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Monday, April 22, 2024

The climate crisis will mean that average incomes will fall by almost a fifth within the next 26 years compared with what they would have been if there was no such crisis, according to a study that predicts the costs of damage will be six times higher than the price of limiting global heating to 2C. read more


Poland is "ready" to host NATO nuclear weapons should the alliance move to reinforce its eastern flank bordering Russia, Warsaw has said. read more


Neoliberal orthodoxy holds that economic freedom is the basis of every other kind. That orthodoxy, a Nobel economist says, is not only false; it is devouring itself. read more


By the late '60s, [Roman] Gabriel was a star quarterback and earned Pro Bowl selections for three straight seasons (1967-69). He also earned NFL MVP and All-Pro honors in 1969 while leading the league in touchdown passes with 24. read more


Sunday, April 21, 2024

The latest round in the region's most dangerous rivalry appears to be over, for now. read more


Comments

"Neoliberal theorists and their beneficiaries may be happy to live with all this. They are doing very well by it.

They forget that, for all the rhetoric, free markets can't function without strong democracies beneath them " the kind of democracies that neoliberalism puts under threat. In a very direct way, neoliberal capitalism is devouring itself.

Not only are neoliberal economies inefficient at dealing with collective issues, but neoliberalism as an economic system is not sustainable on its own.

To take one fundamental element: A market economy runs on trust. Adam Smith himself emphasized the importance of trust, recognizing that society couldn't survive if people brazenly followed their own self-interest rather than good codes of conduct:

"The regard to those general rules of conduct, is what is properly called a sense of duty, a principle of the greatest consequence in human life, and the only principle by which the bulk of mankind are capable of directing their actions ... Upon the tolerable observance of these duties, depends the very existence of human society, which would crumble into nothing if mankind were not generally impressed with a reverence for those important rules of conduct."

For instance, contracts have to be honored. The cost of enforcing every single contract through the courts would be unbearable. And with no trust in the future, why would anybody save or invest?"

Neoliberalism is eating itself by destroying democracy... which it thinks to replace with a Russianesque Oligarchy.

"F. A. Hayek and Milton Friedman were the most notable 20th-century defenders of unrestrained capitalism. The idea of "unfettered markets""markets without rules and regulations"is an oxymoron because without rules and regulations enforced by government, there could and would be little trade.

Cheating would be rampant, trust low. A world without restraints would be a jungle in which only power mattered, determining who got what and who did what. It wouldn't be a market at all."

.

"My own conclusions have been radically different. It was because of democratic demands that democratic governments, such as that of the U.S., responded to the Great Depression through collective action.

The failure of governments to respond adequately to soaring unemployment in Germany led to the rise of Hitler.

Today, it is neoliberalism that has brought massive inequalities and provided fertile ground for dangerous populists.

Neoliberalism's grim record includes freeing financial markets to precipitate the largest financial crisis in three-quarters of a century, freeing international trade to accelerate deindustrialization, and freeing corporations to exploit consumers, workers, and the environment alike.

Contrary to what Friedman suggested in his 1962 book, Capitalism and Freedom, this form of capitalism does not enhance freedom in our society.

Instead, it has led to the freedom of a few at the expense of the many. As Isaiah Berlin would have it: Freedom for the wolves; death for the sheep."

'

"The consequences of neoliberalism point to part of the reason: specifically, growing income and wealth disparities and the polarization caused by the media.

In theory, economic freedom was supposed to be the bedrock basis for political freedom and democratic health. The opposite has proved to be true.

The rich and the elites have a disproportionate voice in shaping both government policies and societal narratives. All of which leads to an enhanced sense by those who are not wealthy that the system is rigged and unfair, which makes healing divisions all the more difficult."

Excerpts... there's a lot more at the thread link, which I would encourage you to read, as just posting what you always post on the subject is, well, inadequate, and worse, increasingly boring

"Rising temperatures, heavier rainfall and more frequent and intense extreme weather are projected to cause $38tn (30tn) of destruction each year by mid-century, according to the research, which is the most comprehensive analysis of its type ever undertaken, and whose findings are published in the journal Nature.

The hefty toll " which is far higher than previous estimates " is already locked into the world economy over the coming decades as a result of the enormous emissions that have been pumped into the atmosphere through the burning of gas, oil, coal and trees.

This will inflict crippling losses on almost every country, with a disproportionately severe impact on those least responsible for climate disruption, further worsening inequality.

The paper says the permanent average loss of income worldwide will be 19% by 2049, in comparison to a baseline without the impacts of climate breakdown.

In the United States and Europe the reduction will be about 11%, while in Africa and south Asia it will be 22%, with some individual countries much higher than this.

"It's devastating," said Leonie Wenz, a scientist at the Potsdam Institute for Climate Impact Research and one of the authors of the study.

"I am used to my work not having a nice societal outcome, but I was surprised by how big the damages were. The inequality dimension was really shocking."

.

Fortunately, inequality isn't a concerning factor for rwingers, so they can just ignore that.

"Let's talk about 11% of your paycheck disappearing....

Beau of the Fifth Colum"

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