Category Archives: Economic Justice

Elon Musk: Basic Income is required in response to new technologies

Tech innovators in the self-driving car and AI industries talk a lot about how many human jobs will be innovated out of existence, but they rarely explain what will happen to all those newly jobless humans. As usual, Tesla and SpaceX founder Elon Musk responds to an obvious question with an answer that may surprise some.

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Central Banks Eye Infrastructure Spending

(Reuters) While markets wait for Janet Yellen’s latest message about the direction of monetary policy, the Federal Reserve chief and her colleagues already have one for politicians: the U.S. economy needs more public spending to shift into higher gear.

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Sanders: Failures of Globalization

[Zero Hedge/NYT] Surprise, surprise. Workers in Britain, many of whom have seen a decline in their standard of living while the very rich in their country have become much richer, have turned their backs on the European Union and a globalized economy that is failing them and their children.


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Canada to start BIG experiment

The province of Ontario, we learn this week, is set to become the first region of the country to test a “basic income”, a social support system that does away with means-tested welfare and replaces it with a single, universal payment that every citizen is entitled to. It is the ultimate leveller – and, as such, is the latest fad in leftish circles. And, apparently, Trudeau and his party are interested in extending this idea further.

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William White: Epic Defaults Ahead

The Telegraph: “The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly. Debt jubilees have been going on for 5,000 years, as far back as the Sumerians.” — William White, Former Chief Economist, Bank of International Settlements

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62 People have more wealth than 1/2 of world

Zero Hedge: Just 62 individuals now hold the same amount of wealth as 3.6 billion people, the bottom half of the entire planet — a shocking statistic made even more alarming when considering as recently as 2010, that same half of all wealth was held by 388 people. Now, 80 billionaires collectively hold over $2 trillion, while the bottom half has lost $1 trillion of their wealth — in just five years.

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NY Times: Justice Dept May Now Prosecute Financial Execs

New York Times — WASHINGTON — Stung by years of criticism that it has coddled Wall Street criminals, the Justice Department issued new policies on Wednesday that prioritize the prosecution of individual employees — not just their companies — and put pressure on corporations to turn over evidence against their executives.

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The End of Work

Zero Hedge: Many activists are clamoring for a higher minimum wage. That’s an admirable goal, but is that where the worst problem is? Even at the abysmally low wages of the present moment, we still have 938,000 people being turned away from McDonald’s because there aren’t enough McJobs. The real problem is the lack of meaningful work.In a world of machines and social alienation, meaningful work is as scarce as water in the drought-stricken California Central Valley.

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Robert Reich: How we became the American Nightmare Economy

Salon: For the past quarter-century I’ve offered in articles, books, and lectures an explanation for why average working people in advanced nations like the United States have failed to gain ground and are under increasing economic stress: Put simply, globalization and technological change have made most of us less competitive. The tasks we used to do can now be done more cheaply by lower-paid workers abroad or by computer-driven machines.

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Stiglitz: Global Debt Restructuring Framework Necessary

The Guardian — When the euro crisis began half a decade ago, Keynesian economists predicted that the austerity being imposed on Greece and the other crisis countries would fail. It would stifle growth and increase unemployment – and even fail to decrease the debt-to-GDP ratio…

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