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Escape From Economics

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Hudson knows the history of economic thought and economic history. Reading The Bubble and Beyond lets readers see how economic ideas developed in ways that leave economists unable to perceive the real character of the problems that are challenging them. Trapped in the matrix that they have constructed for themselves, economists are unable to devise solutions.

Hudson writes that western economies are at a turning point. GDP growth consists increasingly of the build-up of financial overhead. The wealth gains are paper gains, not gains from real plant and equipment, and are increasingly concentrated in the hands of the one percent. Financial earnings are extracted from the earnings of tangible capital and labor. Matt Taibbi captured the point with his imagery of Goldman Sachs as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."

My suggestion is that you read Hudson along with Taibbi's Griftopia, Nomi Prins' It Takes A Pillage, Gretchen Morgenson and Joshua Rosner's Reckless Endangerment, and Daly and Cobb's For the Common Good. Then if you ever do study economics, you will be armored against being ensnared in the matrix that produces economists as shills for finance capitalism, environmental destruction, and the offshoring of the economy.

Everyone always wants a solution. Hudson offers suggestions how to reconstruct the economy in order that it serves the needs of the 99% instead only of the needs of the 1%.

Get busy. Reading these books will do you much greater good than playing video games, watching TV or hanging out in bars. Our country needs a larger informed younger generation to replace the smaller informed older generation.

Note to readers: Accompanying my column today is an article in the guest section by Herman Daly (titled: "Nationalize Money, Not Banks"). For those looking for solutions to the banking crisis, this astute and highly experienced economist tells you what can be done.

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Dr. Roberts was Assistant Secretary of the US Treasury for Economic Policy in the Reagan Administration. He was associate editor and columnist with the Wall Street Journal, columnist for Business Week and the Scripps Howard News Service. He is a contributing editor to Gerald Celente's Trends Journal. He has had numerous university appointments. His book, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is available here. His latest book,  How America Was Lost, has just been released and can be ordered here.

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This is so obvious to people with observation and ... by thepiffler on Monday, Jul 30, 2012 at 12:22:31 PM
That's a lot of reading Mr. Roberts considering th... by Jack Heart on Monday, Jul 30, 2012 at 2:19:22 PM
I like your suggestions but I have a few more book... by Paul Roden on Monday, Jul 30, 2012 at 2:48:44 PM
The problem with economists is that either politic... by Sally Cranston on Tuesday, Jul 31, 2012 at 9:59:16 AM
is that its claims of being in any way scientific ... by zon moy on Tuesday, Jul 31, 2012 at 6:46:24 PM
The book "Truth in Money" is now fairly old, but r... by Toby Seiler on Monday, Jul 30, 2012 at 3:49:02 PM
Other books i would include are Web of Debt by Ell... by Ernie Messerschmidt on Monday, Jul 30, 2012 at 4:10:59 PM
I enjoyed hearing what I suspected about economist... by Eugene Patrick Devany on Monday, Jul 30, 2012 at 4:59:47 PM
How about Stephen Zarlenga's "The Lost Science of ... by Jeffrey Juran on Monday, Jul 30, 2012 at 5:08:42 PM
and co-operative businesses would go a long way in... by intotheabyss on Monday, Jul 30, 2012 at 7:47:47 PM
Paul is quite right to criticise the current way t... by David Chester on Tuesday, Jul 31, 2012 at 4:37:27 AM
The No. 1 challenge facing America, if not the Wes... by Lester Shepherd on Tuesday, Jul 31, 2012 at 9:49:41 AM
'Hudson writes that western economies are at a tur... by Mark Sashine on Tuesday, Jul 31, 2012 at 3:57:40 PM
I could get behind nationalizing either the money ... by Walter J Smith on Wednesday, Aug 1, 2012 at 4:09:22 PM
Quoting the beginning of The American Economy... by E. J. N. on Wednesday, Aug 1, 2012 at 8:27:38 PM
The article I cited,  The American Economy: ... by E. J. N. on Thursday, Aug 2, 2012 at 5:00:28 PM