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Interesting from Simon Wren-Lewis on how right-wing parties ceased to represent the interests of business. His answer: these days they represent the interests of the ultra-wealthy, which isn't the same thing 1/ mainlymacro.blogspot.com/2020/01/how-bu…
I'd agree with this, with one addendum: in order to get working-class white votes, the GOP also became the party of racial and social intolerance. Business, on the other hand, finds tolerance profitable. So there's another fault line 2/
What this says is that you should beware of narratives that blame corporations for everything; it's mainly a class issue, not about institutions. On the other hand, don't think of corporations as good guys; to the extent that they're socially liberal, it's because of the $$ 3/
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Paul Krugman
@paulkrugman
I'm still in Madrid, and people are asking me about Spain's economic recovery and whether it validates the euro. So here's what you need to know. Spain has indeed been clawing its way back via massive "internal devaluation" — lower inflation than its partners 1/
How did it achieve this internal devaluation? Through years of intense economic suffering. Even now the unemployment rate is far above the pre-crisis level 2/
If this is a success story, it's a Pyrrhic one; a few more successes like this and Spain would be a wasteland 3/
Read 3 tweets
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Paul Krugman
@paulkrugman
So I see that Trump is bad-mouthing the Obama economy. Two points. First, there was absolutely no break in economic trends after the 2016 election 1/
Second, while recovery from the financial crisis could and should have been faster, the reason it wasn't was Republican-enforced fiscal austerity 2/
Without that austerity — suddenly abandoned when Trump took office — unemployment would probably have fallen to 4% by some point in 2014 3/
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Paul Krugman
@paulkrugman
The Times tells us that rising private savings are a problem — and it is. I wrote long ago that we had entered a world in which virtue was vice and prudence was folly, and we're still in that world 1/ nytimes.com/2020/02/17/bus…
Here's that article. But make the connection! If excessive private savings are a problem, so are excessive government savings. Fiscal austerity is destructive for exactly the same reasons high savings depress the economy 2/ nytimes.com/2008/11/14/opi…
And the Japanese have just given us another illustration 3/ nytimes.com/reuters/2020/0…
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Truth seeker
@leethal007
The Myth of the Big Business-Nazi Axis
Kerry R. Bolton

The party-line of the Left is that Fascism and Nazism were the last resort of Capitalism.[1] Indeed, the orthodox Marxist critique does not go beyond that. In recent decades there has been serious scholarship within orthodox
academe to understand Fascism as a doctrine. Among these we can include Roger Griffin,[2] Roger Eatwell,[3] and particularly Zeev Sternhell.[4] The last in particular shows that Fascism derived at least as much from the Left as from the Right, emerging from Italy but also in
particular from Francophone Marxists as an effort to transcend the inadequacies of Marxism as an analysis of historical forces.

Among the National Socialists in Germany, opposition to international capital figured prominently from the start. The National Socialists, even prior
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Steve Campbell
@Historian_Steve
Right-wing parties have figured out some magical formula to dismantle social democracies in every western democracy. Someone should really write down the formula. First make an alliance between religion, business, and the military. Then sideline the intellectuals.
Take over major media and pretend that you're balanced. Usurp the courts and bureaucracies and then you're almost there. Throw in a little more white nationalism, more religion, xenophobia, and flood the airwaves with misinformation funded by foreign entities.
The tragic part is I don't see this getting better. Climate change has contributed to refugee crises that have, in turn, led white nationalists to absolutely lose their minds. Now imagine how bad it'll get when climate change creates even more refugee crises.
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Joseph Stalin
@StalinIsBack
1/8 My favorite #quote by #JosephStalin, which explains the scientific, #DialecticalMaterialist explanation of true freedom in material reality, not just as an abstract ideal. #StalinIsBack #StalinLives #JVStalin #Stalin #StalinQuote #StalinQuotes #Truth #MELS #MarxismLeninism
2/8 Having an #objective, #rational, #ScientificSocialist, #Dialectical, & #Materialist viewpoint allows us to accurately see & evaluate & analyze #Truth & #Reality as they truly materially exist in this universe.
3/8 An idealistic, dogmatic viewpoint, which capitalists have, however, makes one irrational enough to 'see' freedom where freedom stays trapped on a piece of paper while people are oppressed in their actual lived lives.
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Jay McKenzie
@JamesFourM
Interesting tidbit:

Before they were published by Infowars, Mark Judge's articles seen in this thread were first published by @cnsnews. Mark Judge is a regular contributor to the site, but Judge's bio page doesn't work now.

Any idea why, @BrentBozell?
cnsnews.com/author/mark-ju…
Does Mark Judge's role in the right wing disinformation machine raise too many questions you won't answer, @BrentBozell?

cnsnews.com/author/mark-ju…
You see Brent Bozell founded what is now @cnsnews in 1998 because he was "convinced that the Clinton White House is awash in scandals that national television networks have ignored."

Basically, there's a conspiracy to cover up the Clinton's conspiracies!
nytimes.com/1998/06/18/tec…
Read 14 tweets
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Hollywood 🌹John Morrison
@J_MoAGoGo
Simon Wren-Lewis has written a good defence of Labour's Fiscal Credibility Rule and shown why it won't stop Labour from being the transformational government this country needs. However I still have strong objections to it and think it should be dropped.
He gets to the heart of the matter right away and I think this is mostly correct. However, even if we accept the conventional assignment that monetary policy can manage demand reliably, that doesn't mean it should.
That's because what monetary policy is essentially aiming to do is force other sectors to accommodate the government's budget stance. So if the UK has a CAD and is looking to balance the budget, monetary policy needs to incentivise the private sector to deficit spend
Read 11 tweets
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Far Left Hate Watch ❌
@FarLeftHate
Why does Twitter deliberately target Right-wing accounts for Shadow-banning and why it will sooner rather than later completely back-fire and why they are ultimately going to destroy the Left and what a great day that will be. Thread. 1/15
It is no surprise Twitter targets accounts for “wrong think” or as we on the #Right like to call it “free-think” this is because of two events which are now totally and utterly inextricably linked, #Brexit and #Trump and the Establishment have been rocked to the core. 2/15
Neither of which were supposed to happen & yet they did now the Establishment is determined never to allow it to happen again or even at all, the reason for them happening was nothing to do with social media, but was to do with people knocking on doors and persuading others. 3/15
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