JasonC

Government Intervention and the Irony of Modern Capitalism

On intervention, it only conflicts with the dreamy abstractions between the ears of ideologues. Out in the corporeal world, government and central bank intervention in financial crisis is as old as capitalism, easily 300 years. There isn't anything new about it.

On the accounting silliness, it ignores the earned incomes of all involved and is therefore an exercise in futility. The young have little cash and a car, but they have jobs and long futures earning. The old have houses and business and retirement accounts - and often are already retired, or will be soon. No accounting that ignores the *income statement* is meaningful, and least of all when most of the wealth involved isn't in the form of capital anyway, but of labor power.