Global Capitalism Has Written Off The Human Race

Economic theory teaches that free price and profit movements ensure that capitalism produces the greatest welfare for the greatest number.  Losses indicate economic activities where costs exceed the value of production, thus investment in these activities is curtailed.  Profits indicate economic activities where the value of output exceeds its cost, thus investment increases.  Prices indicate the relative scarcity and value of inputs and outputs, thus serving to organize production most efficiently.

The Wisdom of the People - the Populist Rationale

The citizens of the United States have excellent judgment. They have shown it consistently over time. When that judgment shifts briefly allowing a failed policy, it is a result of the vilest forms of propaganda by a small clique of liars. (Image: PS-OV-ART)
The people were right about the invasion of Iraq
We know that the plan to invade Iraq began just days after Inauguration Day, 2001. The opportunity to launch the most disastrous and costly military effort in our history came on 9/11. The destruction of the World Trade Center towers and attack on the Pentagon became the pretext for war. The manipulators launched their fraudulent storyline in earnest with confidence that they would get their war.
But in December of 2002, the public wasn't buying it. The people didn't have access to all of the information. They knew one thing for sure -- the invasion was a very bad idea unless Iraq posed an imminent threat to the country with weapons of mass destruction.  An in depth Los Angeles Times public opinion poll asked this question:

Gaddafi Regime Collapses - People Hold Line Despite Brutal Attacks

By Michael Collins
The outlook for Libya’s economy remains favorable.
International Monetary Fund, February 15, 2011

Libya is a nepotistic cult focused on Muammar al-Gaddafi, his family, and friends. The erratic and eccentric leader, known as the Guide of the Revolution, has ruled since he helped lead a military coup against King Idris in 1969. He developed his own style of Arab revolution outlined in The Green Book. Of interest, the title of the first section is, The Solution of the Problem of Democracy: 'The Authority of the People'. (Click here for updates on Google Maps)

Gaddafi has felt the heat of that authority since February 17 when large protests began all over Libya.. Despite a ruthless security apparatus, Libyans had simply had enough. Reports now have the anti regime forces in control of the nation's second largest city, Benghazi.

Update 2/23, 2:35 pm EDT - IMF Changes Stand on Dictators

Econ' Notables & Quotable for the Week


Hello everyone, sorry I’ve been away.  I do wish everyone is doing well in these economic hard times.  If it pleases this court, I would like to start something new today.  Talking to our esteemed Mister Oak, he noted that something would be nice to fill in the weekend shift.  Well, today I would like to submit “Econ’ Notables & Quotable”.

What is WTO GATS Mode 4?

GATS stands for General Agreement on Trade and Services. This is a treaty under the control and part of the WTO .

The GATS defines four modes of trade in services. Mode 4 refers to the temporary migration of workers, to provide services or fulfill a service contract. Because the current framework of Mode 4 allows for only temporary movement of workers across borders to provide services, and their visa as well as their right to stay and work are tied to their original terms of employment or contract and to their employer.

The WTO is basically negotiating a global guest worker program.