By Rob Urie, author of Zen Economics, artist, and artist who publishes the Journal of Belligerent Pontification on Substack
Bernie Madoff For Loot?
Photo: Bernie Madoff fits the American story of bad actors sinking the ‘system.’ However, the facts are that unscrupulous actors caused the devastation of the Global Financial Crisis. It was a disaster for capitalism – finance capitalism in particular. Naked Capitalism coined the names and gave us the details. So please give generously to Naked Capitalism today, , through the Tip Jar, to reveal this basic power. Image source: Chicago Sun-Times.
The year was 2008. Financial markets were in turmoil, millions of workers were being laid off, and a Federal bailout of unprecedented size and scope was being distributed to Wall Street. After building their models outside of banking and finance, Western economists could not explain this problem in a rational way.
The plucky, newish, finance and political website, Naked Capitalism, and expert analysis from a diverse group of economists with in-depth knowledge of financial and economic issues helped. To save this valuable resource above its weight, head straight to the donation page. Anything you can give, $5, $50, or $500, helps meet the fundraiser’s goals
Without dogma, political agenda, or slanting the news to benefit the powerful, Naked Capitalism was there to give us the facts. Later, when the American press concentrated on Wall Street, Naked Capitalism went where it was needed. The second wave of the GFC (Global Financial Crisis) occurred in Europe, where the EU monetary union quickly became a toy of the major European countries. The German finance minister felt comfortable enough in the German establishment to educate the Greeks about the need to live on less money in order to pay back the money owed to the Greek oligarchs.
Source: forbes.com, Urie.
In a repetitive game reminiscent of the conditions of the early 20th century, world problems continued to emerge. Despite the significant failure of financial capitalism seen in the GFC, Western governments appear determined to rebuild. Part of the reason for doing this is no doubt that the productive economy was covered by trade agreements and pirates’ money two decades earlier, leaving no room for improvement. Yves Smith, Lambert Strether, and the rest of the Naked Capitalism team have taken us through the policy options available with expertise and care.
When the Covid-19 pandemic hit, I was traveling back and forth from New York to South Carolina, USA, to help my father die. Uncertainty in the early months of the pandemic was understandable because the situation was so new. As the epidemic progressed, disinformation became an official tool of the government. As the quality of information from government deteriorates, the quality of information from Naked Capitalism increased. Lambert began collecting and disseminating factual information about the epidemic, which, if followed, would have saved many lives. Please join me in donating generously, thankfully, to Naked Capitalism today, by going to the Tip Jar.
Image: The Covid-19 virus in living colour. The Federal response to the epidemic, or lack thereof, was contradicted by the extraordinary measures taken by federal officials to protect themselves and their families. Although one has to conclude that the virus is in the air to suggest proper ventilation as a solution, the American public health center planned proper ventilation for government officials and the wealthy while insisting that the virus does not affect the rest of us. The result: millions died needlessly while officials played political games with facts. Source: Medicines plus.
What links the Covid-19 pandemic to the GFC and the Great Recession has been the social disintegration and decentralization of Western governments. As the New Deal was being dismantled from the 1970s, the revival of capitalism, sometimes called neoliberalism, was sold as a non-ideological alternative under the assumption that the ‘science’ of economics was the path to broader success. Five decades later, a small cabal of rich people own everything and the productive economy has evolved in favor of financial gamesmanship.
With mainstream economic contributors such as Yves Smith, Michael Hudson, and Richard Wolff, Naked Capitalism is unique in its ability to explain social conditions in terms of their economic implications. As the GFC and Great Depression faded into memory, if not their impact, unemployment remained high, public health deteriorated, and political unrest spread in the West. Yves was there with the details. Michael was there with history. And Richard was on hand to comment. And although youth is valued by Americans, only maturity based on experience can save us from disaster. Please contribute to Naked Capitalism today.
Gonzalo Lira lights a peace sign a few months before he dies in a Ukrainian prison. Under international law, states bear responsibility for the welfare of prisoners under the assumption that their imprisonment renders them unable to care for themselves. Ukraine, a country that the US has been funding with hundreds of billions of dollars in military aid, prioritized this responsibility as Zelensky sent half a million young Ukrainians to their deaths. Source: Al Mayadeen.net.
As the ongoing national crises in Ukraine and Gaza unfold, Naked Capitalism has been able to leverage its international reach to find local content experts from around the world. John Helmer reported on the war in Ukraine through a Russian lens from his home in Moscow. An alliance was made with the late Gonzalo Lira, who was killed by Zelensky’s regime in Ukraine, to report from Ukraine in the early days of the war. It was Naked Capitalism’s willingness to report facts, rather than propaganda, that attracted readers who sought factual information about real events.
Analysts such as Nick Corbishley, Conor Gallagher, George Gerogiou and Kevin Kirk have expanded the area of Naked Capitalism, from Latin America to the EU to the Caucuses and Turkey and now to Southeast Asia.
For those who are not very familiar with the Left press in the US, it may be difficult to understand why 99% of the American media – the left press included, found the US proxy war in Ukraine very wrong. To be clear, this does not mean holding ‘wrong’ views about the war, but rather serving as megaphones for state propaganda through which false history and facts are spread to mislead. Without the burden of ideological commitment, without the truth as it can be determined, Naked Capitalism does damage control to the ‘left’ by reporting the facts. Please head over to the Tip Jar to join me in donating to Naked Capitalism today,
The specifics here are not as important as Naked Capitalism 1) is a unique resource, 2) has few peers in the field of economic and political reporting, 3) because of the expertise of its staff, 4) because of its understanding. informative and demanding reading. If you need real information about what’s happening in the world today, don’t accept any substitutes. Naked Capitalism is your go-to resource. Join me in donating to Naked Capitalism today. Tip Jar shouted.
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