‘J IS FOR JUNK ECONOMICS: A Guide To Reality In The Days of Deception’ is a book by one of the veterans of Wall Street, who later became a distinguished research professor of economics at the University of Missouri (Kansas City). His devastating critic of the existing global order is known all over the world. Even those unfamiliar with his works can easy infer (at least from the title of his books) that he is not one willing to keep quite, especially when it comes to the massive distortions that prevail and continue to shape the world system. Most of his books have the same ring to them, so to speak; ‘KILLING THE HOST-How Financial Parasite and Debt Destroy the Global Economy’, ‘SUPER-IMPERIALSIM: The Origin and Fundamentals of the US World Dominance’, ‘THE MYTH OF AID-The Hidden Agenda of the Development Reports’, etc. This last one was written in 1971, almost half a century ago, testimony to his foresight. We say no more!
‘Classical economics’, as the establishment doctrine is usually called, has lost touch with reality and is blindly engrossed in numbers and formulas that mean nothing. It has avoided real contacts with the living and breathing humans, to say nothing about other life forms/ecosystems and the planet itself. It is fixated on its own make-believe world, which is concocted from unreal ephemeral notions about human societies. These grotesque assumptions, besides grossly undermining the intricate nature of the human animal and its social organizations, neglect the pitfalls of out of control complexity. By abstracting reality out of existence, modern economists managed to create plenty of gibberish, such as econometrics, etc. The dominance of such stupidity has given us a world where modern finance, the 21st century alchemy par excellence, runs the global show intent on destroying anything that stands in its way. Nonetheless, such unreal discourse should not be taken seriously, however much it is propped up by the globally entrenched dominant interests. The ‘dismal science’, as economics is commonly labeled, is not a science, not even remotely so! We surmise our learned elites will go apeshit on this dismissive statement. Let’s try to calm some nerves.
If we assume 1+1=3, then we can prove anything we want, mathematically speaking. If truth be told, the underlying foundation of modern economics is tantamount to this. Understandably, the preponderance of the techno-sphere in our collective and individual life has caused and continues to cause a feeling of inadequacy on the part of the learned, particularly if they cannot scribble formulas or grabble with some outlandish theories! Dabbing mathematics (in all and sundry) seems to give an impression of rigor to a given discipline. In a world dictated by the techno-sphere, such flirtations naturally add some analytical aura to the subject as well as respectability to the human practitioners. Like many discipline, economics has also become a victim of this trapping. Here are some of the untenable assumptions that go into the making of modern/establishment economics. Infinite growth is possible on a finite planet is one! Conventional economics also assumes, an individual human being is always out there looking to maximize his/her interests. Now to those who have been thoroughly studying the ‘ascent of man’, recognize the undeniable fact that it is because of putting the interests of the collective first that the walking ape became the dominant species, for whatever it is worth. This particular historical fact disturbs one of the important dogmas of dominant interests. If the collective is to be preferred, as opposed to the atomized, then the ‘invisible hand’ might well be replaced with the long and definitely awkward ‘arm of the state’, to keep the species going! Herein lies the dilemma of neoliberalism! (Note; in the world of neoliberalism: individual/private = good & collective/state = bad)
Junk economics is not alone. We now have junk science. When this weak and very precarious species (can’t live seconds without oxygen, etc.) is having immense difficulties to even control the unwanted multiplication of cells within its puny compartments, the insinuation or even outright bragging about its potentiality that will soon make it zoom the cosmos, is preposterous, putting it politely. The psychos and the sociopaths who push such absurdities need to be put in their places, the lunatic asylum! Defining outer space as a mere 50km from the surface of the earth, so that the pampered egomaniacs, who pass as ‘entrepreneurs’ can distort the idea of ‘space travel’, (to make money) makes the genuine sciences of astronomy & cosmology, look less respectable in the eyes of the levelheaded, let alone the sagacious. Note; the International Space Station is only about 400km from the earth’s surface (low orbit). The world system does all these so that the sheeple (human mass) remains mesmerized, particularly about the status quo’s capacity to do wonders. Junk science helps to detract attention from the urgent need of changing our ways to save life and life support systems here on planet earth. We need liberation from ‘junk science’!