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Two Fictions of Mainstream Economics. 45 Million US Workers Unemployed
User ID: 50025069
06/02/2020 10:23 PM
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Mainstream economics consistently fails to predict the future. I’m talking about those ‘schools’ of mis-thought, ranging from Paul Krugman on the ‘left’ to Glenn Hubbard and other apologists of business and neoliberalism on the ‘right’.
One of the favorite myths they perpetrate is that ‘wages are sticky downwards’. That means that in conditions of recession or worse, because workers won’t accept lower wages the recession tends to continue. If only workers would allow wage reductions it would mean business would have more disposable income (from wage cost savings) on hand. Business would then reinvest the extra income. Investment would rise. Workers would be rehired. Wage income would then recover and the economy would grow from more investment and consumption.
This fiction has ruled for more than a century. The economist John Maynard Keynes debunked it in the 1930s. But it was retained by the mainstream economics profession nonetheless, even to this day. Just read most of the entry college level textbooks. It’s still there. Along with at least a dozen other false propositions (like free trade benefits all; inflation is caused by too much money chasing too few goods; income inequality is due to workers not educating themselves and making themselves more productive; business tax cuts create jobs–and a host of other nonsense statements with no support in reality.
The notion that ‘wages are sticky downward’ is a clever way to argue that workers are responsible for the lack of a quick recovery from a recession. If they only would reduce their wages it would all be ok in a short while.
------------------ much less than a 50% snip-----------
Source: [link to www.globalresearch.ca (secure)]
I did not know about the wage reductions BS that the MSM apparently has been demanding for ALL American workers to even get their old jobs back. This is all new news to me! To me even if Americans begrudgingly accept a wage reduction just to get back to work this will be your complete doom almost immediately. The Illuminati and your employers will know that you are so much of a slave in every way possible that they will be able to forcibly transform you into a Third Worlder and you will do literally nothing but comply to the best of your abilities to your permanent Third World transformation. To me, guys... you are vastly better off jobless than to ever go back to work based on this "Reduced Wages" BS.
Conspiracy Theorist is nothing more than a derogatory title used to dismiss a critical thinker.
"Today, America would be outraged if U.N. troops entered Los Angeles to restore order [referring to the 1991 LA Riot]. Tomorrow they will be grateful! This is especially true if they were told that there were an outside threat from beyond [i.e., an "extraterrestrial" invasion], whether real or promulgated, that threatened our very existence. It is then that all peoples of the world will plead to deliver them from this evil. The one thing every man fears is the unknown. When presented with this scenario, individual rights will be willingly relinquished for the guarantee of their well-being granted to them by the World Government.” - Dr. Henry Kissinger, Bilderberger Conference, Evians, France, 1991
"Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as internationalists and of conspiring with others around the world to build a more integrated global political and economic structure; one world, if you will. If that's the charge, I stand guilty, and I am proud of it." - David Rockefeller
"The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries... We are on the verge of a global transformation. All we need is the right major crisis, and the nations will accept the New World Order." - David Rockefeller
There's a film about Bill Gates when he was a little boy. It's called The Omen. -- Didmoore the Undone (YouTube comment)
A time is coming when men will go mad,
and when they see someone who is not mad,
they will attack him, saying,
'You are mad; you are not like us."
-- St. Anthony The Great
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford