From the vault: money and the mind, a psychoanalysis

[Related topics came up earlier today on the Facebook, so I thought I’d post this excerpt from my book Wall Street (Verso, 1996/1997). You can download the whole book for free here. For a more “economic” analysis of money and gold, see From the vault: the gold fetish.] Money, mind, and matter: a psychocultural digression  Money is a kind of poetry. — Wallace Stevens (1971, p. 165) Who drinks on credit gets twice as drunk. — Turkish proverb One virtue of Keynes’s attention to psychology and sentiment is that it forces us to think about economics… Read More

Radio commentary, October 9, 2009

Job market somewhat less miserable In U.S. economic news, the slow improvement of the U.S. labor market continues, emphasis on “slow,” of course, and the baseline of general awfulness on which this improvement is founded. First-time applications for unemployment insurance fell by 33,000 last week to the lowest level since last November, just as the economy was beginning its fall from a cliff. The four-week moving average of initial claims, which is a better way of looking at these volatile figures, fell by 9,000, to its lowest level since last December. The… Read More