thanks.. i love the new terms they are using - “apartheid economy” and “necromancy” - very appropriate... in thinking of this house we got in 2002 for 130 grand, now worth about 800 grand - it has gone up even more in approx 22 years... it means nothing to us, as we still need a place to live in, if we should sell it, but it has completely screwed the generations below us who have no chance of owning a house now.. this is a clear example of predatory capitalism at work..
Yeah, we saw this issue coming long ago. My brother and sister are childless, so no inheritors. I'm the one with an actual family, but like you selling and trying to remain in our locale isn't the ticket, although I'd like to move our house to a different lot. I didn't mention gaming the system, although going along to get along doesn't sit well with us.
we have a few inheritors, and hopefully don't have to move any time soon, or at all.. the house and yard are fairly big, but i think we can handle it for the moment.. my younger brother has been living with us too part of the year..
Too many in the US confuse marked to market housing assets with wealth. The American dream is a scam.
In my retired, empty nest case there is a cash flow increase to sell down even in this market.
Wealth only works if it generates cash.
I had a [now deceased] friend who borrowed on his home then stopped paying within time frame of the great financial crisis. He lived cost free for several years as the backlog of the housing crash was too much for rapid foreclosures!
Timing/circumstances can be beneficial for a select few, but many aren't. Our local housing market has priced-out those that are required to support the economy, an example of the strangulation mentioned by Desai. Just to right the boat, our county needs 10,000 low-cost 2-bedroom apartments and 2,000 under 150K 3-Bed 2 bath houses--just to properly service the existing economy.
There is a similar comment, I forget who made it, that notes while the United States is making new pronouns the Russian Federation is making new artillery shells.
The forgotten history of the liberal radicals, socialist internationalists, feminists, and Christians who envisioned free trade as the necessary prerequisite for anti-imperialism and peace
Today, free trade is often associated with right-wing free marketeers. In Pax Economica, historian Marc-William Palen shows that free trade and globalisation in fact have roots in nineteenth-century left-wing politics. In this counterhistory of an idea, Palen explores how, beginning in the 1840s, left-wing globalists became the leaders of the peace and anti-imperialist movements of their age. By the early twentieth century, an unlikely alliance of liberal radicals, socialist internationalists, feminists, and Christians envisioned free trade as essential for a prosperous and peaceful world order. Of course, this vision was at odds with the era’s strong predilections for nationalism, protectionism, geopolitical conflict, and colonial expansion. Palen reveals how, for some of its most radical left-wing adherents, free trade represented a hard-nosed critique of imperialism, militarism, and war.
Palen shows that the anti-imperial component of free trade was a phenomenon that came to encompass the political left wing within the British, American, Spanish, German, Dutch, Belgian, Italian, Russian, French, and Japanese empires. The left-wing vision of a “pax economica” evolved to include supranational regulation to maintain a peaceful free-trading system―which paved the way for a more liberal economic order after World War II and such institutions as the United Nations, the European Union, and the World Trade Organization. Palen’s findings upend how we think about globalisation, free trade, anti-imperialism, and peace. Rediscovering the left-wing history of globalism offers timely lessons for our own era of economic nationalism and geopolitical conflict.
Beating neoliberalism should be a required action....but it seems that it has simply turned into a vampire....sucking blood from everyone and everywhere....
USA remains awash in covid bucks, printed since 2020.
The federal reserve balance sheet rose from rough $4trillion to just under $9trillion almost $5trillion printed covid bucks. It was about $7.7 trillion last week.
The overnight cash absorption (reverse repo agreements) went from ZERO in 2020 to $2.3trillion in spring 2023! Last week it was down to $.6trillion. What will the big banks do when they cannot park their cash in federal reserve t bills overnight at 5.3%?
The 'monetary' system of the USA is still awash in wet ink cash!
While quantitative tightening last week added (!) $5billion to the balance sheet!
Biden borrowing will soon insist on more money printing! To say nothing of the inefficiency cost of subsidized science projects in wind, solar and big batteries.
The apologists are pointing out that money supply is declining for the first time ever! Not mentioning that it rose by historic lumps due to the covid conspiracy.
USA borrowing to send guidance kits and bombs to kill Palestinian women and kids and pound sand outside Sanaa!
Which is why, back in December, I dipped heavily into my last bit of savings & spent far more than I was supposed to. Dozens of socks, underwear, sweats, plus muck boots, gardening shoes, 2nd parka. No sweaters -- I was addicted to them for a long time so still have a zillion.
Standing in line at the discount store, I quietly explained to the woman behind me that I was hoping if I piled up enough to last the rest of my life, I wouldn't be trying to replace them when they cost a bazillion $$, or ....(aren't available at all).
She nodded imperceptibly, with a tight smile & tears in her eyes.
I should have snagged a backup microwave back in November when they were on sale. Current one is rusting out horribly & could doe any time...
That last might seem a bid odd but according to the Sanet site blurb, it's basically how "this book traces the dynamic by which the Christian ascetic ideal, in its rejection of material profit and wealth acquisition, ends up producing precisely what it condemns."
thanks.. i love the new terms they are using - “apartheid economy” and “necromancy” - very appropriate... in thinking of this house we got in 2002 for 130 grand, now worth about 800 grand - it has gone up even more in approx 22 years... it means nothing to us, as we still need a place to live in, if we should sell it, but it has completely screwed the generations below us who have no chance of owning a house now.. this is a clear example of predatory capitalism at work..
Yeah, we saw this issue coming long ago. My brother and sister are childless, so no inheritors. I'm the one with an actual family, but like you selling and trying to remain in our locale isn't the ticket, although I'd like to move our house to a different lot. I didn't mention gaming the system, although going along to get along doesn't sit well with us.
we have a few inheritors, and hopefully don't have to move any time soon, or at all.. the house and yard are fairly big, but i think we can handle it for the moment.. my younger brother has been living with us too part of the year..
Too many in the US confuse marked to market housing assets with wealth. The American dream is a scam.
In my retired, empty nest case there is a cash flow increase to sell down even in this market.
Wealth only works if it generates cash.
I had a [now deceased] friend who borrowed on his home then stopped paying within time frame of the great financial crisis. He lived cost free for several years as the backlog of the housing crash was too much for rapid foreclosures!
Timing/circumstances can be beneficial for a select few, but many aren't. Our local housing market has priced-out those that are required to support the economy, an example of the strangulation mentioned by Desai. Just to right the boat, our county needs 10,000 low-cost 2-bedroom apartments and 2,000 under 150K 3-Bed 2 bath houses--just to properly service the existing economy.
« You can print cash but you can’t print shells Baby. »
There is a similar comment, I forget who made it, that notes while the United States is making new pronouns the Russian Federation is making new artillery shells.
Guess who wins that one.
I just ran across this book today in my weekly downloads. I haven't read it yet, but it seems up your alley.
Pax Economica - Leftwing Visions of a Free Trade World, by Marc William Palen.
Available for download here:https://sanet.st/blogs/ebooks4science2018/pax_economica_left_wing_visions_of_a_free_trade_world.4691012.html
Described as follows at the Sanet site:
The forgotten history of the liberal radicals, socialist internationalists, feminists, and Christians who envisioned free trade as the necessary prerequisite for anti-imperialism and peace
Today, free trade is often associated with right-wing free marketeers. In Pax Economica, historian Marc-William Palen shows that free trade and globalisation in fact have roots in nineteenth-century left-wing politics. In this counterhistory of an idea, Palen explores how, beginning in the 1840s, left-wing globalists became the leaders of the peace and anti-imperialist movements of their age. By the early twentieth century, an unlikely alliance of liberal radicals, socialist internationalists, feminists, and Christians envisioned free trade as essential for a prosperous and peaceful world order. Of course, this vision was at odds with the era’s strong predilections for nationalism, protectionism, geopolitical conflict, and colonial expansion. Palen reveals how, for some of its most radical left-wing adherents, free trade represented a hard-nosed critique of imperialism, militarism, and war.
Palen shows that the anti-imperial component of free trade was a phenomenon that came to encompass the political left wing within the British, American, Spanish, German, Dutch, Belgian, Italian, Russian, French, and Japanese empires. The left-wing vision of a “pax economica” evolved to include supranational regulation to maintain a peaceful free-trading system―which paved the way for a more liberal economic order after World War II and such institutions as the United Nations, the European Union, and the World Trade Organization. Palen’s findings upend how we think about globalisation, free trade, anti-imperialism, and peace. Rediscovering the left-wing history of globalism offers timely lessons for our own era of economic nationalism and geopolitical conflict.
Thanks for the suggestion. The trading system per se isn't the problem; the financial and settlement systems are.
Beating neoliberalism should be a required action....but it seems that it has simply turned into a vampire....sucking blood from everyone and everywhere....
That's why Neoliberals are called parasites and Hudson entitled his book on the subject "Killing the Host."
USA remains awash in covid bucks, printed since 2020.
The federal reserve balance sheet rose from rough $4trillion to just under $9trillion almost $5trillion printed covid bucks. It was about $7.7 trillion last week.
The overnight cash absorption (reverse repo agreements) went from ZERO in 2020 to $2.3trillion in spring 2023! Last week it was down to $.6trillion. What will the big banks do when they cannot park their cash in federal reserve t bills overnight at 5.3%?
The 'monetary' system of the USA is still awash in wet ink cash!
While quantitative tightening last week added (!) $5billion to the balance sheet!
Biden borrowing will soon insist on more money printing! To say nothing of the inefficiency cost of subsidized science projects in wind, solar and big batteries.
The apologists are pointing out that money supply is declining for the first time ever! Not mentioning that it rose by historic lumps due to the covid conspiracy.
USA borrowing to send guidance kits and bombs to kill Palestinian women and kids and pound sand outside Sanaa!
Which is why, back in December, I dipped heavily into my last bit of savings & spent far more than I was supposed to. Dozens of socks, underwear, sweats, plus muck boots, gardening shoes, 2nd parka. No sweaters -- I was addicted to them for a long time so still have a zillion.
Standing in line at the discount store, I quietly explained to the woman behind me that I was hoping if I piled up enough to last the rest of my life, I wouldn't be trying to replace them when they cost a bazillion $$, or ....(aren't available at all).
She nodded imperceptibly, with a tight smile & tears in her eyes.
I should have snagged a backup microwave back in November when they were on sale. Current one is rusting out horribly & could doe any time...
Here's another one I found you might be interested in:
Underground Empire - How America Weaponized the World Economy
https://sanet.st/blogs/first1/underground_empire_how_america_weaponized_the_world_economy_uk_edition.4689632.html
And another:
The Theology of Debt in late Medieval English Literature
https://sanet.st/blogs/ebookdownload/the_theology_of_debt_in_late_medieval_english_literature.4690538.html
That last might seem a bid odd but according to the Sanet site blurb, it's basically how "this book traces the dynamic by which the Christian ascetic ideal, in its rejection of material profit and wealth acquisition, ends up producing precisely what it condemns."