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Showing posts with the label economics

GameStop

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On crowdfunding website Kickstarter, 57,502 gaming projects have raised $1.37 billion dollars as of January, 2021. In fact, the most successful crowdfunding project raised $300 million (and counting) for Star Citizen, a computer game. GameStop is a crowdfunding project. Along with the recent increase in the value of bitcoin, from $3,000 to $42,000 (low to peak in 2020), this points to the main problem with economics and finance: these "fields" serve the needs of a small, non-minority group of people. They are also, at core, racist and dishonest. We pointed this out some time ago in comments to the US Securities and Exchange Commission: December 22, 2003 "Envy, hatred, and greed have flourished in certain capital market institutions, propelling ethical standards of behavior downward. Without meaningful reform, there is a small (but significant and growing) risk that our economic system will simply cease functioning." http://www.sec.gov/rules/proposed/s71903/wmccir122

Economic and Social Costs of "Reopening"​ America

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A sking "mainstream" economists about reopening the economy in the face of the current crisis is unlikely to generate useful advice. These are the same people who missed the 2008 financial crisis (page 6, top) and were unable to predict the election of Donald Trump in 2016. An independent view on the economic impacts of the Coronavirus, informed by relevant insight from American history – in this case, Black Wall Street/Tulsa, Oklahoma, may better explain the exact nature of the problem the country now faces. The Greenwood District in Tulsa, Oklahoma was one of the most prominent concentrations of African-American businesses in the United States. It was razed to the ground in the Tulsa race massacre of 1921, in which white residents massacred as many as 300 black residents, injuring hundreds more. Our analysis starts by comparing the economic devastation wrought by this incident to that of the coronavirus, since, like the virus, business properties were rendered uni

On tarriffs, Goldman Sachs, economics and why the right is wrong

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More #RealityCheck 3.8.18 - William Michael Cunningham @onwurd Radio on #SoundCloud #np https:// soundcloud.com/onwurd/reality -check-3818-william-cunningham?utm_source=soundcloud&utm_campaign=share&utm_medium=twitter   … #tarriffs #goldmansachs #economics