“China Unveils the World’s Fastest Super High-Speed Train” versus “America’s Top Ten Performing Banks.” If you can’t figure out, from this one picture, what’s wrong with this country, and where we’re headed on our present course, I really don’t think there’s anything that I could write that would enlighten you.
A screen shot taken about a half hour ago, which I found because I got in a little bit of a tiff earlier today with some joker on DailyKos parroting the banksters’ and conservatives’ line that all government spending has to be backed up by either tax revenues or borrowing. So I pointed out that it’s probably better to have new money created, by having the government of the United States simply crediting, out of thin air, the bank accounts of construction companies building new bridges and rail transit systems, rather than having JP Morgan Chase or Goldman Sachs create a few billion in "new money" as margin on credit default swaps, or oil futures contracts.
And I provided a number of links on studies of reforming or even replacing the international financial system. Some of those I had not read, including one from the Levy Economics Institute that reviews seven recent studies from the perspective of Hyman Minsky, the economist who studied financial crisis and developed the idea that periods of financial stability inevitably lead to a “letting down of your guard” which creates the basis for financial crisis.
So, I go back and read the introduction of the report, A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective, Part I: Key Concepts and Main Points by Éric Tymoigne (warning: PDF file)
And I am delighted and excited at having found another economist who seems to “get it.” So I google Tymoigne to see what else he has written, and if this particular report has been blogged. On the site, Wall Street Pit, I find that Tymoigne wrote a critique of Fed Chairman Ben Bernanke’s reappointment. Well, me thinks, this is a website I should bookmark and look at once in a while. I wonder what’s on the home page now? And there it was.