Joe Rogan and Jimmy Dore talk about Barack Obama, Hillary Clinton, and Donald Trump.
Why Bitcoin & Crypto Is Not The Future (Ex-Citigroup Global Chief Economist Willem Buiter)
We speak to Willem Buiter, Global Chief Economist at Citigroup (2010-2018). In contrast to our interview with Bitcoin.com founder Roger Ver, Willem Buiter argues Bitcoin and other cryptocurrencies are essentially is an environmentally unfriendly, speculative fiat currency with no use countries trying to evade Western economic sanctions. He also disputes that it can be used as a currency and discusses why there won’t be mass-scale adoption.
Citigroup’s “Plutonomy Memo” (2005)
We will posit that: 1) the world is dividing into two blocs – the plutonomies, where economic growth is powered by and largely consumed by the wealthy few, and the rest. Plutonomies have occurred before in sixteenth century Spain, in seventeenth century Holland, the Gilded Age and the Roaring Twenties in the U.S. What are the common drivers of Plutonomy? Disruptive technology-driven productivity gains, creative financial innovation, capitalist-friendly cooperative governments, an international dimension of immigrants and overseas conquests invigorating wealth creation, the rule of law, and patenting inventions. Often these wealth waves involve great complexity, exploited best by the rich and educated of the time.
2) We project that the plutonomies (the U.S., UK, and Canada) will likely see even more income inequality, disproportionately feeding off a further rise in the profit share in their economies, capitalist-friendly governments, more technology-driven productivity, and globalization.
3) Most “Global Imbalances” (high current account deficits and low savings rates, high consumer debt levels in the Anglo-Saxon world, etc) that continue to (unprofitably) preoccupy the world’s intelligentsia look a lot less threatening when examined through the prism of plutonomy. The risk premium on equities that might derive from the dyspeptic “global imbalance” school is unwarranted – the earth is not going to be shaken off its axis, and sucked into the cosmos by these “imbalances”. The earth is being held up by the muscular arms of its entrepreneur-plutocrats, like it, or not.
How Wall Street Gave Us Trump w/Michael Hudson
Economist Michael Hudson explains how economics lead to Trump and the need for Revolution.
You can’t rule in favor of the Wall Street donor class and still have a recovery.