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Part II of Dr. Sharat Lin's series on today's economy. <br><br>In Part I Dr. Lin addressed several prevalent myths of economics,<br>including:<br><br>*Markets are self-stabilizing<br>*Financial investors reduce market volatility by increasing volume<br>*cutting taxes creates jobs<br>*free market competition will control health care costs<br>*Keynesianism can solve out economic problems<br><br>Fun facts from Part I: <br>*7 million jobs were lost in the melt-down and were never replaced<br>*there were $62 trillion in credit default swaps at the peak of the trade<br>*Current Fed Funds rate of 0% is as low as it can go<br>*there is $50 trillion in debt (corporate and personal) in the US<br>*that's 3X GDP<br>*from an industrial economy to a service/retail economy we are now<br>trending to a "financialization" economy<br><br><br><p style="text-align:center;color:rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif;margin-bottom:0px" align="center">Thursday, July 21 2011 @ 7 PM</p>
<p style="margin-bottom:0px;text-align:center;color:rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif" align="center"> San Jose Peace and Justice Center</p>
<p style="margin-bottom:0px;text-align:center;color:rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif" align="center">48 South 7th Street</p>
<p style="margin-bottom:0px;text-align:center;color:rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif" align="center">San Jose</p>
<p style="text-align:center;color:rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif;margin-bottom:0px" align="center"> </p>
<p style="margin-bottom:0px;color:rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif">Part II of a series of talks on the Economic Crisis</p>
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<p style="margin-bottom:0px;color:rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif">The
bedrock of present-day global economic investment and commerce is free
markets. The entire conventional understanding of macroeconomics is
based on fundamental assumptions about supply and demand. Yet in
critical circumstances, such as long-term speculation and health care,
those assumptions do not apply. Failing to see this, the "experts"
remain blind to the causes of past and future financial, economic, and
social crises.</p>
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<p style="margin-bottom:0px;color:rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif">Sharat
G. Lin, Ph.D. is president of the San José Peace & Justice Center.
He writes on global political economy, the Middle East, India, labor
migration, and public health.</p>
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<p style="margin-bottom:0px;color:rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif">Donation: $5 - $10 (no one turned away for lack of funds)</p>
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<p style="margin-bottom:0px;color:rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif">This event is sponsored by San Jose Peace and Justice Center and EDGE for Economic Justice</p>
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