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Robert Kuttner on the Failures and Successes of the Stimulus: Democracy Now!

Economists Michael Hudson and Robert Kuttner (Obama’s Challenge: America’s Economic Crisis and the Power of a Transformative Presidency) weigh in on President Obama’s economic stimulus plan in this video from Democracy Now! with Amy Goodman.

The biggest problem of all is the Geithner plan to try and bring hedge funds and private equity companies with loans from the federal reserve as a way of propping up banks. It’s resuscitating the same system that got us into this mess. It’s totally wrong-headed. All of the economists who I respect—from Joe Stiglitz to Paul Krugman to Nouriel Roubini—all argue that sooner or later we’re going to have to nationalize the banks, clean out the bad assets, make the bad actors take a hit, replace corrupt management, and clean the slate so that we start out with viable banks that can get the credit system operating again. And the longer we defer that with more pyramid schemes financed by the Fed or the Treasury or the taxpayers, the deeper the hole is.

You asked the question why we’re not doing it right—the problem is political. On the one hand, Obama has hired a lot of Bob Rubin’s protegés, who aren’t even advocating the right policy. On the other hand the Republicans are stonewalling him across the board, and so people like Susan Collins, Senator from Maine, who are pretty conservative, get to block this thing. The only way to end this blockage is for Obama is to go to the country and to become a lot more radical, because the times demand radical solutions.

Watch the video on Democracy Now!


Chelsea Green: In the Media 2016

Oh, 2016. Where did the time go? Each year, Chelsea Green receives hundreds of mentions (well over 1000 in 2016) in the media both big and small. From interviews, to excerpts, to opinion pieces by authors we’re always working to make sure that the mission and message of each book is spread far and wide. […] Read More

Yes, America We Can Make It … Really

Uncertainty got you down? The political world may seem like it’s crumbling around us, but this we know: We can make it, America. Literally, we can make things. Houses. Gardens. Food. Below we’ve selected some of our classic how-to and DIY books (and some new favorites) to help you sustain your self, family, and community. […] Read More

Chelsea Green on Instagram: Our Most Popular Photos of 2016

What a year for Chelsea Green on Instagram! We began the year with 500 followers and are now fast approaching 4,000 photo-loving brewers, gardeners, cheesemakers, permaculturists, foodies, seed-savers, homesteaders, foragers, and more. Our most popular posts of 2016 say a lot about what makes you happy: mushrooms, innovative garden designs and techniques, tiny cabins, and […] Read More

Slack and Taut: Defining a System’s Resilience

A resilient future (or a resilient present, for that matter) needs to be slack, not taut. What do we mean? Core to the concept of a Lean Economy is understanding the need to move toward a “slack” market rather than one that is “taut.” When British economist David Fleming died unexpectedly in 2010, he left […] Read More

What’s a Carbon Sink?

World leaders met in Marrakech this month as part of COP22, to discuss the next steps to reducing global climate emissions. One of the solutions being discussed is carbon farming. Author Eric Toensmeier participated in COP22, in part, because he literally wrote a book on it. First off – what is carbon farming? It’s a […] Read More
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