Tag: Benjamin Kunkel

Sweet ’16: Notes on the US Election

by Benjamin Kunkel The acute capitalist crisis of 2008 has in the years since developed into a chronic complaint, to be managed but not overcome. In wealthy countries, ultra-low interest rates prop up consumer spending and, for investors, prolong the ‘asset-price Keynesianism’ described by Robert Brenner in the 2000s: the money conjured into being by government deficits no longer boosts the economy, through public investment and purchases, in the way of old-fashioned Keynesianism, but takes the form of cheap loan capital, which (funnelled through private banks or wagered on a bank’s own account) inflates the prices of stocks, bonds, and other

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Celebrity Apprentice: Notes on the US Election

by Benjamin Kunkel The acute capitalist crisis of 2008 has in the years since developed into a chronic complaint, to be managed but not overcome. In wealthy countries, ultra-low interest rates prop up consumer spending and, for investors, inflate the value of stocks, bonds, and other paper or digital assets. Swollen private portfolios induce luxury spending, and the size of the resulting wealth effect, as Alan Greenspan liked to call it, does a lot to determine what volume of crumbs spills from the banquet table in the form of worker’s wages. Because the rich spend a smaller proportion of

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