In an essay “Nietzsche’s marginal children” in The Nation this week, Corey Robin takes the Austrian economist Friedrich Hayek to task, claiming that he replaced the ordinary consumer as driver of the economy by the ultra-rich, so that we are all subjected to the whims of financial Nietzschean supermen. I’ve always found Friedrich Nietzsche’s philosophy […]

The choice of Brazil’s Roberto Azevedo to lead the World Trade Organization, over the reported opposition of both the EU and the United States, is an indication that protectionism, which had appeared thankfully quiescent in the early years of the current recession, is now a major global danger.  Since a renewed downturn is inevitable when […]

The brouhaha about the spreadsheet error in Carmen Reinhart and Kenneth Rogoff’s 2010 paper “Growth in a time of debt” brings home an important economic truth. Not that Reinhart and Rogoff were in error; their overall conclusion is clearly true, not to say obvious, and correction of the error in their spreadsheet merely softened the […]

The wolves are closing in on the world’s bank secrecy laws. Former bank employees in Switzerland and Liechtenstein have handed lists of depositors to the U.S. and EU authorities. Following the Cyprus debacle, the EU is seeking to end bank secrecy in the well-run banking systems of its members Luxembourg and Austria. Luxembourg appears to […]

According to the Daily Telegraph’s Ambrose Evans-Pritchard, senior advisors to Germany’s Chancellor Merkel are pushing for a wealth tax, to be applied to citizens of those weak sister Eurozone members forced to undergo bailouts from German taxpayers. You might think that, having criticized sternly the malefactions of the super-rich, and of the economic and political […]

Silicon Valley billionaires and near-billionaires are attempting to influence public opinion on the immigration issue, with a $50 million Political Action Committee. Their employees should consider whether their interests would be served by organizing in a truly aggressive isolationist union, like the 1950s United Auto Workers. After all, if the world market for computer scientists […]

Increasing inequality is bemoaned by the left worldwide, with the Financial Times’ Edward Luce doubtless making President Obama choke on his cornflakes by claiming that “US inequality will define the Obama era.” Yet contrary to the left’s fond belief, the increasing inequality and the crass behavior of the super-rich are responses, not to inadequate levels […]

First Peoples Worldwide is an organization devoted to the “indigenous movement” in economics, whereby competition will be replaced by co-operation and resource exploitation by harmony with nature. To simple minds schooled by modern Western education systems, this is a very attractive idea, and First Peoples’ YouTube video “Enoughness: Restoring balance to the economy” is a […]

In the last week, the detailed revelations from J.P. Morgan’s Senate grilling have combined with the Cyprus rescue blunder to generate one inescapable conclusion: public or private sector, European or American, there isn’t a decent, competent banker among them. Truly almost twenty years of funny money and 30-40 years of misguided deregulation have drained the […]

The Keynesian U.S. commentariat, which includes quite a high percentage of nominal Republicans, has been proclaiming a “contradiction” between the needs of economic policy. The need to cut government spending to reduce the deficit is supposedly balanced by ill-effects from declines in government employment – even the Wall Street Journal’s economics blog claimed that the […]