The features of the bill that are likely to help ordinary people were catchy and easy to understand—reduced taxes on tips and overtime pay and a higher standard deduction for the elderly on income taxes. Yet these projected revenue losses are tiny compared to those incurred by the super rich.
There are other ways to organize U.S. international trade. The neoliberal free trade of recent decades and the trade restrictions of Trumpian tariffs are not the only options.
In the 1990s and early 2000s, many emerging markets—including Mexico, Thailand, and Argentina—endured severe financial crises that began with capital flight. The special status of the dollar has protected the United States from such capital flight—so far. Read more »
Since 9/11, immigrants have become America’s most wanted—good news for the private firms and local governments that profit from their detention. Read more »
There is a sense of inevitability about the manias and panics of capitalist financial markets. The problem is that financial markets trade in unknown and unknowable future returns. Lacking real information, they are inevitably driven by the madness of crowds.
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