The latest census data depict a middle class that’s shrinking as unemployment stays high and the government’s safety net frays. The new numbers follow years of stagnating wages for the middle class that have hurt millions of workers and families. “Safety net programs such as food stamps and tax credits kept poverty from rising...
Second, this depression is structural. The Long Depression of the 19th century had its roots in financial speculation, technological change, and the arrival of a massive new player in the global economy. Our current depression likewise has its roots in three huge crises coming together at the same time. We have a debt bubble...
… Earlier research conducted by Semiletov’s team had concluded that the amount of methane currently coming out of the East Siberian Arctic Shelf is comparable to the amount coming out of the entire world’s oceans. Now Semiletov thinks that could be an underestimate. … ‘Earlier we found torch or fountain-like structures like this,’ Semiletov...
“The BRICs are falling like bricks and the crises are home-blown, caused by their own boom-bust credit cycles. Industrial production is already falling in India, and Brazil will soon follow.” “There is so much spare capacity that they will start dumping goods, risking a deflation shock for the rest of the world. It no...
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Science and Society
Arguments For Socialism
Albert Einstein: Why Socialism?