The Great Crash of 2008, by Mason Gaffney

This crash is The Big One; it has signs of becoming a Category 5. How do we know? We’ve “been there and done that” so many times before, roughly every 18 years over the last 800 or more. Major wars and, rarely, plagues have broken the rhythm, along with the little ice age, reformation and . . . → Read More: The Great Crash of 2008, by Mason Gaffney

Benefits of Military Spending

As Kevin Phillips recorded in Wealth and Democracy (2002), war has created the opportunity for many great fortunes. Thus the frenzied looting–and disregard for the lives of both US soldiers and corporate employees–displayed in Robert Greenwald’s new film Iraq for Sale: The War Profiteers. One small example: drivers shuttle empty mail trucks up and down . . . → Read More: Benefits of Military Spending

How a Progressive Tax System Made Detroit a Powerhouse (and Could Again)

In 1995, we encountered a group of economic advisors to Governor John Engler of Michigan, intent on cutting property taxes. We reminded them of California’s 1979 Proposition 13. After Prop. 13 rolled back and froze property taxes, sales taxes reached crushing levels, budget crises became routine, local services collapsed, and public schools fell from the best in the nation to among the worst. But Engler was determined. . . . → Read More: How a Progressive Tax System Made Detroit a Powerhouse (and Could Again)

How to Thaw Credit, Now and Forever by Mason Gaffney

In The Great Crash of 2008, Mason Gaffney explained our current crisis as a manifestation of the roughly eighteen year real estate cycle–disastrously amplified by bad policy. Now he has published a sequel: How to Thaw Credit, Now and Forever. His solution may shock some readers, especially if they haven’t seen his earlier essay: Stimulus: . . . → Read More: How to Thaw Credit, Now and Forever by Mason Gaffney

The Great Crash of 2008, by Mason Gaffney

This crash is The Big One; it has signs of becoming a Category 5. How do we know? We’ve “been there and done that” so many times before, roughly every 18 years over the last 800 or more. Major wars and, rarely, plagues have broken the rhythm, along with the little ice age, reformation and . . . → Read More: The Great Crash of 2008, by Mason Gaffney

To Save Essential Public Services, Restore the Original Wealth Tax!

State and local officials propose drastic cuts in public services. There’s an alternative: restore the property tax. It’s the oldest wealth tax of all, the tax that financed Chinese civilization over 2000 years ago, the tax that until World War II financed most of government in the USA.

The property tax? Our most hated tax? . . . → Read More: To Save Essential Public Services, Restore the Original Wealth Tax!

Whose Water? Ours! How to End California’s Water Crisis

The California Constitution says the water belongs to the people. Yet the state gives water almost free to agriculture–resulting in enormous waste and dire “shortages” during droughts. If the state were to charge for water, that would end the water crisis–and solve California’s fiscal crisis too. . . . → Read More: Whose Water? Ours! How to End California’s Water Crisis