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The ‘rent good’ and imperialism
A “rent good” is one whose supply cannot be augmented at will, simply through investing more on its production; its supply is subject to constraints imposed by nature, because of which there is a certain maximum rate of long-run growth which is exogenously given and cannot be altered at will.
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Exaggerating China’s military spending, St. Louis Fed breaks all statistical rules with misleading graph
The Federal Reserve Bank of St. Louis published a jaw-droppingly misleading graph that portrays China as spending more on its military than the U.S. In reality, the Pentagon’s budget is roughly three times larger.
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The lawsuit that could freeze speech against billionaires
A gas mogul’s case against Beto O’Rourke could deter candidates from ever talking about money in politics.
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Over 100 countries condemn Israel’s punitive measures against Palestinians following UNGA vote
Following the UNGA resolution, Israel announced withholding of USD 39 million of Palestinian money, which is likely to cause further suffering and impact basic services delivery in the occupied territories.
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“Golden ruble 3.0” – How Russia can change the infrastructure of foreign trade
According to preliminary estimates of the Bank of Russia, in January-September 2022, it strengthened to $198.4 billion, which is $123.1 billion more than in the same period last year. This surplus was taken out of the country (at the same time, half went to pay off the external debts of Russian companies with their replacement by domestic ruble lending) and is reflected in the balance of payments item “net capital outflow”.
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Public libraries continue to thrive despite defunding and privatization attacks
The public sector in the U.S. has been shrinking rapidly since the 1990s as a deluge of privatization has, to various degrees, overtaken many so-called public services and institutions.
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The Realities of Capitalist Denmark
It is not uncommon to see U.S. citizens point to Denmark as a socialist alternative. And yet, just like in the United States, capital accumulation is the guiding principle in Danish society.
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Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years
According to a new report published by Oxfam, the richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth.
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BlackRock logo to be added to Ukrainian flag
Kyiv has announced the addition of a fifth corporate logo to the Ukrainian flag following news that BlackRock will be playing a crucial role in the reconstruction of the nation. The world’s largest investment management firm will join Raytheon Technologies, Northrop Grumman, Lockheed Martin, and McDonald’s upon the now-omnipresent blue and yellow flag.
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Germany could become ‘bankrupt state’ due to energy spending
Germany is fearing its own demise at its own hands as the measures it takes to combat the ongoing energy crisis are causing its reserves to falter.
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The perils of Pious Neoliberalism in the Austerity State: The Fifty-First Newsletter (2022)
The International Labour Organisation’s Global Wage Report 2022–23 tracks the horrendous collapse of real wages for billions of people around the planet.
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The egregious arrogance of Sam Bankman-Fried (& his ilk)
On December 13, the House Financial Services Committee held a long-awaited hearing into the collapse of the FTX crypto empire.
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Why Chinese ‘debt trap diplomacy’ is a lie
U.S. politicians and corporate media often promote the narrative that China lures developing countries into predatory, high-interest loans to build infrastructure projects as part of its Belt and Road Initiative.
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Congress still protecting dark money donors
A series of measures in Congress’ annual omnibus spending bill show that Democrats have given up their fight to end the dark money era.
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Lenin still haunts the Russian ruling class
“In fact, Zelenskiy is far closer to Lenin than to George Washington. He is a dictator. He is a dangerous authoritarian who has used $100 billion in U.S. tax dollars to erect a one-party police state in Ukraine.” Who wrote this? It is the opinion posted on Twitter by Margarita Simonyan, editor-in-chief of the Russia Today TV network (since 2005) and the Sputnik news agency (since 2014).
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Ecological imperialism and the Canadian mining industry
In 2013, Edward Snowden’s leak of documents pertaining to the inner workings of National Security Agency (NSA) sparked international revelations about the reach and unaccountability of Washington’s international surveillance apparatus. One series of documents that remain understudied, however, concern similar activities orchestrated by the Canadian government.
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On income and wealth inequality
THE fact that income and wealth inequalities have increased quite dramatically under the neo-liberal regime is beyond dispute. The empirical work by Piketty’s team bears out the increase in income inequality. They use income tax data to infer about the share of the top 1 per cent of the population of a country in its national income.
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Crypto bros want your 401(k)
Despite FTX’s collapse, a lawsuit linked to the exchange’s investor is trying to force regulators to allow crypto into the retirement market.
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The fiscal requirement of a welfare state
THE post-second world war period had seen a spate of welfare state measures in the advanced capitalist countries, especially in Europe, in emulation of what the Soviet Union was effecting.
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Recession alert: we need a new unemployment insurance system
With the Federal Reserve pushing up interest rates, we appear headed for a new recession.