A double bust finding : "By our measurement, the trough in both com- modity and capital flow cycle dates to 1999 and the peak came in 2011, followed by a severe bust. This boom episode was the second longest boom in real commodity prices since the late eighteenth century and one of the four longest capital flow booms since 1815"

Capture the DP power core but bring along some new economic thinkers

This capture of the DP commanding heights needs a new economic think tank
Drawn “broadly ” from the several currents of real progressive economists

As a macro economist I see the necessity to re found macro policy

We have fore fathers
like Kalecki Lerner and Vickrey
And a wide range of contemporaneous eclectic allies
From the likes of theorist joe Stiglitz to policy Merlins like bobby Reich and Jamie Galbraith

Obama built his policy team basically out of inherited Clinton cadre
They must be pushed out …completely

Example
Senators Warren or Brown or Sanders
Despite rooted job class orientations
Lack 
a real economics brain trust 
 steeped in potential progressive best practices

"Low taxes merely liberated income from taxation to pay for higher levels of debt service, "

Nice little card trick of our times

"Social democracy and market liberalism offered different solutions to the same problem: how to provide for life-cycle dependency. Social democracy makes lateral transfers from producers to dependents by means of progressive taxation. Market liberalism uses financial markets to transfer financial entitlement over time. Social democracy came up against the limits of public expenditure in the 1970s. The ‘market turn’ from social democracy to market liberalism was enabled by easy credit in the 1980s. Much of this was absorbed into homeownership, which attracted majorities of households (and voters) in the developed world. Early movers did well, but easy credit eventually drove house prices beyond the reach of younger cohorts. Debt service diminished effective demand, which instigated financial instability. Both social democracy and market liberalism are in crisis."

Oxbridge take on the past 40 years

Capitalists dictate prosperity or misery

Rog farmer uses wealth to drive spending around not income

He relies on beliefs about the future !

Beliefs in a future prosperity are self fulfilling
Similarly beliefs in future dirth are self fulfilling

He grabs the easiest existing ready to hand lever to move this system

The stock market

Essentially he surrenders the system to the capitalists
Motivating their firm level spending
thru state manipulation
           of the equity value
                   of public corporations  !

Flash back pause : Ken's hierarchy of systems

1. Frameworks. The geography and anatomy of the universe : the patterns of electrons around a nucleus, the pattern of atoms in a molecular formula, the arrangement of atoms in a crystal, the anatomy of the gene, the mapping of the earth, etc.
2. Clockworks. The solar system or simple machines such as the lever and the pulley, even quite complicated machines like steam engines and dynamos fall mostly under this category.
3. Thermostats. Control Mechanisms or Cybernetic Systems : the system will move to the maintenance of any given equilibrium, within limits.
4. Cells. Open systems or self-maintaining structures. This is the level at which life begins to differentiate itself from not life.
5. Plants. The outstanding characteristics of these systems (studied by the botanists) are first, a division of labor with differentiated and mutually dependent parts (roots, leaves, seeds, etc.), and second, a sharp differentiation between the genotype and the phenotype, associated with the phenomenon of equifinal or "blueprinted" growth. 
6. Animals. Level characterized by increased mobility, teleological behavior and self-awareness, with the development of specialized 'information receptors (eyes, ears, etc.) leading to an enormous increase in the intake of information.
7. Human Beings. In, addition to all, or nearly all, of the characteristics of animal systems man possesses self consciousness, which is something different from mere awareness.
8. Social Organizations. The unit of such systems is not perhaps the person but the "role" - that part of the person which is concerned with the organization or situation in question. Social organizations might be defined as a set of roles tied together with channels of communication. 
9. Trascendental Systems. The ultimates and absolutes and the inescapable unknowables, that also exhibit systematic structure and relationship. 


Beware cloud 9 !!! 

Spencer's "varied reiteration " as the method of class dictatorship