The broken US economy breeds inequality and insecurity. Here’s how to fix it | James K Galbraith

[AJBot]

On one side, oceans of wealth and power. On the other, precarity and powerlessness. But we have the tools for reformRising interest rates, a falling stock market, a seesaw in the price of gas, a high dollar and chaos in world finance – we see in all this, once again, the folly of trying to run the world’s largest economy through a central bank. It’s time to rethink the basics: what has happened in America? And what should be done?Adam Smith wrote: “Wealth, as Mr Hobbes says, is power.” Today in the United States we find islands of wealth and power on one side and an ocean of precarit ...

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