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View Diary: Right-wing myths about merit, money and morality (206 comments)

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  •  Ravi Batra linked concentration of wealth (4+ / 0-)

    to the occurrence of Great Depressions. He predicted a collapse in 1990 (off by 18 years), drawing parallels between the 1920s and 1980s. Of course, history does not run in complete parallels so it didn't happen quite the way he predicted but he did have the guts to put it out there.

    The Great Recession, which while not up to 1930s levels of misery, as the Obama stimulus (such as it was) did blunt its impact, continues to drag on and on, as the forces that caused it are still in place. The wealth gap continues to grow; the austerians still have a death-grip on fiscal policy, and the Dodd-Frank Band-aid will only slow down, not stop another speculative bank crisis.

    Ravi Batra also, by the way, predicted the end of Soviet communism and the fall of Eastern Europe, that one happening right on schedule in 1990. (Actually, his work reads a lot like the Book of Revelation: capitalism will be redesigned, and so will communism, leading to a new global Golden Age.)

    And God said, "Let there be light"; and with a Big Bang, there was light. And God said "Ow! Ow My eyes!" and in a flash God separated light from darkness. "Whew! Now that's better. Now where was I. Oh yea . . ."

    by Pale Jenova on Sun Jul 07, 2013 at 08:27:35 AM PDT

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