Notes from the Economic Memory Hole

As this New Depression unfolds, one fascinating and important thing to watch is the degree to which our overclass believes its own bullshit, despite the many reasons — not least being what you’d think would be the most obvious lessons of not-distant history — it should know better.

The steaming heap that weighs perhaps most heavily on the Business Brain is its insistence that the rich can never be too rich, that excessive wealth accumulation by a small class of major investors can never be a problem, that workers can be over-exploited.

Michal Kelecki and John Maynard Keynes dismantled the intellectual form of this childish denial more than seven decades ago.

“Michal and John who?,” feign John Q. Sharehold III and President Hopington and his experts today.

For an excellent little piece of observation on the continuing reign of “supply-side” dogma, see Al Schumann’s excellent post on today’s SMBIVA.

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The current issue of MRzine has a good interview with John Bellamy Foster, editor of Monthly REview, on the current crisis, Keynes, Marx, and “recovery”.

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Apparently the above comment went through, but when I tried to post it I got this message from “Technical Support”:

“Your request was blocked because of malicious automated requests received from your computer’s IP address”

Whew, I’m mad, but not that mad!