politicians

~ FE-RSPBPFM-IONCI ~ Financial Engineering – Raising Stock Prices By Purely Financial Means – Instead Of New Capital Investment

~ FL-APTF-ER-TPOP-THNCITAOSNCOPGOS ~ Free Lunch – A Popular Term For – Economic Rent – Transfer Payments Or Prices – That Have No Counterpart In The Actual Or Socially Necessary Costs Of Producing Goods Or Services

~ FM-TTCE-AE-FO-LR/RBP/M ~ Free Market – To The Classical Economist – An Economy – Free Of – Land Rent / Usurious Banking Practices / Monopolies

~ I-AAGI-TRTROCAOWI-T-D-C/D/R-O-ECAL ~ Individualism – An Anti-Government Ideology That Rationalizes The Right Of Creditors And Other Wealthy Individuals To Deprive Consumers / Debtors / Renters Of Economic Choice And Liberty

~ JE-AP-RE-PBVI-TDTBIAPL-IOAEZ-SRS ~ Junk Economics – A Public-Relations Exercise Promoted By Vested Interests To Depict Their Behavior In A Positive Light – Instead Of As Exploitative Zero-Sum Rent Seeking

~ N-AITA-B/L/M-FAOPB ~ Neoliberalism An Ideology To Absolve Banks / Landlords / Monopolists From Accusation Of Predatory Behavior

~ N-S-IARC-ETAP-TLDWLONDIASL ~ Neo-Serfdom Interest And Rent Charges Expanding To A Point That Leaves Debtors With Little Or No Disposable Income Above Subsistence Levels

~ O-RBTF ~ Oligarchy Rule By The Few

~ P-NPOTME-APMIPUFS ~ Politics Now Part Of The Market Economy As Policy-Making Is Put Up For Sale

~ TL- ‘S’ -IATACO-LPF-SOPITPB-STOCAWE-A-DEFREAF ~ The Label Socialism” Is Applied To Any Critique Of Looting Pension Funds Selling Off Public Infrastructure To Pay Bondholders Shifting Taxes Onto Consumers And Wage Earners And Deregulating Economies For Rent Extractors And Financializers

~ DTCBP-WB ~ Debts That Cannot Be Paid Wont Be

~ TLOHITCEWNAHDTMI ~ The Lesson Of History Is That Creditor Elites Will Not Acknowledge How Destructive Their Mythology Is

JAMES RICKARDS ~ THE ROAD TO RUIN ~ 2016

~ TNFC ~ The Next Financial Crisis

~ G-SIFI-‘TBTF’ ~ Globally Systemic Important Financial Institution – “Too Big To Fail”

~ SIB ~ Systemically Important Banks

~ BI-IOBOD-DM-TCTFB ~ Bail-In – Instead Of Bailing Out Depositors – Depositors’ Money – To Recapitalize The Failed Banks

~ MRSU-YTC ~ Money Riots Seem Unreal – Yet They Come

~ SDR-AWMFBTDFI ~ Special Drawing Rights – A World Money Fire Brigade To Douse Financial Infernos

~ TGACERD-RIECCS-F-TC-T-TA-A-BA-IAEG ~ The Government And Corporate Elite Revolving Door – Results In Experts’ Continually Changing Sides – From – Tax Collector – To – Tax Avoider – And – Back Again – It’s An Elite Game

~ CTAIALDECNLA ~ Corporate Tax Avoidance Is A Luxury Developed Economies Can No Longer Afford

~ VW-EIFS-HMFFTSR-WSS ~ Virtual Warfare – Especially In Financial Space – Has Moved From Fantasy To Sophisticated Reality – With Stunning Speed

~ TPOTITTWSGTCANLW ~ The Problem Over Time Is That The Winning Strategy Gets Too Crowded And No Longer Works

~ PWITOLTWSU ~ Personal Wealth Is The Only Language That Wall Street Understands

~ L(N)L ~ Lessons (Not) Learned

~ TISRTAGNVI-RGUIANF-BAFWCB-TOOHT-DOSSC ~ There Is Scant Recognition That As Gross Notional Value Increases – Risk Goes Up In A Nonlinear Fashion – By A Factor Which Can Be – Ten Or One Hundred Times – Depending On Specific System Characteristics

~ CDE-M-O-F-PD-R-IAEFOS-SCIISCPDR-OCBOOC ~ Complex Dynamics Exhibit – Memory – Or – Feedback – Path Dependence – Risk – Is An Exponential Function Of Scale – Small Changes In Initial System Contentions Produce Divergent Results – Output Can Be Orderly Or Chaotic

~ O-B-S-D-ADBTAO-IAC-CCFEOTNTDTTN ~ Off-Balance-Sheet-Derivatives – Are Dangerous Because They Are Opaque – In A Crisis – Counterparties Cannot Find Each Other To Net Transactions Due To This Nontransparency

~ CRSBIAACAEC-TSBE-BNA ~ Capital Requirements Should Be Increased As A Cushion Against Emergent Crises – That Should Be Expected – But Never Are

~ NESCAA ~ Not Every Snowflake Causes An Avalanche

~ FMADNWFB-B-B-A-S/I/R/AIG-MBATOOFMI-SDAAN ~ Free Market Approaches Do Not Work For Banks – Because – Banks – Are – Subsidized / Insured / Regulated / And Implicitly Guaranteed – Modern Banks Are The Opposite Of Free Market Institutions – So Different Approaches Are Needed

~ RMOWSHBDBAMC-‘VAR’-TBTRIRD-ATEEHNBOTNEIAS-B-WIMANLCT?-WINEAPABWWB? ~ Risk Management On Wall Street Has Been Dominated By A Model Called – “Value At Risk” – The Belief That Risk Is Randomly Distributed – And That Each Event Has No Bearing On The Next Event In A Sequence – But – What If Markets Are Not Like Coin Tosses? – What If New Events Are Profoundly Affected By What Went Before?

~ MOTS:BB/MD/MI ~ More Of The Same: Bigger Banks / More Derivatives / More Interconnectedness

~ TNCEIO-OATSIBR ~ The Next Critical Event Is Overdue – Once Again The System Is Blinking Red

~ CMWCTASOC-WA-T-CBWDFMDTCTOTF ~ Capital Markets Were Condemned To A Succession Of Calamities – While Academics-Turned-Central Bankers Waited Decades For More Data To Convince Them Of Their Failures

~ TSBFTBR-SB-FD-LL-A-SM ~ The Step Back From The Brink Requires – Smaller Banks – Fewer Derivatives – Less Leverage – And – Sound Money

~ ECRDFPC-TSAMFS-TIASCOCBBTD ~ Elites Conduct Ritual Disagreements For Public Consumption – These Squabbles Are Mostly For Show – There Is A Shocking Conformity Of Core Beliefs Behind These Debates

~ FT-IAM-AACO-DTOTRBFCA-OMA-ITL-WITCFFT? ~ Free Trade – Is Another Myth – And A Costly One – Do Terms Of Trade Reflect Bona Fide Comparative Advantage – Or Manipulated Advantage – If The Latter – What Is The Case For Free Trade?

~ ODEBEI-FER ~ One Distortion Embraced By Elites Is – Floating Exchange Rates

~ TGTONIEANRANRTII ~ Today Globalization’s Triumph Over Nationalism Is Energizing A Nationalist Revival As Nations Reassess Their Individual Interests

~ CGCPEFTCFS ~ Certain Global Corporations Profit Enormously From The Current Flawed System

~ ASGOGC-WMC-H-TATRP-A-PMTMER-MAMOFT ~ A Small Group Of Global Corporations – With Mobile Capital – Hair-Trigger Ability To Relocate Plants – And – Political Muscle To Move Exchange Rates – Make A Mockery Of Free Trade

~ TSANSOTECIT-1990-AE-2000-CBEIASW:D ~ The Superficial And Nonsustainable Success Of The Elite Consensus In The – 1990s – And Early – 2000s – Can Be Explained In A Single Word: Debt

~ FMAFTA-FIT-NIP ~ Free Markets And Free Trade Are – Flawed In Theory – Nonexistent In Practice

~ SP-HCAHW-ITWF ~ Smart Policy – Helping Capital And Helping Workers – Is The Way Forward

~ ATWMETA-P-EB-CC-O-BCB ~ All The World’s Major Economies Today Are – Planned – Either By – Central Committees – Or – By Central Banks

~ TPEPWADFATCFTS-TPPTP-ASOS-MPTSICFTSPOCA-‘PFP’ ~ The Poor Encounter Police Who Are De Facto Armed Tax Collectors For The State – The Poor Pay The Price – A Share Of Seizures – Motivates Police To Stop Innocent Citizens For The Sole Purpose Of Confiscating Assets – “Policing For Profit”

~ EATPDBGATM ~ Emergency Access To Private Data By Government Agents Takes Minutes

~ AA-SH-TINOTHTHNHB-B-TIMTHNHL-MAS ~ Above All – Study History – There Is Nothing On The Horizon That Has Not Happened Before – But – There Is Much That Has Not Happened Lately – Memories Are Short

~ PTC-IINTEOTW-IITEOAA ~ Periodically Things Collapse – It Is Not The End Of The World – It Is The End Of An Age