It's time to revive this nearly dormant site. To that end, I will post something everyday for the month of April.
I've been splitting my time between reading up on the finance industry, plowing my way through a thick pile of periodicals, and watching [w:Dr. Who].
Two articles I recommend:
- "Infinite Debt: How Unlimited Interest Rates Destroyed the Economy," by Thomas Geoghegan, Harper's April 2009
- "[http://www.theatlantic.com/doc/200905/imf-advice|The Quiet Coup]," Simon Johnson, The Atlantic, May 2008
While Geoghegen, a labor lawyer, makes a few arguments in his piece that I don't feel are fully supported, I think he's really on to something linking the current financial crisis to the repeal of usury laws in the late 70s and earlier 80s. Johnson, former IMF chief economist, observes how the finance industry has "captured" our government. Read together, these articles illustrate the negative impact experienced by manufacturing and the US economy resulting from the ascension of the finance industry.
I'm gonna keep this short. So, that's it for now.