Real Political Economy Notes represents an effort to uncover and present real facts and valid assumptions based on balanced factual review rather than flawed or false assumptions derived from mythical or imagined evidence. Reality and valid analysis may sometimes be difficult to ascertain, but truth and valid analysis are not relative. Valid analysis cannot be based on a rationalization for individual greed or egotism. We seek real information and real valid analysis. Some analysis may be partially valid but incomplete and lacking in some important dimension. An understanding of real society, real history, and real political and economic systems needs to be multidimensional. Overspecialization invariably leads to distorted conclusions that overlook or omit essential facts and essential dimensions of one reality. The reality of global social systems, politics, and economics is multidimensional and complex, but all the dimensions and variables are connected and interrelated.

This blog presents links to factual information and a variety of analytical perspectives, none of which represent absolute truth but have elements of relevance and validity. The task here is to contribute to a dynamic ongoing analysis of global social, economic, political and human reality oriented towards improvement in the human condition. The goal is to develop ideas and practices to improve the world’s political and economic systems so that they better satisfy the needs of all the inhabitants of the planet. The goal is a world political economy that is genuinely democratic, representative, and participatory as well as productive and effective in meeting the needs of all humans in a manner that is sustainable environmentally. This requires a universally valid global ethic and a rational analytical framework centered on universal human needs, universal rights and concepts of economic as well as political justice.

Alan F. Fogelquist, PhD
Blog Editor

One of the most cogent and accurate statements of today’s real problem of mass indoctrination of the public with fallacious neoliberal economic ideas on the need for austerity for the working class combined with QE and bailout  subsidies for speculative financial interests, akin to the fallacious medical notions and quack practice of bleeding patients that was prevalent in the 18th century. In two paragraphs followed by real case examples Black highlights the fallacious mythical beliefs of recent generations of economics graduates indoctrinated with neoliberalism. He shows how these false beliefs have inflenced even those with progressive concerns for economic justice, equality, and reduction of poverty and economic misery. This article shows the influence of bad ideas on real practices that have had lethal results for millions of victims of totally unnecessary austerity in the form of wage reductions, and cutbacks in employment. For many unemployment is like an unjustified economic death penalty. In extreme cases where austerity economics has been employed against millions it is tantamount to economic genocide or manslaughter on a gigantic scale. All the real evidence supports the conclusions of Professor Black and others who understand macroeconomic reality rather than macroeconomic fantasy that serves the interests of speculators and financial predators while producing mass misery and premature death. Those who wish more documentation might read Naomi Klein’s Shock Doctrine. The effects of austerity might not at first be noted by the comfortable middle classes, but they are felt throughout the entire world economy in the form of foregone development and stalled or weak economic recovery from depressions originating in reckless predatory and irresponsible speculation with concentrations of money obtained through exploitation and unequal exchange.

The speculators are at it again after a bailout and QE fueled recovery for the richest. Meanwhile the same “investors” push for austerity and the payoff of odious debt with interest and penalties to usurers. The bailed out super rich are once again involved in high risk gambling. The public has not learned from the last crisis. This is the rule under neoliberal capitalism and will be until public protest reaches cataclysmic proportions.