Today, as in the nineteen-thirties, strongmen are ascendant worldwide, purging civil servants, subverting the judiciary, and bullying the press. In a sweeping, angry new book, “Can Democracy Survive Global Capitalism?” (Norton), the journalist, editor, and Brandeis professor Robert Kuttner champions Polanyi as a neglected prophet.
When the US does this we will have to amend our currency to read this note is legal tender for all debts, public and private – unless we decide they are too expensive.
Australia’s Liberal Party government has announced that it will soon be illegal to purchase anything over $10,000 AU ($7,500 US) with cash. The government says it’s, “encouraging the transition to a digital society,” and cracking down on tax evasion.
Republicans in Washington have often embraced the idea of fiscal responsibility, and sought to cast themselves as the party of choice for anyone who cares about sound budgeting. This was particularly true during the Obama era, which saw dramatic increases in debt and deficits.
WIRED columnist Joi Ito on the polarizing, poorly understand concept of universal basic income—and why its moment may have finally arrived.
Someday, elderly Americans will reminisce about the days when the federal budget was in surplus, and their grandchildren will laugh in disbelief. “Sure—and you walked 5 miles in the snow to school, uphill both ways,” they will reply.
House Republicans passed a budget resolution yesterday, taking an early first step towards overhauling the nation’s tax code. But the larger effort is already starting to look like it is in trouble. A group of senior Republicans released a reform framework last week, but left out many key details that will have to be included in any plan.