I.Free Market Neoliberal Economic Orthodoxies Wrong
A. Finance does affect real economy.
B. Finance system can falter.
C. Many economist wrong because of politics. see Fake News Warning 7
II. Real Economy Trade Imbalances did not cause
the 2007-2008 FINANCIAL CRASH
A. The earlier Dotcom Bubble Crash
did not cause a banking crises because investors took the loss.
B. World trade imbalances, the Balance of Financial Terror
were not the root cause the crash.
1. U.S. negative trade balance, as many predicted,
did not cause assets and a dollar crash.
a. As of 6/18 both have appreciated.
b. See The New Financial Geopolitics:
Post-Cold War Geopolitics in a World of ‘Long and Low.’ 96 min
2. Loans to Greece from
Germany's trade surpluses
were not the problem
III. Almost all banks were very highly leveraged
with substantial short term $ borrowing and
Euro collateral needed for daily operations
A. When Lemans $180 billion over-nigh funding needs were
not met by the International Funding Market, the entire market crashed.
1. Worldwide credit flows stopped and ATMs would soon be empty.
2. Bad housing loans were not the problem, rolling over short term
daily funding dollar needs with poor mortgage debt as collateral
immediately would quickly crash the entire financial system.
B. Credit stopped
Credit-default swaps created to safeguard the resulting low credit rating housing
loans were exempted from regulation by the Gramm-Leach-Bliley Act .
It repealed banking industry safeguards provided by the Glass-Steagall Act.
4. Few banks had dollar
reserves to meet the needs
of the banking and corporate world.
5. Walls Street's model
of an extremely leverage wholesale
IV. Is FED Involvement in
a Geopolitical World Appropriate?
IV. Is FED Involvement in a Geopolitical World Appropriate?
V. Stability Requires Dollar Supremacy
A. World trade is stable because the world, through
B. Dollar investments are dependent on high Intellectual
2. These profits are politically dependent on
intellectual property rights
C. Distribution of these profits has resulted into an increase inequality of income.
D. Trump's disrupting this process has many academics apprehensive.
I. Development ofIlliberal Democracy
1. Foreign Policy Failures of Developed Democracy
enhanced by U.S. foreign policy failures i.e. Middle East wars
2. Non-Liberal Democracy success, especially China
3. Poor Liberal Democracy Performance i.e. economic
slowness, immigration concerns, wealth accumulation
B. Definitions, nominal
1. States: monopoly on the legitimate use of force.
from Max Weber States are about Power!
2. Rule by Law: sovereignty sets the law i.e. China
3. Rule of Law: sovereignty responsible to same laws
as the governed. Laws limit power.
4. Democratic Accountability requires free political parties
with guarantee substantive accounting and a governments
that serves the entire population, not just the rich and the poor.
Liberals missed this effect of their policies.
Everyone Got More, Some Just Got More More Than Others!
C. Modern Political System
1. Generate tremendous power limited by the rule of law and is democratically accountable
2. Patrimonialism: rulers own political system, resources , distribute wealth Who You Know
3. Neo-Illiberal States:
look democratic, limited representation,
leaders follow the money
D. U.S. Failures
at State Building
Ukraine: got a liberal democracy from the
Orange Revolution of 2004-5,
India: Very democratic but can't
progress to a modern
state because it
Greece: got a democracy in 1974 but developed into a
See Crisis of Capitalism Understood 11 min video
II. Three Main Forces Are Blowing Up Global Politics
Steve LeVine Axios summary by author/editor Walter Antoniotti firstname.lastname@example.org
A Trio of independent disruptions
Immigrants, globalization, and establishment Leaders/institutions created dissatisfaction.
America's 1 dissatisfaction Spread to Europe causing two years of volatile pubic fury.
Unpredictable disruption to Europe and Western Culture is possible.
Status and Social Cultural Apprehensionseventually led to disruptions.
This caused effected groups to lash out in a tribal like response.
An End to a Post WW II U.S. Led Moderation is seen by some to be causing
1. Great power conflict returning to early Cold War levels
2 Declining world wide economic prosperity
All three disruptions could last years Axion reportedhere, here and here.
Optimistic leaders thought and even hoped Trump, Brexit, or something else
would help moderate continued disruptions.
Disruption modification related to Trump, Brexit, and immigrantswill be difficult.
1. No opposing stability force seems forthcoming
2. An aging and shrinking developed world's population reinforces disruptive forces.
3. AI is increasing worker employment anxiety.
3. Climate change is increasing leader concerns.
European Threats 8/18
Editor's Thoughts: Is it Possible This is About Self Esteemed?
Would a more Federalist Approach decrease the animosity
Summarized of Understanding Right and Left Populism by Samir Gandesha
an Associate Professor in the Department of the Humanities and the
Director of the Institute for the Humanities at Simon Fraser University.
1. Growth of Populism
Right-wing populist parties in Austria, Hungary, and Poland
Also in Erdogan's Turkey
2003, Modi's India 2014, Trump's American
The 2011 Tahrir Square generated
was short lived
Latin America Bolivarian, Venezuela Bolivia and Argentina
Focus on two populism helps understand the
Empirical study by Norris and Inglehart (2016)
Theoretical account by Ernesto Laclau (decades) saw an
2. Populism:Economic Insecurity or Cultural Backlash?
Three distinct elements
2) authoritarianism vs. 2) liberalism
3) nativism vs. 3)osmopolitanism
Two distinct axes: economic and cultural
1) the rules of the game
Norris and Inglehart argue that the latter is the most convincing
One wonders whether the authors don’t seriously underestimate the threat
3. Neoliberal globalization is comprised of four processes:
1) accumulation by dispossession
Together they have increased economic
and cultural anxiety
Anxiety from neoliberal globalization has ammunition from right and left populists.
Neither Norris and Inglehart nor Laclau adequately account for
“the people” are differentially deployed by right and left and they
Right populism defines "the people" as those confronting anexternal enemy.
1) Islamic terrorism
3) European Commission,
4) International Jewish Conspiracy ...
Left populism defines “the people” as social structures/institutions
1) state and capital that thwart its aspirations for self-determination
2) allows hospitality towards the other
defines the enemy
in personalized terms
Populism is not an economic distribution complaint,
It is not just about wage stagnation and loss of jobs
It is about disempowerment, social exclusion, unfairness, and humiliation.
Many Trump Populists seek recognition,
having a meaning,
from M. Sandel: Populism, Trump, and the Future of Democracy
Important Question: is
Kantian Morality Enough for the Public Sector,
Should public discussion go beyond safe
and delimiting morality
Should respect for work and be part of the discourse?
Should competing conceptions of the "good life" be on the table of public discussion?
Update from Ian Bremmer
Populism in Europe & America 1/24/19
Editor's Note: Michael wants more that Kant. Kant is enough.
Michael Aandel is a lot of
Charles Murray who is basically correct,
Extreme conservatives want too much control, extreme liberals want no control
Insecurity may need more attention by populist theory.
These are key to understanding the difference between right and left forms of populism
Nazism And Neoliberal Mythmaking