Stanley Dundee

Welcome from Stanley Dundee

Stanley Dundee welcomes readers and correspondents for wide-ranging enquiry in post-capitalist studies. New! Well and Truly Buried, a book review. Also Hayek's Ghost, another book review. Jump right in to Getting Money Right. Newcomers may wish to start here.

What's New

2018-12-13: The Life Cycle of Money. Also added links and text for background material in Getting Money Right.

2018-12-07: Well and Truly Buried, a book review of Pettifor (2017), by Ann Pettifor.

2018-12-07: Introduced Democratic Sovereignty: a skeletal proposal for Boards of Public Investment. Adapted from Affording What We Want.

2018-11-28: Updated taxes do not fund sovereign spending to incorporate Mrs Thatcher's quote via Ann Pettifor's The Production of Money. Updated austerity with a quote from Pettifor.

2018-11-07: Hayek's Ghost, a book review of The Knowledge We Have Lost in Information, by Philip Mirowski and Edward Nik-Khah.

2018-11-02: Updated agnotology with additional Mirowski quotes.

2018-10-31: While planning for a little essay on class war, I went looking for a provocative essay I vaguely remembered from a few years back (2012) by Michael O. Church, which has sadly disappeared from its original source. Thankfully it can be found using the Wayback Machine. Church proposed a three-ladder system of class in the US which is a bit baroque but does have lots of useful explanatory value. He also provides some excellent insights into class war strategies, although I have my doubts about his celebration of what he calls the Gentry. Here's the lede:

Typical depictions of social class in the United States posit a linear, ordered hierarchy. I've actually come to the conclusion that there are 3 distinct ladders, with approximately four social classes on each. Additionally, there is an underclass of people not connected to any of the ladders, creating an unlucky 13th social class. I'll attempt to explain how this three-ladder system works, what it means, and also why it is a source of conflict. The ladders I will assign the names Labor, Gentry, and Elite. My specific percentage estimates of each category are not derived from anything other than estimation based on what I've seen, and my limited understanding of the macroeconomics of income in the United States, so don't take them for more than an approximation. I'll assess the social role of each of these classes in order, from bottom to top.

2018-10-16: Fundraising over at Naked Capitalism. Let Michael Hudson make the case:

Naked Capitalism is the first site I visit when I turn my computer on in the morning. . . . the best and most distilled guide to today's global financial malaise, the most egregious neoliberal threats from Washington, the floundering Democratic Party, the bank jungle and Wall Street scandals, scams and frauds. . . . Piercing the shell of neoliberal doublethink in today's financial End Time is an art. That is why it is so important to give what you can to keep NC thriving. Think of it as subscribing to the best daily paper.
Invaluable daily resource for me; many thanks to Yves, Lambert, and all the Naked Capitalism crew. Bless the commenters too!

2018-08-28: Taxes do not fund sovereign spending. Inspired by Why I Am Not Wildly Enthusiastic about Sanders' Plan to Tax Amazon. Lambert says:

Let me now turn to the problems with Sanders' plan to have a plan... The framing reinforces the notion that Federal taxes pay for Federal spending, so Sanders traps us in the austerity box... Federal taxes do not pay for Federal spending, nor do taxpayers... It is not true, as Sanders says, that you pay for it. You don't... Unfortunately for us all, the implications of Sanders' framing are horrific, whether for the left, or liberals of good faith, if any... The fiscal myth that taxes pay for Federal spending is already being used to attack #MedicareForAll. When Sanders asks and answers You know who pays for those programs? You do, he's teaching an entire constituency a falsehood that actively works to undermine working class interests in universal concrete material benefits! Why on earth would Sanders do this?

2018-08-20: Updated lies to cite how to beat a manipulator from Caitlin Johnstone.

2018-07-17: Revisions to argument.

2018-06-26: Brief remarks on argument, reflecting the rather unsatisfying course which so many conversations seem to take.

2018-06-19: A brief meditation on respect, corresponding to remarks I often make to my liberal friends.

2018-04-20: Happy 4/20 to all! Over at Naked Capitalism, Lambert is fundraising for the Water Cooler. If you've got it to spare, be sure to give. Nobody works harder to bring us real news and original analysis.

2018-04-15: A short piece on lies.

2018-03-12: Greetings to our new readers, and thanks for your visits and your consideration. New material coming soon, I promise. Apologies for outages as our shoestring operation was subject to power and internet losses in the recent spate of Nor'easters. Possibly another tonight!

2018-01-25: Citing Mitchell, De Grauwe, and Giroux in austerity is a policy choice. Supplied missing body in enough with the lies.

2018-01-24: Austerity is a policy choice (abstract).

2018-01-23: Fiat money is unbounded.

2017-12-19: Huge shout-out to Zero Anthropology on their 10th anniversary! Max Forte provides carefully researched, superbly argued challenges to conventional wisdom that have been a major influence in my ongoing program of study of indigenous cultures and neoliberalism, colonialism, imperialism, and globalization. And I really appreciate the style of posting:

[Our] current pattern of very slow, very deliberate, with comparatively long articles that are as well researched as possible... our engagement with social media has been substantially pared down in recent years and months, not to devote our free labour to inflating the value of an environment dominated/censored by US interests and US corporations -- and because most of the important realizations and understandings are not produced a dozen per second in streams, feeds and timelines. Release early, release often, I slowly came to realize is the slogan of those who prefer instant recognition and constant gratification, likely inspired by a social media environment dominated by the celebrity-activist-journalist type.
Highly recommended.

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