But then I think, no! This can’t be so, how can life be so cruel?
But then I think, we have so little power but so much comprehension, so maybe that’s it;
Consider the Grenfell Tower inferno as an expression of a new kind of class war, but not a class war as we have known it–between organised workers, political parties and capital–but between ordinary citizens and the local fiefdoms of the capitalist state as increasingly, big business has taken over the running of what’s left of our public and collective life, through ‘outsourcing’, public-private-partnerships and what have you, where making a profit is the bottom line, not serving the public.
TheRealNews on May 23, 2017
Economist Michael Hudson explains that even though housing prices are back up at 2008 levels homeownership is at a much lower level and banks have their loans guaranteed by the US government.
This video may contain images depicting the reality and horror of war/violence and should only be viewed by a mature audience.
Updated: video replaced Dec. 15, 2016
with Abby Martin
teleSUR English on Dec 15, 2016
Abby Martin goes on-the-ground to the epicenters of state-backed settler terrorism in Palestine’s West Bank, in Part II of her report on illegal Israeli settlements and home demolitions.
with Abby Martin
teleSUR English on Oct 31, 2016
The demolition of Palestinian homes for Israeli settlements reached a ten-year high in 2016. While this activity led by the fanatical settler movement is illegal under international law, it is completely aided and abetted by the Israeli government.
In a nearly $13 billion settlement with the US Justice Department in November 2013, JPMorganChase admitted that it, along with every other large US bank, had engaged in mortgage fraud as a routine business practice, sowing the seeds of the mortgage meltdown. JPMorgan and other megabanks have now been caught in over a dozen major frauds, including LIBOR-rigging and bid-rigging; yet no prominent banker has gone to jail. Meanwhile, nearly a quarter of all mortgages nationally remain underwater (meaning the balance owed exceeds the current value of the home), sapping homeowners’ budgets, the housing market and the economy. Since the banks, the courts and the federal government have failed to give adequate relief to homeowners, some cities are taking matters into their own hands.
I was interviewed on the Renegade Economists radio/ podcast entitled Crony Competition on the road to Unearned Income: Prof Michael Hudson gives a wrap on the economics of 2013 as we discuss Detroit, Iceland, Madoff, Marx and Blackstone Capital.
democracynow on Oct 29, 2013
democracynow.org – Today marks the first anniversary of Superstorm Sandy hitting the New York region, becoming one of the most destructive storms in the nation’s history. On October 29, 2012, the hurricane blasted New York City with a record storm surge as high as 13 feet, as well as the Jersey Shore and New England, ultimately killing 159 people along the East Coast and damaging more than 650,000 homes. The storm caused $70 billion in damage across eight states. Millions were left without power in the New York region, some for weeks. We are joined by two women who have played key roles in the region’s recovery: Terri Bennett, a founder of Respond and Rebuild, one of the first groups to help low-income residents of the Rockaways rebuild after Superstorm Sandy, and also focused on providing free mold remediation that eventually inspired the city’s similar program; and Jessica Roff, a founder of Restore the Rock, a nonprofit created by Sandy volunteers who met while working out of a space in the Rockaways called YANA, or You Are Never Alone, where they operated a free health clinic, legal clinic and trained and dispatched hundreds of volunteers.
Yesterday President Obama chose Knox College in Galesburg, Illinois (originally founded by anti-slavery activists in the 1830s) to float the economic program he has been working out with Wall Street investment bankers. His aim is to wrap this program in a democratic rhetoric. The speech’s actual content boils down to: “I’m doing fine and housing prices are recovering. The way to heal the economy faster is to make a Public-Private Partnership (with Wall Street) to finance new infrastructure investment. The government will guarantee a return – and if there’s any loss, we (you taxpayers) will bear it.” His political genius was not to sugar-coat the shady parts of his proposals.
How can China avoid the “Western financial disease” – a real estate bubble followed by defaults and foreclosures? The U.S. and European economies originally sought to avoid this fate by taxing the location’s site value. A rent tax was the focus of Progressive Era reforms.
Enacting a rent tax remains China’s main challenge to accompany its privatization of real estate and natural resources. If land rent were fully taxed, it would not be paid to banks as interest for rising mortgage loans – and governments would not have to tax income and sales. Holding down housing debt will reduce labor’s cost of living, but not its living standards.
Part A in the Insider’s Economic Dictionary.
The Antidote to Euphemism
The fallacies that lurk in words are the quicksands of theory; and as the conduct of nations is built on theory, the correction of word-fallacies is the never-ending labor of Science. … the party in this country, one of whose great aims was, at one time, the perpetuation of slavery, owed much of its popular vote to the name Democracy.
– S. Dana Horton, Silver and Gold (1895)
CapitalWatch on Jul 20, 2013
Here’s what’s in your Prime Interest today:
Insolvent! That would be Detroit, which gave us the Supremes and the vehicles that fueled our happy motoring paradise for decades. Unfortunately, after years of decline, the Motor City finally filed for bankruptcy protection yesterday — a move that was not entirely unexpected. That’s right — $18 billion in liabilities is at stake — a record for the US. Is this the first domino that might just validate Meredity Whitney’s 2011 prediction of a wave of muni defaults? Continue reading