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The Great Transition
Policy news & blueprints for the transition to a new Sustainable and Social Economy
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On the link between resource scarcity, financial fraud and the failure of austerity policies

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This is an absolute must-read commentary written by Jin Chen and James Galbraith explaining how rising energy and resource constraints have led to the extreme fraudulous financialisation of global economy and why austerity policies but also a return to Keynesianism will not work.

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The Upside of Default

"... in any given year, maybe one per cent of the financial economy has anything to do with the production of real, nonfinancial goods and services.

 

The rest? It consists of ways to make money from money. That seems innocuous enough, until you remember what money actually is. Money is not wealth; it’s a system of abstract, culturally contrived tokens that we use to manage the distribution of real goods and services. A money system can simplify the process of putting energy, raw materials, labor, and other goods and services to work in productive ways; that’s the reason we have money, or rather the reason most of us are prepared to discuss in public. That’s not what the other 99% of the world’s financial assets are doing, though. They are there to ensure that the people who own them have disproportionate, unearned access to real, nonfinancial goods and services."

 

John Michael Greer's brilliant analysis of the current financial crisis with some very valid lessons and predictions for the Eurozone. Must-read.

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Europe proposes banking union to ease debt crisis

As Europe's debt crisis intensifies, top officials say the continent urgently needs a central authority with the financial muscle to fix its broken banks.

 

The flight forward for EU leaders: a "banking union". Finally full recognition that THIS European "Union" has always been a Europe for capital, never for labour and citizens. As long as things went well, we got the crumbs from the tables of the rich, now they send us back to the poor houses and debtors' prisons.

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Difficult Labour: the birth of the financial transaction tax

"Video "Difficult Labour" for the financial transaction tax of Oxfam Germany with Heike Makatsch, Mark Waschke, Stephan Grossman & Rike Eckermann."

 

Brilliant and funny video on the Tobin Tax

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MIT Economist: Big Banks Have 'Hijacked' The Political Process

MIT Economist: Big Banks Have 'Hijacked' The Political Process | The Great Transition | Scoop.it
A prominent economist says big banks have "hijacked" the political process and now have "a leading driver's seat" in determining financial regulation.

 

Daron Acemoglu (author of "Why nations fail") explains in this short article in the Huffington Post how the financial elites have eroded democracy.

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