- Jan 2023
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docdrop.org docdrop.org
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as you very well say the the part of the increase in private wealth at the top was really made um through you know privatization of public assets increase in public debt you know there's one one statistic which i which i stress a lot which is that if you look at the net wealth of the public sector uh you know the net wealth of the government so government assets 00:27:25 minus government debt it used to be you know in the 1970s net public wealth was you know between 20 30 percent of total national wealth so you know net private wealth was bigger you know was like 70 or 80 percent but still net public waste was 20 30 percent in germany in the u.s in france in britain in japan so that was you know substantial part of everything there was to own in terms of 00:27:52 of marketable assets in society belong to the public domain you know say around one quarter or between one quarter and one third today so you know three four decades later it is uh close to zero or actually negative in in in the u.s or in the uk in the sense that the public debt is bigger than the public assets because many public assets were privatized and and public debt increased 00:28:18 and you know in effect there was a transfer of public wealth uh two to private wealth holders and that's a you know that's a very important evolution which you see the most extreme case of course will be russia and post communist country where you know you just transfer all the public wealth and you make oligarchs out of nothing but in fact we've all you know all countries have had 00:28:42 this kind of trajectories over the recent decades so that's really an important part of the story that i've been trying to tell so you know again i i don't think we have any disagreement on this
!- Thomas Piketty : privatization's impact in the last 4 decades - in summary, marketable assets that belonged to the public domain 3 to 4 decades ago in the average country around the world was 25 to 33 % and today it is zero or in some cases negative.
!- Hudson's comment : privatization was the biggest transfer of wealth in history - to the elites - This transfer is what created many of today's billionaires
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it's what i write about and that is why what is it that has created this uh uh disparity and why is it widened so much since 1980. well the most obvious reason is uh interest rates reached a peak of 20 in uh 1980 and they've gone down ever since well in the late 1970s uh my old 00:16:50 boss's boss at chase manhattan paul volcker said let's raise interest rates to very high because the 99 are getting too much income their wages are going up let's uh raise interest to slow the economy and that will prevent wages from going up and he did and that was a large uh reason why carter lost the the election to ronald reagan interest rates then went down from 20 to almost 0 00:17:20 today the result was the largest bond market boom in history bonds went way up in price the economy was flooded with bank credit and most of this credit uh apart from going into the bond market went into real estate and there is a uh symbiosis between finance and real estate and also between finance and raw materials and also like oil and gas and minerals uh extraction natural resource 00:17:48 rent land rent and also monopoly rent and most of the monopoly rent has come from the privatization that you had from ronald reagan margaret thatcher and the whole neoliberalism uh if you look at how did this one percent get most of its wealth well if you look at the forbes list of the billionaires in almost every country they got wealth in the old-fashioned way from taking it from 00:18:13 the public domain in other words privatization you have the largest privatization and transfer of wealth from the public sector to uh the private sector and specifically to the financial sector uh in in history uh sell-offs and all of a sudden instead of uh infrastructure uh public health uh other uh basic needs being provided at subsidized rates to the population you have uh privatized 00:18:41 owners uh financed by the banks raising the rates to whatever rate they can get without any market firing power uh in the united states the government is not even allowed to bargain with the pharmaceutical companies for the drug prices so there's been a huge monopolization a huge privatization a huge flooding of the economy with credit and one person's credit is somebody else's 00:19:11 uh debt so you you've described the one percent's wealth in the form of uh savings but uh i focus on the other side of the balance sheet this one percent finds its counterpart in the debts of the 99 so the one percent has got wealthy by indebting the 99 uh for housing that is soared in price 20 00:19:37 uh just in the last year in the united states uh for medical care for uh utilities for education uh the economy is being forced increasingly into debt and how how can one uh solve this taxation will not be enough the only way that you can uh actually reverse this uh concentration of wealth is to begin wiping out uh the debt if you leave the debt in place of the 99 00:20:10 uh then uh you're going to leave the one percent savings all in place uh and these savings are largely tax exempt uh so basically i think you you uh left out the government's role in this wealth creation of the one percent so your finance has indeed grown faster than economy absorbed real estate into the finance insurance and real estate sector the fire sector finances 00:20:39 absorb the oil industry the mining industry and it's absorbed most of the government so the financial wealth has spilled over to become essentially the economy's central planner it's not planned in washington or paris or london it's planned in wall street the city of london and the paris ports the economy is being managed financially and the object of financial management 00:21:04 isn't really to make money it's capital gains and again as your statistics point out capital gains are really what explains the increase in wealth you don't get rich by saving the income rent is for paying interest income is for paying interest you get rich off the government basically subsidizing an enormous increase in the value of stocks the value of bonds by the central 00:21:31 banks which have been privatized and uh the reason that this is occurring is that uh the largest public utility of all money creation and banking is left in private hands and private banking in the west is very different from what government banking is in say china
!- Michael Hudson : Wealth is created in the 1% through privatization and loss of the 99% - Largest transfer of wealth in history from the public sector to the private sector, especially through financial sector - govt fire sale of public infrastructure - credit was created and invested in the biggest bon market boom in history - many of Forbes billionaires got rich through such privatization - the 1% got wealthy by indebting the 99% through privatization all around the globe - this was the effect of Ronald Reagan and Margaret Thatcher's neoliberal policies - taxation alone is not sufficient to reverse this wealth concentration, the debt has to be completely wiped out
!- key statement : the elite get rich off the government subsidizing an enormous increase in the value of stocks the value of bonds by the central bank which have been privatized. The reason THAT is happening is because the largest public utility of all, money creation and central banking has been privatized.
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to get rid of monopoly rent you have to return basic key uh infrastructure to the public domain where it was before 1980 so that uh basic needs can be supplied at low prices not uh creating monopoly for uh the one percent uh and i guess i'm saying you have to realize that finance has used as well 00:25:12 to take over the economy and this has to be reversed uh because uh once you have uh wealth taking the form of uh claims uh loans and claims on other people's debt we'll count you up compound interest any rate of interest is a doubling time and compound interest is always going to grow faster than the economy's real growth and the only way to prevent this isn't 00:25:37 simply to lower the interest rate which you've done today 0.1 uh the only solution is to wipe out the overall debts that are stopping economic growth and these debts are the savings of the one percent the good thing about cancelling debts is you cancel the savings of the one percent and as long as you leave these savings in place there's not going to be a solution
!- Michael Hudson : reverse privatization and wipe out debt - returning the public infrastructure sold off to companies after 1980 back to the public to get rid of monopolies who gouge the public - cancel all debt so that the savings of the 1% cannot continue compound growth trajectory
Tags
- Ronald Reagan
- Michael Hudson
- Margaret Thatcher
- Thomas Piketty
- largest bond market boom in history
- reverse privatization to eliminate monopolies
- privatization
- privatizing money creation
- public to private sector wealth transfer
- neoliberalism
- cancel all debt to eliminate savings of the 1%
Annotators
URL
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- Jan 2022
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www.efsyn.gr www.efsyn.gr
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Το δίκτυο αυτό το συντηρούσε έως τώρα η ΕΥΔΑΠ, αλλά πλέον θα κληθεί να πληρώσει για τη χρήση του, συν το γεγονός ότι πρόσφατα δέχθηκε να πληρώσει 157 εκατομμύρια ευρώ στο Δημόσιο για το αδιύλιστο νερό που πήρε μέσω αυτών των αγωγών κατά τα έτη 2013-2020.
Ετσι ξεπουλούν τα ασημικά της χώρας: με αυυθαίρετους νόμους κ λογιστικές αλχημείες φεσώνουν τις Δημόσιες Επιχειρήσεις, καταστώντας τες προβληματικές, κ ύστερα αναζητούν ιδιώτη επενδυτή, φίλο τους και Άριστο, να τις αγοράσει σε τιμή ευκαιρίας.
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- Aug 2019
- May 2019
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scholar.googleusercontent.com scholar.googleusercontent.com
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el debate actual de los estudios urbanos críticos sobre la forma como el neoliberalismo ha moldeado las ciudades a favor de lógicas mercantiles, afectando los espacios colectivos que estructuran la ciudad, poniendo en evidencia tensiones urbanas referentes al control y usufructo del suelo urbano por cuenta, en este caso, de grupos con poder sociopolítico y económico.
Es una de las problemáticas centrales que se presentan en la actualidad, guiada por los grupos de poder en beneficio propio, sin contemplación de los espacios abiertos de usos colectivos (áreas verdes); depredando el territorio, demostrando la problemática de las ciudades y su falta de espacios de interrelación, que deben ser analizadas de manera oportuna.
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- Dec 2018
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robinderosa.net robinderosa.net
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The Future of the Public Mission of Universities
A compelling tour through the financial and human impacts of various initiatives to privatize public infrastructures — including public education.
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- May 2018
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generousthinking.hcommons.org generousthinking.hcommons.org
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Privatization of the public good that was higher education in the United States has been described by Chris Newfield as academia’s “great mistake.”
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- Apr 2018
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www.theguardian.com www.theguardian.com
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Despite its high price, it has glaring flaws. It doesn’t seem to communicate with other software, like Moodle, the open-source learning platform that provides students with resources for their modules. There are disparities between the number of students registered on each module and the number this system says attend classes. This disempowers lecturers from properly monitoring attendance – especially that of the more elusive students.
More privatization of HE..
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- Dec 2017
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www.insidehighered.com www.insidehighered.com
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www.scribd.com www.scribd.com
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GoFundMe for College A Guidebook to Help Students Pay for Tuition and Other College Expenses
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- Nov 2017
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www.insidehighered.com www.insidehighered.com
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My blossoming hope is that we can use some of the tools and rhetoric of open to build a public response to the crisis in American public higher education. OER can help us conceive of how the public can generate the materials it needs to support its education, and can help us center access as a key component of any equitable learning environment.
How can or will institutions better internally support public education in ways that improve access and equity VS. outsourcing personnel, services, platforms, etc. which further adds to the problematic privatization issue.
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- May 2017
- Sep 2015
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hypothes.is hypothes.is
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Gov't to review bill on Peru's largest oil field, president says Published September 21, 2015EFE The Council of Ministers will review a bill approved by Congress that would allow state-owned Petroperu to operate Lot 192, the largest oil field in Peru, President Ollanta Humala said.
"We're within the timeframe and we're going to resolve this once we have the reports and, given how delicate this matter is, it's going to be looked at by the Council of Ministers," the president said in an interview with state-owned TV Peru.
The government opposed the approval of the bill by Congress on Sept. 4, arguing that the move would require the spending of public funds and that Canada's Pacific Stratus Energy had already received a two-year concession for Lot 192.
Argentina's Pluspetrol operated the field from 2001 until July, but the company was the target of frequent criticism from residents, who claimed land had been polluted and the oil company failed to carry out environmental remediation work it had agreed to.
"We have to strengthen Petroperu, but not try to destroy it. So, we have to give it the opportunity to gradually take on greater responsibilities," Humala said.
The environmental and land claims made by Indian communities around Lot 192, located in the northern Amazonian region of Loreto, are "legitimate," the president said.
Lot 192, located near the Peruvian-Ecuadorian border, accounts for 17 percent of Peru's oil production.
About 11,000 barrels per day (bpd) of crude are pumped from 16 wells in Lot 192. EFE
Tags
Annotators
URL
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- Feb 2014
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s3.amazonaws.com s3.amazonaws.com
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The limit of any property rights that can be claimed in this manner are defined in the ‘Lockean Proviso’ which states that the aforementioned process of establishing private property only operates “when there is enoug h, and as good, left in common for others” (Bogart, 1985, p. 828; Locke, 1690, Chap. V, Sect. 27).
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The Privatization of the Natural State Proponents also invoke Locke’s discussion of the making of private property from the natural state by the joining of one’s efforts to the natural state (Menell, 1999, p. 129). The argument goes that authors (ar tists, inventors, etc.) join their efforts to the natural state of undefined ideas, and through their efforts arrive at an intellectual work; and by that effort, they may make a legitimate claim on that intellectual work as their property (Menell, 1999, p. 129; Locke, 1690, Chap. V, Sect. 26).
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