We discuss the ‘if you ain’t cheating, you ain’t trying’ school of economics. ‘ In the second half, Max continues his interview with John Aziz (Twitter: @Azizonomics) about Keynesianism and what it could do for our sick economies.
The consequence of policies that exacerbate injustice, inequality and double-bind demands is a madness that will find a social and economic outlet somewhere, sometime.
We all know crazy-makers: people who make contradictory claims about reality, who say one thing and do another, who change their stories constantly to justify their own pursuit of self-interest, who demand the impossible of others while giving themselves unlimited excuses.
When they can’t change reality to suit their purposes, they change their accounts of reality, and stick with the revised stories even when they are contradictory.
This describes the entire financial structure of the U.S.: crazy-making.
Bubbles are followed by echo-bubbles, and the bursting of the second bubble ends the speculative cycle.
If we have learned anything in the past 20 years of massive asset bubbles and equally massive declines when the bubbles finally pop, it’s this: those caught up in the expansionary phase of the bubble cannot believe the bubble that’s rewarding them so richly could actually burst.
This psychology of mass delusion now dominates housing, stocks and bonds: not only is this not a bubble, the expansion will continue forever.
History, however, suggests otherwise: all bubbles burst, period.
Do our politicians believe in the societies they serve or not? The Tax Justice Network‘s Taxcast looks at making the tax returns of our elected representatives public and the inspirational achievement of journalist Umar Cheema of the Centre for Investigative Reporting in making Pakistan only the fourth country in the world to publish the tax returns of its Parliamentarians. Also: how the British general election demonstrates political capture by finance interests; libertarian paradise – the world’s newest tax haven; and is Singapore trying to shut down reporting on its tax haven status?
Featuring: John Christensen of the Tax Justice Network, @UmarCheema1 of the Centre for Investigative Reporting in Pakistan. www.cirp.pk Produced and presented by @Naomi_Fowler for the Tax Justice Network.
“A senior Finance Ministry official told me that when the government of Pakistan decided to make tax data public, they got to hear from the UK authorities that now we will come under pressure to do the same in the UK. I don’t know when they do but one should hope for the best and the Tax Justice Network must use the example of Pakistan for pressuring the authorities in London.”
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