Extinction Level Event

Written by SK Ashby

(Cartoonist - Matt Davies)

In other news, business bankruptcies increased by 78 percent in September (747) compared to the same period last year and jumped significantly (+222) in just the last month after stimulus measures all faded.

Meanwhile, our trade deficit in goods reached an all-time record high last month, but even including services our deficit was the highest in 14 years.

Finally, Pope Francies says trickle-down economics is a lie that has never delivered for the vast majority of humans.

The pope took direct aim at trickle-down economics, the theory favoured by conservatives that tax breaks and other incentives for big business and the wealthy eventually will benefit the rest of society through investment and job creation.

"There were those who would have had us believe that freedom of the market was sufficient to keep everything secure (after the pandemic hit)," he wrote.

Francis denounced "this dogma of neo-liberal faith" that resorts to "the magic theories of 'spillover' or 'trickle' ... as the only solution to societal problems". A good economic policy, he said, "makes it possible for jobs to be created and not cut".

The 2007-2008 financial crisis was a missed opportunity for change, instead producing "increased freedom for the truly powerful, who always find a way to escape unscathed". Society must confront "the destructive effects of the empire of money".

I can't disagree with any of this, but I would add that the people running the system are just as important as the systems we choose.

A bad or less than ideal system becomes even worse when the people responsible for it are only interested in abusing or destroying it. Our own system is far from perfect, but far more people would be doing significantly better if we had elected Hillary Clinton in 2016.

Move to a better system, but elect the next Donald Trump, and we won't do any better.