If there were still magazine stands, I’d be all over them today. Three pieces of mine have (coincidentally) come out on in the last day or so, in fairly disparate publications
* In Aeon (a new British “digital magazine of ideas and culture, publishing an original essay every weekday”), I have a followup to my first essay there, which argued the case for a Keynesian utopia, with a drastic reduction in market working hours. In my follow-up, I look at the environmental sustainability of the idea. The tagline for the essay “For the first time in history we could end poverty while protecting the global environment. But do we have the will? ”
* Continuing on the utopian theme, Jacobin magazine has published The Light on the Hill, a reply to Seth Ackerman’s piece on market socialism
* And, at The National Interest, a piece with the self-explanatory title, Will Banks Finally Be Brought to Heel?
While I’m plugging my own work, I thought some readers might be interested in this paper on financial liberalisation and asset bubbles, written in the leadup to the global financial crisis. There’s not much I would change now, and it’s still a pretty good summary of how I think about the financial bubble that created the crisis. The linked working paper version is from 2004, and it eventually appeared in the Journal of Economic Issues, the main journal of the institutionalists who carry on the tradition started by Veblen and Commons in early C20. Not surprisingly, given this obscure outlet, it hasn’t had a lot of attention.
101 thoughts on “Trifecta”
“however the impairment of bank balance sheets”
But that impairement comes only from sharing in projected income and taking a payout at the front end of a loan term. Projected income is allready spent by banks before it is determend if it will reach maturity or not.
Projected income is spent right away by banks without that income being aquierd which in credit default it will not be, hence balance sheed is impaired.
Due to that fact, some of banks in east Europe do not count principal part in monthly payments untill projected income is achieved, then the principal is being paid off.
I know, that is obvious robery in case of a prepayment, but when given such power to banks to decide on credit terms they will do it to protect their balance sheet.
Former communist block is a neoliberal paradise so there is no wonder why it is failing the progress in economy and wellbeing. European perifery is the looting area for the core.