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

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