Michael Hudson at New Economic Perspectives points us to the difference between the overall economy and the financial sector: When politicians let the financial sector run the show, their natural preference is to turn the economy into a grab bag. And they usually come out ahead. That’s what the words “foreclosure,” “forfeiture” and “liquidate” mean […]

The Financial Times points us to the G-20 communique abandoning stimulus because “they recognize financial market concerns”: Finance ministers from the world’s leading economies ripped up their support for fiscal stimulus on Saturday, recognising that financial market concerns over sovereign debt had forced a much greater focus on deficit reduction. The meeting of the Group […]