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This can be seen in how conservatives keep on stressing the importance of “ownership” as the best safety net for households[97], the inflating bubble of student loans, or the excessive reliance on consumption driven by credit card debt. With the financial system as the only mechanism for sustaining production and consumption, today’s problem is les
... See moreNicolas Colin • Hedge: A Greater Safety Net for the Entrepreneurial Age
Over time, an increasing percentage of what we spend on government is spent on optional rather than core services because the core services tend to have been around longer. Another way of putting it is to say that the marginal value of added government, even if positive, falls as government grows larger. This statement is not antigovernment; it’s j
... See moreTyler Cowen • The Great Stagnation: How America Ate All The Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better: A Penguin eSpecial from Dutton
If the lessons of Argentina's crisis lead to substantial revisions in the rules of global finance, the suffering of the Argentine people will not have been entirely in vain. Timidity and inaction by the international community, on the other hand, would add insult to the Argentines' injury. That, of course, is the least important of many good reason
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
Jesse Robertson • A Complicated System of Traps: On Quinn Slobodian’s “Crack-Up Capitalism” — Cleveland Review of Books
Most disheartening of all is the evidence that the decision to make the August 2001 loan, and other measures that went sour, were driven by outsiders' agendas that did not dovetail with the interests of the Argentine people. The IMF's desire to skirt blame for the collapse consistently tilted its policymaking in the wrong direction, toward delaying
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
It is actually not a question of size, because the government must naturally be large to oversee a highly complex nation. The problem is over-complexity and convolution, with subgroups of experts who do not cooperate, trust each other, or work well together.
George Friedman • The Storm Before the Calm: America's Discord, the Coming Crisis of the 2020s, and the Triumph Beyond
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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Argentines in the mid-1990s—leaders and citizens alike—wanted to hold fast to convertibility for a good while longer, with considerable justification. To that end, they should have squarely faced the fact that their fiscal policy was not sufficiently prudent.
Paul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
While claiming to foster small business and manufacturing, reactionary neoliberalism’s true economic project centered on bolstering finance, military production, and extractive energy, all to the principal benefit of the global 1 percent. What was supposed to render that palatable for the base it sought to assemble was an exclusionary vision of a j
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