Economic Ignorance

An easy confusion is that Banksters, Businessmen, Traders, Industrialists, and Merchants know anything at all about Economics.

Now, you’re aware of my deep seated prejudice that Economics is not a “science” but a set of excuses to justify Plutocracy and Theft, still- it is amazing the depth of ignorance these beneficiaries have. They might as well gibber nonsense while handling venomous reptiles (those less charitable than I might suggest it was “professional courtesy”). Certainly most of what passes for “Classical” theory is nothing but a bastardized version of Calvinism where the poor are cursed by God because of their generosity and empathy and the rich demonstrate His favor by greedily aquiring more. It’s the natural order of things.

I find it beyond ironic that an Anarchist History major like myself knocks them all in a bucket because I was forced to study Samuelson and Nordhaus, much against my will since they’re nothing but apologists for Hobbes and Malthus who had to admit that Keynes’ theories worked and grudgingly incorporate them in their textbook.

First, people will probably want to know that Blankfein — and he said this seriously — was doing “God’s work.” So they have a really close identification with anything that makes them wealth, they think is something that God wanted and that they’re actually helping God by making themselves fabulously wealthy.

White Collar Crime Will Have a Field Day Under Trump

The Orwellian Turn in Contemporary Economics

The whole essence of classical economics was to say there’’s a difference between value and price. Value is what it really costs what it really costs to produce goods and services. All that costs can be expressed in terms of what it costs to hire labor and keep it alive. Everything that’s not a real cost is just a privilege. It’’s just a legal right to put up a toll booth and extract rent.

So Killing the Host was how this fight was waged politically and essentially what’’s happened since Margaret Thatcher and Ronald Reagan introduced neoliberalism that was followed up by the Clinton’s, by Tony Blair and England, really by Europe today. Well J is for Junk Economics is sort of two things. It describes how the economic vocabulary has been turned around in an Orwellian way to mean just the opposite of what words used to mean. A free market now means a market free for the landlords to charge whatever they want. Free for the monopolists to charge whatever they want. Free of any regulation.

The whole intent is to create what is called a methodology. I know that’’s a technical word but to create a way of looking at the economy of making national income statistics that make it appear as if Goldman Sachs is productive. As if Donald Trump is productive. To make it appear that people who take money from the rest of the economy without working, without really providing any service or actually contributing to GMP and to economic growth. So I’m trying to show that what people think is scientific economics, it makes it appear as if poverty is natural. That makes it appear that Goldman Sachs and Donald Trump are job creators instead of job destroyers, is illogical.