Towers of Mammon

By Tigerulze | The monetization of everything

Nine Lies: how the gas cartel clouted Australia with price rises

<b>Lie number one</b><p><i>“There is a gas market. The gas market determines gas prices.”</i><p>There is not a gas market. There is a gas cartel. Ergo the nosebleed …

Natural Gas

Coalition lies about cutting immigration

<i>The Australian</i> reports that Immigration Minister, Peter Dutton’s, “tough” vetting of migrants has slashed Australia’s permanent migrant intake:<p>So, …

Immigration

The Myth of the Barter Economy

Adam Smith said that quid-pro-quo exchange systems preceded economies based on currency, but there’s no evidence that he was right.<p>Imagine life before money. Say, you made bread but you needed meat.<p>But what if the town butcher didn’t want your bread? You’d have to find someone who did, trading …

barter

Cartoon of the day

<b>Special mention</b>

Cartoons

The Radical Theory That the Government Has Unlimited Money

Everyone knows governments need to tax before they can spend. What Modern Monetary Theory presupposes is, maybe they don't.<p>Tall, bearded, with gentle brown eyes, Occupy Wall Street veteran Jesse Myerson spends his days knocking on doors in the rundown neighborhoods of southern Indiana reminding …

The Great Gatsby Curve

Economists represent this concept with a number they call “intergenerational earnings elasticity,” or IGE, which measures how much of a child’s …

Elasticity

Reclaiming the State

On June 3, 1951, the Socialist International association was formed in London. It is still going. It is “a worldwide association of political …

Europe

Trade: It’s about class, not country

from Dean Baker There is a fundamental flaw in the way that both Donald Trump and his critics generally talk about trade. They make it an issue of …

Economics

Brazil: austerity, debt and trade

I have just returned from Brazil where I spoke at the annual Society for Political Economy (SEP) conference at the University Federal Fluminense …

Economics

The Five Stages of Money (and why we’re stuck at stage 4)

By J.D. ALT Like everything else, money has evolved. It began in a primitive form and morphed into something more sophisticated, more successful. …

France

Why public sector outsourcing is less efficient than Soviet central planning

Since the 1990s, public sector outsourcing has evolved through competitive tendering, partnership working (particularly via Public Finance …

Utopia and work

The goal of mainstream economists is to get everybody to work. As a result, they celebrate capitalism for creating full employment—and worry that …

Vollgeld and the sovereign money initiative

On Sunday, the Swiss voted down in a referendum a proposal known as sovereign money or Vollgeld/Monnaie Pleine). This proposed to do away with …

Our plastic pollution crisis is too big for recycling to fix | Annie Leonard

Every minute, every single day, the equivalent of a truckload of plastic enters our oceans. In the name of profit and convenience, corporations are literally choking our planet with a substance that does not just “go away” when we toss it into a bin. Since the 1950s, some 8.3bn tons of plastic have …

Pollution

Brands including Ikea shun new safety accord after Rana Plaza disaster

New pact follows Bangladesh Accord, a safety agreement reached after building collapse killed more than 1,000 workers<p>American retailer Abercrombie and Fitch, Swedish furniture giant Ikea and the clothing label of rapper Sean “Diddy” Combs are among the brands yet to sign a new accord to uphold the …

Clothing

Cartoon of the day

<b>Special mention</b>

From Wicksell to Le Bourva and MMT

from Lars Syll Comparing the limited work of Wicksell, Le Bourva, and MMT, we find that they share many similarities. Obviously, the institutions and …

Unequal wealth of nations

from David Ruccio The premise and promise of capitalism, going back to Adam Smith, have been that global wealth would increase and serve as a benefit …

The big con: how neoliberals convinced us there wasn't enough to go around | Richard Denniss

Australia just experienced one of the biggest mining booms in world history. But even at the peak of that boom, there was no talk of the wonderful opportunity we finally had to invest in world-class mental health or domestic violence crisis services.<p>Nor was there much talk from either major party …

Economics

Assuming Airtasker fee of 20%: - Labouring for construction company: $15/hr - Pack showbags: $12/hr - Take pro photos at 4-hour event: $68 total - Transcribe 1 hour of audio in detail (would take 2+ hrs): $14.40 total #GigEconomy https://t.co/ildSgcjqof

The Price of Silence

The Commonwealth Bank’s psychopathic pursuit of profits came into full view when its former chief medical officer <b>Dr Benjamin Koh</b> went public about …

Debt Machine

A look into the global economic system, focusing on the role of debt and Europe's debt crisis spiraling out of control.<p>Filmmaker: Laure Delesalle<p>Debt drives financial markets, creates profit and generates an endless cycle of production and consumption.<br>Many aspects of modern life revolve around …

Cocaine, girls, million-dollar fraud

A Commonwealth Bank loans officer who perpetrated a $3.5 million fraud on the bank and spent up big on cocaine, "lots of girls" and fine dining, was …

Research check: we still don't have proof that cutting company taxes will boost jobs and wages

If you read these headlines you might think we finally have proof that cutting company taxes will boost employment and investment:<p>Company tax cuts …

GetUp!

Before you watch ANY budget coverage tonight, there's something super important to keep in mind:

Ratio between CEOs and average workers in world by country

Turkish policy of Turkification and demographic change in Afrin

The Documenting and Files Preparing Committee under the Foreign Affairs Body of Democratic Self-Administration in Rojava-North of Syria released the …

Oxfam report on the rich-poor divide

Richest 1% on target to own two-thirds of all wealth by 2030

The world’s richest 1% are on course to control as much as two-thirds of the world’s wealth by 2030, according to a shocking analysis that has lead to a cross-party call for action.<p>World leaders are being warned that the continued accumulation of wealth at the top will fuel growing distrust and …

Economics