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Systemic Fragility in the Global Economy Paperback – January 1, 2016
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"Systemic Fragility in the Global Economy offers a penetrating analysis of economic stagnation in advanced economies by providing a sustained and systemic focus on the role of finance, an analysis that probes further than mainstream economic analysis. Rasmus has made a signal contribution to contemporary economics and provided a vitally important X-ray of the political economy of stagnation.." -- Jan Nederveen Pieterse, University of California Santa Barbara, in Journal of Post Keynesian Economics, 2017
"Systemic Fragility in the Global Economy (2015) ... not only provides a theoretically-informed, empirically-grounded diagnosis but also offers a wide-ranging set of policy recommendations aimed at progressive movements... The case studies of the USA, Europe, Japan and China are excellent, typically contrarian, and highly teachable. Many important and provocative arguments and points are made in passing in these studies and they are strengthened by the more sustained theoretical analyses that follow. A major contribution is the analysis of the complexity of shadow banking, an ill-defined term of art in most of the literature." -- Capital & Class, Vol. 40, No. 2, June 2016
"This is a great book and the substantial effort it takes to read it is well worth it. It is both a compelling economic history and a call for change...Rasmus does describe the necessary tools to bring back a real economy of real jobs and real income growth for all but the lower 90% are so beaten, atomized, and misled that a global explosion on the level of the 1930's Great Depression is almost inevitable." -- David R. Baker, Business Reporter, San Francisco Chronicle
About the Author
Dr. Jack Rasmus is the author of several books on the USA and global economy, including Epic Recession: Prelude to Global Depression, 2010, Obama's Economy, 2012, and An Alternative Program for Economic Recovery, 2012. He hosts the weekly New York radio show, Alternative Visions, on the Progressive Radio network; is shadow Federal Reserve Bank chair of the 'Green Shadow Cabinet' and economic advisor to the USA Green Party's presidential candidate, Jill Stein. He writes bi-weekly for Latin America's teleSUR TV, for Z magazine, Znet, and other print & electronic publications.
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For decades, the neo cons have used every possible economic club to beat the lower 90%: low growth, no growth; stagnating incomes; busted unions; no benefits, no pensions; cash starved public schools, cities, counties, and states; shipping all the real jobs overseas-------what remains here are part time, contingent, low paid service jobs. The young are saddled with a trillion dollars of student loans which won’t be paid off until old age, if then. Budget busting deficit spending to fund wars and destroy social security and medicare and force austerity. Ruthless regressive taxation and an upside down economy that shoots all new income growth straight up into the pockets of the top 5%.
When the global economy collapsed in 2007 through 2009, Bernake and other bankers “helicoptered” trillions of free dollars into the banks and other major corporations but this monetary policy has gone nowhere to revive the real economy. The economic destruction of the lower 90% has set up negative feedbacks and what is called monetary policy [pumping trillions into banks and other corporate entities] doesn’t provide real jobs or income growth. Rasmus calls these negative feedback systems systemic fragility. But what monetary policy has provided is trillions of dollars of free money for the banks and others to speculate in an obscene array of financial assets. Hence Bernake and other banlers have never stopped pumping more and more trillions into the global economy and the result is what Rasmus calls a “money parade” of a hundred trillion dollars that is turning casino capitalism into a world wide web of defacto Ponzi schemes. Rasmus does describe the necessary tools to bring back a real economy of real jobs and real income growth for all but the lower 90% are so beaten, atomized, and misled that a global explosion on the level of the 1930's Great Depression is almost inevitable.