Comments on: The G20 Summit: Hijacked by neo-liberalism http://www.creditwritedowns.com/2009/09/the-g20-summit-hijacked-by-neo-liberalism.html Finance, Economics and Markets Fri, 10 Feb 2012 00:37:00 +0000 hourly 1 By: The recession is over but the depression has just begun « naked capitalism http://www.creditwritedowns.com/2009/09/the-g20-summit-hijacked-by-neo-liberalism.html#comment-6620 The recession is over but the depression has just begun « naked capitalism Fri, 02 Oct 2009 02:16:37 +0000 http://www.creditwritedowns.com/?p=10537#comment-6620 [...] It’s because of an accounting identity which comes from the financial sector balances model. Marshall Auerback says it best in a recent post: We’ve said it before and we’ll say it again. As a matter of national [...] [...] It’s because of an accounting identity which comes from the financial sector balances model. Marshall Auerback says it best in a recent post: We’ve said it before and we’ll say it again. As a matter of national [...]

]]> By: Zac http://www.creditwritedowns.com/2009/09/the-g20-summit-hijacked-by-neo-liberalism.html#comment-57210 Zac Wed, 30 Sep 2009 08:13:00 +0000 http://www.creditwritedowns.com/?p=10537#comment-57210 Marshall, Steve Keen is good economist but like most of them they are not seeing big picture and they don't know that there is something outside economy. When you talk about running constant deficit, yes it's maybe future but then we are talking about other political, economic and social system which is not capitalism. We are talking about socialism or oligarchy or Star trek system and we know that first two collapsed (high level of corruption and they are not competitive) and last is SF. Be careful when you talk about major war. Remember, high level of debt is one of major causes of war through history and economic benefits are : 1. Running large deficits, debt levels - which will, after the war, be written off (for winners), 2. High (enormous) technological advances, 3. Economy is at so low base, with large capacity/low wages, that there is no way but to go only up. But everything else (in war) is twilight of human/civilisation mind. So when Chartalists speak of modern economic theory they have to talk first about political system (and change it) and then put modern theory to work. Marshall, Steve Keen is good economist but like most of them they are not seeing big picture and they don’t know that there is something outside economy. When you talk about running constant deficit, yes it’s maybe future but then we are talking about other political, economic and social system which is not capitalism.
We are talking about socialism or oligarchy or Star trek system and we know that first two collapsed (high level of corruption and they are not competitive) and last is SF.
Be careful when you talk about major war. Remember, high level of debt is one of major causes of war through history and economic benefits are :
1. Running large deficits, debt levels – which will, after the war, be written off (for winners),
2. High (enormous) technological advances,
3. Economy is at so low base, with large capacity/low wages, that there is no way but to go only up.

But everything else (in war) is twilight of human/civilisation mind.

So when Chartalists speak of modern economic theory they have to talk first about political system (and change it) and then put modern theory to work.

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