Why Coronavirus Could Spark a Capitalist Supernova
Capitalism now faces the deepest crisis in its several centuries of existence. Why is supernova–the explosion and death of a star–an apt metaphor for what could now be about to unfold?
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When Economists Try to Solve Health Crises, the Results Can Often Be Disastrous
Justin Podur I’m writing this at 585,000 worldwide active cases, 26,000 deaths, and with only China and Korea seemingly under some sort of control (using a social metric tool, Worldometer). The stimulus package announced by the U.S. government is at $2 trillion, but without job protections, rent freezes, or meaningful income support for most…
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Is Capitalism a Disease?
Richard Levins The scientific tradition of the “West,” of Europe and North America, has had its greatest success when it has dealt with what we have come to think of as the central questions of scientific inquiry: “What is this made of?” and “How does this work?” Over the centuries, we have developed more and…
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Argentina: President Fernandez Prohibits Layoffs for 60 Days
Courtesy: Telesur Argentina’s President Alberto Fernandez Tuesday published a decree that prohibits the layoffs and suspensions of workers for 60 days. This decision is part of a package of measures aimed at sustaining economic activity amid mandatory quarantine. More specifically, the decree prohibits dismissals without just cause, dismissals for lack or reduction of work, and…
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Catastrophe Capitalism: Climate Change, COVID-19, and Economic Crisis
John Bellamy Foster interviewed by Farooque Chowdhury [In the backdrop of the ravaging coronavirus pandemic, John Bellamy Foster, editor of Monthly Review, the famous socialist magazine, discusses the pandemic in relation to the present condition of capitalism and economic crisis in the following interview conducted by Farooque Chowdhury in late-March, 2020.] Farooque Chowdhury: You have…
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Why is the U.S. so Exceptionally Vulnerable to Covid-19?
Nicolas J.S. Davies The United States has become the new center of the global coronavirus pandemic, with over 80,000 cases, more than China or Italy. More than a thousand Americans have already died, but this is surely only the very beginning of this deadly collision between the U.S.’s exceptionally inadequate public healthcare system and a…
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Unsanitized: Bailouts, A Tradition Unlike Any Other
David Dayen, March 25, 2020 Twelve years ago, banks asked for a bailout after years of irresponsible, highly leveraged lending. The Treasury Department put out a three-page term sheet seeking money from Congress with no strings attached, even eliminating judicial review. Democrats balked, called it a slush fund and worse, then agreed after a few…
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Wall Street Wins, Again: Bailouts in the Time of Coronavirus
Jake Johnson, Nomi Prins [This article has been edited by us, using additional inputs from the following articles: Alana Abramson, Philip Elliott, March 25, 2020, President Trump Signs $2.2 Trillion Coronavirus Stimulus Package Into Law, https://time.com Jack Rasmus, “US Senate’s Final Stimulus Bill: Why It Won’t Be Enough”.] President Donald Trump signed a historic $2.2…
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After Bloody Day, Coronavirus Meltdown Continues
Yves Smith There are so many wheels coming off that analysts and the business press is on coronavirus crisis overload. And unlike 2008, the Fed can’t save anyone from the Grim Reaper. Due to being time constrained, we’ll give only a broad brush treatment. As bad as things look, the press is oddly underplaying…
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The COVID-19 Debt Deluge
Jayati Ghosh Pandemics like COVID-19, alarming and destructive as they are, can serve a useful purpose if they remind everyone of the critical importance of public health. When a contagious disease strikes, even a society’s most protected elites must worry about the health of neglected populations. Those who have advocated privatisation and cost-cutting measures…
