- Jan 2024
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docdrop.org docdrop.org
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for: elephants in the room - financial industry at the heart of the polycrisis, polycrisis - key role of finance industry, Marjorie Kelly, Capitalism crisis, Laura Flanders show, book - Wealth Supremacy - how the Extractive Economy and the Biased Rules of Captialism Drive Today's Crises
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Summary
- This talk really emphasizes the need for the Stop Reset Go / Deep Humanity Wealth to Wellth program
- Interviewee Marjorie Kelly started Business Ethics magainze in 1987 to show the positive side of business After 30 years, she found that it was still tinkering at the edges. Why? - because it wasn't addressing the fundamental issue.
- Why there hasn't been noticeable change in spite of all these progressive efforts is because we avoided questioning the fundamental assumption that maximizing returns to shareholders and gains to shareholder portfolios is good for people and planet.**** It turns out that it isn't. It's fundamentally bad for civilization and has played a major role in shaping today's polycrisis.
- Why wealth supremacy is entangled with white supremacy
- Financial assets are the subject
- Equity and bonds use to be equal to GDP in the 1950s.
- Now it's 5 times as much
- Financial assets extracts too much from common people
- Question: Families are swimming in debt. Who owns all this financial debt? ...The financial elites do.
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meme
- wealth supremacy and white supremacy are entangled
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Tags
- Marjorie Kelly
- magazine - Business Ethics - founder - Marjorie Kelly
- elephant in the room - financial industry at heart of polycrisis
- Laura Flanders show
- magazine - Business Ethics
- book - Wealth Supremacy - How the Extractive Economy and the Biased Rules of Capitalism Drive Today's Crises
- polycrisis - key role of finance industry
- Capitalism crisis
Annotators
URL
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- Aug 2023
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areomagazine.com areomagazine.com
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Americans are increasingly experiencing economic insecurity. According to a recent survey by Bankrate, 6 out of every 10 of us don’t even have $500 in the bank.
- for: precarity, inequality, United States - poverty, no savings, financial crisis
- quote
- stats
- 6 out of every 10 American interviewed said they did not have $500 savings in the bank
- source
- Bankrate 6 survey
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- Sep 2022
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Local file Local file
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As the financial system went global [in the 1980s], so competitionbetween financial centres – chiefly London and New York – took itscoercive toll . . . if the regulatory regime in London was less strict thanthat of the US, then the branches [of international banks] in the City ofLondon got the business rather than Wall Street. As lucrative businessnaturally flowed to wherever the regulatory regime was laxest, so thepolitical pressure on the regulators to look the other way mounted.3
!- example : DGC - 2008 financial crisis included competition between London and New York
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- Aug 2022
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www.vox.com www.vox.com
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With few exceptions, most market democracies have recovered from the 2008 financial crisis. But the public has not recovered from the shock of watching supposed experts and politicians, the people who posed as the wise pilots of our prosperity, sound and act totally clueless while the economy burned. In the past, when the elites controlled the flow of information, the financial collapse might have been portrayed as a sort of natural disaster, a tragedy we should unify around our leadership to overcome. By 2008, that was already impossible. The networked public perceived the crisis (rightly, I think) as a failure of government and of the expert elites.
Martin Gurri argues that had the financial crisis of 2008 happened in the 20th century, the elites, through their control of the flow of information, might have portrayed it as a natural disaster we should rally around our leadership to overcome. But with the advent of the internet, we got the "networked public", and the elites and government lost their monopoly on information.
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- May 2021
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www.pnas.org www.pnas.org
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Conley, D., & Johnson, T. (2021). Opinion: Past is future for the era of COVID-19 research in the social sciences. Proceedings of the National Academy of Sciences, 118(13). https://doi.org/10.1073/pnas.2104155118
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- Oct 2020
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covid-19.iza.org covid-19.iza.org
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IZA – Institute of Labor Economics. ‘COVID-19 and the Labor Market’. Accessed 6 October 2020. https://covid-19.iza.org/publications/dp13720/.
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- Sep 2020
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twitter.com twitter.com
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Jason Furman on Twitter. (n.d.). Twitter. Retrieved September 7, 2020, from https://twitter.com/jasonfurman/status/1301871401226338305
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en.wikipedia.org en.wikipedia.org
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Hanna Rosin of The Atlantic argues that prosperity theology contributed to the housing bubble that caused the late-2000s financial crisis. She maintains that prosperity churches heavily emphasized home ownership based on reliance on divine financial intervention that led to unwise choices based on actual financial ability.[36]
This is a fascinating theory. I wonder how well it plays out for evidence?
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- Aug 2020
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www.nber.org www.nber.org
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Bordo, M. D., Levin, A. T., & Levy, M. D. (2020). Incorporating Scenario Analysis into the Federal Reserve’s Policy Strategy and Communications (Working Paper No. 27369; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27369
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www.nber.org www.nber.org
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Aizenman, Joshua, Yothin Jinjarak, Donghyun Park, and Huanhuan Zheng. ‘Good-Bye Original Sin, Hello Risk On-Off, Financial Fragility, and Crises?’ National Bureau of Economic Research Working Paper Series, 23 April 2020. https://www.nber.org/papers/w27030.
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www.nber.org www.nber.org
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Sims, E. R., & Wu, J. C. (2020). Wall Street vs. Main Street QE (Working Paper No. 27295; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27295
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- Jul 2020
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www.marketplace.org www.marketplace.org
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In Tulsa, evictions were a crisis even before the pandemic. (2020, June 19). Marketplace. https://www.marketplace.org/2020/06/19/tulsa-evictions-were-crisis-before-pandemic/
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- May 2020
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www.covidcrisislab.unibocconi.eu www.covidcrisislab.unibocconi.euAbout us1
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About us. (n.d.). Retrieved May 5, 2020, from /wps/wcm/connect/Site/CovidCrisisLab/Home/About+us
Tags
- healthcare
- is:webpage
- society
- lab
- research
- population
- legal
- lang:en
- health
- implication
- crisis
- economy
- policy
- analysis
- laboratory
- financial
- COVID-19
- consequence
Annotators
URL
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psyarxiv.com psyarxiv.com
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Trueblood, J., Sussman, A., O'Leary, D., & Holmes, W. (2020, April 21). A Tale of Two Crises: Financial Fragility and Beliefs about the Spread of COVID-19. https://doi.org/10.31234/osf.io/xfrz3
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- Apr 2020
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Wagner, A. F. (2020). What the stock market tells us about the post-COVID-19 world. Nature Human Behaviour, 1–1. https://doi.org/10.1038/s41562-020-0869-y
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papers.ssrn.com papers.ssrn.com
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Ramelli, S., & Wagner, A. F. (2020). Feverish Stock Price Reactions to COVID-19 (SSRN Scholarly Paper ID 3550274). Social Science Research Network. https://doi.org/10.2139/ssrn.3550274
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- Sep 2019
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www.freitag.de www.freitag.de
- Jun 2019
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www.investopedia.com www.investopedia.com
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To keep recession away, the Federal Reserve lowered the Federal funds rate 11 times - from 6.5% in May 2000 to 1.75% in December 2001 - creating a flood of liquidity in the economy. Cheap money, once out of the bottle, always looks to be taken for a ride. It found easy prey in restless bankers—and even more restless borrowers who had no income, no job and no assets. These subprime borrowers wanted to realize their life's dream of acquiring a home. For them, holding the hands of a willing banker was a new ray of hope. More home loans, more home buyers, more appreciation in home prices. It wasn't long before things started to move just as the cheap money wanted them to.
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- Apr 2019
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marketurbanism.com marketurbanism.com
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A home provides stability and financial predictability
Financial crisis? Only 10 years ago?
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- Jan 2016
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www.nytimes.com www.nytimes.com
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the financial crisis convinced him that national currencies were vulnerable to politics and bad decision-making
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