Dr. James K. Galbraith at CEP Convention 2010

| October 8, 2010
Dr. James K. Galbraith at CEP Convention 2010
Economist Dr. James K. Galbraith spoke at the Communications, Energy and Paperworkers' 9th convention last month, where he brought delegates a message not often heard from economists – that there is a progressive response to the economic crisis.



Galbraith – the son of famed Canadian economist John Kenneth Galbraith – regaled delegates with his analysis of the roots of the economic recession that has destroyed jobs, families and communities. He said the crisis wasn’t an economic crisis but a fraud perpetrated on innocent victims.



For more highlights from CEP's convention, visit http://ceplive.ca


ceplive on livestream.com. Broadcast Live Free

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Comments

for some reason I can't play your videos (?) my problem no doubt

but really, by the time I have logged in and then laboriously retraced my steps to wherever it was I am often ready to abandon the notion - you guys are in a good position to take up at least some of the slack left by the demise of the Globe & Mail, but if you are going to do that then you have to get this site in shape, I don't mind waiting for your servers to catch up, that I understand and accept, but if you want people to use the site then you will have to get the tecchies you are employing to actually USE it so they can see how it works, they must imagine that they are users, I happen to know how hard it is to keep these nerds in line and on target, but I also know it can be done and YOU HAVE TO DO IT! (puh-leeze)

ok, Galbraith's remedies: (there is a more text oriented report here ( http://www.ceplive.ca/?p=584 )

(lord dyin' dancin' jumpin' shiverin' !!! this interface is TRUELY daemonic and diabolical !!!)

ok, Galbraith's remedies: 1) bring the perps to justice, 2) address the massive problems now (doh!?) and 3) help the victims, I trust you can see that these are rather lame remedies? even coming from such an esteemed source?

and he does not mention at all (in what I have seen) the absolute necessity of abandoning growth, as Charles Taylor (the k-k-Canadian philosopher, not the Liberian dictator) might say, we have to somehow inject the notion that there can be economies without growth into the 'social imaginary', or as you youngsters might say, get a meme on the go ... whatever, growth is the nut to crack

be well, David Wilson.

PS - yeah, get those tecchies in line or you are going to lose your audience, no one would come back here very often for this kind of annoyance, and don't even THINK of blaming my configuration somehow, my configuratiion is not soooo unique :-)

Hi David, tech question: are you saying that you can watch the livestream.com video on the CEP site and not on rabble? I'm the publisher, not a tech, but the player works fine on my system.  Drop me an email at publisher AT rabble.ca and lets see if we can sort out the problem with your viewing experience.

Jct: Is not a result of a fraud with a fun ctioning machine,

it's a systemic malfunction in the mort-gage death-gamble

where everyone has to return both the Principal + Interest

when all only borrowed the Principal into circulation.

The cause of the financial crisis was the attempted micromanagement of the economy by western central  banks  First they made interests ratest too low and that caused all kinds of malinvestment.  Now everyone is paying the piper.  The governments, and their central banks, are squarely to blame.  We are the guinea pigs.

The real culprits should be brought to justice:  our political leaders and central bank managers.  The solution is to abolish the central banks, abolish legal tender laws, and let people choose their own money.

Galbraith is an idiot if he doesn't think there's an economic crisis.

Capitalism, as John Bellamy Foster points out, is, at its vital core, "caught in a stagnation-financialization trap with no visible way out".

The financial cirisis was most certainly not caused by micromanagement of the economy by central banks. That's a very uneducated (and conspiracy laden?) view of how the economy works. Central banks have very little role other than setting interest rates. Sure low interest rates might have had a role, but these low rates have more to do with a steadfast idea of how central banks should react in a recession, which was the case when Bush took power in the US.

No need to call the ideas "conspiracy laden" and "uneducated".  Remember, central banks are given a monopoly over the setting of interest rates (which is like price controls) which, when too low, causes all kinds of chaos (such as the tech boom in the late 90's and recent housing bubble in the U.S.).  Also, they have sole control over the creation of money, the over-creation (printing) of which dilutes the existing money and eventually causes price inflation.  Inflation is like a tax which devalues our savings. 

It is the very actions of the central banks that resulted in the, um, "over-exhuberance" of investment banks and other financial speculators (sharks).  The banks knew that they would be bailed out since the central banks promise to be the lender of last resort.  Why not be reckless when you don't have to pay for the damage?

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