Classical-Keynesian Institutionalist Political Economist @MonetaryBlog | @RealProgressUS | @utahvanguard profdavidfields.bsky.social

Joined February 2020
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The Fed held today. It will probably hold again or may lower rates….the question that its sterile communiqués will never concretely answer is: for whom? But, that’s the point. Yours truly, @utahvanguard utahvanguard.medium.com/the-…
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The post-Keynesian growth cycle doesn't begin with central banks distorting a mythical natural interest rate. It begins with the normal functioning of capitalism itself. Businesses invest because they expect profits. Investment creates income, income creates demand, and demand encourages further investment. Growth feeds on itself. As the expansion continues, unemployment falls and labor markets tighten. Workers gain bargaining power. Wages begin rising faster as firms compete for scarce labor. Higher wages are not a distortion. They are a predictable consequence of successful growth. But rising wages can compress profit margins. As profits come under pressure, firms become more cautious. Investment slows. At the same time, businesses and households often turn to debt to maintain growth. Banks are eager to lend because recent success makes risk appear low. Credit expands, asset prices rise, and optimism becomes self-reinforcing. The longer stability persists, the more fragile the system becomes. What began as productive investment gradually shifts toward speculation. Rising debt commitments require continued growth to remain sustainable. The economy becomes increasingly dependent on expectations that cannot all be fulfilled. Then reality intervenes. A slowdown in profits, rising debt burdens, falling asset prices, or declining investment can trigger a wave of deleveraging. Spending falls. Layoffs begin. Income declines. The boom turns into a bust. The crisis was not caused by an external distortion imposed on an otherwise stable system. The boom itself created the conditions for the bust. This was the insight of Richard Goodwin. It was the insight of Hyman Minsky and formalized by @ProfSteveKeen Cycles emerge from the interaction of wages, profits, investment, employment, and debt. Capitalism does not require policy mistakes to become unstable. Its internal dynamics are often enough.
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Anti-imperialist scholar and activist Walter Rodney was killed on this day in 1980. "By what standard of morality can the violence used by a slave to break his chains be considered the same as the violence of a slave master?"
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Bloomberg is owned by the world's 18th richest man. Billionaires emit more carbon in one hour than a poor person does in a lifetime. This is propaganda.
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Zionism must be smashed to pieces
There are moments in Gaza when suffering becomes so ordinary that people stop asking for solutions. They begin asking only for the smallest relief. A little less pain. A child who sleeps through the night. When I entered the clinic that morning, I noticed a young woman carrying a baby so small that I could not tell whether the child was a newborn or simply made tiny by hardship. When her turn came, she gently placed the baby on my desk and said: “I want any cream you have.” Any cream. Not a specific medicine. Not a particular treatment. Just anything. She uncovered the baby and showed me the severe rash covering much of the child’s fragile skin. “I treat the baby with whatever free creams I can find in clinics,” she explained. “Anything helps.” As she spoke, I noticed something else. The baby was not wearing a diaper. Only pieces of cloth. I asked why. “I can’t afford diapers,” she replied calmly. “I wash these and use them again.” Then she added that they were living in a tent and that her husband had suffered a serious foot injury and was unable to work. “I’m not asking for much,” she said. “I only want a cream.” But what caught my attention most was not the rash. It was the malnutrition. The baby was severely underweight. The kind of malnutrition that is visible before any examination even begins. So I asked the mother whether she had noticed. She nodded. “Yes, I know.” Then she said something I cannot forget: “When the baby gets older, things will get better.” Not because she truly believed it. But because hope was cheaper than treatment. And treatment was something she could no longer afford. That was the moment that broke me. Not the tent. Not the poverty. Not even the illness. But the fact that this mother had lowered her expectations so much that she no longer dreamed of proper medical care, diapers, or adequate nutrition. She came asking for the smallest thing she could imagine. A tube of cream. Any cream. Something that might make the baby hurt a little less. The baby could not have been more than five months old. Too young to understand war. Too young to understand poverty. Yet already carrying both on that tiny body. There is something profoundly cruel about a world in which a mother’s greatest hope for her child is no longer a better future. Only a little less suffering tonight. #WoundedGaza
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Forward guidance works only for financial speculations, not for pricing decisions. The Fed’s own study reveals that forward guidance and expectations have no impact on pricing decisions. newyorkfed.org/medialibrary/…
As you know, I am among those who believe the Federal Reserve’s communication approach, including forward guidance, needs serious reform. In the traditional world of central banking, this would involve a committee soliciting input, including considering other central banks' approaches, and securing broad buy-in. Then comes the question of what to do in the interim. One option is to maintain the status quo. Another is to make the "dot plot" optional for FOMC members and see how long it takes for "revealed preference" to strip this already-tired exercise of its remaining relevance. #economy #federalreserve #markets
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Economics For the Working Class, not the billionaires We are a completely volunteer-run nonprofit organization and a growing community committed to the mission of educating others on how understanding macroeconomics and class struggle is essential for empowering people and securing a future for all. Join us for free on #Substack and help us educate the proletariat to replace #capitalism with #socialism. Link below. 👇
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SpaceX is set to debut at a staggering $1.77 trillion valuation. It is the largest IPO the market has ever seen and will make Elon Musk the world’s first trillionaire. But to make it happen Elon used his influence to get the rules changed so Index funds that hold millions of Americans’ retirement savings are forced to buy in. That’s right. This IPO was engineered to make Elon Musk the world’s first trillionaire by risking your retirement savings. You don’t hate capitalism enough. It’s all fake. It’s all a scam. It’s one giant pyramid scheme to funnel wealth to the ruling class off the backs of our labor and retirement savings.
In the last 15 years the wealth of the billionaire class has tripled while everything is worse for the rest of us. In this video I discuss why this happened and how coming together to fight for our co-workers, neighbors, and communities is the only way to stop it!
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Israel is the world’s greatest killer and I can’t find a single Western headline about it.
BREAKING: Israeli army responsible for 56% of civilian deaths by explosive weapons in 2025: Report 🔴 LIVE updates: aje.news/q9qy6y?update=46482…
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This is what Elon Musk doesn't want you to see on this platform. This’s what your media won’t report. Lebanon is being ethnically cleansed in real time.
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Jun 12
Elon Musk’s SpaceX is making a record-breaking IPO today. For the occasion, the SEC exempted Wall Street brokers from consumer protection rules — potentially jeopardizing the assets of investors, including 401(k)s and pensions, if markets are volatile. jacobin.com/2026/06/musk-spa…
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Disgusting world we live in.
Elon Musk has become the first person to cross the trillionaire threshold, at least on paper, after SpaceX priced its blockbuster initial public offering at $135 a share. cbsn.ws/4vKWwUo
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This is what the billionaire capture of US sports looks like.
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This is what they call a “ceasefire” in Gaza.
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Resurfaced footage shows a Palestinian mother collecting flour mixed with sand during severe famine conditions to feed her family.
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In 2015, Turing Pharmaceuticals raised the price of a single pill of Daraprim, an antiparasitic drug used by cancer and HIV/AIDS patients, from $13.50 to $750.00. @ecosocialism1 mronline.org/2026/06/10/soci…
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Jun 11
Israel is deliberately poisoning water wells that Palestinian farmers depend on to survive in the occupied West Bank. This is an act of genocide.

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🚨🇮🇱🇵🇸BREAKING: Israel strikes a tent sheltering displaced people in Gaza, BURNING CIVILIANS ALIVE.

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Liberal imperialism in one headline.
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When your government tells you; "we're all in the same boat!"
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